# EDGAR Filing Document

**Accession Number:** 0000895430
**File Stem:** 0001683863-23-001375
**Filing Date:** 2023-2
**Character Count:** 4056951
**Document Hash:** e87b69bc14123fb75ddec63c4c644b34
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-001375.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001683863-23-001375

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 229

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voya MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0000895430
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07428
- **FILM NUMBER:** 23666138

**BUSINESS ADDRESS:**
- **STREET 1:** 7337 E DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258
- **BUSINESS PHONE:** 18009920180

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20020205

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PILGRIM MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 19990526

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NICHOLAS APPLEGATE MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 19930328
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voya MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0000895430
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-56094
- **FILM NUMBER:** 23666137

**BUSINESS ADDRESS:**
- **STREET 1:** 7337 E DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258
- **BUSINESS PHONE:** 18009920180

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20020205

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PILGRIM MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 19990526

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NICHOLAS APPLEGATE MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 19930328

## Series and Classes Contracts Data

### Voya Global High Dividend Low Volatility Fund (Series ID: S000008527)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023406 | Class A      | NAWGX           |
| C000023408 | Class C      | NAWCX           |
| C000023409 | Class I      | NAWIX           |
| C000079029 | Class W      | IGVWX           |
| C000218334 | Class R6     | VGHRX           |

### Voya Multi-Manager International Small Cap Fund (Series ID: S000008531)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023423 | Class A      | NTKLX           |
| C000023425 | Class C      | NARCX           |
| C000023426 | Class I      | NAPIX           |
| C000059862 | Class W      | ISCWX           |
| C000241253 | Class R6     | VVJFX           |

### Voya Global Bond Fund (Series ID: S000012534)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000034078 | Class A      | INGBX           |
| C000034080 | Class C      | IGBCX           |
| C000034081 | Class I      | IGBIX           |
| C000079030 | Class W      | IGBWX           |
| C000105408 | Class R      | IGBRX           |
| C000122013 | Class R6     | IGBZX           |

### Voya Multi-Manager International Equity Fund (Series ID: S000030601)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000094856 | Class I      | IIGIX           |

### Voya Multi-Manager International Factors Fund (Series ID: S000031148)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000096638 | Class I      | IICFX           |
| C000119164 | Class W      | IICWX           |

### Voya Multi-Manager Emerging Markets Equity Fund (Series ID: S000034101)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105125 | Class I      | IEMGX           |
| C000107874 | Class A      | IEMHX           |
| C000107875 | Class C      | IEMJX           |
| C000107876 | Class R      | IEMKX           |
| C000107877 | Class W      | IEMLX           |
| C000199163 | Class P3     | VPMEX           |
| C000210471 | Class P      | VMEPX           |

### Voya Global Perspectives(R) Fund (Series ID: S000040223)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125019 | Class A      | IAPVX           |
| C000125020 | Class C      | ICPVX           |
| C000125021 | Class I      | IIPVX           |
| C000125022 | Class R      | IRPVX           |
| C000125023 | Class W      | IWPVX           |

### Voya International High Dividend Low Volatility Fund (Series ID: S000055623)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175109 | Class A      | VGLAX           |
| C000175110 | Class I      | VGLIX           |
| C000175111 | Class R6     | VGLRX           |

### Voya Global Diversified Payment Fund (Series ID: S000066944)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000215423 | Class R6     | VYGUX           |
| C000215424 | Class R      | VYGTX           |
| C000215425 | Class A      | VYGQX           |
| C000215426 | Class C      | VYGRX           |
| C000215427 | Class W      | VYGWX           |
| C000215428 | Class I      | VYGSX           |

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

**As filed with the U.S. Securities and Exchange Commission on February 24, 2023**

**Securities Act File No. 033-56094**

**Investment Company Act File No. 811-07428**

------

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

**Washington, D.C. 20549**

------

**FORM N-1A**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

☒

**Pre-Effective Amendment No. ___**

☐

**Post-Effective Amendment No. 225**

☒

**And/or**

**REGISTRATION STATEMENT** 

**UNDER**

**THE INVESTMENT COMPANY ACT OF 1940**

☒

**Amendment No. 227**

☒

**(Check appropriate box or boxes)**

**VOYA MUTUAL FUNDS**

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

------

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

**Scottsdale, Arizona 85258-2034**

**(Address of Principal Executive Offices)**

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

**Huey P. Falgout, Jr., Esq.**

**Voya Investments, LLC**

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

**Scottsdale, Arizona 85258-2034**

**(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 February 28, 2023, 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, without par value.

------

**VOYA MUTUAL FUNDS**

**("Registrant")**

**CONTENTS OF REGISTRATION STATEMENT**

This Registration Statement consists of the following papers and documents:

\*

Cover Sheet

\*

Contents of Registration Statement

\*

Explanatory Note

\*

Registrant's Class A, Class C, Class I, Class P, Class R, Class R6, and Class W Shares' Prospectus, dated February 28, 2023

\*

Registrant's Voya Multi-Manager Emerging Markets Equity Fund Class P3 Shares' Prospectus, dated February 28, 2023

\*

Registrant's Voya Global Diversified Payment Fund Class A, Class C, Class I, Class R, Class R6, and Class W Shares' Prospectus, dated February 28, 2023

\*

Registrant's Voya Global Perspectives® Fund Class A, Class C, Class I, Class R, and Class W Shares' Prospectus, dated February 28, 2023

\*

Registrant's Class A, Class C, Class I, Class P, Class P3, Class R, Class R6, and Class W Shares' Statement of Additional Information, dated February 28, 2023

\*

Registrant's Voya Global Diversified Payment Fund and Voya Global Perspectives® Fund Class A, Class C, Class I, Class R, Class R6, and Class W Shares' Statement of Additional Information, dated February 28, 2023

\*

Part C

\*

Signature Page

------

**EXPLANATORY NOTE**

This Post-Effective Amendment No. 225 to the Registration Statement on Form N-1A for Voya Mutual Funds (the "Registrant") is being filed under Rule 485(b) under the Securities Act of 1933, as amended, for the purpose of finalizing the disclosure in compliance with annual updating requirements to the Registrant's Class A, Class C, Class I, Class P, Class R, Class R6, and Class W Shares' Prospectus; Registrant's Voya Multi-Manager Emerging Markets Equity Fund Class P3 Shares' Prospectus; Registrant's Voya Global Diversified Payment Fund Class A, Class C, Class I, Class R, Class R6, and Class W Shares' Prospectus; Registrant's Voya Global Perspectives® Fund Class A, Class C, Class I, Class R, and Class W Shares' Prospectus; Registrant's Class A, Class C, Class I, Class P, Class P3, Class R, Class R6, and Class W Shares' Statement of Additional Information; and Registrant's Voya Global Diversified Payment Fund and Voya Global Perspectives® Fund Class A, Class C, Class I, Class R, Class R6, and Class W Shares' Statement of Additional Information, each dated February 28, 2023; and for the purpose of finalizing the registration of a new class of shares, Class R6 Shares, for Voya Multi-Manager International Small Cap Fund.

------

**February 28, 2023**

**Prospectus**![](imgdba10c8d1.gif)

**Global Equity Fund** 

**•** **Voya Global High Dividend Low Volatility Fund** 

Class/Ticker: **A**/NAWGX; **C**/NAWCX; **I**/NAWIX; **R6**/VGHRX; **W**/IGVWX

**Global/International Fixed-Income Fund** 

**•** **Voya Global Bond Fund** 

Class/Ticker: **A**/INGBX; **C**/IGBCX; **I**/IGBIX; **R**/IGBRX; **R6**/IGBZX; **W**/IGBWX

**International Equity Funds** 

**•** **Voya International High Dividend Low Volatility Fund** 

Class/Ticker: **A**/VGLAX; **I**/VGLIX; **R6**/VGLRX;

**•** **Voya Multi-Manager Emerging Markets Equity Fund** 

Class/Ticker: **A**/IEMHX;**C**/IEMJX; **I**/IEMGX; **P**/VMEPX; **R**/IEMKX; **W**/IEMLX

**•** **Voya Multi-Manager International Equity Fund** 

Class/Ticker: **I**/IIGIX

**•** **Voya Multi-Manager International Factors Fund** 

Class/Ticker: **I**/IICFX; **W**/IICWX

**•** **Voya Multi-Manager International Small Cap Fund** 

Class/Ticker: **A**/NTKLX; **C**/NARCX; **I**/NAPIX; **R6**/VVJFX; **W**/ISCWX

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;

---

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

---

![](img86c5bb092.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;

---

| | |
|:---|:---|
| **SUMMARY SECTION** <br>|  |
| **[Voya Global Bond Fund](#xx_823b4387-2fb7-4e47-97f0-5b1452f74a6a_1)** | 1 |
| **[Voya Global High Dividend Low Volatility Fund](#xx_7a603b1e-6642-4897-926c-aad124a71990_1)** | 10 |
| **[Voya International High Dividend Low Volatility Fund](#xx_0479ecaa-73e5-4380-8b62-b737d080bbd9_1)** | 17 |
| **[Voya Multi-Manager Emerging Markets Equity Fund](#xx_36035905-438f-4a91-a071-98ad2241e7c0_1)** | 23 |
| **[Voya Multi-Manager International Equity Fund](#xx_5523f265-1e34-4ece-a5e0-3d3f8db36b3f_1)** | 32 |
| **[Voya Multi-Manager International Factors Fund](#xx_fb4e7d20-944f-4214-930e-2e84f75fc497_1)** | 40 |
| **[Voya Multi-Manager International Small Cap Fund](#xx_fc609a68-1f9d-40ab-9733-fb157193c1d4_1)** | 47 |
| **[KEY FUND INFORMATION](#xx_f04c125e-0c05-4d8f-bd54-c0285a283255_1)** | 55 |
| [Conflicts of Interest - Voya Multi-Manager Emerging Markets Equity Fund, Voya Multi-Manager](#xx_f04c125e-0c05-4d8f-bd54-c0285a283255_2)<br> [International Equity Fund, Voya Multi-Manager International Factors Fund, and Voya Multi-Manager](#xx_f04c125e-0c05-4d8f-bd54-c0285a283255_2)<br> [International Small Cap Fund](#xx_f04c125e-0c05-4d8f-bd54-c0285a283255_2)<br>| 56 |
| [Fundamental Investment Policies](#xx_f04c125e-0c05-4d8f-bd54-c0285a283255_2) | 56 |
| [Non-Fundamental Investment Policies](#xx_f04c125e-0c05-4d8f-bd54-c0285a283255_2) | 56 |
| [Fund Diversification](#xx_f04c125e-0c05-4d8f-bd54-c0285a283255_2) | 56 |
| [Investor Diversification](#xx_f04c125e-0c05-4d8f-bd54-c0285a283255_2) | 56 |
| [Temporary Defensive Strategies](#xx_f04c125e-0c05-4d8f-bd54-c0285a283255_2) | 56 |
| [Percentage and Rating Limitations](#xx_f04c125e-0c05-4d8f-bd54-c0285a283255_3) | 57 |
| [Investment Not Guaranteed](#xx_f04c125e-0c05-4d8f-bd54-c0285a283255_3) | 57 |
| [Shareholder Reports](#xx_f04c125e-0c05-4d8f-bd54-c0285a283255_3) | 57 |
| **[MORE INFORMATION ABOUT THE FUNDS](#xx_19d6bc3e-bf0a-4da1-bf5d-8b5b96cadcec_1)** | 58 |
| [Additional Information About the Investment Objective](#xx_19d6bc3e-bf0a-4da1-bf5d-8b5b96cadcec_1) | 58 |
| [Additional Information About Principal Investment Strategies](#xx_19d6bc3e-bf0a-4da1-bf5d-8b5b96cadcec_1) | 58 |
| [Additional Information About the Principal Risks](#xx_19d6bc3e-bf0a-4da1-bf5d-8b5b96cadcec_1) | 58 |
| [Further Information About Principal Risks](#xx_19d6bc3e-bf0a-4da1-bf5d-8b5b96cadcec_11) | 68 |
| **[PORTFOLIO HOLDINGS INFORMATION](#xx_a8ee99a4-c1e4-4f97-9f34-1c841a7fcbab_1)** | 71 |
| **[MANAGEMENT OF THE FUNDS](#xx_c9d8adce-a215-4203-9355-0ec8bdbf4c17_1)** | 72 |
| [The Investment Adviser](#xx_c9d8adce-a215-4203-9355-0ec8bdbf4c17_1) | 72 |
| [The Sub-Advisers and Portfolio Managers](#xx_c9d8adce-a215-4203-9355-0ec8bdbf4c17_1) | 72 |
| [The Distributor](#xx_c9d8adce-a215-4203-9355-0ec8bdbf4c17_7) | 78 |
| [Contractual Arrangements](#xx_c9d8adce-a215-4203-9355-0ec8bdbf4c17_7) | 78 |
| **[CLASSES OF SHARES](#xx_ff08b45c-518e-47d5-92a2-b89d8919483e_1)** | 80 |
| [Distribution and Service (12b-1) Fees](#xx_ff08b45c-518e-47d5-92a2-b89d8919483e_3) | 82 |
| **[SALES CHARGES](#xx_afac8d23-8d56-484f-9c8b-a5267e485781_1)** | 84 |
| **[HOW SHARES ARE PRICED](#xx_b9086822-09b5-4fa5-a195-5c1a30263cc4_1)** | 87 |
| **[HOW TO BUY SHARES](#xx_9a02c6ba-f148-499c-9152-e80f310afed9_1)** | 88 |
| **[HOW TO SELL SHARES](#xx_51d08d47-f43e-4657-8e29-160a88108467_1)** | 92 |
| **[HOW TO EXCHANGE SHARES](#xx_4cbe2a9c-4d07-41e9-afb5-dedadb4a54d2_1)** | 95 |
| **[FREQUENT TRADING - MARKET TIMING](#xx_72393b82-2f76-4a62-9440-92c79b0971c9_1)** | 97 |
| **[PAYMENTS TO FINANCIAL INTERMEDIARIES](#xx_2e00dffd-548b-4756-b9dc-5c457290d5dc_1)** | 99 |
| **[DIVIDENDS, DISTRIBUTIONS, AND TAXES](#xx_76f5d4a9-9865-40d0-89b9-168741d891b1_1)** | 101 |
| **[ACCOUNT POLICIES](#xx_f185ff98-1507-4e6d-bec3-d50ea7f57e1f_1)** | 103 |
| [Account Access](#xx_f185ff98-1507-4e6d-bec3-d50ea7f57e1f_1) | 103 |
| [Privacy Policy](#xx_f185ff98-1507-4e6d-bec3-d50ea7f57e1f_1) | 103 |
| [Householding](#xx_f185ff98-1507-4e6d-bec3-d50ea7f57e1f_1) | 103 |
| **[INDEX DESCRIPTIONS](#xx_74c86368-1bd9-4dff-945c-c428aa9d81cb_1)** | 104 |
| **[FINANCIAL HIGHLIGHTS](#xx_5b8bf11d-38df-4cfa-b01f-4b008bf4687d_1)** | 105 |
| **[ACCOMPANYING NOTES TO FINANCIAL HIGHLIGHTS](#xx_5b8bf11d-38df-4cfa-b01f-4b008bf4687d_7)** | 111  |

---

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**Table of Contents**

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| | |
|:---|:---|
| **[APPENDIX A](#xx_89de704b-393d-4c3a-b9dd-a2f451fae602_1)** | 112 |
| **[Financial Intermediary Specific Sales Charge Waiver and Related Discount Policy Information](#xx_89de704b-393d-4c3a-b9dd-a2f451fae602_1)** | 112 |
| **[TO OBTAIN MORE INFORMATION](#xx_102d8089-227d-48e8-ad12-d39498e1605b_2)** | Back Cover |

---

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Voya Global Bond Fund

**Investment Objective**

The Fund seeks to maximize total return through a combination of current income and capital appreciation.

**Fees and Expenses of the Fund**

These tables describe 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.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Voya mutual funds. More information about these and other discounts is available from your financial intermediary and in the discussion in the Sales Charges section of the Prospectus (page 84), in Appendix A to the Prospectus, or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 104).

**Shareholder Fees**

Fees paid directly from your investment

------

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

---

| | | |
|:---|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum sales charge (load) as a % of** <br>**offering price imposed on purchases**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum deferred sales charge (load) as a % of** <br>**purchase or sales price, whichever is less**<br>|
| **A** | 2.50 | None<sup>1</sup> <br>|
| **C** |  | 1.00 |
| **I** |  |  |
| **R** |  |  |
| **R6** |  |  |
| **W** |  |  |

---

**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;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **A** | **C** | **I** | **R** | **R6** | **W** |
| Management Fees% | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 |
| Distribution and/or Shareholder Services (12b-1) Fees% | 0.25 | 1.00 |  | 0.50 |  |  |
| Other Expenses% | 0.30 | 0.30 | 0.21 | 0.30 | 0.12 | 0.30 |
| Total Annual Fund Operating Expenses% | 1.05 | 1.80 | 0.71 | 1.30 | 0.62 | 0.80 |
| Waivers and Reimbursements<sup>2</sup>% | (0.15) | (0.15) | (0.06) | (0.15) |  | (0.15) |
| Total Annual Fund Operating Expenses after Waivers and <br> Reimbursements% | 0.90 | 1.65 | 0.65 | 1.15 | 0.62 | 0.65 |

---

A contingent deferred sales charge applies to shares purchased without an initial sales charge, as part of an investment of $500,000 or more, and redeemed within 12 months of purchase.

Voya Investments, LLC (the "Investment Adviser") is contractually obligated to limit expenses to 0.90%, 1.65%, 0.65%, 1.15%, 0.65%, and 0.65% for Class A, Class C, Class I, Class R, Class R6, and Class W shares, respectively, through March 1, 2024. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fund Fees and Expenses. This limitation is subject to possible recoupment by the Investment Adviser within 36 months of the waiver or reimbursement. The amount of the recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time of the waiver or reimbursement; or (ii) the expense limitation in effect at the time of recoupment. Termination or modification of this obligation requires approval by the Fund's Board of Trustees (the "Board").

**Expense Example**

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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. The Example shows costs if you sold (redeemed) your shares at the end of the period or continued to hold them. 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 three-, five-, and ten-year periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Voya Global Bond Fund

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **If you sold your shares** | **If you sold your shares** | **If you sold your shares** | **If you sold your shares** |  | **If you held your shares** | **If you held your shares** | **If you held your shares** | **If you held your shares** |
|  | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** |  | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** |
|  | **1 Yr** | **3 Yrs** | **5 Yrs** | **10 Yrs** |  | **1 Yr** | **3 Yrs** | **5 Yrs** | **10 Yrs** |
| **A** | $340 | 561 | 801 | 1487 | **A** | $340 | 561 | 801 | 1487 |
| **C** | $268 | 552 | 961 | 2104 | **C** | $168 | 552 | 961 | 2104 |
| **I** | $66 | 221 | 389 | 877 | **I** | $66 | 221 | 389 | 877 |
| **R** | $117 | 397 | 699 | 1555 | **R** | $117 | 397 | 699 | 1555 |
| **R6** | $63 | 199 | 346 | 774 | **R6** | $63 | 199 | 346 | 774 |
| **W** | $66 | 240 | 429 | 976 | **W** | $66 | 240 | 429 | 976 |

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The Example does not reflect sales charges (loads) on reinvested dividends (and other distributions). If these sales charges (loads) were included, your costs would be higher.

**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.

During the most recent fiscal year, the Fund's portfolio turnover rate was 218% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in bonds of issuers in a number of different countries, which may include the United States. The Fund will provide shareholders with at least 60 days' prior written notice of any change in this investment policy.

The Fund may invest in securities of issuers located in developed and emerging market countries. Securities may be denominated in foreign currencies or in U.S. dollars. The Fund may hedge its exposure to securities denominated in foreign currencies. The Fund may also borrow money from banks and invest the proceeds of such loans in portfolio securities 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"). This investment technique is known as "leveraging."

The Fund invests primarily in investment grade securities which include, but are not limited to, corporate and government bonds which, at the time of investment, are rated investment grade (at least BBB- by S&P Global Ratings or Baa3 by Moody's Investors Service, Inc.) or have an equivalent rating by a nationally recognized statistical rating organization, or are of comparable quality if unrated. The Fund may also invest in preferred stocks, money market instruments, municipal bonds, commercial and residential mortgage-related securities, asset-backed securities, other securitized and structured debt products, private placements, and sovereign debt.

The Fund may also invest its assets in bank loans and in floating rate secured loans ("Senior Loans"). Although the Fund may invest a portion of its assets in high-yield debt securities rated below investment grade (commonly referred to as "junk bonds"), the Fund will seek to maintain a minimum weighted average portfolio quality rating of at least investment grade. The dollar-weighted average portfolio duration of the Fund will generally range between two and nine years. Duration is the most commonly used measure of risk in fixed-income investments as it incorporates multiple features of the fixed-income instrument (*e.g*., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a fixed-income instrument to a change in interest rates. Duration is a weighted average of the times that interest payments and the final return of principal are expected to be received. The weights are the amounts of the payments discounted by the yield-to-maturity of the fixed-income instrument. Duration is expressed as a number of years. The bigger the duration number, the greater the interest-rate risk or reward for the fixed-income instrument prices. For example, the price of a bond with an average duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point. Conversely, the price of a bond with an average duration of five years would be expected to rise approximately 5% if interest rates drop by one percentage point.

The Fund may use derivatives, including futures, swaps (including interest rate swaps, total return swaps, and credit default swaps), and options, among others, to seek to enhance return, to hedge some of the risks of its investments in fixed-income securities, or as a substitute for a position in an underlying asset. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls and reverse repurchase agreements).

Voya Global Bond Fund

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The Fund may invest in other investment companies, including exchange-traded funds ("ETFs"), to the extent permitted under the 1940 Act.

The investment process focuses on allocating assets among various sectors of the global bond markets and buying bonds at a discount to their intrinsic value. The sub-adviser (the "Sub-Adviser") utilizes proprietary quantitative techniques to identify bonds or sectors that are cheap relative to other bonds or sectors based on their historical price relationships. Teams of asset specialists use this relative value analysis to guide them in the security selection process.

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 an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance ("ESG") factors to determine whether one or more factors may have a material effect. 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 an issuer's ESG standing. 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 an issuer, 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, among others.

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.

**Bank Instruments:** Bank instruments include certificates of deposit, fixed time deposits, bankers' acceptances, and other debt and deposit-type obligations issued by banks. Changes in economic, regulatory, or political conditions, or other events that affect the banking industry may have an adverse effect on bank instruments or banking institutions that serve as counterparties in transactions with the Fund.

**Borrowing:** Borrowing creates leverage, which may increase expenses and increase the impact of the Fund's other risks. Borrowing may exaggerate any increase or decrease in the Fund's net asset value causing the Fund to be more volatile than a fund that does not borrow. Borrowing for investment purposes is considered to be speculative and may result in losses to the Fund.

**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.

**Credit:** A Fund could lose money if the issuer or guarantor of a fixed - income 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 neither the U.S. government nor an agency or instrumentality of the U.S. government has guaranteed them. 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.

**Credit Default Swaps:** A Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a credit default swap is generally obligated to pay the seller an upfront or a periodic stream of payments over the term of the contract until a credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the "par value" (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount if the swap is cash settled. As a seller of a credit default swap, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the full notional value of the swap. Credit default swaps are particularly subject to counterparty, credit, valuation, liquidity, and leveraging risks and the risk that the swap may not correlate with its reference obligation as expected. Certain standardized credit default swaps are subject to mandatory central clearing. 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 new kinds of costs and risks. In addition, credit default swaps expose the Fund to the risk of improper valuation.

Voya Global Bond Fund

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**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.

**Environmental, Social, and Governance (Fixed Income):** 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 obligations of an issuer 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 obligations of issuers that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may choose not to invest in obligations of issuers that compare favorably to obligations of other issuers on the basis of ESG factors. It is possible that the Fund will have less exposure to obligations of certain issuers 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, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments.

**Floating Rate Loans:** In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan (which can include certain bank loans), the Fund will experience a reduction in its income and a decline in the market value of such floating rate loan. If a floating rate loan is held by the Fund through another financial institution, or the Fund relies upon another financial institution to administer the loan, the receipt of scheduled interest or principal payments may be subject to the credit risk of such financial institution. Investors in floating rate loans may not be afforded the protections of the anti-fraud provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, because loans may not be considered "securities" under such laws. Additionally, the value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the borrower's obligations under the loan, and such collateral may be difficult to liquidate. No active trading market may exist for many floating rate loans and many floating rate loans are subject to restrictions on resale. Transactions in loans typically settle on a delayed basis and may take longer than 7 days to settle. As a result, the Fund may not receive the proceeds from a sale of a floating rate loan for a significant period of time. Delay in the receipts of settlement proceeds may impair the ability of the Fund to meet its redemption obligations, and may limit the ability of the Fund to repay debt, pay dividends, or to take advantage of new investment opportunities.

**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 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.

**High-Yield Securities:** Lower-quality securities (including securities that have fallen below investment grade and are classified as "junk bonds" or "high-yield securities") have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and their issuers' long-term ability to make payments is considered speculative. Prices of lower-quality bonds or other fixed-income instruments are also more volatile, are more sensitive to negative news about the economy or the issuer, and have greater liquidity risk and price volatility.

**Interest in Loans:** The value and the income streams of interests in loans (including participation interests in lease financings and assignments in secured variable or floating rate loans) will decline if borrowers delay payments or fail to pay altogether. A significant rise in market interest rates could increase this risk. Although loans may be fully collateralized when purchased, such collateral may become illiquid or decline in value.

Voya Global Bond Fund

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**Interest Rate:** A rise in market interest rates generally results in a fall in the value of bonds and other fixed-income instruments; conversely, values generally rise as market interest rates fall. 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 fixed-income instrument to a change in interest rate. As of the date of this Prospectus, the U.S. is experiencing a rising market interest rate environment, which may increase the Fund's exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. To the extent that the Fund invests in fixed-income 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 fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential future changes in government policy may affect 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 fixed-income and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose fixed-income and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact the Fund's operations and return potential.

**Investing through Bond Connect:** Chinese fixed-income instruments trade on the China Interbank Bond Market (the "CIBM") and may be purchased through a market access program, known as "Bond Connect," that is designed to, among other things, enable foreign (non-U.S.) investment in the People's Republic of China. There are significant risks inherent in investing in Chinese fixed-income instruments, similar to the risks of investing in fixed-income instruments in other emerging markets. The prices of fixed-income instruments traded on the CIBM may fluctuate significantly due to low trading volume and potential lack of liquidity. The rules to access fixed-income 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.

The Chinese economy is generally considered an emerging and volatile market. Although China has experienced a relatively stable political environment in recent years, there is no guarantee that such stability will be maintained in the future. Political, regulatory and diplomatic events, such as the U.S.-China "trade war" that intensified in 2018, could have an adverse effect on the Chinese or Hong Kong economies and on investments made through Bond Connect.

**Investment Model:** The Sub-Adviser's proprietary model may not adequately take into account existing or unforeseen market factors or the interplay between such factors. Funds that are actively managed, in whole or in part, according to a quantitative investment model 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. Mistakes in the construction and implementation of the investment models (including, for example, data problems and/or software issues) may create errors or limitations that might go undetected or are discovered only after the errors or limitations have negatively impacted performance. There is no guarantee that the use of these investment models will result in effective investment decisions for the Fund.

**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.

**London Inter-Bank Offered Rate:** The obligations of the parties under many financial arrangements, such as fixed-income instruments (including senior loans) and derivatives, may be determined based, in whole or in part, on the London Inter-Bank Offered Rate ("LIBOR"). In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in many major currencies, including for example, the Secured Overnight Funding Rate ("SOFR") for U.S. dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement market. SOFR is published in various forms, including as a daily, compounded, and forward-looking term rate. The discontinuance of LIBOR and the adoption/implementation of alternative rates pose a number of risks, including, among others, whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties' existing contractual

Voya Global Bond Fund

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arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on the Fund's existing investments, including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of the Fund; and the risk of general market disruption during the transition period. Markets relying on alternative rates are developing slowly and may offer limited liquidity. The general unavailability of LIBOR and the transition away from LIBOR to alternative rates could have a substantial adverse impact on the performance of the Fund.

**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 fixed-income 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:** A 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, 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 has resulted, and may continue to result, 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. 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. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. Those 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.

**Mortgage- and/or Asset-Backed Securities:** Defaults on, or low credit quality or liquidity of, the underlying assets of the asset-backed (including mortgage-backed) securities may impair the value of these securities and result in losses. There may be limitations on the enforceability of any security interest or collateral granted with respect to those underlying assets, and the value of collateral may not satisfy the obligation upon default. These securities also present a higher degree of prepayment and extension risk and interest rate risk than do other types of fixed-income instruments.

**Municipal Obligations:** The municipal securities market is volatile and can be affected significantly by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. Among other risks, investments in municipal securities are subject to the risk that an issuer may delay payment, restructure its debt, or refuse to pay interest or repay principal on its debt.

**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

Voya Global Bond Fund

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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.

**Prepayment and Extension:** Many types of fixed-income instruments are subject to prepayment and extension risk. Prepayment risk is the risk that the issuer of a fixed-income instrument will pay back the principal earlier than expected. This risk is heightened in a falling market interest rate environment. Prepayment may expose the Fund to a lower rate of return upon reinvestment of principal. Also, if a fixed-income instrument subject to prepayment has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a fixed-income instrument will pay back the principal later than expected. This risk is heightened in a rising market interest rate environment. This may negatively affect performance, as the value of the fixed-income instrument decreases when principal payments are made later than expected. Additionally, the Fund may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates.

**Restricted Securities:** Securities that are not registered for sale to the public under the Securities Act of 1933, as amended, are referred to as "restricted securities." These 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, and often, these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these 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 investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

**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.

**Sovereign Debt:** Sovereign debt is issued or guaranteed by foreign (non-U.S.) government entities. Investments in sovereign debt are subject to the risk that a government entity may delay payment, restructure its debt, or refuse to pay interest or repay principal on its sovereign debt due to cash flow problems, insufficient foreign currency reserves, political considerations, social changes, the relative size of its debt position to its economy, or its failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a government entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting amounts owed on sovereign debt that a government does not pay.

*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**

The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices with investment characteristics similar to those of the Fund for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Performance for other share classes would differ to the extent they have differences in their fees and expenses. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different. *The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to https://individuals.voya.com/literature or call 1-800-992-0180.* 

Voya Global Bond Fund

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**Calendar Year Total Returns** Class A 

(as of December 31 of each year)

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![](v464773a_32.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | 2nd Quarter 2020 | 8.02% |
| **Worst quarter:** | 2nd Quarter 2022 | -9.61% |

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**Average Annual Total Returns** %

(for the periods ended December 31, 2022)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Yr** | **5 Yrs** | **10 Yrs** | &nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| **Class A** before taxes% | -19.79 | -2.58 | -0.72 | N/A | 06/30/06 |
| After tax on distributions% | -20.00 | -3.48 | -1.49 | N/A |  |
| After tax on distributions with sale% | -10.60 | -1.92 | -0.26 | N/A |  |
| Bloomberg Global Aggregate Index<sup>1</sup>% | -16.25 | -1.66 | -0.44 | N/A |  |
| **Class C** before taxes% | -19.12 | -2.82 | -1.21 | N/A | 06/30/06 |
| Bloomberg Global Aggregate Index<sup>1</sup>% | -16.25 | -1.66 | -0.44 | N/A |  |
| **Class I** before taxes% | -17.59 | -1.86 | -0.21 | N/A | 06/30/06 |
| Bloomberg Global Aggregate Index<sup>1</sup>% | -16.25 | -1.66 | -0.44 | N/A |  |
| **Class R** before taxes% | -17.89 | -2.33 | -0.71 | N/A | 08/05/11 |
| Bloomberg Global Aggregate Index<sup>1</sup>% | -16.25 | -1.66 | -0.44 | N/A |  |
| **Class R6** before taxes% | -17.51 | -1.84 | -0.20 | N/A | 05/31/13 |
| Bloomberg Global Aggregate Index<sup>1</sup>% | -16.25 | -1.66 | -0.44 | N/A |  |
| **Class W** before taxes% | -17.54 | -1.83 | -0.21 | N/A | 06/01/09 |
| Bloomberg Global Aggregate Index<sup>1</sup>% | -16.25 | -1.66 | -0.44 | N/A |  |

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The index returns do not reflect deductions for fees, expenses, or taxes.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax advantaged arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary.

**Portfolio Management**

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

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

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| | |
|:---|:---|
| **Portfolio Managers** |  |
| Sean Banai, CFA <br>Portfolio Manager (since 03/19)<br>| Brian Timberlake, Ph.D., CFA <br>Portfolio Manager (since 05/13)<br>|

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**Purchase and Sale of Fund Shares**

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 www.voyainvestments.com; by writing to us at Voya Investment Management, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034; or by calling us at 1-800-992-0180.

Voya Global Bond Fund

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**Minimum Initial Investment** $ by share class

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **A, C** | **I** | **R** | **R6** | **W** |
| Non-retirement accounts | $1000 | 250000 |  | 1000000 | 1000 |
| Retirement accounts | $250 | 250000 |  |  | 1000 |
| Certain omnibus accounts | $250 |  |  |  |  |
| Pre-authorized investment plan | $1000 | 250000 |  |  | 1000 |

---

There are no minimums for additional investments except that the pre-authorized investment plan requires a monthly investment of at least $100. For Class I shares, there is no minimum initial investment requirement for: (i) qualified retirement plans or other defined contribution plans and defined benefit plans that invest in the Voya funds through omnibus arrangements; (ii) employees of Voya Investment Management Co. LLC ("Voya IM") who are eligible to participate in "notional" bonus programs sponsored by Voya IM; or (iii) (a) investors transacting in Class I shares through brokerage platforms that invest in the Voya funds' Class I shares through omnibus accounts and have agreements with the distributor to offer such shares and (b) such brokerage platforms' omnibus accounts.

The minimum initial investment requirement for Class R6 shares of the Fund is $1,000,000 for non-retirement accounts. There is no minimum initial investment requirement for retirement accounts, certain omnibus accounts, and pre-authorized investment plans. There are no minimum investment requirements for additional investments.

**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 Global Bond Fund

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Voya Global High Dividend Low Volatility Fund

**Investment Objective**

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

**Fees and Expenses of the Fund**

These tables describe 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.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. More information about these and other discounts is available from your financial intermediary and in the discussion in the Sales Charges section of the Prospectus (page 84), in Appendix A to the Prospectus, or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 104).

**Shareholder Fees**

Fees paid directly from your investment

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

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| | | |
|:---|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum sales charge (load) as a % of** <br>**offering price imposed on purchases**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum deferred sales charge (load) as a % of** <br>**purchase or sales price, whichever is less**<br>|
| **A** | 5.75 | None<sup>1</sup> <br>|
| **C** |  | 1.00 |
| **I** |  |  |
| **R6** |  |  |
| **W** |  |  |

---

**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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **A** | **C** | **I** | **R6** | **W** |
| Management Fees% | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 |
| Distribution and/or Shareholder Services (12b-1) Fees% | 0.25 | 1.00 |  |  |  |
| Other Expenses% | 0.25 | 0.25 | 0.15 | 0.13 | 0.25 |
| Total Annual Fund Operating Expenses% | 1.00 | 1.75 | 0.65 | 0.63 | 0.75 |
| Waivers and Reimbursements<sup>2</sup>% | (0.15) | (0.15) | (0.05) | (0.06) | (0.15) |
| Total Annual Fund Operating Expenses after Waivers and <br> Reimbursements% | 0.85 | 1.60 | 0.60 | 0.57 | 0.60 |

---

A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.

Voya Investments, LLC (the "Investment Adviser") and distributor are contractually obligated to limit expenses to 0.85%, 1.60%, 0.60%, 0.57%, and 0.60% for Class A, Class C, Class I, Class R6, and Class W shares, respectively, through March 1, 2024. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fund Fees and Expenses. This limitation is subject to possible recoupment by the Investment Adviser and distributor within 36 months of the waiver or reimbursement. The amount of the recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time of the waiver or reimbursement; or (ii) the expense limitation in effect at the time of recoupment. Termination or modification of this obligation requires approval by the Fund's Board of Trustees (the "Board").

**Expense Example**

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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. The Example shows costs if you sold (redeemed) your shares at the end of the period or continued to hold them. 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 three-, five-, and ten-year periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Voya Global High Dividend Low Volatility Fund

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **If you sold your shares** | **If you sold your shares** | **If you sold your shares** | **If you sold your shares** |  | **If you held your shares** | **If you held your shares** | **If you held your shares** | **If you held your shares** |
|  | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** |  | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** |
|  | **1 Yr** | **3 Yrs** | **5 Yrs** | **10 Yrs** |  | **1 Yr** | **3 Yrs** | **5 Yrs** | **10 Yrs** |
| **A** | $657 | 861 | 1082 | 1716 | **A** | $657 | 861 | 1082 | 1716 |
| **C** | $263 | 536 | 935 | 2050 | **C** | $163 | 536 | 935 | 2050 |
| **I** | $61 | 203 | 357 | 806 | **I** | $61 | 203 | 357 | 806 |
| **R6** | $58 | 196 | 345 | 781 | **R6** | $58 | 196 | 345 | 781 |
| **W** | $61 | 225 | 402 | 916 | **W** | $61 | 225 | 402 | 916 |

---

The Example does not reflect sales charges (loads) on reinvested dividends (and other distributions). If these sales charges (loads) were included, your costs would be higher.

**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.

During the most recent fiscal year, the Fund's portfolio turnover rate was 67% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in a portfolio of equity securities. The Fund will provide 60 days' prior notice of any change in this investment policy. The Fund invests primarily in the equity securities included in the MSCI World Value Index<sup>SM</sup> (the "Index"). The Fund invests in securities of issuers in a number of different countries, including the U.S.

The sub-adviser (the "Sub-Adviser") seeks to maximize total return to the extent consistent with maintaining lower volatility than the Index. Volatility generally measures how much a fund's returns have varied over a specified time frame.

The Fund may invest in derivative instruments including, but not limited to, index futures. The Fund typically uses derivatives as a substitute for purchasing securities included in the Index or for the purpose of maintaining equity market exposure on its cash balance.

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 .

The Sub-Adviser creates a target universe that consists of dividend paying securities by screening for companies that exhibit stable dividend yields within each industry sector. Once the Sub-Adviser creates this target universe, the Sub-Adviser seeks to identify the most attractive securities within various geographic regions and sectors by ranking each security relative to other securities within its region or sector, as applicable, using proprietary fundamental sector-specific quantitative investment models. The Sub-Adviser then uses optimization techniques to seek to achieve the portfolio's target dividend yield (which is expected to be higher than the Index in aggregate), manage target beta, determine active weights, and neutralize region and sector exposures in order to create a portfolio that the Sub-Adviser believes will provide the potential for maximum total return consistent with maintaining lower volatility than the Index. Under certain market conditions, the Fund will likely earn a lower level of total return than it would in the absence of its strategy of maintaining a relatively lower level of volatility.

In evaluating investments for the Fund, the Sub-Adviser, through its quantitative methods and models, 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 that its quantitative methods and models will typically take into account environmental, social, and governance ("ESG") factors. In considering ESG factors, the Sub-Adviser's quantitative methods and models will rely primarily on factors identified through the Sub-Adviser's proprietary empirical research and on third-party evaluations of a company's ESG standing. ESG factors will be only one of many considerations in the 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 operation of the Sub-Adviser's quantitative processes and the judgment of the Sub-Adviser.

The Fund may lend portfolio securities on a short-term or long-term basis, up to 30% of its total assets.

Voya Global High Dividend Low Volatility Fund

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**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.

**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.

**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 (Quantitative):** The Sub-Adviser's consideration of ESG factors in selecting investments for the Fund depends on the operation of quantitative methods and models whose design reflects qualitative and subjective judgments of the Sub-Adviser, including reliance on, or incorporation of, data in respect of ESG factors that 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 not 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, 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:** 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 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.

**Investment Model:** The Sub-Adviser's proprietary model may not adequately take into account existing or unforeseen market factors or the interplay between such factors. Volatility management techniques may not always be successful in reducing volatility, may not protect against market declines, and may limit the Fund's participation in market gains, negatively impacting performance even during periods when the market is rising. During sudden or significant market rallies, such underperformance may be significant. Moreover, volatility management strategies may increase portfolio transaction costs, which may increase losses or reduce gains. The Fund's volatility may not be lower than that of the Fund's Index during all market cycles due to market factors. Funds that are actively managed, in whole or in part, according to a quantitative investment model 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. Mistakes in the construction and implementation of the investment models (including, for example, data problems and/or software issues) may create errors or limitations that might go undetected or are discovered only after the errors or limitations have negatively impacted performance. There is no guarantee that the

Voya Global High Dividend Low Volatility Fund

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use of these investment models will result in effective investment decisions for the Fund.

**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.

**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 fixed-income 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, 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 has resulted, and may continue to result, 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. 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. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. Those 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.

**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.

**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 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.

Voya Global High Dividend Low Volatility Fund

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**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.

*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**

The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices with investment characteristics similar to those of the Fund for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Performance for other share classes would differ to the extent they have differences in their fees and expenses. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

The Fund's performance prior to December 31, 2020 reflects returns achieved pursuant to different principal investment strategies. The Fund's performance prior to May 1, 2018 reflects returns achieved pursuant to different principal investment strategies. The Fund's performance prior to May 1, 2016 reflects returns achieved pursuant to different principal investment strategies. The Fund's performance prior to December 1, 2014 reflects returns achieved pursuant to different principal investment strategies. If the Fund's current sub-adviser and strategies had been in place for the prior periods, the performance information shown would have been different. *The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to https://individuals.voya.com/literature or call 1-800-992-0180.*

**Calendar Year Total Returns** Class A 

(as of December 31 of each year)

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![](v5011a_31.jpg)

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

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| | | |
|:---|:---|:---|
| **Best quarter:** | 4th Quarter 2022 | 14.09% |
| **Worst quarter:** | 1st Quarter 2020 | -23.44% |

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**Average Annual Total Returns** %

(for the periods ended December 31, 2022)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Yr** | **5 Yrs** | **10 Yrs** | &nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| **Class A** before taxes% | -10.03 | 3.39 | 5.82 | N/A | 04/19/93 |
| After tax on distributions% | -10.70 | 2.75 | 5.23 | N/A |  |
| After tax on distributions with sale% | -5.49 | 2.40 | 4.49 | N/A |  |
| MSCI World Value Index<sup>SM</sup><sup>1</sup>% | -6.52 | 4.12 | 7.24 | N/A |  |
| **Class C** before taxes% | -6.19 | 3.85 | 5.65 | N/A | 04/19/93 |
| MSCI World Value Index<sup>SM</sup><sup>1</sup>% | -6.52 | 4.12 | 7.24 | N/A |  |
| **Class I** before taxes% | -4.30 | 4.89 | 6.71 | N/A | 09/06/06 |
| MSCI World Value Index<sup>SM</sup><sup>1</sup>% | -6.52 | 4.12 | 7.24 | N/A |  |

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Voya Global High Dividend Low Volatility Fund

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Yr** | **5 Yrs** | **10 Yrs** | &nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| **Class R6** before taxes% | -4.28 | 4.90 | 6.72 | N/A | 02/28/20 |
| MSCI World Value Index<sup>SM</sup><sup>1</sup>% | -6.52 | 4.12 | 7.24 | N/A |  |
| **Class W** before taxes% | -4.31 | 4.88 | 6.71 | N/A | 06/01/09 |
| MSCI World Value Index<sup>SM</sup><sup>1</sup>% | -6.52 | 4.12 | 7.24 | N/A |  |

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The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax advantaged arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary.

**Portfolio Management**

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

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

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

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| | |
|:---|:---|
| **Portfolio Managers** |  |
| Vincent Costa, CFA <br>Portfolio Manager (since 12/14)<br>| Peg DiOrio, CFA <br>Portfolio Manager (since 02/19)<br>|
| Steve Wetter <br>Portfolio Manager (since 05/18)<br>| Kai Yee Wong <br>Portfolio Manager (since 05/18)<br>|

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**Purchase and Sale of Fund Shares**

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 www.voyainvestments.com; by writing to us at Voya Investment Management, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034; or by calling us at 1-800-992-0180.

**Minimum Initial Investment** $ by share class

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **A, C** | **I** | **R6** | **W** |
| Non-retirement accounts | $1000 | 250000 | 1000000 | 1000 |
| Retirement accounts | $250 | 250000 |  | 1000 |
| Certain omnibus accounts | $250 |  |  |  |
| Pre-authorized investment plan | $1000 | 250000 |  | 1000 |

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There are no minimums for additional investments except that the pre-authorized investment plan requires a monthly investment of at least $100. For Class I shares, there is no minimum initial investment requirement for: (i) qualified retirement plans or other defined contribution plans and defined benefit plans that invest in the Voya funds through omnibus arrangements; (ii) employees of Voya Investment Management Co. LLC ("Voya IM") who are eligible to participate in "notional" bonus programs sponsored by Voya IM; or (iii) (a) investors transacting in Class I shares through brokerage platforms that invest in the Voya funds' Class I shares through omnibus accounts and have agreements with the distributor to offer such shares and (b) such brokerage platforms' omnibus accounts.

The minimum initial investment requirement for Class R6 shares of the Fund is $1,000,000 for non-retirement accounts. There is no minimum initial investment requirement for retirement accounts, certain omnibus accounts, and pre-authorized investment plans. There are no minimum investment requirements for additional investments.

**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.

Voya Global High Dividend Low Volatility Fund

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**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 Global High Dividend Low Volatility Fund

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Voya International High Dividend Low Volatility Fund

**Investment Objective**

The Fund seeks maximum total return.

**Fees and Expenses of the Fund**

These tables describe 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.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. More information about these and other discounts is available from your financial intermediary and in the discussion in the Sales Charges section of the Prospectus (page 84), in Appendix A to the Prospectus, or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 104).

**Shareholder Fees**

Fees paid directly from your investment

------

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

---

| | | |
|:---|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum sales charge (load) as a % of** <br>**offering price imposed on purchases**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum deferred sales charge (load) as a % of** <br>**purchase or sales price, whichever is less**<br>|
| **A** | 5.75 | None<sup>1</sup> <br>|
| **I** |  |  |
| **R6** |  |  |

---

**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;

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **A** | **I** | **R6** |
| Management Fees% | 0.50 | 0.50 | 0.50 |
| Distribution and/or Shareholder Services (12b-1) Fees% | 0.25 |  |  |
| Other Expenses% | 1.27 | 1.35 | 2.24 |
| Acquired Fund Fees and Expenses% | 0.01 | 0.01 | 0.01 |
| Total Annual Fund Operating Expenses<sup>2</sup>% | 2.03 | 1.86 | 2.75 |
| Waivers and Reimbursements<sup>3</sup>% | (1.12) | (1.20) | (2.12) |
| Total Annual Fund Operating Expenses After Waivers and <br> Reimbursements% | 0.91 | 0.66 | 0.63 |

---

A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.

Total Annual Fund Operating Expenses shown may be higher than the Fund's ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses.

Voya Investments, LLC (the "Investment Adviser") is contractually obligated to limit expenses to 0.90%, 0.65%, and 0.62% for Class A, Class I, and Class R6 shares, respectively, through March 1, 2024. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fund Fees and Expenses. This limitation is subject to possible recoupment by the Investment Adviser within 36 months of the waiver or reimbursement. The amount of the recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time of the waiver or reimbursement; or (ii) the expense limitation in effect at the time of recoupment. Termination or modification of this obligation requires approval by the Fund's Board of Trustees (the "Board").

**Expense Example**

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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. The Example shows costs if you sold (redeemed) your shares at the end of the period or continued to hold them. 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 three-, five-, and ten-year periods. 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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **Share Status** | **1 Yr** | **3 Yrs** | **5 Yrs** | **10 Yrs** |
| **A** | Sold or Held | $663 | 1073 | 1508 | 2713 |
| **I** | Sold or Held | $67 | 468 | 894 | 2081 |
| **R6** | Sold or Held | $64 | 651 | 1265 | 2924 |

---

Voya International High Dividend Low Volatility Fund

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The Example does not reflect sales charges (loads) on reinvested dividends (and other distributions). If these sales charges (loads) were included, your costs would be higher.

**Portfolio Turnover**

------

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.

During the most recent fiscal year, the Fund's portfolio turnover rate was 72% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund invests primarily in equity securities included in the MSCI EAFE<sup>®</sup> Value Index (the "Index"). Under normal market conditions, the Fund invests at least 65% of its total assets in equity securities of issuers in a number of different countries other than the U.S.

The sub-adviser (the "Sub-Adviser") seeks to maximize total return to the extent consistent with maintaining lower volatility than the Index. Volatility generally measures how much a fund's returns have varied over a specified time frame.

The Fund may invest in derivative instruments including, but not limited to, index futures. The Fund typically uses derivatives as a substitute for purchasing securities included in the Index or for the purpose of maintaining equity market exposure on its cash balance.

The Fund may also 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 .

The Sub-Adviser creates a target universe that consists of dividend paying securities by screening for companies that exhibit stable dividend yields within each industry sector. Once the Sub-Adviser creates this target universe, the Sub-Adviser seeks to identify the most attractive securities within various geographic regions and sectors by ranking each security relative to other securities within its region or sector, as applicable, using proprietary fundamental sector-specific quantitative investment models. The Sub-Adviser then uses optimization techniques to seek to achieve the portfolio's target dividend yield (which is expected to be higher than the Index in aggregate), manage target beta, determine active weights, and neutralize region and sector exposures in order to create a portfolio that the Sub-Adviser believes will provide the potential for maximum total return consistent with maintaining lower volatility than the Index. Under certain market conditions, the Fund will likely earn a lower level of total return than it would in the absence of its strategy of maintaining a relatively lower level of volatility.

In evaluating investments for the Fund, the Sub-Adviser, through its quantitative methods and models, 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 that its quantitative methods and models will typically take into account environmental, social, and governance ("ESG") factors. In considering ESG factors, the Sub-Adviser's quantitative methods and models will rely primarily on factors identified through the Sub-Adviser's proprietary empirical research and on third-party evaluations of a company's ESG standing. ESG factors will be only one of many considerations in the 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 operation of the Sub-Adviser's quantitative processes and the judgment of the Sub-Adviser.

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.

**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.

Voya International High Dividend Low Volatility Fund

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**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 (Quantitative):** The Sub-Adviser's consideration of ESG factors in selecting investments for the Fund depends on the operation of quantitative methods and models whose design reflects qualitative and subjective judgments of the Sub-Adviser, including reliance on, or incorporation of, data in respect of ESG factors that 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 not 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, 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:** 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 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.

**Investment Model:** The Sub-Adviser's proprietary model may not adequately take into account existing or unforeseen market factors or the interplay between such factors. Volatility management techniques may not always be successful in reducing volatility, may not protect against market declines, and may limit the Fund's participation in market gains, negatively impacting performance even during periods when the market is rising. During sudden or significant market rallies, such underperformance may be significant. Moreover, volatility management strategies may increase portfolio transaction costs, which may increase losses or reduce gains. The Fund's volatility may not be lower than that of the Fund's Index during all market cycles due to market factors. Funds that are actively managed, in whole or in part, according to a quantitative investment model 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. Mistakes in the construction and implementation of the investment models (including, for example, data problems and/or software issues) may create errors or limitations that might go undetected or are discovered only after the errors or limitations have negatively impacted performance. There is no guarantee that the use of these investment models will result in effective investment decisions for the Fund.

**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.

Voya International High Dividend Low Volatility Fund

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**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 fixed-income 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, 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 has resulted, and may continue to result, 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. 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. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. Those 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.

**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.

**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 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.

Voya International High Dividend Low Volatility Fund

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*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**

The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices with investment characteristics similar to those of the Fund for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Performance for other share classes would differ to the extent they have differences in their fees and expenses. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

The Fund's performance prior to December 31, 2020 reflects returns achieved pursuant to different principal investment strategies. The Fund's performance prior to May 1, 2018 reflects returns achieved pursuant to different principal investment strategies. *The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to https://individuals.voya.com/literature or call 1-800-992-0180.*

**Calendar Year Total Returns** Class A 

(as of December 31 of each year)

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![](v473009a_13.jpg)

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

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| | | |
|:---|:---|:---|
| **Best quarter:** | 4th Quarter 2022 | 18.06% |
| **Worst quarter:** | 1st Quarter 2020 | -22.60% |

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**Average Annual Total Returns** %

(for the periods ended December 31, 2022)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Yr** | **5 Yrs** | **10 Yrs** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| **Class A** before taxes% | -14.27 | -1.29 | N/A | 2.21 | 12/06/16 |
| After tax on distributions% | -14.91 | -2.37 | N/A | 1.05 |  |
| After tax on distributions with sale% | -7.79 | -0.98 | N/A | 1.66 |  |
| MSCI EAFE® Value Index<sup>1</sup>% | -5.58 | 0.17 | N/A | 3.70 |  |
| **Class I** before taxes% | -8.96 | 0.13 | N/A | 3.48 | 12/06/16 |
| MSCI EAFE® Value Index<sup>1</sup>% | -5.58 | 0.17 | N/A | 3.70 |  |
| **Class R6** before taxes% | -8.82 | 0.13 | N/A | 3.48 | 02/28/20 |
| MSCI EAFE® Value Index<sup>1</sup>% | -5.58 | 0.17 | N/A | 3.70 |  |

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The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax advantaged arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary.

Voya International High Dividend Low Volatility Fund

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**Portfolio Management**

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

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

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

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| | |
|:---|:---|
| **Portfolio Managers** |  |
| Vincent Costa, CFA <br>Portfolio Manager (since 12/16)<br>| Peg DiOrio, CFA <br>Portfolio Manager (since 02/19)<br>|
| Steve Wetter <br>Portfolio Manager (since 12/16)<br>| Kai Yee Wong <br>Portfolio Manager (since 12/16)<br>|

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**Purchase and Sale of Fund Shares**

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 www.voyainvestments.com; by writing to us at Voya Investment Management, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034; or by calling us at 1-800-992-0180.

**Minimum Initial Investment** $ by share class

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| | | | |
|:---|:---|:---|:---|
| **Class** | **A** | **I** | **R6** |
| Non-retirement accounts | $1000 | 250000 | 1000000 |
| Retirement accounts | $250 | 250000 |  |
| Certain omnibus accounts | $250 |  |  |
| Pre-authorized investment plan | $1000 | 250000 |  |

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There are no minimums for additional investments except that the pre-authorized investment plan requires a monthly investment of at least $100. For Class I shares, there is no minimum initial investment requirement for: (i) qualified retirement plans or other defined contribution plans and defined benefit plans that invest in the Voya funds through omnibus arrangements; (ii) employees of Voya Investment Management Co. LLC ("Voya IM") who are eligible to participate in "notional" bonus programs sponsored by Voya IM; or (iii) (a) investors transacting in Class I shares through brokerage platforms that invest in the Voya funds' Class I shares through omnibus accounts and have agreements with the distributor to offer such shares and (b) such brokerage platforms' omnibus accounts.

The minimum initial investment requirement for Class R6 shares of the Fund is $1,000,000 for non-retirement accounts. There is no minimum initial investment requirement for retirement accounts, certain omnibus accounts, and pre-authorized investment plans. There are no minimum investment requirements for additional investments.

**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 International High Dividend Low Volatility Fund

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Voya Multi-Manager Emerging Markets Equity Fund

**Investment Objective**

The Fund seeks long-term capital appreciation.

**Fees and Expenses of the Fund**

These tables describe 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.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. More information about these and other discounts is available from your financial intermediary and in the discussion in the Sales Charges section of the Prospectus (page 84), in Appendix A to the Prospectus, or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 104).

**Shareholder Fees**

Fees paid directly from your investment

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

---

| | | |
|:---|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum sales charge (load) as a % of** <br>**offering price imposed on purchases**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum deferred sales charge (load) as a % of** <br>**purchase or sales price, whichever is less**<br>|
| **A** | 5.75 | None<sup>1</sup> <br>|
| **C** |  | 1.00 |
| **I** |  |  |
| **P** |  |  |
| **R** |  |  |
| **W** |  |  |

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**Annual Fund Operating Expenses**

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **A** | **C** | **I** | **P** | **R** | **W** |
| Management Fees% | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 |
| Distribution and/or Shareholder Services (12b-1) Fees% | 0.25 | 1.00 |  |  | 0.50 |  |
| Other Expenses% | 0.45 | 0.45 | 0.21 | 0.20 | 0.45 | 0.45 |
| Total Annual Fund Operating Expenses% | 1.69 | 2.44 | 1.20 | 1.19 | 1.94 | 1.44 |
| Waivers and Reimbursements<sup>2</sup>% | (0.19) | (0.19) | (0.05) | (1.04) | (0.19) | (0.19) |
| Total Annual Fund Operating Expenses after Waivers and <br> Reimbursements% | 1.50 | 2.25 | 1.15 | 0.15 | 1.75 | 1.25 |

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A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.

Voya Investments, LLC (the "Investment Adviser") is contractually obligated to limit expenses to 1.60%, 2.35%, 1.35%, 0.15%, 1.85%, and 1.35% for Class A, Class C, Class I, Class P, Class R, and Class W shares, respectively, through March 1, 2024. In addition, the Investment Adviser is contractually obligated to further limit expenses to 1.50%, 2.25%, 1.15%, 1.75%, and 1.25% for Class A, Class C, Class I, Class R, and Class W shares, respectively, through March 1, 2024. The limitations do not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fund Fees and Expenses. These limitations are subject to possible recoupment by the Investment Adviser within 36 months of the waiver or reimbursement. The amount of the recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time of the waiver or reimbursement; or (ii) the expense limitation in effect at the time of recoupment. The Investment Adviser is contractually obligated to waive its management fee for Class P shares through March 1, 2024. Termination or modification of these obligations requires approval by the Fund's Board of Trustees (the "Board").

**Expense Example**

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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. The Example shows costs if you sold (redeemed) your shares at the end of the period or continued to hold them. 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 three-, five-, and ten-year periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **If you sold your shares** | **If you sold your shares** | **If you sold your shares** | **If you sold your shares** |  | **If you held your shares** | **If you held your shares** | **If you held your shares** | **If you held your shares** |
|  | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** |  | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** |
|  | **1 Yr** | **3 Yrs** | **5 Yrs** | **10 Yrs** |  | **1 Yr** | **3 Yrs** | **5 Yrs** | **10 Yrs** |
| **A** | $719 | 1060 | 1423 | 2443 | **A** | $719 | 1060 | 1423 | 2443 |
| **C** | $328 | 742 | 1283 | 2762 | **C** | $228 | 742 | 1283 | 2762 |
| **I** | $117 | 376 | 655 | 1450 | **I** | $117 | 376 | 655 | 1450 |
| **P** | $15 | 275 | 554 | 1351 | **P** | $15 | 275 | 554 | 1351 |
| **R** | $178 | 591 | 1029 | 2249 | **R** | $178 | 591 | 1029 | 2249 |
| **W** | $127 | 437 | 769 | 1708 | **W** | $127 | 437 | 769 | 1708 |

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The Example does not reflect sales charges (loads) on reinvested dividends (and other distributions). If these sales charges (loads) were included, your costs would be higher.

**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.

During the most recent fiscal year, the Fund's portfolio turnover rate was 53% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of issuers in emerging markets. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy.

The Fund currently considers developing or emerging market countries to include most countries in the world except Australia, Canada, Japan, New Zealand, Hong Kong, Singapore, the United Kingdom, the U.S., and most of the countries of Western Europe. An emerging market company is one (i) that is organized under the laws of, or has a principal place of business in, an emerging market; (ii) for which the principal securities market is in an emerging market; (iii) that derives at least 50% of its total revenues or profits from goods that are produced or sold, investments made, or services performed in an emerging market; or (iv) at least 50% of the assets of which are located in an emerging market. The Fund may invest in companies of any market capitalization.

Equity securities may include common stock, preferred stock, convertible securities, depositary receipts, participatory notes, trust or partnership interests, warrants and rights to buy common stock, and privately placed securities. The Fund may also invest in real estate-related securities including real estate investment trusts ("REITs") and non-investment grade bonds (high-yield or "junk bonds").

The Fund may invest in derivatives, including but not limited to, futures, options, swaps, and forward foreign currency exchange contracts as a substitute for securities in which the Fund can invest; to hedge various investments; to seek to reduce currency deviations, where practicable, for the purpose of risk management; to seek to increase the Fund's gains; and for the efficient management of cash flows.

The Fund may invest in securities denominated in U.S. dollars, other major reserve currencies, such as the euro, yen and pound sterling, and currencies of other countries in which it can invest. The Fund typically maintains full currency exposure to those markets in which it invests. However, the Fund may, from time to time, hedge a portion of its foreign currency exposure into the U.S. dollar.

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 .

The Investment Adviser allocates the Fund's assets to different sub-advisers. When selecting sub-advisers, the Investment Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy of a potential sub-adviser, its personnel, and its fit with other sub-advisers to the Fund. Among those, the Investment Adviser will typically consider the extent to which a potential sub-adviser takes into account environmental, social, and governance ("ESG") factors as part of its investment process. ESG factors will be only one of many considerations in the Investment Adviser's evaluation of any potential sub-adviser; the extent to which ESG factors will affect the Investment Adviser's decision to retain a sub-adviser, if at all, will depend on the analysis and judgment of the Investment Adviser.

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Delaware Investments Fund Advisers ("DIFA"), Van Eck Associates Corporation ("VanEck"), and Voya Investment Management Co. LLC ("Voya IM") (each, a "Sub-Adviser" and collectively, the "Sub-Advisers") provide the day-to-day management of the Fund. The Sub-Advisers act independently of each other and use their own methodology for selecting investments. The Investment Adviser will determine the amount of Fund assets allocated to each Sub-Adviser.

Each 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, among others.

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.

**Delaware Investments Fund Advisers** 

DIFA believes that, although market price and intrinsic business value are positively correlated in the long run, short-term divergences can emerge. DIFA seeks to take advantage of these divergences through a disciplined, fundamental, bottom-up approach. DIFA seeks to invest in companies with sustainable franchises when they are trading at a significant discount to DIFA's conservative intrinsic value estimate. DIFA also prefers companies that have large market opportunities in which to deploy capital, ensuring that they grow faster than the overall economy.

Fundamental bottom-up research is the core of the investment process. DIFA's fundamental research process can be broken down into two main components: analyzing a company's sustainability and assessing its intrinsic value. Sustainability analysis involves identification of a company's source of competitive advantage and the ability of its management to maximize its return potential. Intrinsic value assessment is typically quantitatively driven by a number of valuation methods including discounted cash flow, replacement cost, private market transaction, and multiples analysis. This bottom-up approach considers current and historical macro drivers that impact a firm's ability to generate returns over the long-term.

**Van Eck Associates Corporation** 

VanEck selects emerging market countries that the Fund will invest in based on its evaluation of economic fundamentals, legal structure, political developments, and other specific factors VanEck believes to be relevant. Utilizing qualitative and quantitative measures, VanEck seeks to invest in what it believes are reasonably-priced companies that have strong structural growth potential. VanEck seeks attractive investment opportunities in all areas of emerging markets, and utilizes a flexible investment approach across all market capitalizations. VanEck seeks to: (i) integrate financially-material ESG factors into the Fund's investment process; and (ii) reduce material exposure to issuers that VanEck deems controversial in the ESG universe.

**Voya Investment Management Co. LLC** 

Voya IM employs a "passive management" approach designed to track the performance of the FTSE Emerging Plus Korea Select Factor Index (the "Index"). The Index is designed to capture risk premium through exposure to five factors that contribute to emerging market equity performance. These five factors include Momentum, Quality, Size, Value and Low Volatility. As a result of the five factor selection process, the Index may be focused in one or more industries, which may change from time to time. As of December 31, 2022, a portion of the Index was focused in the materials and technology sectors.

Voya IM seeks to replicate the performance of the Index, meaning it generally will invest in all of the securities in the Index in weightings consistent with that of the Index. The Fund's portfolio may not always hold all of the same securities as the Index. Voya IM may also invest in ETFs, stock index futures and other derivatives as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Fund's cash position. Although Voya IM attempts to track, as closely as possible, the performance of the Index, the Fund's portfolio does not always perform exactly like the Index. Unlike the Index, the Fund has operating expenses and transaction costs and therefore has a performance disadvantage versus the Index.

**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.

**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.

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**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 fixed-income 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 fixed - income 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.

**Environmental, Social, and Governance (Equity):** A 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. A 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 a 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 a Sub-Adviser's assessment of ESG factors than other comparable mutual funds. There can be no assurance that an investment selected by a Sub-Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments.

**Environmental, Social, and Governance (Multi-Manager):** The Investment Adviser's consideration of ESG factors in selecting sub-advisers for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund's assets that will be allocated to sub-advisers that consider ESG factors as part of their investment processes, and the Investment Adviser may choose to select sub-advisers that do not consider ESG factors as part of their investment processes. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that a sub-adviser selected by the Investment Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential sub-adviser, and such a sub-adviser may, in fact, underperform other potential sub-advisers.

**Focused Investing (Index):** To the extent that the Fund's benchmark or other index is substantially composed of securities in a particular industry, sector, market segment, or geographic area, the Fund may allocate its investments to approximately the same extent as the index as part of its investment strategy. As a result, the Fund may be more sensitive to financial, economic, business, political, regulatory, and other developments and conditions, including natural or other disasters, affecting issuers in a particular industry, sector, market segment, or geographic area in which the Fund focuses its investments, and if securities of such industry, sector, market segment, or geographic area fall out of favor, the Fund could underperform, or be more volatile than, a fund that has greater diversification.

• **Materials Sector:** Companies involved in the materials sector includes companies in the following industry groups: forestry and paper, chemicals, industrial metals, and mining. Investments in companies involved in the materials sector may be adversely impacted by changes in commodity prices or exchange rates, depletion of resources, over-production, litigation, and government regulations, among other factors. The chemicals industry may be significantly affected by intense competition, product obsolescence, raw materials prices, and government regulation, and may be subject to risks associated with the production, handling, disposal of hazardous components, and litigation and claims arising out of environmental contamination.

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• **Technology Sector:** Investments in companies involved in the technology sector are subject to significant competitive pressures, such as aggressive pricing of products or services, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments, evolving industry standards, changing customer demands, and the potential for limited earnings and/or falling profit margins. The failure of a company to adapt to such changes could have a material adverse effect on the company's business, results of operations, and financial condition. These companies also face the risks that new services, equipment, or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the values of their securities. Many companies involved in the technology sector have limited operating histories, and prices of these companies' securities historically have been more volatile than those of many other companies' securities, especially over the short term.

**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 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.

**High-Yield Securities:** Lower-quality securities (including securities that have fallen below investment grade and are classified as "junk bonds" or "high-yield securities") have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and their issuers' long-term ability to make payments is considered speculative. Prices of lower-quality bonds or other fixed-income instruments are also more volatile, are more sensitive to negative news about the economy or the issuer, and have greater liquidity risk and price volatility.

**Index Strategy (Fund):** The index selected may underperform the overall market. To the extent the Fund (or a portion of the Fund) seeks to track an index's performance, the Fund will not use defensive strategies or attempt to reduce its exposure to poor performing securities in the index. To the extent the Fund's investments track its target index, such Fund may underperform other funds that invest more broadly. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Fund. The correlation between the Fund's performance and index performance may be affected by the Fund's expenses and the timing of purchases and redemptions of the Fund's shares. In addition, the Fund's actual holdings might not match the index and the Fund's effective exposure to index securities at any given time may not precisely correlate.

**Interest Rate:** A rise in market interest rates generally results in a fall in the value of bonds and other fixed-income instruments; conversely, values generally rise as market interest rates fall. 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 fixed-income instrument to a change in interest rate. As of the date of this Prospectus, the U.S. is experiencing a rising market interest rate environment, which may increase the Fund's exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. To the extent that the Fund invests in fixed-income 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 fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential future changes in government policy may affect 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 fixed-income and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose fixed-income and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact the Fund's operations and return potential.

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**Investing through Stock Connect:** 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") may be purchased directly or indirectly 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.

The Chinese economy is generally considered an emerging and volatile market. Significant portions of the Chinese securities markets may become rapidly illiquid because Chinese issuers have the ability to suspend the trading of their equity securities under certain circumstances, and have shown a willingness to exercise that option in response to market volatility, epidemics, pandemics, adverse economic, market or political events, and other events. In addition, there may be restrictions on investments in Chinese companies. For example, on November 12, 2020, the President of the United States signed an Executive Order prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. government as "Communist Chinese military companies." The list of such companies can change from time to time, and as a result of forced selling or inability to participate in an investment the Investment Adviser/Sub-Adviser otherwise believes is attractive, the Fund may incur losses.

**Investment Model:** A Sub-Adviser's proprietary model may not adequately take into account existing or unforeseen market factors or the interplay between such factors. Funds that are actively managed, in whole or in part, according to a quantitative investment model 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. Mistakes in the construction and implementation of the investment models (including, for example, data problems and/or software issues) may create errors or limitations that might go undetected or are discovered only after the errors or limitations have negatively impacted performance. There is no guarantee that the use of these investment models will result in effective investment decisions for the Fund.

**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.

**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 fixed-income 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, 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 has resulted, and may continue to result, 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. 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

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geographic regions. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. Those 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.

**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.

**Prepayment and Extension:** Many types of fixed-income instruments are subject to prepayment and extension risk. Prepayment risk is the risk that the issuer of a fixed-income instrument will pay back the principal earlier than expected. This risk is heightened in a falling market interest rate environment. Prepayment may expose the Fund to a lower rate of return upon reinvestment of principal. Also, if a fixed-income instrument subject to prepayment has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a fixed-income instrument will pay back the principal later than expected. This risk is heightened in a rising market interest rate environment. This may negatively affect performance, as the value of the fixed-income instrument decreases when principal payments are made later than expected. Additionally, the Fund may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates.

**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 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.

**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**

The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices with investment characteristics similar to those of the Fund for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the

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period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Performance for other share classes would differ to the extent they have differences in their fees and expenses. The Class P shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.

On August 9, 2019, Voya IM was added as an additional sub-adviser and J.P. Morgan Investment Management Inc. (which served as a sub-adviser from October 11, 2011 to August 9, 2019) was removed as a sub-adviser. On August 24, 2015, VanEck was added as an additional sub-adviser. This change to the sub-adviser resulted in a change to the Fund's principal investment strategies. If the Fund's current sub-advisers and strategies had been in place for the prior period, the performance information shown would have been different. *The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to https://individuals.voya.com/literature or call 1-800-992-0180.*

**Calendar Year Total Returns** Class A 

(as of December 31 of each year)

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![](v472158a_31.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | 2nd Quarter 2020 | 24.02% |
| **Worst quarter:** | 1st Quarter 2020 | -26.91% |

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**Average Annual Total Returns** %

(for the periods ended December 31, 2022)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Yr** | **5 Yrs** | **10 Yrs** | &nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| **Class A** before taxes% | -28.72 | -4.47 | -0.21 | N/A | 10/11/11 |
| After tax on distributions% | -29.51 | -5.68 | -0.89 | N/A |  |
| After tax on distributions with sale% | -16.59 | -3.13 | 0.01 | N/A |  |
| MSCI Emerging Markets Index<sup>SM</sup><sup>1</sup>% | -20.09 | -1.40 | 1.44 | N/A |  |
| **Class C** before taxes% | -25.60 | -4.03 | -0.36 | N/A | 10/11/11 |
| MSCI Emerging Markets Index<sup>SM</sup><sup>1</sup>% | -20.09 | -1.40 | 1.44 | N/A |  |
| **Class I** before taxes% | -24.06 | -2.98 | 0.75 | N/A | 10/11/11 |
| MSCI Emerging Markets Index<sup>SM</sup><sup>1</sup>% | -20.09 | -1.40 | 1.44 | N/A |  |
| **Class P** before taxes% | -23.32 | -2.24 | 1.13 | N/A | 02/28/19 |
| MSCI Emerging Markets Index<sup>SM</sup><sup>1</sup>% | -20.09 | -1.40 | 1.44 | N/A |  |
| **Class R** before taxes% | -24.54 | -3.57 | 0.14 | N/A | 10/11/11 |
| MSCI Emerging Markets Index<sup>SM</sup><sup>1</sup>% | -20.09 | -1.40 | 1.44 | N/A |  |
| **Class W** before taxes% | -24.13 | -3.09 | 0.64 | N/A | 10/11/11 |
| MSCI Emerging Markets Index<sup>SM</sup><sup>1</sup>% | -20.09 | -1.40 | 1.44 | N/A |  |

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The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax advantaged arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary.

Voya Multi-Manager Emerging Markets Equity Fund

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**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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| |
|:---|
| **Portfolio Manager** |
| Paul Zemsky, CFA <br>Portfolio Manager (since 05/18)<br>|

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

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| |
|:---|
| **Sub-Adviser** |
| Delaware Investments Fund Advisers |

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

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| |
|:---|
| **Portfolio Manager** |
| Liu-Er Chen, CFA <br>Portfolio Manager (since 10/11)<br>|

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

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| |
|:---|
| **Sub-Adviser** |
| Van Eck Associates Corporation |

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| | |
|:---|:---|
| **Portfolio Managers** |  |
| David A. Semple <br>Portfolio Manager (since 08/15)<br>| Angus Shillington <br>Assistant Portfolio Manager (since 08/15)<br>|

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

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| | |
|:---|:---|
| **Portfolio Managers** |  |
| Steve Wetter <br>Portfolio Manager (since 08/19)<br>| Kai Yee Wong <br>Portfolio Manager (since 08/19)<br>|

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**Purchase and Sale of Fund Shares**

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 www.voyainvestments.com; by writing to us at Voya Investment Management, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034; or by calling us at 1-800-992-0180.

**Minimum Initial Investment** $ by share class

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **A, C** | **I** | **P** | **R** | **W** |
| Non-retirement accounts | $1000 | 250000 |  |  | 1000 |
| Retirement accounts | $250 | 250000 |  |  | 1000 |
| Certain omnibus accounts | $250 |  |  |  |  |
| Pre-authorized investment plan | $1000 | 250000 |  |  | 1000 |

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There are no minimums for additional investments except that the pre-authorized investment plan requires a monthly investment of at least $100. For Class I shares, there is no minimum initial investment requirement for: (i) qualified retirement plans or other defined contribution plans and defined benefit plans that invest in the Voya funds through omnibus arrangements; (ii) employees of Voya Investment Management Co. LLC ("Voya IM") who are eligible to participate in "notional" bonus programs sponsored by Voya IM; or (iii) (a) investors transacting in Class I shares through brokerage platforms that invest in the Voya funds' Class I shares through omnibus accounts and have agreements with the distributor to offer such shares and (b) such brokerage platforms' omnibus accounts.

**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 Multi-Manager Emerging Markets Equity Fund

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Voya Multi-Manager International Equity Fund

**Investment Objective**

The Fund seeks long-term growth of capital.

**Fees and Expenses of the Fund**

These tables describe 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.**

**Shareholder Fees**

Fees paid directly from your investment

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| | | |
|:---|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum sales charge (load) as a % of** <br>**offering price imposed on purchases**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum deferred sales charge (load) as a % of** <br>**purchase or sales price, whichever is less**<br>|
| **I** |  |  |

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**Annual Fund Operating Expenses**<sup>1</sup>

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

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| | |
|:---|:---|
| **Class** | **I** |
| Management Fees% | 0.85 |
| Distribution and/or Shareholder Services (12b-1) Fees% |  |
| Other Expenses% | 0.09 |
| Total Annual Fund Operating Expenses% | 0.94 |
| Waivers, Reimbursements and Recoupments<sup>2</sup>% | (0.04) |
| Total Annual Fund Operating Expenses after Waivers, <br> Reimbursements and Recoupments% | 0.90 |

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Expense information has been restated to reflect current contractual rates.

Voya Investments, LLC (the "Investment Adviser") is contractually obligated to limit expenses to 0.97% for Class I shares through March 1, 2024. This limitation is subject to possible recoupment by the Investment Adviser within 36 months of the waiver or reimbursement. The amount of the recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time of the waiver or reimbursement; or (ii) the expense limitation in effect at the time of recoupment. In addition, the Investment Adviser is contractually obligated to further limit expenses to 0.90 % for Class I shares through March 1, 2024 . The limitations do not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fund Fees and Expenses. Termination or modification of these obligations requires approval by the Fund's Board of Trustees (the "Board").

**Expense Example**

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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. The Example shows costs if you sold (redeemed) your shares at the end of the period or continued to hold them. 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 three-, five-, and ten-year periods. 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;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **Share Status** | **1 Yr** | **3 Yrs** | **5 Yrs** | **10 Yrs** |
| **I** | Sold or Held | $92 | 296 | 516 | 1151 |

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The Example does not reflect sales charges (loads) on reinvested dividends (and other distributions). If these sales charges (loads) were included, your costs would be higher.

**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.

During the most recent fiscal year, the Fund's portfolio turnover rate was 63% of the average value of its portfolio.

Voya Multi-Manager International Equity Fund

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**Principal Investment Strategies**

Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. The Fund invests at least 65% of its assets in equity securities of companies organized under the laws of, or with principal offices located in, a number of different countries outside of the U.S., including companies in countries in emerging markets. The Fund does not seek to focus its investments in a particular industry or country. The Fund may invest in companies of any market capitalization. The equity securities in which the Fund may invest include, but are not limited to, common stocks, preferred stocks, depositary receipts, rights and warrants to buy common stocks, privately placed securities, and initial public offerings ("IPOs"). The Fund may invest in real estate-related securities including real estate investment trusts ("REITs"). The Fund may invest in derivative instruments including options, futures, and forward foreign currency exchange contracts. The Fund typically uses derivatives to seek to reduce exposure to other risks, such as interest rate or currency risk, to substitute for taking a position in the underlying assets, for cash management, and/or to seek to enhance returns in the Fund.

The Fund invests its assets in foreign investments which are denominated in U.S. dollars, major reserve currencies and currencies of other countries and can be affected by fluctuations in exchange rates. To attempt to protect against adverse changes in currency exchange rates, the Fund may, but will not necessarily, use special techniques such as forward foreign currency exchange contracts.

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 .

The Investment Adviser allocates the Fund's assets to different sub-advisers. When selecting sub-advisers, the Investment Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy of a potential sub-adviser, its personnel, and its fit with other sub-advisers to the Fund. Among those, the Investment Adviser will typically consider the extent to which a potential sub-adviser takes into account environmental, social, and governance ("ESG") factors as part of its investment process. ESG factors will be only one of many considerations in the Investment Adviser's evaluation of any potential sub-adviser; the extent to which ESG factors will affect the Investment Adviser's decision to retain a sub-adviser, if at all, will depend on the analysis and judgment of the Investment Adviser.

Baillie Gifford Overseas Limited ("BG Overseas"), Polaris Capital Management, LLC ("Polaris"), and Wellington Management Company LLP ("Wellington Management") (each, a "Sub-Adviser" and collectively, the "Sub-Advisers") provide day-to-day management of the Fund. The Sub-Advisers act independently of each other and use their own methodologies for selecting investments. The Investment Adviser will determine the amount of Fund assets allocated to each Sub-Adviser.

Each 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, among others.

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.

**Baillie Gifford Overseas Limited** 

BG Overseas's investment style primarily uses a bottom-up, stock-driven approach, with the objective of selecting stocks that it believes can sustain an above-average growth rate, which is not reflected in the share price. A significant part of the assets will normally be divided among continental Europe, the United Kingdom, and Asia (including Australia and New Zealand). Country allocation, however, is driven by stock selection. BG Overseas invests in companies that it believes are well-managed, quality businesses that enjoy sustainable, competitive advantages in their marketplace.

Companies are screened for quality first; valuation is a secondary consideration. BG Overseas looks for companies that it believes have attractive industry backgrounds, strong competitive positions within those industries, high-quality earnings, and a positive approach toward shareholders. The main fundamental factors that BG Overseas considers in this bottom-up analysis include earnings growth, cash flow growth, profitability, capital structure, and valuation. Further to the Fund's long-term investment approach, BG Overseas seeks to identify companies with the potential to grow sustainably. When assessing a company's ability to deliver sustainable growth over the long term, BG Overseas considers a range of factors, including the ESG characteristics of a company.

**Polaris Capital Management, LLC** 

Polaris uses proprietary investment technology combined with Graham & Dodd style fundamental research to seek to identify potential investments that Polaris believes have significantly undervalued streams of sustainable cash flow. The firm uses traditional valuation measures, including price/book ratios and price/sustainable free cash flow ratios to screen its database of more than 40,000 companies worldwide. Polaris uses these measures to identify approximately 500 companies that Polaris

Voya Multi-Manager International Equity Fund

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believes have the greatest potential for undervalued streams of sustainable free cash flow. As a cross check to the database screen, a global valuation model is used that seeks to identify the most undervalued countries based on corporate earnings, yield, inflation, interest rates, and other variables. Allocations among investments are primarily determined by bottom-up security analysis while providing diversification in terms of country, industry, and market capitalization. Polaris monitors portfolio companies as well as a "watch list" comprised of companies which may be purchased if the valuation of an existing portfolio company falls below established limits.

**Wellington Management Company LLP** 

Wellington Management conducts fundamental research on individual companies to identify securities for purchase or sale. Fundamental analysis of a company involves the assessment of such factors as its business environment, management quality, balance sheet, income statement, anticipated earnings, revenues and dividends, and other related measures and indicators of value, including the evaluation of financially material ESG factors based on Wellington Management's proprietary ESG research. Wellington Management believes assessing financially material ESG factors as part of its investment process allows it to better evaluate a company on its ability to improve or sustain its future returns over time. The factors that Wellington Management considers as part of its fundamental analysis, including the assessment of financially material ESG factors, contribute to its overall evaluation of a company's risk and return potential. Wellington Management may not assess ESG factors for every stock prior to investment. Wellington Management seeks to invest in companies with underappreciated assets, improving and/or sustainable return on capital, and/or stocks that it believes are mispriced by the market due to short-term issues. This proprietary research takes into account each company's long-term history as well as Wellington Management's analysts' forward-looking estimates, and allows for a comparison of the intrinsic value of stocks on a global basis focusing on return on invested capital in conjunction with other valuation metrics. Portfolio construction is driven primarily by bottom-up stock selection, with region, country, and sector weightings being secondary factors.

**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.

**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.

**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.

**Environmental, Social, and Governance (Equity):** A 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. A 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 a 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 a Sub-Adviser's assessment of ESG factors than other comparable mutual funds. There can be no assurance that an investment selected by a Sub-Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments.

Voya Multi-Manager International Equity Fund

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**Environmental, Social, and Governance (Multi-Manager):** The Investment Adviser's consideration of ESG factors in selecting sub-advisers for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund's assets that will be allocated to sub-advisers that consider ESG factors as part of their investment processes, and the Investment Adviser may choose to select sub-advisers that do not consider ESG factors as part of their investment processes. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that a sub-adviser selected by the Investment Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential sub-adviser, and such a sub-adviser may, in fact, underperform other potential sub-advisers.

**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 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.

**Initial Public Offerings:** Investments in IPOs and companies that have recently gone public have the potential to produce substantial gains for the Fund. However, there is no assurance that the Fund will have access to profitable IPOs or that the IPOs in which the Fund invests will rise in value. Furthermore, the value of securities of newly public companies may decline in value shortly after the IPO. When the Fund's asset base is small, the impact of such investments on the Fund's return will be magnified. If the Fund's assets grow, it is likely that the effect of the Fund's investment in IPOs on the Fund's return will decline.

**Investing through Stock Connect:** 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") may be purchased directly or indirectly 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.

The Chinese economy is generally considered an emerging and volatile market. Significant portions of the Chinese securities markets may become rapidly illiquid because Chinese issuers have the ability to suspend the trading of their equity securities under certain circumstances, and have shown a willingness to exercise that option in response to market volatility, epidemics, pandemics, adverse economic, market or political events, and other events. In addition, there may be restrictions on investments in Chinese companies. For example, on November 12, 2020, the President of the United States signed an Executive Order prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. government as "Communist Chinese military companies." The list of such companies can change from time to time, and as a result of forced selling or inability to participate in an investment the Investment Adviser/Sub-Adviser otherwise believes is attractive, the Fund may incur losses.

**Investment Model:** A Sub-Adviser's proprietary model may not adequately take into account existing or unforeseen market factors or the interplay between such factors.

**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.

Voya Multi-Manager International Equity Fund

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**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 fixed-income 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, 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 has resulted, and may continue to result, 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. 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. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. Those 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.

**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.

**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 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.

Voya Multi-Manager International Equity Fund

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**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**

The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices with investment characteristics similar to those of the Fund for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower.

On July 27, 2020, Lazard Asset Management LLC (which served as a sub-adviser from July 1, 2013 to July 27, 2020) was removed as a sub-adviser. On January 20, 2017, Polaris and Wellington Management were added as additional sub-advisers and J.P. Morgan Investment management Inc. (which served as a sub-adviser from July 1, 2013 to January 20, 2017) and T. Rowe Price Associates, Inc. (which served as a sub-adviser from December 15, 2010 to January 20, 2017) were removed as sub-advisers. On July 1, 2013, J.P. Morgan Investment Management Inc. and Lazard Asset Management LLC were added as additional sub-advisers. These changes to the sub-advisers resulted in a change to the Fund's principal investment strategies. If the Fund's current sub-advisers and strategies had been in place for the prior period, the performance information shown would have been different. *The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to https://individuals.voya.com/literature or call 1-800-992-0180.*

**Calendar Year Total Returns** Class I

(as of December 31 of each year)

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![](v472499i_30.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | 2nd Quarter 2020 | 20.00% |
| **Worst quarter:** | 1st Quarter 2020 | -25.76% |

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**Average Annual Total Returns** %

(for the periods ended December 31, 2022)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Yr** | **5 Yrs** | **10 Yrs** | &nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| **Class I** before taxes% | -21.80 | 0.12 | 3.48 | N/A | 01/06/11 |
| After tax on distributions% | -21.94 | -1.56 | 2.30 | N/A |  |
| After tax on distributions with sale% | -12.66 | 0.09 | 2.31 | N/A |  |
| MSCI EAFE® Index<sup>1</sup>% | -14.45 | 1.54 | 4.67 | N/A |  |
| MSCI ACW ex-U.S.<sup>SM</sup> Index<sup>1</sup>% | -16.00 | 0.88 | 3.80 | N/A |  |

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The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.

Voya Multi-Manager International Equity Fund

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax advantaged arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

**Portfolio Management**

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

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

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| |
|:---|
| **Portfolio Manager** |
| Paul Zemsky, CFA <br>Portfolio Manager (since 05/18)<br>|

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| |
|:---|
| **Sub-Adviser** |
| Baillie Gifford Overseas Limited |

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| | |
|:---|:---|
| **Portfolio Managers** |  |
| Iain Campbell <br>Portfolio Manager (since 01/11)<br>| Sophie Earnshaw, CFA <br>Portfolio Manager (since 12/14)<br>|
| Joe Faraday, CFA <br>Portfolio Manager (since 01/11)<br>| Milena Mileva <br>Portfolio Manager (since 05/22)<br>|
| Stephen Paice <br>Portfolio Manager (since 07/22)<br>|  |

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| |
|:---|
| **Sub-Adviser** |
| Polaris Capital Management, LLC |

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| | |
|:---|:---|
| **Portfolio Managers** |  |
| Sumanta Biswas, CFA <br>Portfolio Manager (since 01/17)<br>| Jason Crawshaw <br>Portfolio Manager (since 02/18)<br>|
| Bernard R. Horn, Jr. <br>Portfolio Manager (since 01/17)<br>| Bin Xiao, CFA <br>Portfolio Manager (since 01/17)<br>|

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

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| |
|:---|
| **Sub-Adviser** |
| Wellington Management Company LLP |

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| | |
|:---|:---|
| **Portfolio Managers** |  |
| Nicolas M. Choumenkovitch <br>Portfolio Manager (since 01/17)<br>| Tara Connolly Stilwell, CFA <br>Portfolio Manager (since 01/17)<br>|

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**Purchase and Sale of Fund Shares**

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 www.voyainvestments.com; by writing to us at Voya Investment Management, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034; or by calling us at 1-800-992-0180.

**Minimum Initial Investment** $ by share class

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| | |
|:---|:---|
| **Class** | **I** |
| Non-retirement accounts | $250000 |
| Retirement accounts | $250000 |
| Certain omnibus accounts | $None |
| Pre-authorized investment plan | $250000 |

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There are no minimums for additional investments except that the pre-authorized investment plan requires a monthly investment of at least $100. For Class I shares, there is no minimum initial investment requirement for: (i) qualified retirement plans or other defined contribution plans and defined benefit plans that invest in the Voya funds through omnibus arrangements; (ii) employees of Voya Investment Management Co. LLC ("Voya IM") who are eligible to participate in "notional" bonus programs sponsored by Voya IM; (iii) (a) investors transacting in Class I shares through brokerage platforms that invest in the Voya funds' Class I shares through omnibus accounts and have agreements with the distributor to offer such shares and (b) such brokerage platforms' omnibus accounts; or (iv) for members of the Investment Adviser's Multi-Asset Strategies & Solutions team.

Voya Multi-Manager International Equity 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 Multi-Manager International Equity Fund

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Voya Multi-Manager International Factors Fund

**Investment Objective**

The Fund seeks long-term growth of capital.

**Fees and Expenses of the Fund**

These tables describe 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.**

**Shareholder Fees**

Fees paid directly from your investment

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| | | |
|:---|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum sales charge (load) as a % of** <br>**offering price imposed on purchases**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum deferred sales charge (load) as a % of** <br>**purchase or sales price, whichever is less**<br>|
| **I** |  |  |
| **W** |  |  |

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**Annual Fund Operating Expenses**

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

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| | | |
|:---|:---|:---|
| **Class** | **I** | **W** |
| Management Fee% | 0.65 | 0.65 |
| Distribution and/or Shareholder Services (12b-1) Fees% |  |  |
| Other Expenses% | 0.14 | 0.32 |
| Total Annual Fund Operating Expenses% | 0.79 | 0.97 |
| Waivers and Reimbursements<sup>1</sup>% | (0.07) | (0.25) |
| Total Annual Fund Operating Expenses after Waivers and <br> Reimbursements% | 0.72 | 0.72 |

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Voya Investments, LLC (the "Investment Adviser") is contractually obligated to limit expenses to 0.75% and 0.75% for Class I and Class W shares, respectively, through March 1, 2024. This limitation is subject to possible recoupment by the Investment Adviser within 36 months of the waiver or reimbursement. The amount of the recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time of the waiver or reimbursement; or (ii) the expense limitation in effect at the time of recoupment. In addition, the Investment Adviser is contractually obligated to further limit expenses to 0.73% and 0.73% for Class I and Class W shares, respectively, through March 1, 2024. The limitations do not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fund Fees and Expenses. The Investment Adviser is further contractually obligated to waive 0.01% of the management fee through March 1, 2024. Termination or modification of these obligations requires approval by the Fund's Board of Trustees (the "Board").

**Expense Example**

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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. The Example shows costs if you sold (redeemed) your shares at the end of the period or continued to hold them. 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 three-, five-, and ten-year periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **Share Status** | **1 Yr** | **3 Yrs** | **5 Yrs** | **10 Yrs** |
| **I** | Sold or Held | $74 | 245 | 432 | 971 |
| **W** | Sold or Held | $74 | 284 | 512 | 1167 |

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The Example does not reflect sales charges (loads) on reinvested dividends (and other distributions). If these sales charges (loads) were included, your costs would be higher.

**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.

Voya Multi-Manager International Factors Fund

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During the most recent fiscal year, the Fund's portfolio turnover rate was 91% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal market conditions, the Fund invests at least 65% of its total assets in equity securities of companies located in a number of different countries other than the U.S. The Fund may invest in securities of companies from emerging market countries. The Fund may also invest in depositary receipts, warrants, and rights of foreign issuers. The Fund may invest in real estate-related securities including real estate investment trusts ("REITs").

The Fund may use derivatives, including futures, options, swaps, and forward foreign currency exchange contracts, typically for hedging purposes to reduce risk (such as interest rate risk, currency risk, and price risk), as a substitute for the sale or purchase of the underlying securities, and for the purpose of maintaining equity market exposure on its cash balance.

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 .

Investment Adviser allocates the Fund's assets to different sub-advisers. When selecting sub-advisers, the Investment Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy of a potential sub-adviser, its personnel, and its fit with other sub-advisers to the Fund. Among those, the Investment Adviser will typically consider the extent to which a potential sub-adviser takes into account environmental, social, and governance ("ESG") factors as part of its investment process. ESG factors will be only one of many considerations in the Investment Adviser's evaluation of any potential sub-adviser; the extent to which ESG factors will affect the Investment Adviser's decision to retain a sub-adviser, if at all, will depend on the analysis and judgment of the Investment Adviser.

PanAgora Asset Management, Inc. ("PanAgora") and Voya Investment Management Co. LLC ("Voya IM") (each, a "Sub-Adviser" and collectively, the "Sub-Advisers") provide the day-to-day management of the Fund. The Sub-Advisers act independently of each other and use their own methodology for selecting investments. The Investment Adviser will determine the amount of Fund assets allocated to each Sub-Adviser.

Each 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, among others.

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.

**PanAgora Asset Management, Inc.** 

To manage its portion of the Fund's assets, PanAgora employs a strategy which seeks to achieve the Fund's investment objective by using a proprietary Dynamic Equity alpha model that integrates a variety of measures, including issuer-specific, sector-specific, and region-specific factors. The strategy seeks to identify and exploit investment opportunities resulting from investors' under/over reactions to market information and market inefficiencies.

PanAgora, using its proprietary Dynamic Equity investment process, constructs a forecasting model for every security in PanAgora's defined investment universe, contingent on each security's distinct characteristics. The model uses a broad array of factors that PanAgora believes are predictive of security returns including, but not limited to, value, momentum, and quality factors. The Dynamic Equity model then combines the return forecasts with information from a proprietary risk model to seek to derive PanAgora's optimal constrained portfolio. PanAgora seeks to buy securities for the Fund with high forecasted returns, based on PanAgora's proprietary forecasting model. Size limitations are placed on portfolio positions by PanAgora for risk management purposes.

**Voya Investment Management Co. LLC** 

Voya Multi-Manager International Factors Fund

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The Fund's portfolio may not always hold all of the same securities as the Index. Voya IM may also invest in ETFs, stock index futures and other derivatives as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Fund's cash position. Although Voya IM attempts to track, as closely as possible, the performance of the Index, the Fund's portfolio does not always perform exactly like the Index. Unlike the Index, the Fund has operating expenses and transaction costs and therefore has a performance disadvantage versus the Index.

**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.

**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.

**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.

**Environmental, Social, and Governance (Multi-Manager):** The Investment Adviser's consideration of ESG factors in selecting sub-advisers for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund's assets that will be allocated to sub-advisers that consider ESG factors as part of their investment processes, and the Investment Adviser may choose to select sub-advisers that do not consider ESG factors as part of their investment processes. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that a sub-adviser selected by the Investment Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential sub-adviser, and such a sub-adviser may, in fact, underperform other potential sub-advisers.

**Focused Investing (Index):** To the extent that the Fund's benchmark or other index is substantially composed of securities in a particular industry, sector, market segment, or geographic area, the Fund may allocate its investments to approximately the same extent as the index as part of its investment strategy. As a result, the Fund may be more sensitive to financial, economic, business, political, regulatory, and other developments and conditions, including natural or other disasters, affecting issuers in a particular industry, sector, market segment, or geographic area in which the Fund focuses its investments, and if securities of such industry, sector, market segment, or geographic area fall out of favor, the Fund could underperform, or be more volatile than, a fund that has greater diversification.

• **Industrials Sector:** Companies involved in the industrials sector include those whose businesses are dominated by one of the following activities: the manufacture and distribution of capital goods, including aerospace and defense, construction, engineering and building products, electrical equipment, and industrial machinery; the provision of commercial services and supplies, including printing, employment, environmental, and office services; and the provision of transportation services, including airlines, couriers, marine, road and rail, and transportation infrastructure. Companies involved in the industrials sector are affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability, and general economic conditions, among other factors.

**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;

Voya Multi-Manager International Factors Fund

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potential for default on sovereign debt; and political changes or diplomatic developments, which may include the imposition of economic 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.

**Index Strategy (Fund):** The index selected may underperform the overall market. To the extent the Fund (or a portion of the Fund) seeks to track an index's performance, the Fund will not use defensive strategies or attempt to reduce its exposure to poor performing securities in the index. To the extent the Fund's investments track its target index, such Fund may underperform other funds that invest more broadly. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Fund. The correlation between the Fund's performance and index performance may be affected by the Fund's expenses and the timing of purchases and redemptions of the Fund's shares. In addition, the Fund's actual holdings might not match the index and the Fund's effective exposure to index securities at any given time may not precisely correlate.

**Investing through Stock Connect:** 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") may be purchased directly or indirectly 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.

The Chinese economy is generally considered an emerging and volatile market. Significant portions of the Chinese securities markets may become rapidly illiquid because Chinese issuers have the ability to suspend the trading of their equity securities under certain circumstances, and have shown a willingness to exercise that option in response to market volatility, epidemics, pandemics, adverse economic, market or political events, and other events. In addition, there may be restrictions on investments in Chinese companies. For example, on November 12, 2020, the President of the United States signed an Executive Order prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. government as "Communist Chinese military companies." The list of such companies can change from time to time, and as a result of forced selling or inability to participate in an investment the Investment Adviser/Sub-Adviser otherwise believes is attractive, the Fund may incur losses.

**Investment Model:** A Sub-Adviser's proprietary model may not adequately take into account existing or unforeseen market factors or the interplay between such factors. Funds that are actively managed, in whole or in part, according to a quantitative investment model 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. Mistakes in the construction and implementation of the investment models (including, for example, data problems and/or software issues) may create errors or limitations that might go undetected or are discovered only after the errors or limitations have negatively impacted performance. There is no guarantee that the use of these investment models will result in effective investment decisions for the Fund.

**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.

**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 fixed-income 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

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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, 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 has resulted, and may continue to result, 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. 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. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. Those 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.

**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.

**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 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.

*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**

The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices with investment characteristics similar to those of the Fund for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class I shares. Performance for other share classes would differ to the extent they

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have differences in their fees and expenses.

On January 20, 2017, PanAgora and Voya IM were added as sub-advisers and Wellington Management Company LLP (which served as a sub-adviser from date of inception to January 20, 2017) was removed as a sub-adviser. These changes to the sub-advisers resulted in a change to the Fund's principal investment strategies. On November 22, 2013 Thornburg Investment Management, Inc. (which served as a sub-adviser from date of inception to November 22, 2013) was removed as a sub-adviser. If the Fund's current sub-advisers and strategies had been in place for the prior period, the performance information shown would have been different. *The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to https://individuals.voya.com/literature or call 1-800-992-0180.*

**Calendar Year Total Returns** Class I

(as of December 31 of each year)

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![](v472496i_30.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | 2nd Quarter 2020 | 16.31% |
| **Worst quarter:** | 1st Quarter 2020 | -23.58% |

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**Average Annual Total Returns** %

(for the periods ended December 31, 2022)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Yr** | **5 Yrs** | **10 Yrs** | &nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| **Class I** before taxes% | -15.05 | 0.84 | 4.25 | N/A | 02/08/11 |
| After tax on distributions% | -15.65 | -0.67 | 2.77 | N/A |  |
| After tax on distributions with sale% | -8.30 | 0.62 | 3.23 | N/A |  |
| MSCI EAFE® Index<sup>1</sup>% | -14.45 | 1.54 | 4.67 | N/A |  |
| MSCI ACW ex-U.S.<sup>SM</sup> Index<sup>1</sup>% | -16.00 | 0.88 | 3.80 | N/A |  |
| 60% MSCI EAFE® Index; 40% MSCI ACW ex-U.S.<sup>SM</sup> Index<sup>1</sup><sup>,</sup><sup>2</sup> | -15.07 | 1.28 | 4.33 | N/A |  |
| **Class W** before taxes% | -15.05 | 0.84 | 4.26 | N/A | 08/07/12 |
| MSCI EAFE® Index<sup>1</sup>% | -14.45 | 1.54 | 4.67 | N/A |  |
| MSCI ACW ex-U.S.<sup>SM</sup> Index<sup>1</sup>% | -16.00 | 0.88 | 3.80 | N/A |  |
| 60% MSCI EAFE® Index; 40% MSCI ACW ex-U.S.<sup>SM</sup> Index<sup>1</sup><sup>,</sup><sup>2</sup> | -15.07 | 1.28 | 4.33 | N/A |  |

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The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.

Effective April 1, 2022, the Fund added the 60% MSCI EAFE<sup>®</sup> Index; 40% MSCI ACW ex-U.S.<sup>SM</sup> Index blended benchmark.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax advantaged arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary.

**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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| |
|:---|
| **Portfolio Manager** |
| Paul Zemsky, CFA <br>Portfolio Manager (since 05/18)<br>|

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Voya Multi-Manager International Factors Fund

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

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| |
|:---|
| **Sub-Adviser** |
| PanAgora Asset Management, Inc. |

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| | |
|:---|:---|
| **Portfolio Managers** |  |
| Jaime Lee, PhD <br>Portfolio Manager (since 01/17)<br>| George D. Mussalli, CFA <br>Portfolio Manager (since 01/17)<br>|

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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** |  |
| Steve Wetter <br>Portfolio Manager (since 01/17)<br>| Kai Yee Wong <br>Portfolio Manager (since 01/17)<br>|

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**Purchase and Sale of Fund Shares**

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 www.voyainvestments.com; by writing to us at Voya Investment Management, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034; or by calling us at 1-800-992-0180.

**Minimum Initial Investment** $ by share class

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| | | |
|:---|:---|:---|
| **Class** | **I** | **W** |
| Non-retirement accounts | $250000 | 1000 |
| Retirement accounts | $250000 | 1000 |
| Certain omnibus accounts | $None |  |
| Pre-authorized investment plan | $250000 | 1000 |

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There are no minimums for additional investments except that the pre-authorized investment plan requires a monthly investment of at least $100. For Class I shares, there is no minimum initial investment requirement for: (i) qualified retirement plans or other defined contribution plans and defined benefit plans that invest in the Voya funds through omnibus arrangements; (ii) employees of Voya Investment Management Co. LLC ("Voya IM") who are eligible to participate in "notional" bonus programs sponsored by Voya IM; or (iii) (a) investors transacting in Class I shares through brokerage platforms that invest in the Voya funds' Class I shares through omnibus accounts and have agreements with the distributor to offer such shares and (b) such brokerage platforms' omnibus accounts.

**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 Multi-Manager International Factors Fund

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Voya Multi-Manager International Small Cap Fund

**Investment Objective**

The Fund seeks maximum long-term capital appreciation.

**Fees and Expenses of the Fund**

These tables describe 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.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. More information about these and other discounts is available from your financial intermediary and in the discussion in the Sales Charges section of the Prospectus (page 84), in Appendix A to the Prospectus, or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 104).

**Shareholder Fees**

Fees paid directly from your investment

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| | | |
|:---|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum sales charge (load) as a % of** <br>**offering price imposed on purchases**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum deferred sales charge (load) as a % of** <br>**purchase or sales price, whichever is less**<br>|
| **A** | 5.75 | None<sup>1</sup> <br>|
| **C** |  | 1.00 |
| **I** |  |  |
| **R6** |  |  |
| **W** |  |  |

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**Annual Fund Operating Expenses**

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **A** | **C** | **I** | **R6** | **W** |
| Management Fees% | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Distribution and/or Shareholder Services (12b-1) Fees% | 0.25 | 1.00 |  |  |  |
| Other Expenses% | 0.32 | 0.32 | 0.29 | 1.53<sup>2</sup> | 0.32 |
| Total Annual Fund Operating Expenses% | 1.57 | 2.32 | 1.29 | 2.53 | 1.32 |
| Waivers and Reimbursements<sup>3</sup>% | (0.04) | (0.04) | (0.09) | (1.33) | (0.04) |
| Total Annual Fund Operating Expenses after Waivers and <br> Reimbursements% | 1.53 | 2.28 | 1.20 | 1.20 | 1.28 |

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A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.

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 1.95%, 2.60%, 1.40%, 1.40 % , and 1.60% for Class A, Class C, Class I, Class R6 , and Class W shares, respectively, through March 1, 2024. This limitation is subject to possible recoupment by the Investment Adviser within 36 months of the waiver or reimbursement. The amount of the recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time of the waiver or reimbursement; or (ii) the expense limitation in effect at the time of recoupment. In addition, the Investment Adviser is contractually obligated to further limit expenses to 1.53%, 2.28%, 1.20%, 1.20 % , and 1.28% for Class A, Class C, Class I, Class R6, and Class W shares, respectively, through March 1, 2024. The limitations do not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fund Fees and Expenses. Termination or modification of these obligations requires approval by the Fund's Board of Trustees (the "Board").

**Expense Example**

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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. The Example shows costs if you sold (redeemed) your shares at the end of the period or continued to hold them. 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 three-, five-, and ten-year periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Voya Multi-Manager International Small Cap Fund

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **If you sold your shares** | **If you sold your shares** | **If you sold your shares** | **If you sold your shares** |  | **If you held your shares** | **If you held your shares** | **If you held your shares** | **If you held your shares** |
|  | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** |  | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** |
|  | **1 Yr** | **3 Yrs** | **5 Yrs** | **10 Yrs** |  | **1 Yr** | **3 Yrs** | **5 Yrs** | **10 Yrs** |
| **A** | $722 | 1039 | 1377 | 2332 | **A** | $722 | 1039 | 1377 | 2332 |
| **C** | $331 | 721 | 1237 | 2653 | **C** | $231 | 721 | 1237 | 2653 |
| **I** | $122 | 400 | 699 | 1549 | **I** | $122 | 400 | 699 | 1549 |
| **R6** | $122 | 661 | 1226 | 2766 | **R6** | $122 | 661 | 1226 | 2766 |
| **W** | $130 | 414 | 720 | 1587 | **W** | $130 | 414 | 720 | 1587 |

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The Example does not reflect sales charges (loads) on reinvested dividends (and other distributions). If these sales charges (loads) were included, your costs would be higher.

**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.

During the most recent fiscal year, the Fund's portfolio turnover rate was 72% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in securities of small market capitalization companies. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. The Fund currently considers small-capitalization companies to be those companies with market capitalizations that fall within the range of companies in the S&P Developed ex-U.S. Small Cap Index (the "Index") at the time of purchase. Capitalization of companies in the Index will change with market conditions. The market capitalization of companies in the Index as of December 31, 2022, ranged from $15.4 million to $23.0 billion. At least 65% of the Fund's assets will normally be invested in companies located outside the U.S., including companies located in countries with emerging securities markets. The Fund may invest up to 35% of its assets in U.S. issuers. The Fund may hold both growth and value stocks and at times may favor one over the other based on available opportunities.

The Fund invests primarily in common stocks or securities convertible into common stocks of international issuers, but may invest from time to time in such instruments as forward foreign currency exchange contracts, futures contracts, rights, and depositary receipts. The Fund may invest in forward foreign currency exchange contracts or futures contracts to hedge currency and for implementation of a currency model within the portfolio. The Fund may invest in futures contracts to allow market exposure in a cost efficient way, maintain exposure to an asset class in the case of large cash flows, and to have access to a particular market in which the Fund wishes to invest.

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 .

The Investment Adviser allocates the Fund's assets to different sub-advisers. When selecting sub-advisers, the Investment Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy of a potential sub-adviser, its personnel, and its fit with other sub-advisers to the Fund. Among those, the Investment Adviser will typically consider the extent to which a potential sub-adviser takes into account environmental, social, and governance ("ESG") factors as part of its investment process. ESG factors will be only one of many considerations in the Investment Adviser's evaluation of any potential sub-adviser; the extent to which ESG factors will affect the Investment Adviser's decision to retain a sub-adviser, if at all, will depend on the analysis and judgment of the Investment Adviser.

Acadian Asset Management LLC ("Acadian") and Victory Capital Management Inc. ("Victory Capital") (each, a "Sub-Adviser" and collectively, the "Sub-Advisers") provide the day-to-day management of the Fund. The Sub-Advisers act independently of each other and use their own methodology for selecting investments. The Investment Adviser will determine the amount of Fund assets allocated to each Sub-Adviser.

Each 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, among others.

The Fund may lend portfolio securities on a short-term or long-term basis, up to 30% of its total assets.

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**Acadian Asset Management LLC** 

Acadian employs a quantitative investment process which is driven by proprietary valuation models that examine stocks simultaneously from a bottom-up perspective to attempt to predict how each stock will perform relative to its region-industry intersection, and from a top-down perspective to attempt to predict how each stock's country, industry group, and country intersection will perform relative to their market peers.

**Victory Capital Management Inc.** 

Victory Capital employs a bottom-up investment approach that emphasizes individual stock selection. The investment process uses a combination of quantitative and traditional qualitative, fundamental analysis to identify stocks with low relative price multiples, positive trends in earnings forecasts, high profitability and companies with a strong or positively trending ESG profile. The stock selection process is designed to produce a diversified portfolio that, relative to the Index, tends to have a below-average price-to-earnings ratio, an above-average earnings growth trend, and an above-average return on invested capital. ESG investing considerations are not a primary or exclusive factor, but rather an additional inclusive consideration to Victory Capital's process.

**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.

**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 fixed-income 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 fixed - income 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.

**Environmental, Social, and Governance (Equity):** A 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. A 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 a 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 a Sub-Adviser's assessment of ESG factors than other comparable mutual funds. There can be no assurance that an investment selected by a Sub-Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments.

Voya Multi-Manager International Small Cap Fund

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**Environmental, Social, and Governance (Multi-Manager):** The Investment Adviser's consideration of ESG factors in selecting sub-advisers for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund's assets that will be allocated to sub-advisers that consider ESG factors as part of their investment processes, and the Investment Adviser may choose to select sub-advisers that do not consider ESG factors as part of their investment processes. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that a sub-adviser selected by the Investment Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential sub-adviser, and such a sub-adviser may, in fact, underperform other potential sub-advisers.

**Environmental, Social, and Governance (Quantitative):** A Sub-Adviser's consideration of ESG factors in selecting investments for the Fund depends on the operation of quantitative methods and models whose design reflects qualitative and subjective judgments of the Sub-Adviser, including reliance on, or incorporation of, data in respect of ESG factors that 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 a Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may not 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 a Sub-Adviser's assessment of ESG factors than other comparable mutual funds. There can be no assurance that an investment selected by a Sub-Adviser, which includes its consideration of ESG factors, 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 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 fixed-income instruments; conversely, values generally rise as market interest rates fall. 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 fixed-income instrument to a change in interest rate. As of the date of this Prospectus, the U.S. is experiencing a rising market interest rate environment, which may increase the Fund's exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. To the extent that the Fund invests in fixed-income 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 fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential future changes in government policy may affect 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 fixed-income and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose fixed-income and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact the Fund's operations and return potential.

**Investing through Stock Connect:** 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") may be purchased directly or indirectly 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

Voya Multi-Manager International Small Cap Fund

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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.

The Chinese economy is generally considered an emerging and volatile market. Significant portions of the Chinese securities markets may become rapidly illiquid because Chinese issuers have the ability to suspend the trading of their equity securities under certain circumstances, and have shown a willingness to exercise that option in response to market volatility, epidemics, pandemics, adverse economic, market or political events, and other events. In addition, there may be restrictions on investments in Chinese companies. For example, on November 12, 2020, the President of the United States signed an Executive Order prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. government as "Communist Chinese military companies." The list of such companies can change from time to time, and as a result of forced selling or inability to participate in an investment the Investment Adviser/Sub-Adviser otherwise believes is attractive, the Fund may incur losses.

**Investment Model:** A Sub-Adviser's proprietary model may not adequately take into account existing or unforeseen market factors or the interplay between such factors. Funds that are actively managed, in whole or in part, according to a quantitative investment model 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. Mistakes in the construction and implementation of the investment models (including, for example, data problems and/or software issues) may create errors or limitations that might go undetected or are discovered only after the errors or limitations have negatively impacted performance. There is no guarantee that the use of these investment models will result in effective investment decisions for the Fund.

**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.

**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 fixed-income 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 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, 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 has resulted, and may continue to result, 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. 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. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. Those 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.

**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.

Voya Multi-Manager International Small Cap Fund

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**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 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**

The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices with investment characteristics similar to those of the Fund for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Performance for other share classes would differ to the extent they have differences in their fees and expenses.

On November 15, 2019, Wellington Management Company LLP (which served as a sub-adviser from April 30, 2013 to November 15, 2019) was removed. On March 2, 2015, Victory Capital was added as an additional sub-adviser. On April 30, 2013, Wellington Management Company LLP was added as an additional sub-adviser. On April 15, 2013, Schroder Investment Management North America Inc. (which served as a sub-adviser from December 17, 2007 to April 15, 2013) was removed. Each change to the sub-advisers resulted in a change to the Fund's principal investment strategies. The Fund's performance information for these periods reflects returns achieved by the different sub-advisers and pursuant to different principal investment strategies. If the Fund's current sub-advisers and strategies had been in place for the prior periods, the performance information shown would have been different.

Because Class R6 shares of the Fund had not commenced operations as of the calendar year ended December 31, 2022, no performance information for Class R6 shares is provided below. *The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to https://individuals.voya.com/literature or call 1-800-992-0180.* 

Voya Multi-Manager International Small Cap Fund

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**Calendar Year Total Returns** Class A 

(as of December 31 of each year)

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![](v5010a_31.jpg)

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

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| | | |
|:---|:---|:---|
| **Best quarter:** | 2nd Quarter 2020 | 24.37% |
| **Worst quarter:** | 1st Quarter 2020 | -27.45% |

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**Average Annual Total Returns** %

(for the periods ended December 31, 2022)

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Yr** | **5 Yrs** | **10 Yrs** | &nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| **Class A** before taxes% | -23.35 | -0.21 | 5.61 | N/A | 08/31/94 |
| After tax on distributions% | -23.75 | -1.54 | 4.85 | N/A |  |
| After tax on distributions with sale% | -13.53 | -0.21 | 4.50 | N/A |  |
| S&P Developed ex-U.S. Small Cap Index<sup>1</sup>% | -21.41 | 0.01 | 5.89 | N/A |  |
| MSCI EAFE® Small Cap Index<sup>1</sup>% | -21.39 | -0.05 | 6.21 | N/A |  |
| **Class C** before taxes% | -20.07 | 0.24 | 5.51 | N/A | 08/31/94 |
| S&P Developed ex-U.S. Small Cap Index<sup>1</sup>% | -21.41 | 0.01 | 5.89 | N/A |  |
| MSCI EAFE® Small Cap Index<sup>1</sup>% | -21.39 | -0.05 | 6.21 | N/A |  |
| **Class I** before taxes% | -18.42 | 1.31 | 6.66 | N/A | 12/21/05 |
| S&P Developed ex-U.S. Small Cap Index<sup>1</sup>% | -21.41 | 0.01 | 5.89 | N/A |  |
| MSCI EAFE® Small Cap Index<sup>1</sup>% | -21.39 | -0.05 | 6.21 | N/A |  |
| **Class W** before taxes% | -18.47 | 1.24 | 6.56 | N/A | 02/12/08 |
| S&P Developed ex-U.S. Small Cap Index<sup>1</sup>% | -21.41 | 0.01 | 5.89 | N/A |  |
| MSCI EAFE® Small Cap Index<sup>1</sup>% | -21.39 | -0.05 | 6.21 | N/A |  |

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The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax advantaged arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary.

**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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| |
|:---|
| **Portfolio Manager** |
| Paul Zemsky, CFA <br>Portfolio Manager (since 05/18)<br>|

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

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| |
|:---|
| **Sub-Adviser** |
| Acadian Asset Management LLC |

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

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| | |
|:---|:---|
| **Portfolio Managers** |  |
| Brendan O. Bradley, Ph.D. <br>Portfolio Manager (since 03/15)<br>| Ryan D. Taliaferro, Ph.D. <br>Portfolio Manager (since 01/19)<br>|

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Voya Multi-Manager International Small Cap Fund

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

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| |
|:---|
| **Sub-Adviser** |
| Victory Capital Management Inc. |

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

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| | |
|:---|:---|
| **Portfolio Managers** |  |
| John W. Evers, CFA <br>Portfolio Manager (since 03/15)<br>| Daniel B. LeVan, CFA <br>Portfolio Manager (since 03/15)<br>|

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**Purchase and Sale of Fund Shares**

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 www.voyainvestments.com; by writing to us at Voya Investment Management, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034; or by calling us at 1-800-992-0180.

**Minimum Initial Investment** $ by share class

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **A, C** | **I** | **R6** | **W** |
| Non-retirement accounts | $1000 | 250000 | 1000000 | 1000 |
| Retirement accounts | $250 | 250000 |  | 1000 |
| Certain omnibus accounts | $250 |  |  |  |
| Pre-authorized investment plan | $1000 | 250000 |  | 1000 |

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There are no minimums for additional investments except that the pre-authorized investment plan requires a monthly investment of at least $100. For Class I shares, there is no minimum initial investment requirement for: (i) qualified retirement plans or other defined contribution plans and defined benefit plans that invest in the Voya funds through omnibus arrangements; (ii) employees of Voya Investment Management Co. LLC ("Voya IM") who are eligible to participate in "notional" bonus programs sponsored by Voya IM; or (iii) (a) investors transacting in Class I shares through brokerage platforms that invest in the Voya funds' Class I shares through omnibus accounts and have agreements with the distributor to offer such shares and (b) such brokerage platforms' omnibus accounts.

The minimum initial investment requirement for Class R6 shares of the Fund is $1,000,000 for non-retirement accounts. There is no minimum initial investment requirement for retirement accounts, certain omnibus accounts, and pre-authorized investment plans. There are no minimum investment requirements for additional investments.

**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 Multi-Manager International Small Cap Fund

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**KEY FUND INFORMATION**

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This Prospectus contains information about each 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.

Each 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 each 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 Mutual Funds, the Board of Trustees (the "Board"), or each Fund and any investor, or to give rise to any rights to any shareholder or other person other than any rights under 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 a Fund. You should be aware that a 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 a Fund can be expected to vary from those of other Voya mutual funds.

Other mutual funds and/or funds-of-funds may invest in a Fund. So long as a 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").

Each Fund is a series of Voya Mutual Funds ("Trust"), a Delaware statutory trust. Each Fund is managed by Voya Investments, LLC ("Voya Investments" or the "Investment Adviser").

Fund shares may be classified into different classes of shares. The classes of shares of a Fund would be substantially the same except for different expenses, certain related rights, and certain shareholder services. All share classes of a Fund have a common investment objective and investment portfolio. This Prospectus only offers the classes of shares listed on the cover of this Prospectus. Additional share classes of a Fund may be offered through a different prospectus.

The Investment Adviser and Voya Investments Distributor, LLC (the "Distributor") (together "Voya") implement fee waivers or expense limitations for one or more share classes of a Fund, and the levels of those fee waivers or expense limitations differ among a Fund's share classes. The fee waivers include waivers of some or all of a Fund's management fee in respect of some share classes, but not others ("differential management fee waivers"), with the result being that some share classes pay more in net management fees than other share classes. In some cases, the total net expense ratio of a share class is significantly lower than that of other share classes, and may be zero. Voya may implement those waivers or expense limitations to make the shares of certain share classes more attractive to purchasers, including, among others, funds-of-funds, retirement plans, and variable product purchasers, in certain sales channels than they might otherwise be. The cost of such waivers and expense reimbursements is borne by Voya, and not by a Fund's other share classes. Such waivers and expense limitations are intended to make the affected share classes more attractive to purchasers and lead to additional investments in a Fund, potentially resulting in a net financial benefit to Voya.

Shares of a class to which such a fee waiver or expense limitation applies will not be available to all investors in a Fund. Rather, they will be made available to investors meeting eligibility criteria outlined in the Prospectuses for such share classes based on, among other factors, an assessment by the Investment Adviser and/or Board of the desirability of offering a relatively low-priced share class in certain sales channels or through certain products and the anticipated direct or indirect financial benefit to a Fund or Voya. Not all share classes of a Fund will typically be offered in a single Prospectus, and it is likely that any Prospectus for a Fund will not offer or provide information regarding some or all share classes subject to differential management fee waivers. Investors should be aware that the total net expenses they incur as shareholders of certain share classes likely will be higher than the total net expenses incurred by shareholders of certain other share classes offered through this Prospectus or otherwise, including without limitation management fees and other fund-level expenses.

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

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**Conflicts of Interest - Voya Multi-Manager Emerging Markets Equity Fund, Voya Multi-Manager International Equity Fund, Voya Multi-Manager International Factors Fund, and Voya Multi-Manager International Small Cap Fund** 

The Investment Adviser allocates each Fund's assets to different sub-advisers, including an affiliated sub-adviser. In addition, the Investment Adviser may, from time to time, manage a portion of each Fund's assets to seek to manage each Fund's overall exposure to achieve the desired risk/return profile and to effect each Fund's investment strategies. The Investment Adviser is subject to conflicts of interest when it allocates assets to itself or to an affiliated sub-adviser because the Adviser would earn higher net advisory fees (the advisory fee received less any sub-advisory fee paid and fee waivers and expense subsidies) since the entire advisory fee is retained by a Voya company.

The Investment Adviser has a fiduciary duty to each Fund and is legally obligated to act in each Fund's best interest when allocating a Fund's assets to a sub-adviser. The Investment Adviser has developed an investment process that it believes will ensure each Fund is managed in the best interests of the shareholders of each Fund.

**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.

**Non-Fundamental Investment Policies** 

Unless otherwise indicated, each Fund's investment objective, policies, investment strategies, and practices are non-fundamental. In addition, certain Funds have adopted non-fundamental investment policies to invest a Fund's assets in securities that are consistent with the Fund's name. Non-fundamental policies may be changed by a vote of each Fund's Board and without shareholder vote. For more information about these policies, please consult the SAI.

**Fund Diversification** 

Each Fund's diversification status is outlined in the table below. 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.

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

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| | | |
|:---|:---|:---|
| **Fund** | **Diversified** | **Non-Diversified** |
| Voya Global Bond Fund | X |  |
| Voya Global High Dividend Low Volatility Fund | X |  |
| Voya International High Dividend Low Volatility Fund | X |  |
| Voya Multi-Manager Emerging Markets Equity Fund | X |  |
| Voya Multi-Manager International Equity Fund | X |  |
| Voya Multi-Manager International Factors Fund | X |  |
| Voya Multi-Manager International Small Cap Fund | X |  |

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**Investor Diversification** 

Although each 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 a Fund in the context of your personal financial situation, investment objectives, and other investments.

**Temporary Defensive Strategies** 

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

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

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**Percentage and Rating Limitations** 

The percentage and rating limitations on Fund investments listed in this Prospectus apply at the time of investment.

**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** 

Each Fund's fiscal year ends October 31. Copies of each Fund's annual and semi-annual shareholder reports are no longer sent by mail or e-mail, unless you specifically request copies of the reports. Instead, the reports are available on the Voya funds' website (https://individuals.voya.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report. 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.

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**MORE INFORMATION ABOUT THE FUNDS**

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**Additional Information About the Investment Objective** 

Each Fund's investment objective, with the exception of Voya Multi-Manager International Small Cap Fund, is non-fundamental and may be changed by a vote of the Fund's Board, without shareholder approval. A Fund will provide 60 days' prior written notice of any change in a non-fundamental investment objective. There is no guarantee a Fund will achieve its investment objective.

The investment objective for Voya Multi-Manager International Small Cap Fund is fundamental. Any change in the fundamental investment objective requires shareholder approval.

**Additional Information About Principal Investment Strategies** 

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

**Voya Global Bond Fund**

**Additional Information About the Weighted Average Portfolio Quality Rating** 

To calculate the Fund's weighted average portfolio quality rating, the Sub-Adviser assigns a value to each security held by the Fund based on ratings obtained from two independent rating agencies. In the case of unrated securities, the Sub-Adviser assigns the lowest value to those securities. If independent rating agencies assign different ratings to the same security, the Sub-Adviser will use the lowest rating received from the independent rating agencies for purposes of determining the security's credit quality.

Reference to a weighted average quality portfolio rating for the Fund does not mean that all securities held by the Fund will be rated in that category or higher. The Fund's investments may range in quality from securities rated in the lowest category in which the Fund is permitted to invest to securities rated in the highest category. The percentage of the Fund's assets invested in securities in a particular rating category will vary.

**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. Each 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 of the types of securities in which a Fund may invest and certain of the investment practices that a Fund may use. 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. For more information about these and other types of securities and investment techniques that may be used by each Fund, see the SAI.

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 can decide whether to use them. A Fund may invest in these securities or use these techniques as part of the Fund's 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 a Fund's principal investment strategies.

The discussions below expand on the risks included in each Fund's summary section of the Prospectus. Please see the SAI for a further discussion of the principal and other investment strategies employed by each Fund.

**Bank Instruments:** Bank instruments include certificates of deposit, fixed time deposits, bankers' acceptances, and other debt and deposit-type obligations issued by banks. Changes in economic, regulatory, or political conditions, or other events that affect the banking industry may have an adverse effect on bank instruments or banking institutions that serve as counterparties in transactions with a Fund.

**Borrowing:** Borrowing creates leverage, which may increase expenses and increase the impact of a Fund's other risks. Borrowing may exaggerate any increase or decrease in a Fund's net asset value causing a Fund to be more volatile than a fund that does not borrow. Borrowing for investment purposes is considered to be speculative and may result in losses to a 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 fixed-income 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. In the event the issuer of a convertible security is unable to meet its financial obligations, declares bankruptcy, or becomes insolvent, a Fund could lose money; such events may also have the effect of reducing a Fund's distributable income. There is a risk that a Fund may convert a convertible security at an inopportune time, which may decrease the Fund's returns.

**Credit:** A Fund could lose money if the issuer or guarantor of a fixed - income 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 neither the U.S. government nor an agency or instrumentality of the U.S. government has guaranteed them. 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.

**Credit Default Swaps:** A Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a credit default swap is generally obligated to pay the seller an upfront or a periodic stream of payments over the term of the contract until a credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the "par value" (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount if the swap is cash settled. As a seller of a credit default swap, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the full notional value of the swap. Credit default swaps are particularly subject to counterparty, credit, valuation, liquidity, and leveraging risks and the risk that the swap may not correlate with its reference obligation as expected. Certain standardized credit default swaps are subject to mandatory central clearing. 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 a Fund to new kinds of costs and risks. In addition, credit default swaps expose a Fund to the risk of improper valuation.

**Currency:** To the extent that a 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 United States 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 a Fund. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Fund and exaggerate any increase or decrease in the net asset value. Derivatives may not perform as expected, so a 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

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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 a 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 a 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 new regulation of the derivatives market, including clearing, margin, reporting, and registration requirements. The European Union (and other countries outside of the European Union, including the United Kingdom) has implemented similar requirements, which may affect a Fund when it enters into a derivatives transaction with a counterparty organized in that country or otherwise subject to that country's derivatives regulations. Because these requirements are relatively new and evolving (and some of the rules are not yet final), 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 a Fund to new 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, a Fund's ability to execute its investment strategy may be limited.

**Environmental, Social, and Governance (Equity):** A Sub-Adviser's consideration of ESG factors in selecting investments for a Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. A 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 a Fund's assets that will be invested in companies that a 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 a Fund will have less exposure to certain companies due to a Sub-Adviser's assessment of ESG factors than other comparable mutual funds. There can be no assurance that an investment selected by a Sub-Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments.

**Environmental, Social, and Governance (Multi-Manager):** The Investment Adviser's consideration of ESG factors in selecting sub-advisers for a Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of a Fund's assets that will be allocated to sub-advisers that consider ESG factors as part of their investment processes, and the Investment Adviser may choose to select sub-advisers that do not consider ESG factors as part of their investment processes. It is possible that a Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that a sub-adviser selected by the Investment Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential sub-adviser, and such a sub-adviser may, in fact, underperform other potential sub-advisers.

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

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**Floating Rate Loans:** In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan (which can include certain bank loans), a Fund will experience a reduction in its income and a decline in the market value of such floating rate loan. If a floating rate loan is held by a Fund through another financial institution, or the Fund relies upon another financial institution to administer the loan, the receipt of scheduled interest or principal payments may be subject to the credit risk of such financial institution. Investors in floating rate loans may not be afforded the protections of the anti-fraud provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, because loans may not be considered "securities" under such laws. Additionally, the value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the borrower's obligations under the loan, and such collateral may be difficult to liquidate. No active trading market may exist for many floating rate loans and many floating rate loans are subject to restrictions on resale. Transactions in loans typically settle on a delayed basis and may take longer than 7 days to settle. As a result, a Fund may not receive the proceeds from a sale of a floating rate loan for a significant period of time. Delay in the receipts of settlement proceeds may impair the ability of a Fund to meet its redemption obligations, and may limit the ability of the Fund to repay debt, pay dividends, or to take advantage of new investment opportunities.

**Focused Investing:** To the extent that a Fund invests a substantial portion of its assets in securities of a particular industry, sector, market segment, or geographic area, the Fund may be more sensitive to financial, economic, business, political, regulatory, and other developments and conditions, including natural or other disasters, affecting issuers in a particular industry, sector, market segment, or geographic area in which the Fund focuses its investments, and if securities of such industry, sector, market segment, or geographic area fall out of favor, the Fund could underperform, or be more volatile than, a fund that has greater diversification.

&nbsp;&nbsp;&nbsp;&nbsp;• **Financial Services Sector:** Investments in the financial services sector may be subject to credit risk, interest rate risk, and regulatory risk, among others. Banks and other financial institutions can be affected by such factors as downturns in the U.S. and foreign economies and general economic cycles, fiscal and monetary policy, adverse developments in the real estate market, the deterioration or failure of other financial institutions, and changes in banking or securities regulations.

**Focused Investing (Index):** To the extent that a Fund's benchmark or other index is substantially composed of securities in a particular industry, sector, market segment, or geographic area, the Fund may allocate its investments to approximately the same extent as the index as part of its investment strategy. As a result, a Fund may be more sensitive to financial, economic, business, political, regulatory, and other developments and conditions, including natural or other disasters, affecting issuers in a particular industry, sector, market segment, or geographic area in which the Fund focuses its investments, and if securities of such industry, sector, market segment, or geographic area fall out of favor, the Fund could underperform, or be more volatile than, a fund that has greater diversification.

&nbsp;&nbsp;&nbsp;&nbsp;• **Industrials Sector:** Companies involved in the industrials sector include those whose businesses are dominated by one of the following activities: the manufacture and distribution of capital goods, including aerospace and defense, construction, engineering and building products, electrical equipment, and industrial machinery; the provision of commercial services and supplies, including printing, employment, environmental, and office services; and the provision of transportation services, including airlines, couriers, marine, road and rail, and transportation infrastructure. Companies involved in the industrials sector are affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability, and general economic conditions, among other factors.

&nbsp;&nbsp;&nbsp;&nbsp;• **Materials Sector:** Companies involved in the materials sector includes companies in the following industry groups: forestry and paper, chemicals, industrial metals, and mining. Investments in companies involved in the materials sector may be adversely impacted by changes in commodity prices or exchange rates, depletion of resources, over-production, litigation, and government regulations, among other factors. The chemicals industry may be significantly affected by intense competition, product obsolescence, raw materials prices, and government regulation, and may be subject to risks associated with the production, handling, disposal of hazardous components, and litigation and claims arising out of environmental contamination.

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&nbsp;&nbsp;&nbsp;&nbsp;• **Technology Sector:** Investments in companies involved in the technology sector are subject to significant competitive pressures, such as aggressive pricing of products or services, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments, evolving industry standards, changing customer demands, and the potential for limited earnings and/or falling profit margins. The failure of a company to adapt to such changes could have a material adverse effect on the company's business, results of operations, and financial condition. These companies also face the risks that new services, equipment, or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the values of their securities. Many companies involved in the technology sector have limited operating histories, and prices of these companies' securities historically have been more volatile than those of many other companies' securities, especially over the short term.

**Foreign (Non-U.S.) Investments/Developing and Emerging Markets:** To the extent a 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 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 a 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 to distribute 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, 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. 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. In March 2017, the United Kingdom ("UK") formally notified the European Council of its intention to leave the EU and on January 31, 2020 withdrew from the EU (commonly known as "Brexit"). On December 30, 2020, the UK voted in favor of the UK-EU Trade and Cooperation Agreement. The agreement governs the new relationship between the UK and the EU with respect to trading goods and services but critical aspects of the relationship remain unresolved and subject to further negotiation and agreement. Brexit has resulted in volatility in European and global markets and could have negative long-term impacts on financial markets in the UK and throughout Europe. There is considerable uncertainty about the potential consequences of Brexit and how the financial markets will react. As this process unfolds, markets may be further disrupted. Given the size and importance of the UK's economy, uncertainty about its legal, political, and economic relationship with the remaining member states of the EU may continue to be a source of instability. 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

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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, a Fund's ability to transact in such securities will be impaired, and the liquidity and market price of the securities may decline. A Fund may also need to seek other markets in which to transact in such securities, which could increase the Fund's costs.

**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.

**High-Yield Securities:** Lower-quality securities (including securities that have fallen below investment grade and are classified as "junk bonds" or "high-yield securities") have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and their issuers' long-term ability to make payments is considered speculative. Prices of lower-quality bonds or other fixed-income instruments are also more volatile, are more sensitive to negative news about the economy or the issuer, and have greater liquidity risk and price volatility.

**Index Strategy (Fund):** The index selected may underperform the overall market. To the extent a Fund (or a portion of the Fund) seeks to track an index's performance, the Fund will not use defensive strategies or attempt to reduce its exposure to poor performing securities in the index. To the extent a Fund's investments track its target index, such Fund may underperform other funds that invest more broadly. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on a Fund. The correlation between a Fund's performance and index performance may be affected by the Fund's expenses and the timing of purchases and redemptions of the Fund's shares. In addition, a Fund's actual holdings might not match the index and the Fund's effective exposure to index securities at any given time may not precisely correlate.

**Initial Public Offerings:** Investments in IPOs and companies that have recently gone public have the potential to produce substantial gains for a Fund. However, there is no assurance that a Fund will have access to profitable IPOs or that the IPOs in which the Fund invests will rise in value. Furthermore, the value of securities of newly public companies may decline in value shortly after the IPO. When a Fund's asset base is small, the impact of such investments on the Fund's return will be magnified. If a Fund's assets grow, it is likely that the effect of the Fund's investment in IPOs on the Fund's return will decline.

**Interest in Loans:** The value and the income streams of interests in loans (including participation interests in lease financings and assignments in secured variable or floating rate loans) will decline if borrowers delay payments or fail to pay altogether. A significant rise in market interest rates could increase this risk. Although loans may be fully collateralized when purchased, such collateral may become illiquid or decline in value.

**Interest Rate:** A rise in market interest rates generally results in a fall in the value of bonds and other fixed-income instruments; conversely, values generally rise as market interest rates fall. 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 fixed-income instrument to a change in interest rate. As of the date of this Prospectus, the U.S. is experiencing a rising market interest rate environment, which may increase a Fund's exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. To the extent that a Fund invests in fixed-income 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 a Fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential future changes in

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government policy may affect 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 fixed-income and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose fixed-income and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact a Fund's operations and return potential.

**Investing through Bond Connect:** Chinese fixed-income instruments trade on the China Interbank Bond Market (the "CIBM") and may be purchased through a market access program, known as "Bond Connect," that is designed to, among other things, enable foreign (non-U.S.) investment in the People's Republic of China. There are significant risks inherent in investing in Chinese fixed-income instruments, similar to the risks of investing in fixed-income instruments in other emerging markets. The prices of fixed-income instruments traded on the CIBM may fluctuate significantly due to low trading volume and potential lack of liquidity. The rules to access fixed-income instruments that trade on the CIBM through Bond Connect are relatively new and subject to change, which may adversely affect a 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 a Fund's investments and returns.

The Chinese economy is generally considered an emerging and volatile market. Although China has experienced a relatively stable political environment in recent years, there is no guarantee that such stability will be maintained in the future. Political, regulatory and diplomatic events, such as the U.S.-China "trade war" that intensified in 2018, could have an adverse effect on the Chinese or Hong Kong economies and on investments made through Bond Connect.

**Investing through Stock Connect:** 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") may be purchased directly or indirectly 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, a Fund may not be able to dispose of its China A-Shares in a timely manner, which could adversely affect the Fund's performance.

The Chinese economy is generally considered an emerging and volatile market. Significant portions of the Chinese securities markets may become rapidly illiquid because Chinese issuers have the ability to suspend the trading of their equity securities under certain circumstances, and have shown a willingness to exercise that option in response to market volatility, epidemics, pandemics, adverse economic, market or political events, and other events. In addition, there may be restrictions on investments in Chinese companies. For example, on November 12, 2020, the President of the United States signed an Executive Order prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. government as "Communist Chinese military companies." The list of such companies can change from time to time, and as a result of forced selling or inability to participate in an investment the Investment Adviser/Sub-Adviser otherwise believes is attractive, a Fund may incur losses.

Many Chinese companies use a structure known as a variable interest entity (a "VIE") to address Chinese restrictions on direct foreign investment in Chinese companies operating in certain sectors. A Fund's investment exposure to VIEs may pose additional risks because the Fund's investment is not made directly in the VIE (the actual Chinese operating company), but rather in a holding company domiciled outside of China (a "Holding Company") whose interests in the business of the underlying Chinese operating company (the VIE) are established through contracts rather than through equity ownership. The VIE (which a Fund is restricted from owning under Chinese law) is generally owned by Chinese nationals, and the Holding Company (in which a Fund invests) holds only contractual rights (rather than equity ownership) relating to the VIE, typically including a contractual claim on the VIE's profits. Shares of the Holding Company, in turn, are traded on exchanges outside of China and are available to non-Chinese investors such as a Fund. While the VIE structure is a longstanding practice in China, until recently, such arrangements had not been formally recognized under Chinese law. However, in late 2021, the Chinese government signaled its interest in implementing filing requirement rules that would both affirm the legality of VIE structures and regulate them. How these filing requirements will operate in practice, and what will be required for approval, remains unclear. While there is optimism that these actions will reduce uncertainty over Chinese actions on VIEs, there is also caution given how unresolved the process is. Until

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these rules are finalized, and potentially afterwards depending on how they are implemented, there remains significant uncertainty associated with VIE investments. There is a risk that the Chinese government may cease to tolerate VIE structures at any time or impose new restrictions on the structure, in each case either generally or with respect to specific issuers. In such a scenario, the Chinese operating company could be subject to penalties, including revocation of its business and operating license, or the Holding Company could forfeit its interest in the business of the Chinese operating company. Further, in case of a dispute between the Holding Company investors and the Chinese owners of the VIE, the Holding Company's contractual claims with respect to the VIE may be unenforceable in China, thus limiting the remedies and rights of Holding Company investors such as a Fund. Control over a VIE may also be jeopardized if a natural person who holds the equity interest in the VIE breaches the terms of the contractual arrangements, is subject to legal proceedings, or if any physical instruments or property of the VIE, such as seals, business registration certificates, financial data and licensing arrangements (sometimes referred to as "chops"), are used without authorization. In the event of such an occurrence, a Fund, as a foreign investor, may have little or no legal recourse. Such legal uncertainty may be exploited against the interests of the Holding Company investors such as a Fund. A Fund will typically have little or no ability to influence the VIE through proxy voting or other means because it is not a VIE owner/shareholder. Foreign (non-U.S.) companies listed on stock exchanges in the United States, including companies using the VIE structure, could also face delisting or other ramifications for failure to meet the expectations and/or requirements of the SEC, the Public Company Accounting Oversight Board, or other U.S. regulators. Any of these risks could reduce the liquidity and value of a Fund's investments in Holding Companies or render them valueless.

**Investment Model:** A Sub-Adviser's proprietary model may not adequately take into account existing or unforeseen market factors or the interplay between such factors. Proprietary models used by a 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 models. Volatility management techniques may not always be successful in reducing volatility, may not protect against market declines, and may limit a Fund's participation in market gains, negatively impacting performance even during periods when the market is rising. During sudden or significant market rallies, such underperformance may be significant. Moreover, volatility management strategies may increase portfolio transaction costs, which may increase losses or reduce gains. A Fund's volatility may not be lower than that of the Fund's Index during all market cycles due to market factors. Funds that are actively managed, in whole or in part, according to a quantitative investment model 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. Mistakes in the construction and implementation of the investment models (including, for example, data problems and/or software issues) may create errors or limitations that might go undetected or are discovered only after the errors or limitations have negatively impacted performance. There is no guarantee that the use of these investment models will result in effective investment decisions for a Fund.

**Liquidity:** If a security is illiquid, a 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 a 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 a 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.

**London Inter-Bank Offered Rate:** The obligations of the parties under many financial arrangements, such as fixed-income instruments (including senior loans) and derivatives, may be determined based, in whole or in part, on the London Inter-Bank Offered Rate ("LIBOR"). In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in many major currencies, including for example, the Secured Overnight Funding Rate ("SOFR") for U.S. dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement market. SOFR is published in various forms, including as a daily, compounded, and forward-looking term rate. The discontinuance of LIBOR and the adoption/implementation of alternative rates pose a number of risks, including, among others, whether any substitute rate will experience the market participation and liquidity necessary

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to provide a workable substitute for LIBOR; the effect on parties' existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on a Fund's existing investments, including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of the Fund; and the risk of general market disruption during the transition period. Markets relying on alternative rates are developing slowly and may offer limited liquidity. The general unavailability of LIBOR and the transition away from LIBOR to alternative rates could have a substantial adverse impact on the performance of a Fund.

**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 fixed-income 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 a 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:** A 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, 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 has resulted, and may continue to result, 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. 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 a Fund's investments, including beyond the Fund's direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. Those 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 a Fund's investments. Any of these occurrences could disrupt the operations of a Fund and of the Fund's service providers.

**Mortgage- and/or Asset-Backed Securities:** Defaults on, or low credit quality or liquidity of, the underlying assets of the asset-backed (including mortgage-backed) securities may impair the value of these securities and result in losses. There may be limitations on the enforceability of any security interest or collateral granted with respect to those underlying assets, and the value of collateral may not satisfy the obligation upon default. These securities also present a higher degree of prepayment and extension risk and interest rate risk than do other types of fixed-income instruments. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed securities. The value of longer-term securities generally changes more in response to changes in market interest rates than shorter-term securities.

These securities may be affected significantly by government regulation, market interest rates, market perception of the creditworthiness of an issuer servicer, and loan-to-value ratio of the underlying assets. During an economic downturn, the mortgages, commercial or consumer loans, trade or credit card receivables, installment purchase obligations, leases, or other debt obligations underlying an asset-backed security may experience an increase in defaults as borrowers

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experience difficulties in repaying their loans which may cause the valuation of such securities to be more volatile and may reduce the value of such securities. These risks are particularly heightened for investments in asset-backed securities that contain sub-prime loans, which are loans made to borrowers with weakened credit histories and often have higher default rates.

**Municipal Obligations:** The municipal securities market is volatile and can be affected significantly by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. Among other risks, investments in municipal securities are subject to the risk that an issuer may delay payment, restructure its debt, or refuse to pay interest or repay principal on its debt. Municipal revenue obligations may be backed by the revenues generated from a specific project or facility and include industrial development bonds and private activity bonds. Private activity and industrial development bonds are dependent on the ability of the facility's user to meet its financial obligations and the value of any real or personal property pledged as security for such payment. Many municipal securities are issued to finance projects relating to education, health care, transportation, and utilities. Conditions in those sectors may affect the overall municipal securities market. In addition, municipal securities backed by current or anticipated revenues from a specific project or specific asset may be adversely affected by the discontinuance of the taxation supporting the project or asset or the inability to collect revenues from the project or asset. If an issuer of a municipal security does not comply with applicable tax requirements for tax-exempt status, interest from the security may become taxable, and the security could decline in value.

**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 a Fund's expenses. The investment policies of the other investment companies may not be the same as those of a Fund; as a result, an investment in the other investment companies may be subject to additional or different risks than those to which a 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 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.

**Prepayment and Extension:** Many types of fixed-income instruments are subject to prepayment and extension risk. Prepayment risk is the risk that the issuer of a fixed-income instrument will pay back the principal earlier than expected. This risk is heightened in a falling market interest rate environment. Prepayment may expose a Fund to a lower rate of return upon reinvestment of principal. Also, if a fixed-income instrument subject to prepayment has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a fixed-income instrument will pay back the principal later than expected. This risk is heightened in a rising market interest rate environment. This may negatively affect performance, as the value of the fixed-income instrument decreases when principal payments are made later than expected. Additionally, a Fund may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates.

**Real Estate Companies and Real Estate Investment Trusts:** Investing in real estate companies and REITs may subject a 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 a 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.

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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. A Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests.

**Restricted Securities:** Securities that are not registered for sale to the public under the Securities Act of 1933, as amended, are referred to as "restricted securities." These 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, and often, these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these 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 investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

**Securities Lending:** Securities lending involves two primary risks: " investment risk " and " borrower default risk. " When lending securities, a Fund will receive cash or U.S. government securities as collateral. Investment risk is the risk that a Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that a 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 a Fund to be more volatile. The use of leverage may increase expenses and increase the impact of a Fund's other risks.

A 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, a 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. A 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.

**Sovereign Debt:** Sovereign debt is issued or guaranteed by foreign (non-U.S.) government entities. Investments in sovereign debt are subject to the risk that a government entity may delay payment, restructure its debt, or refuse to pay interest or repay principal on its sovereign debt due to cash flow problems, insufficient foreign currency reserves, political considerations, social changes, the relative size of its debt position to its economy, or its failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a government entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting amounts owed on sovereign debt that a government does not pay.

**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 a 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, a 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.

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**Counterparty:** The entity with which a 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 a Fund conducts business with a limited number of counterparties.

**Duration:** One measure of risk for fixed-income 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 fixed-income 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 a 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 a Fund's portfolio could decline. Inflation rates may change frequently and drastically as a result of various factors and a 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. Inflation has recently increased, and it cannot be predicted whether it may decline.

**Investment by Other Funds:** Certain funds-of-funds, including some Voya funds, may invest in a Fund. If investments by these other funds result in large inflows or outflows of cash from a Fund, a 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 a Fund. If shares of a 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.

**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 a 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 a Fund's other risks. The use of leverage may cause a 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.

**Manager:** A Fund is subject to manager risk because it is an actively managed investment portfolio. The Investment Adviser, a 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. A 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. Many managers of equity funds employ styles that are characterized as "value" or "growth." However, these terms can have different applications by different managers. One manager's value approach may be different from that of another, and one manager's growth approach may be different from that of another. For example, some value managers employ a style in which they seek to identify companies that they believe are valued at a more substantial or "deeper discount" to a company's net worth than other value managers. Therefore, some funds that are characterized as growth or value can have greater volatility than other funds managed by other managers in a growth or value style.

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**Operational:** A 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 or risks that could adversely affect a Fund and its shareholders, despite the efforts of a Fund and its service providers to adopt technologies, processes, and practices intended to mitigate these risks. Cyber-attacks, disruptions, or failures that affect a Fund's service providers, counterparties, market participants, or issuers of securities held by a Fund may adversely affect a Fund and its shareholders, including by causing losses or impairing the Fund's operations. Information relating to a Fund's investments has been and will in the future be 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 each Fund's policies and procedures regarding the release of portfolio holdings information is available in the Fund's SAI. Portfolio holdings information can be reviewed online at www.voyainvestments.com.

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**MANAGEMENT OF THE FUNDS**

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**The 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 , each 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 each 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 office is located at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258. As of December 31, 2022, Voya Investments managed approximately $73.2 billion in assets.

**Management Fee** 

The Investment Adviser receives an annual fee for its services to each Fund. The fee is payable in monthly installments based on the average daily net assets of each Fund.

The Investment Adviser is responsible for all of its own costs, including costs of the personnel required to carry out its duties.

The following table shows the aggregate annual management fee paid by each Fund for the most recent fiscal year as a percentage of the Fund's average daily net assets.

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

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| | |
|:---|:---|
|  | **Management Fees** |
| Voya Global Bond Fund | 0.50% |
| Voya Global High Dividend Low Volatility Fund | 0.50% |
| Voya International High Dividend Low Volatility Fund | 0.50% |
| Voya Multi-Manager Emerging Markets Equity Fund | 0.99% |
| Voya Multi-Manager International Equity Fund | 0.85% |
| Voya Multi-Manager International Factors Fund | 0.65% |
| Voya Multi-Manager International Small Cap Fund | 1.00% |

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For information regarding the basis of the Board's approval of the investment advisory and investment sub-advisory relationships, please refer to the Funds' unaudited semi-annual shareholder report which will cover the six-month period ending April 30, 2023.

**The Sub-Advisers and Portfolio Managers**

The Investment Adviser has engaged one or more sub-advisers to provide the day-to-day management of each Fund's portfolio. One of these sub-advisers is an affiliate of the Investment Adviser.

The Investment Adviser acts as a "manager-of-managers" for each Fund. The Investment Adviser has ultimate responsibility, subject to the oversight of each Fund's Board, to oversee any sub-advisers and to recommend the hiring, termination, or replacement of sub-advisers. Each 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 each 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 a Fund's assets among other sub-advisers.

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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 a 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.

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 name of the Fund and a change to the investment strategies of the Fund.

A sub-advisory agreement can be terminated by the Investment Adviser, a Fund's Board, or a 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 a 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 each Fund's shareholders.

**Voya Global Bond Fund, Voya Global High Dividend Low Volatility Fund, and Voya International High Dividend Low Volatility Fund**

**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 is an indirect subsidiary of Voya Financial, Inc. and is an affiliate of the 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 office is located at 230 Park Avenue, New York, New York 10169. As of December 31, 2022, Voya IM managed approximately $321 billion in assets.

**Voya Multi-Manager Emerging Markets Equity Fund, Voya Multi-Manager International Equity Fund, Voya Multi-Manager International Factors Fund, and Voya Multi-Manager International Small Cap Fund**

**The Multi-Manager Approach** 

Voya Investments allocates each respective Fund's assets to different sub-advisers. Voya Investments may, from time to time, directly manage a portion of a Fund's assets to seek to manage the Fund's overall risk exposure, to achieve the Fund's desired risk/return profile, and to effect the Fund's investment strategies.

Delaware Investments Fund Advisers, Van Eck Associates Corporation, and Voya IM are the sub-advisers of Voya Multi-Manager Emerging Markets Equity Fund. Baillie Gifford Overseas Limited, Polaris Capital Management, LLC, and Wellington Management Company LLP are the sub-advisers of Voya Multi-Manager International Equity Fund. PanAgora Asset Management, Inc. and Voya IM are the sub-advisers of Voya Multi-Manager International Factors Fund. Acadian Asset Management LLC and Victory Capital Management Inc. are the sub-advisers of Voya Multi-Manager International Small Cap Fund. Each sub-adviser makes investment decisions for the assets it has been allocated to manage. The Investment Adviser may change the allocation of a Fund's assets between the sub-advisers as it determines necessary to pursue each Fund's investment objective.

For each Fund, the Investment Adviser will determine what it believes to be the optimal allocation of the assets under management among the Fund's sub-advisers. Subsequent inflows and outflows will be allocated between a Fund's sub-advisers to maintain the Investment Adviser's determined allocation.

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**Acadian Asset Management LLC** 

Acadian Asset Management LLC ("Acadian" or the "Sub-Adviser") is an SEC-registered investment adviser and a subsidiary of BrightSphere Affiliate Holdings LLC, which is an indirect wholly-owned subsidiary of BrightSphere Investment Group Inc., a publicly listed company on the New York Stock Exchange. Acadian is an SEC-registered investment adviser and Boston-headquartered investment management firm that, along with its wholly-owned Australia, Singapore, and UK affiliates, specializes in the active investment management of global and international equity strategies. The principal address of Acadian is 260 Franklin Street, Boston, Massachusetts 02110. As of December 31, 2022, Acadian had assets under management of approximately $93 billion.

**Baillie Gifford Overseas Limited** 

Baillie Gifford Overseas Limited ("BG Overseas" or the "Sub-Adviser") is a wholly-owned subsidiary of Baillie Gifford & Co., a Scottish investment company. Founded in 1908, Baillie Gifford & Co. manages money primarily for institutional clients. It is one of the largest independently owned investment management firms in the UK which, as of December 31, 2022 had approximately $268.7 billion in assets under management. The principal address of BG Overseas is Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN, Scotland. As of December 31, 2022, BG Overseas had assets under management of over $148.0 billion.

**Delaware Investments Fund Advisers** 

Delaware Investments Fund Advisers ("DIFA" or the "Sub-Adviser") is a series of Macquarie Investment Management Business Trust ("MIMBT"), which is a subsidiary of Macquarie Management Holdings, Inc. ("MMHI"). Macquarie Group Limited, an Australian publicly held company (ASX: MQG), indirectly holds, through its subsidiaries, all of the voting equity of MMHI. MIMBT is registered with the SEC as an investment adviser and its predecessors have advised publicly offered mutual funds since 1938. The principal address of DIFA is 610 Market Street, Philadelphia, Pennsylvania 19106. As of December 31, 2022 MMHI and its subsidiaries managed $195.22 billion in assets under management.

DIFA has entered into an agreement whereby DIFA may delegate certain of its investment advisory services to Macquarie Investment Management Global Limited ("MIMGL"), which is an affiliated investment adviser. The principal address for MIMGL is 50 Martin Place, Sydney, Australia 2000.

**PanAgora Asset Management, Inc.** 

PanAgora Asset Management, Inc. ("PanAgora" or the "Sub-Adviser"), a Delaware corporation, is an SEC-registered investment adviser located at One International Place, 24th Floor, Boston, Massachusetts 02110 and was founded in 1985. As of December 31, 2022, PanAgora had assets under management of approximately $31.9 billion.

**Polaris Capital Management, LLC** 

Polaris Capital Management, LLC ("Polaris" or the "Sub-Adviser"), is an SEC-registered investment adviser whose principal address is located at 121 High Street, Boson, Massachusetts 02110. As of December 31, 2022, Polaris had approximately $12.42 billion in assets under management for institutional clients and affluent individuals.

**Van Eck Associates Corporation** 

Van Eck Associates Corporation ("VanEck" or the "Sub-Adviser") has been an investment adviser since 1955 and also acts as adviser or sub-adviser to other mutual funds, ETFs, other pooled investment vehicles, and separate accounts. Jan F. van Eck and members of his family own 100% of the voting stock of VanEck. The principal address of VanEck is 666 Third Avenue, 9th Floor, New York, New York 10017-4033. As of December 31, 2022, VanEck had approximately $69.03 billion in assets under management.

**Victory Capital Management Inc.** 

Victory Capital Management Inc. ("Victory Capital" or the "Sub-Adviser") is a New York corporation registered as an investment adviser with the SEC. The principal address of Victory Capital is 15935 La Cantera Pkwy, San Antonio, Texas 78256. As of December 31, 2022, Victory Capital had approximately $152.95 billion in assets under management and advisement. Victory Capital manages its portion of Voya Multi-Manager International Small Cap Fund through its investment franchise, Trivalent Investments.

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**MANAGEMENT OF THE FUNDS *(continued)***

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**Voya Investment Management Co. LLC** 

Voya IM, a Delaware limited liability company, was founded in 1972 and is registered with the SEC as an investment adviser. Voya IM is an indirect subsidiary of Voya Financial, Inc. and is an affiliate of the Investment Adviser. Voya IM has acted as adviser or sub-adviser to mutual funds since 1994 and has managed institutional accounts since 1972. Voya IM's principal office is located at 230 Park Avenue, New York, New York 10169. As of December 31, 2022, Voya IM managed approximately $321 billion in assets.

**Wellington Management Company LLP** 

Wellington Management Company LLP ("Wellington Management" or the "Sub-Adviser") is a Delaware limited liability partnership. Wellington Management is a professional investment counseling firm which provides services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 80 years. Wellington Management is owned by the partners of Wellington Management Group LLP, a Massachusetts limited liability partnership. The principal address of Wellington Management is 280 Congress Street, Boston, Massachusetts 02210. As of December 31, 2022, Wellington Management and its investment advisory affiliates had investment management authority with respect to approximately $1.15 trillion in assets.

**Individual Portfolio Managers**

The following individuals are jointly and primarily responsible for the day-to-day management of the noted Funds.

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

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Investment** <br> **Adviser or** <br> **Sub-Adviser**<br>| **Fund** | **Recent Professional Experience** |
| Sean Banai, CFA | Voya IM | Voya Global Bond Fund | Mr. Banai, Portfolio Manager, is head of portfolio <br> management for the fixed-income platform at Voya <br> IM. Previously, he was a senior portfolio manager <br> and, before that, he was head of quantitative <br> research for proprietary fixed income. Prior to joining <br> Voya IM in 1999, Mr. Banai was a partner in a <br> private sector company.<br>|
| Sumanta Biswas, CFA | Polaris | Voya Multi-Manager International <br> Equity Fund<br>| Mr. Biswas, Portfolio Manager, and Vice President of <br> Polaris joined Polaris in 2002 as an analyst.<br>|
| Brendan O. Bradley, Ph.D. | Acadian | Voya Multi-Manager International <br> Small Cap Fund<br>| Mr. Bradley, Executive Vice President and Chief <br> Investment Officer, joined Acadian in 2004. He has <br> served as the firm's Director of Portfolio <br> Management, overseeing portfolio management <br> policy, and was previously the Director of Acadian's <br> Managed Volatility strategies. Mr. Bradley is a <br> member of several oversight committees at Acadian, <br> including the Board of Managers, Executive <br> Management Team, Executive Committee, and <br> Responsible Investing Committee.<br>|
| Iain Campbell | BG Overseas | Voya Multi-Manager International <br> Equity Fund<br>| Mr. Campbell, Portfolio Manager, Investment <br> Specialist in the Japanese Specialist Team and a <br> partner of Baillie Gifford & Co. He has been a <br> member of the International All Cap Portfolio <br> Construction Group since 2010. Before joining BG <br> Overseas in 2004, Mr. Campbell worked for <br> Goldman Sachs in the investment banking division.<br>|
| Liu-Er Chen, CFA | DIFA | Voya Multi-Manager Emerging <br> Markets Equity Fund<br>| Mr. Chen, Senior Vice President and Chief <br> Investment Officer-Emerging Markets and <br> Healthcare, heads DIFA's global emerging markets <br> team. Prior to joining DIFA in September 2006, he <br> spent nearly 11 years at Evergreen Investment <br> Management Company. <br>|

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**MANAGEMENT OF THE FUNDS *(continued)***

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Investment** <br> **Adviser or** <br> **Sub-Adviser**<br>| **Fund** | **Recent Professional Experience** |
| &nbsp;&nbsp; Nicolas M. <br> Choumenkovitch<br>| Wellington <br> Management<br>| Voya Multi-Manager International <br> Equity Fund<br>| Mr. Choumenkovitch, Senior Managing Director and <br> Equity Portfolio Manager, joined Wellington <br> Management as an investment professional in <br> 1995.<br>|
| Vincent Costa, CFA | Voya IM | Voya Global High Dividend Low <br> Volatility Fund <br>Voya International High <br> Dividend Low Volatility Fund<br>| Mr. Costa, Portfolio Manager, also serves as Head of <br> the global equities team and as portfolio manager <br> forthe active quantitative strategies and the U.S. <br> large cap value portfolios. He joined Voya IM in April <br> 2006 as head of portfolio management for <br> quantitative equity. Prior to joining Voya IM, Mr. <br> Costa managed quantitative equity investments at <br> both Merrill Lynch Investment Management and <br> Bankers Trust Company<br>|
| Jason Crawshaw | Polaris | Voya Multi-Manager International <br> Equity Fund<br>| Mr. Crawshaw, Portfolio Manager, joined Polaris in <br> 2014 as an analyst.<br>|
| Peg DiOrio, CFA | Voya IM | Voya Global High Dividend Low <br> Volatility Fund <br>Voya International High <br> Dividend Low Volatility Fund<br>| Ms. DiOrio, Portfolio Manager, is the head of <br> quantitative equity portfolio management at Voya IM <br> and serves as a portfolio manager for the active <br> quantitative strategies. Prior to joining Voya IM in <br> 2012, she was a quantitative analyst with Alliance <br> Bernstein/Sanford C. Bernstein for sixteen years <br> where she was responsible for multivariate and time <br> series analysis for low volatility strategies, global <br> equities, REITs and options. Previously, Ms. DiOrio <br> was a senior investmentplanning analyst with <br> Sanford C. Bernstein.<br>|
| Sophie Earnshaw, CFA | BG Overseas | Voya Multi-Manager International <br> Equity Fund<br>| Ms. Earnshaw, Portfolio Manager, in the Emerging <br> Markets Equity Team. She joined BG Overseas in <br> 2010 and has been a member of the International <br> All Cap Portfolio Construction Group since 2014.<br>|
| John W. Evers, CFA | Victory <br> Capital<br>| Voya Multi-Manager International <br> Small Cap Fund<br>| Mr. Evers, Senior Portfolio Manager has been with <br> Victory Capital's Trivalent Investments since 2014. <br> From 2007-2014, he was a Senior Portfolio <br> Manager of Munder Capital Management, which was <br> acquired by Victory Capital in 2014.<br>|
| Joe Faraday, CFA | BG Overseas | Voya Multi-Manager International <br> Equity Fund<br>| Mr. Faraday, Portfolio Manager, joined BG Overseas <br> in 2002. He has worked as an investment manager <br> on the European, North American, Developed Asia, <br> and Emerging Markets Equity teams. Mr. Faraday <br> has been a member of the International All Cap <br> Portfolio Construction Group since 2007.<br>|
| Bernard R. Horn, Jr. | Polaris | Voya Multi-Manager International <br> Equity Fund<br>| Mr. Horn, Portfolio Manager, is the Founder, <br> President and Chief Investment Officer of Polaris. He <br> founded Polaris in 1995.<br>|
| Jaime Lee, PhD | PanAgora | Voya Multi-Manager <br> International Factors Fund<br>| Dr. Lee, Portfolio Manager and Managing Director at <br> PanAgora, leads PanAgora's Dynamic Equity <br> Management Team. Dr. Lee joined PanAgora in <br> November 2015. Prior to joining PanAgora, she was <br> with BlackRock, Inc. since 2007 where she was a <br> Portfolio Manager and Managing Director of the <br> Scientific Active Equity team at BlackRock,Inc. <br>|

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**MANAGEMENT OF THE FUNDS *(continued)***

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---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Investment** <br> **Adviser or** <br> **Sub-Adviser**<br>| **Fund** | **Recent Professional Experience** |
| Daniel B. LeVan, CFA | Victory <br> Capital<br>| Voya Multi-Manager International <br> Small Cap Fund<br>| Mr. LeVan, Lead Portfolio Manager, Chief Investment <br> Officer of Victory Capital's Trivalent Investments, has <br> been with Victory Capital since 2014. From <br> 2007-2014, he was a Senior Portfolio Manager of <br> Munder Capital Management, which was acquired <br> by Victory Capital in 2014.<br>|
| Milena Mileva | BG Overseas | Voya Multi-Manager International <br> Equity Fund<br>| Ms. Mileva, Portfolio Manager, in the UK Equity Team <br> and partner of Baillie Gifford & Co. She joined BG <br> Overseas in 2009 and has been a member of the <br> International All Cap Portfolio Construction Group <br> since 2022.<br>|
| George D. Mussalli, CFA | PanAgora | Voya Multi-Manager <br> International Factors Fund<br>| Mr. Mussalli, Portfolio Manager, is the Chief <br> Investment Officer and Head of Research, Equity at <br> PanAgora. Mr. Mussalli is responsible for oversight of <br> the firm's Dynamic and Stock Selector Equity <br> strategies, as well as the Equity Trading and <br> Implementation, Data Science and Portfolio Strategy <br> teams. He joined PanAgora in June 2004.<br>|
| Stephen Paice | BG Overseas | Voya Multi-Manager International <br> Equity Fund<br>| Mr. Paice, Portfolio Manager, in the European Equity <br> Team. He joined BG Overseas in 2005 and has <br> spent time in the U.S., UK Smaller Companies and <br> Japanese Equities teams. Mr. Paice has been a <br> member of the International All Cap Portfolio <br> Construction Group in since 2022.<br>|
| David A. Semple | VanEck | Voya Multi-Manager Emerging <br> Markets Equity Fund<br>| Mr. Semple, Portfolio Manager, is primarily <br> responsible for the day-to-day management of the <br> Fund's assets allocated to VanEck. He has been with <br> VanEck since 1998 and is currently the portfolio <br> manager of various funds advised by VanEck. Mr. <br> Semple is responsible for asset allocation and stock <br> selection in global emerging markets.<br>|
| Angus Shillington | VanEck | Voya Multi-Manager Emerging <br> Markets Equity Fund<br>| Mr. Shillington, Assistant Portfolio Manager, joined <br> VanEck in 2009 and currently serves on the <br> investment team for various funds advised by <br> VanEck. Prior to joining VanEck, he was the Head of <br> International Equity at ABN Amro from 2006 to <br> 2008 and Managing Director at BNP Paribas from <br> 2001 to 2006.<br>|
| Tara Connolly Stilwell, CFA | Wellington <br> Management<br>| Voya Multi-Manager International <br> Equity Fund<br>| Ms. Stilwell, Senior Managing Director and Equity <br> Portfolio Manager, is involved in portfolio <br> management and securities analysis at Wellington <br> Management. She joined Wellington Management as <br> an investment professional in 2008.<br>|
| Ryan D. Taliaferro, Ph.D. | Acadian | Voya Multi-Manager International <br> Small Cap Fund<br>| Mr. Taliaferro, Senior Vice President, Director, Equity <br> Strategies, joined Acadian in 2011. Previously, he <br> was the lead portfolio manager for Acadian's <br> Managed Volatility Strategies. He is also a member <br> of the Acadian Executive Committee. <br>|

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**MANAGEMENT OF THE FUNDS *(continued)***

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---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Investment** <br> **Adviser or** <br> **Sub-Adviser**<br>| **Fund** | **Recent Professional Experience** |
| &nbsp;&nbsp; Brian Timberlake, Ph.D., <br> CFA<br>| Voya IM | Voya Global Bond Fund | Dr. Timberlake, Portfolio Manager, is currently Head <br> of Fixed Income Research. Prior to this position,he <br> was Head of Quantitative Research and before that, <br> a Senior Quantitative Analyst. Dr. Timberlake joined <br> Voya IM in 2003.<br>|
| Steve Wetter | Voya IM | Voya Global High Dividend Low <br> Volatility Fund <br>Voya International High <br> Dividend Low Volatility Fund <br>Voya Multi-Manager Emerging <br> Markets Equity Fund <br>Voya Multi-Manager <br> International Factors Fund<br>| Mr. Wetter, Portfolio Manager, is responsible for <br> portfolio management of the index, active <br> quantitative, and smart beta strategies. He joined <br> Voya IM in April 2012 and prior to that he was a <br> portfolio manager and trader at Mellon Asset <br> Management (2007 – 2009) and Northern Trust <br> (2003 – 2007).<br>|
| Kai Yee Wong | Voya IM | Voya Global High Dividend Low <br> Volatility Fund <br>Voya International High <br> Dividend Low Volatility Fund <br>Voya Multi-Manager Emerging <br> Markets Equity Fund <br>Voya Multi-Manager <br> International Factors Fund<br>| Ms. Wong, Portfolio Manager, is responsible for the <br> portfolio management of the index, active <br> quantitative, and smart beta strategies. Prior to <br> joining Voya IM in 2012, she worked as a senior <br> equity portfolio manager at Northern Trust, <br> responsible for managing various global indices <br> including developed, emerging, real estate, Topix, <br> and socially responsible benchmarks (2003 – <br> 2009).<br>|
| Bin Xiao, CFA | Polaris | Voya Multi-Manager International <br> Equity Fund<br>| Mr. Xiao, Portfolio Manager, joined Polaris in 2006 <br> as an analyst.<br>|
| Paul Zemsky, CFA | Voya <br> Investments <br> (Investment <br> Adviser)<br>| Voya Multi-Manager Emerging <br> Markets Equity Fund <br>Voya Multi-Manager International <br> Equity Fund <br>Voya Multi-Manager <br> International Factors Fund <br>Voya Multi-Manager International <br> Small Cap Fund<br>| Portfolio Manager, and Chief Investment Officer of <br> Voya IM's Multi-Asset Strategies. Mr. Zemsky joined <br> Voya IM in 2005 as head of derivative strategies.<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.

**The Distributor** 

Voya Investments Distributor, LLC (the "Distributor"), a Delaware limited liability company, is the principal underwriter and distributor of each Fund. The Distributor is an indirect subsidiary of Voya Financial, Inc. and is an affiliate of the Investment Adviser. The Distributor's principal office is located at 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** 

Each 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 each 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

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**MANAGEMENT OF THE FUNDS *(continued)***

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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 a Fund. This paragraph is not intended to limit any rights granted to shareholders under federal or state securities laws.

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**CLASSES OF SHARES**

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**Choosing a Share Class**

When choosing between classes, you should carefully consider: (1) how long you plan to hold shares of a Fund; (2) the amount of your investment; (3) the expenses you will pay for each class, including ongoing annual expenses along with the initial sales charge or the contingent deferred sales charges ("CDSC"); and (4) whether you qualify for any sales charge discounts. Please review the disclosure about all of the available share classes carefully. Before investing, you should discuss with your financial intermediary which share class may be right for you.

The table below summarizes the features of the classes of shares available through this Prospectus. Fund charges may vary so you should review each Fund's fee table included in the summary section of this Prospectus as well as the section entitled "Sales Charges" in this Prospectus.

**Summary of primary differences among share classes:**

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

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| | |
|:---|:---|
| **Class A** |  |
| Initial Sales Charge | &nbsp;&nbsp;&nbsp; Up to 2.50% (reduced for purchases of $100,000 or more and <br> eliminated for purchases of $500,000 or more) for Voya Global <br> Bond Fund <br>Up to 5.75% (reduced for purchases of $50,000 or more and <br> eliminated for purchases of $1 million or more) for all other <br> Funds<br>|
| Contingent Deferred Sales Charge | &nbsp;&nbsp;&nbsp; None (except that with respect to purchases of $1 million or <br> more ($500,000 or more for Voya Global Bond Fund) for which <br> the initial sales charge was waived, a charge of 1.00% applies to <br> redemptions made within 18 months (12 months for Voya Global <br> Bond Fund))<sup>1</sup> <br>|
| Distribution and/or Shareholder Services (12b-1) Fees | 0.25% annually |
| Purchase Maximum |  |
| Minimum Initial Purchase/Minimum Account Size | $1,000 ($250 for IRAs)/$1,000 ($250 for IRAs) |
| Minimum Subsequent Purchases | None (At least $100/month for pre-authorized investment plan) |
| Minimum Initial Account Balance for Systematic Exchange <br> Privilege<br>| $5000 |
| Conversion |  |

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

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| | |
|:---|:---|
| **Class C** |  |
| Initial Sales Charge |  |
| Contingent Deferred Sales Charge | &nbsp;&nbsp;&nbsp; 1.00% if the shares are sold within one year from the date of <br> purchase<br>|
| Distribution and/or Shareholder Services (12b-1) Fees | 1.00% annually |
| Purchase Maximum | $1000000 |
| Minimum Initial Purchase/Minimum Account Size | $1,000 ($250 for IRAs)/$1,000 ($250 for IRAs) |
| Minimum Subsequent Purchases | None (At least $100/month for pre-authorized investment plan) |
| Minimum Initial Account Balance for Systematic Exchange <br> Privilege<br>| $5000 |
| Conversion | &nbsp;&nbsp;&nbsp; Automatic conversion to Class A shares at net asset value <br> (without the imposition of a sales charge) after 8 years<br>|

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**CLASSES OF SHARES *(continued)***

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

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| | |
|:---|:---|
| **Class I** |  |
| Initial Sales Charge |  |
| Contingent Deferred Sales Charge |  |
| Distribution and/or Shareholder Services (12b-1) Fees |  |
| Purchase Maximum |  |
| Minimum Initial Purchase<sup>2</sup>/Minimum Account Size | $250,000/$250,000 |
| Minimum Subsequent Purchases | None (At least $100/month for pre-authorized investment plan) |
| Minimum Initial Account Balance for Systematic Exchange <br> Privilege<br>|  |
| Conversion |  |

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

---

| | |
|:---|:---|
| **Class P** |  |
| Initial Sales Charge |  |
| Contingent Deferred Sales Charge |  |
| Distribution and/or Shareholder Services (12b-1) Fees |  |
| Purchase Maximum |  |
| Minimum Initial Purchase/Minimum Account Size | None/None |
| Minimum Subsequent Purchases |  |
| Minimum Initial Account Balance for Systematic Exchange <br> Privilege<br>|  |
| Conversion |  |

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

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| | |
|:---|:---|
| **Class R** |  |
| Initial Sales Charge |  |
| Contingent Deferred Sales Charge |  |
| Distribution and/or Shareholder Services (12b-1) Fees | 0.50% annually |
| Purchase Maximum |  |
| Minimum Initial Purchase/Minimum Account Size | None/None |
| Minimum Subsequent Purchases |  |
| Minimum Initial Account Balance for Systematic Exchange <br> Privilege<br>|  |
| Conversion |  |

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

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| | |
|:---|:---|
| **Class R6** |  |
| Initial Sales Charge |  |
| Contingent Deferred Sales Charge |  |
| Distribution and/or Shareholder Services (12b-1) Fees |  |
| Purchase Maximum |  |
| Minimum Initial Purchase<sup>3</sup>/Minimum Account Size | $1,000,000/$1,000,000 |
| Minimum Subsequent Purchases |  |
| Minimum Initial Account Balance for Systematic Exchange <br> Privilege<br>|  |
| Conversion |  |

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**CLASSES OF SHARES *(continued)***

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

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| | |
|:---|:---|
| **Class W** |  |
| Initial Sales Charge |  |
| Contingent Deferred Sales Charge |  |
| Distribution and/or Shareholder Services (12b-1) Fees |  |
| Purchase Maximum |  |
| Minimum Initial Purchase/Minimum Account Size | $1,000/$1,000 |
| Minimum Subsequent Purchases | None (At least $100/month for pre-authorized investment plan) |
| Minimum Initial Account Balance for Systematic Exchange <br> Privilege<br>|  |
| Conversion |  |

---

A contingent deferred sales charge applies to shares purchased without an initial sales charge, as part of an investment of $1,000,000 or more ($500,000 or more for Voya Global Bond Fund), and redeemed within 18 months of purchase (12 months of purchase for Voya Global Bond Fund). For shares of Voya Global Bond Fund purchased prior to August 3, 2020 without an initial sales charge, as part of an investment of $500,000 or more, a contingent deferred sales charge applies if redeemed within 6 months of purchase.

For Class I shares, there is no minimum initial investment requirement for: (i) qualified retirement plans or other defined contribution plans and defined benefit plans that invest in the Voya funds through omnibus arrangements; (ii) employees of Voya IM who are eligible to participate in "notional" bonus programs sponsored by Voya IM; (iii) (a) investors transacting in Class I shares through brokerage platforms that invest in the Voya funds' Class I shares through omnibus accounts and have agreements with the Distributor to offer such shares and (b) such brokerage platforms' omnibus accounts; or (iv) members of the Adviser's Multi-Asset Strategies & Solutions team purchasing shares of Voya Multi-Manager International Equity Fund.

The minimum initial investment requirement for Class R6 shares is $1,000,000 for non-retirement accounts. There is no minimum initial investment requirement for retirement accounts, certain omnibus accounts, and pre-authorized investment plans.

Please refer to the minimum investments table on page 90 for additional information.

The relative impact of the initial sales charge, if applicable, and ongoing annual expenses will depend on the length of time a share is held. Higher distribution fees mean a higher expense ratio, so Class C shares and Class R shares pay correspondingly lower dividends and may have a lower net asset value ("NAV") than Class A shares.

Because a Fund may not be able to identify an individual investor's trading activities when investing through omnibus account arrangements, you and/or your financial intermediary are responsible for ensuring that your investment in Class C shares does not exceed $1,000,000. A Fund cannot ensure that it will identify purchase orders that would cause your investment in Class C shares to exceed the maximum allowed amount. When investing through such arrangements, you and/or your financial intermediary should be diligent in determining that you have selected the appropriate share class for you.

You and/or your financial intermediary should also take care to assure that you are receiving any sales charge reductions or other benefits to which you may be entitled. As an example, as is discussed below, you may be able to reduce a Class A sales charge payable by aggregating purchases to achieve breakpoint discounts. Each Fund uses the net amount invested when determining whether a shareholder has reached the required investment amount in order to be eligible for a breakpoint discount. In order to ensure that you are receiving any applicable sales charge reduction, it may be necessary for you to inform the Fund or your financial intermediary of the existence of other accounts that may be eligible to be aggregated. The SAI discusses specific classes of investors who may be eligible for a reduced sales charge. In addition, investors investing in a Fund through an intermediary should consult Appendix A to this Prospectus, which includes information regarding financial intermediary specific sales charges and related discount policies that apply to purchases through certain specified intermediaries. Before investing you should discuss which share class may be right for you with your financial intermediary.

**Distribution and Service (12b-1) Fees** 

Each Fund pays fees to the Distributor on an ongoing basis as compensation for the services the Distributor provides and the expenses it bears in connection with the sale and distribution of Fund shares ("distribution fees") and/or in connection with personal services rendered to Fund shareholders and the maintenance of shareholder accounts ("service

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**CLASSES OF SHARES *(continued)***

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fees"). These payments are made pursuant to distribution and/or shareholder servicing plans adopted by each Fund pursuant to Rule 12b-1 of the 1940 Act ("12b-1 Plan"). Because these distribution and service fees are paid on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

Each Fund (except Voya Multi-Manager International Equity Fund and Voya Multi-Manager International Factors Fund) has adopted a 12b-1 Plan for at least one of the following share classes: Class A, Class C, and Class R shares. The following table lists the maximum annual rates at which the distribution and/or servicing fees may be paid under a 12b-1 Plan (calculated as a percentage of each Fund's average daily net assets attributable to the particular class of shares):

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

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class R** |
| Voya Global Bond Fund | 0.25% | 1.00% | 0.50% |
| Voya Global High Dividend Low Volatility Fund | 0.25% | 1.00% | N/A |
| Voya International High Dividend Low Volatility Fund | 0.25% | N/A | N/A |
| Voya Multi-Manager Emerging Markets Equity Fund | 0.25% | 1.00% | 0.50% |
| Voya Multi-Manager International Small Cap Fund | 0.25% | 1.00% | N/A |

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**SALES CHARGES**

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Each Fund makes available in a clear and prominent format, free of charge, on its website, (www.voyainvestments.com), information regarding applicable sales loads, reduced sales charges (*i.e*., breakpoint discounts), sales load waivers, eligibility minimums and purchases of a Fund's shares. The website includes hyperlinks that facilitate access to the information.

**Class A Shares** 

This section includes important information about sales charges and sales charge reduction programs available to investors in a Fund's Class A shares and describes the information or records you may need to provide to the Distributor or your financial intermediary in order to be eligible for sales charge reduction programs.

Unless you are eligible for a waiver, the public offering price you pay when you buy Class A shares is the NAV of the shares at the time of purchase, plus an initial sales charge. The initial sales charge varies depending on the size of your purchase, as set forth in the following tables. No sales charge is imposed when Class A shares are issued to you pursuant to the automatic reinvestment of income dividends or capital gains distributions. For investors investing in Class A shares through a financial intermediary, it is the responsibility of the financial intermediary to ensure that the investor obtains the proper breakpoint discount, if any.

Because the offering price is calculated to two decimal places, the dollar amount of the sales charge as a percentage of the offering price and your net amount invested for any particular purchase of Fund shares may be higher or lower depending on whether downward or upward rounding was required during the calculation process.

Class A shares (except Voya Global Bond Fund) are sold subject to the following sales charge:

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

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| | | |
|:---|:---|:---|
| **Your Investment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **As a % of** <br>**the offering price**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **As a % of net** <br>**asset value**<br>|
| Less than $50,000 | 5.75 | 6.10 |
| $50000 - $99999 | 4.50 | 4.71 |
| $100000 - $249999 | 3.50 | 3.63 |
| $250000 - $499999 | 2.50 | 2.56 |
| $500000 - $999999 | 2.00 | 2.04 |
| $1,000,000 and over<sup>1</sup> <br>| N/A | N/A |

---

Class A shares of Voya Global Bond Fund are sold subject to the following sales charge:

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| | | |
|:---|:---|:---|
| **Your Investment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **As a % of the** <br>**offering** <br>**price**<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; **As a % of net** <br>**asset value**<br>|
| Less than $100,000 | 2.50 | 2.56 |
| $100000 - $499999 | 2.00 | 2.04 |
| $500,000 and over<sup>1</sup> <br>| N/A | N/A |

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See CDSC - Class A Shares below.

Shareholders that purchased funds that were a part of the Lexington family of funds or the Aetna family of funds prior to February 2, 1998, at the time of purchase, are not subject to sales charges for the life of their account on purchases made directly with a Fund. Former Class C shareholders that were converted to Class A shares are not subject to a sales charge for the life of their account on purchases made directly with a Fund. Shareholders that exchanged Class O shares for Class A shares of a Fund are not subject to sales charges for additional purchases of Class A shares of that Fund for the life of their account.

**CDSC - Class A Shares** 

**Investments of $1,000,000 or More.** There is no front-end sales charge if you purchase Class A shares in an amount of $1,000,000 or more ($500,000 or more for Voya Global Bond Fund). However, these shares will be subject to a 1.00% CDSC if they are redeemed within 18 months of purchase (12 months of purchase for Voya Global Bond Fund).

**Class C Shares** 

Unless you are eligible for a waiver, if you sell your Class C shares within the time periods specified below, you will pay a CDSC according to the following schedules. It is the responsibility of your financial intermediary to ensure that you are credited with the proper holding period for the shares redeemed.

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**SALES CHARGES *(continued)***

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Class C shares are offered at their NAV per share without any initial sales charge. However, you may be charged a CDSC on shares that you sell within a certain period of time after you bought them. The amount of the CDSC is based on the lesser of the NAV of the shares at the time of purchase or redemption. The CDSCs are as follows:

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

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| | |
|:---|:---|
| **Years after purchase** | **CDSC on shares being sold** |
| 1st year | 1.00% |
| After 1st year |  |

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To keep your CDSC as low as possible, each time you place a request to redeem shares, a Fund will first redeem shares in your account that are not subject to a CDSC and then will sell shares that have the lowest CDSC.

There is no CDSC on shares acquired through the reinvestment of dividends and capital gains distributions.

**CDSC on Exchange into Voya Credit Income Fund (formerly, Voya Senior Income Fund)** 

You are not required to pay an applicable CDSC upon an exchange from a Fund described in this Prospectus into Voya Credit Income Fund. However, if you exchange into Voya Credit Income Fund and subsequently offer your common shares for repurchase by Voya Credit Income Fund, a Fund's CDSC will apply. After an exchange into Voya Credit Income Fund, the time period for application of the CDSC will be calculated based on the first date you acquired your shares.

**Reduced or Waived Front-End Sales Charges or CDSC** 

The sales charge and CDSC waiver categories described in this section do not apply to customers purchasing shares of a Fund through any of the financial intermediaries specified in Appendix A to this Prospectus (each a "Specified Intermediary"). In all instances, it is the investor's responsibility to notify a Fund or the investor's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts.

**Different financial intermediaries may apply different sales charge or CDSC waivers. Please refer to Appendix A for the sales charge or CDSC waivers that are applicable to each Specified Intermediary.** 

Investors in a Fund could reduce or eliminate sales charges applicable to the purchase of Class A shares through utilization of the Letter of Intent, Rights of Accumulation, or Combination Privilege. These programs are summarized below and are described in greater detail in the SAI.

You may reduce the initial sales charge on a purchase of Class A shares of a Fund by combining multiple purchases to take advantage of the breakpoints in the sales charge schedules. You may do this by:

&nbsp;&nbsp;&nbsp;&nbsp;• **Letter of Intent**—lets you purchase shares over a 13-month period and pay the same sales charge as if the shares had all been purchased at once;

&nbsp;&nbsp;&nbsp;&nbsp;• **Rights of Accumulation**—lets you add the value of shares of any open-end Voya mutual fund (excluding Voya Government Money Market Fund) you already own to the amount of your next purchase for purposes of calculating the sales charge; or

&nbsp;&nbsp;&nbsp;&nbsp;• **Combination Privilege**—shares held by investors in the Voya mutual funds which impose a CDSC may be combined with Class A shares for a reduced sales charge.

In addition, certain investors may be eligible for special purchases of Class A shares at NAV. This may be done by:

&nbsp;&nbsp;&nbsp;&nbsp;• **Reinstatement Privilege**—If you sell Class A shares of a Fund (or shares of other Voya mutual funds managed by the Adviser) and reinvest any of the proceeds in Class A shares of another Voya mutual fund within 90 days. For additional information regarding the reinstatement privilege, contact a Shareholder Services Representative or see the SAI; or

&nbsp;&nbsp;&nbsp;&nbsp;• **Purchases by Certain Accounts**—Class A shares may be purchased at NAV by certain fee-based programs offered through selected registered investment advisers, broker-dealers, and other financial intermediaries. Class A shares may also be purchased at NAV by shareholders that purchase a Fund through a financial intermediary that offers our Class A shares uniformly on a "no load" (or reduced load) basis to you and all similarly situated customers of the intermediary in accordance with the intermediary's prescribed fee schedule for purchases of fund shares, including by shareholders that purchase shares through a financial intermediary that has entered into an agreement with the Distributor to offer shares to self-directed investment brokerage accounts that may or may not charge a transaction fee to its customers.

------

**SALES CHARGES *(continued)***

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See the Account Application or the SAI for additional information regarding the reduction of Class A shares' charges, or contact your financial intermediary or a Shareholder Services Representative for more information.

**Required Shareholder Information and Records.** In order for investors in Class A shares of a Fund to take advantage of sales charge reductions, an investor or his/her financial intermediary must notify the Distributor that the investor qualifies for such reduction. If the Distributor is not notified that the investor is eligible for these reductions, the Distributor will be unable to ensure that the reduction is applied to the investor's account. An investor may have to provide certain information or records, including account statements, to his/her financial intermediary or to the Distributor to verify the investor's eligibility for breakpoint privileges or other sales charge waivers.

**CDSC Waivers.** If you notify a Fund's transfer agent, BNY Mellon Investment Servicing (US) Inc. (the "Transfer Agent"), at the time of redemption, the CDSC for Class A and Class C shares will be waived in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;• Redemptions following the death or permanent disability of a shareholder if made within one year of death or the initial determination of permanent disability. The waiver is available only for shares held at the time of death or initial determination of permanent disability.

&nbsp;&nbsp;&nbsp;&nbsp;• Redemptions for Class C shares, pursuant to a Systematic Withdrawal Plan, up to a maximum of 12% per year of a shareholder's account value based on the value of the account at the time the plan is established and annually thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;• Mandatory distributions from "employee benefit plans" or an individual retirement account ("IRA").

&nbsp;&nbsp;&nbsp;&nbsp;• Reinvestment of dividends and capital gains distributions.

In addition, the CDSC will be waived on the redemption of shares held through an intermediary if the intermediary has entered into an agreement with the Distributor to waive the CDSC. If you think you may be eligible for a CDSC waiver, contact your financial intermediary or a Shareholder Services Representative.

**Reinstatement Privilege.** If you sell Class A or Class C shares of a Fund you may be eligible for a full or prorated credit of the CDSC paid on the sale when you make an investment up to the amount redeemed in the same share class within 90 days of the eligible sale. Reinstated Class C shares will retain their original cost and purchase date for purposes of the CDSC. This privilege can be used only once per calendar year. If you want to use the Reinstatement Privilege, contact your financial intermediary or a Shareholder Services Representative, or see the SAI for more information. An investor may be asked to provide information or records, including account statements, regarding shares of a Fund held in all of the investor's accounts held directly with the Trust or through a financial intermediary; any account of the investor at another financial intermediary; and accounts of related parties of the investor, such as members of the same family or household, at any financial intermediary.

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**HOW SHARES ARE PRICED**

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Each 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 each 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 each 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 a Fund is closed for business, Fund shares will not be priced, and the Fund will not process purchase or redemption orders. To the extent a 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 each 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 a Fund's portfolio holdings, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or a 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 an independent 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 each 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 each 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: a Fund, the Distributor, or a third-party selling you a 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 a 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.**

Each 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. Each Fund and the Distributor reserve the right to waive minimum investment amounts. Waiver of the minimum investment amount can increase operating expenses of a Fund. Each Fund and the Distributor reserve the right to liquidate sufficient shares to recover annual transfer agent fees or to close your account and redeem your shares should you fail to maintain your account value minimum.

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

**Class A and Class C Shares** 

Class A and Class C shares may be purchased and sold by contacting any financial intermediary (who may impose transaction charges in addition to those described in this Prospectus) authorized to sell Fund shares. You may purchase additional shares in various ways, including through your financial adviser and by mail, telephone, on-line, and bank wire.

A shareholder's Class C shares will automatically convert to Class A shares at net asset value (without the imposition of a sales charge) on the second calendar day of the following month in which the 8th anniversary of the issuance of the Class C shares occurs, together with a *pro rata* portion of all Class C shares representing dividends and other distributions paid in additional Class C shares.

**Class I Shares** 

Class I shares may be purchased without a sales charge by: (1) qualified retirement plans such as 401(a), 401(k), or other defined contribution plans and defined benefit plans; (2) 529 college savings plans; (3) insurance companies and foundations investing for their own account; (4) wrap programs offered by broker-dealers and financial institutions; (5) accounts of, or managed by, trust departments; (6) individuals whose accounts are managed by an investment adviser representative, as stated above; (7) employees of Voya IM who are eligible to participate in "notional" bonus programs sponsored by Voya IM; (8) retirement plans affiliated with Voya Financial, Inc.; (9) Voya Financial, Inc. affiliates for purposes of corporate cash management; (10) other registered investment companies; (11) members of the Adviser's Multi-Asset Strategies & Solutions team purchasing shares of Voya Multi-Manager International Equity Fund; and (12) (a) investors purchasing Class I shares through brokerage platforms that invest in the Voya funds' Class I shares through omnibus accounts and have agreements with the Distributor to offer such shares and (b) such brokerage platforms' omnibus accounts. An investor transacting in Class I shares on such brokerage platforms may be required to pay a commission and/or other forms of compensation to the broker.

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

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**Class P Shares** 

Class P shares may only be purchased by certain Voya affiliated products, as determined by management in its discretion, in light of the expense structures of those funds, the markets in which those funds are offered, or such other factors as management may consider appropriate. Such Voya affiliated products can include: (1) other funds in the Voya family of funds; (2) collective investment trusts, common investment trusts, and separate accounts sponsored or managed by Voya affiliated entities; and (3) funds outside the Voya family of funds managed or sub-advised by a Voya affiliate.

**Class R Shares** 

Class R shares may be purchased without a sales charge. Class R shares of the Fund are continuously offered to qualified retirement plans ("Retirement Plans") including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans, IRAs, Simplified Employee Pension Plans ("SEPs"), and other accounts or plans whereby Class R shares are held on the books of the Fund through omnibus accounts (either at the plan level or the level of the plan administrator). Purchases and redemptions of shares may be made only by eligible Retirement Plans for the purpose of funding qualified retirement plans. Please refer to the plan document for information on how to direct investments in, or redemptions from, an investment option corresponding to the Fund and any fees that may apply.

The administrator of a Retirement Plan or employee benefits office can provide participants with detailed information on how to participate in the plan and how to elect the Fund as an investment option, alter the amounts contributed to the plan, or reallocate contributions. Eligible Retirement Plans generally may open an account and purchase Class R shares by contacting any broker-dealer or other financial intermediary ("Financial Service Firm") authorized to sell Class R shares of the Fund. Additional shares may be purchased through a Retirement Plan's administrator or recordkeeper. Financial Service Firms may provide or arrange for the provision of some or all of the shareholder servicing and account maintenance services required by Retirement Plan accounts and their plan participants including, without limitation, transfers of registration and dividend payee changes. Financial Service Firms may also perform other functions, including generating confirmation statements, and may arrange with plan administrators for other investment or administrative services.

Financial Service Firms may independently establish and charge Retirement Plans and plan participants transaction fees and/or other additional amounts for such services, which may change over time. Similarly, Retirement Plans may charge plan participants for certain expenses. These fees and additional amounts could reduce the investment return in Class R shares of the Fund.

**Class R6 Shares** 

Class R6 shares may be purchased without a sales charge. Class R6 shares are offered to the following investors, provided that these investors do not require a Fund or an affiliate of a Fund (including the Investment Adviser and any affiliate of the Investment Adviser) to make, and a Fund or affiliate does not pay, any type of servicing, administrative, or revenue sharing payments with respect to Class R6 shares: (1) qualified retirement plans, including, but not limited to 401(k) plans, 457 plans, employer sponsored 403(b) plans, defined benefit plans and other accounts or plans whereby Class R6 shares are held on the books of each Fund through omnibus accounts (either at the plan level or the level of the plan administrator); (2) non-qualified deferred compensation plans; (3) other registered investment companies; (4) Health Savings Accounts ("HSAs") within plan level or omnibus accounts that are held on the books of a Fund; (5) other institutional investors (including, for example, endowment funds and foundations) that: (a) meet a $1 million minimum initial investment requirement and (b) hold interests in a Fund through a single plan level account held directly through the Fund and not traded through an intermediary; and (6) wrap programs offered by broker-dealers and financial institutions that have entered into an agreement with the Distributor to offer Class R6 shares and invest through an omnibus account. Such availability will be subject to management's determination of the appropriateness of investment in Class R6 shares. Notwithstanding the above, affiliates of Voya, including affiliates that are intermediaries that sell Class R6 shares of a Fund, may benefit financially from the revenue Voya receives for the services it provides to Class R6 shares of a Fund.

Class R6 shares are not available to traditional and Roth IRAs, Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs and 529 college savings plans. Class R6 shares also are not available to adviser-sold donor-advised funds.

In addition to the above investors, certain existing Class I shareholders of each Fund may exchange all of its Class I shares for Class R6 shares of the Fund provided: (1) the shareholder meets the requirements for investment in Class R6 shares as stated above; and (2) the shareholder does not require the Fund or an affiliate of the Fund to make,

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

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and the Fund or affiliate (including the Investment Adviser and any affiliate of the Investment Adviser) does not pay, any type of servicing, administrative, or revenue sharing payments with respect to Class R6 shares. All exchanges within a Fund are subject to the discretion of the Distributor to permit or reject such exchanges.

**Class W Shares** 

Class W shares may be purchased without a sales charge by: (1) qualified retirement plans such as 401(a), 401(k), or other defined contribution plans and defined benefit plans; (2) insurance companies and foundations investing for their own account; (3) wrap programs offered by broker-dealers and financial institutions; (4) accounts of, or managed by, trust departments; (5) individuals whose accounts are managed by an investment adviser representative; (6) retirement plans affiliated with Voya Financial, Inc.; (7) Voya Financial, Inc. affiliates for purposes of corporate cash management; and (8) by other Voya mutual funds in the Voya family of funds.

In addition, Class W shares are available to the following persons through direct investment (not through broker-dealers that are not approved by Voya) into a Voya mutual fund or through a Voya approved broker-dealer (currently, Voya Financial Advisors, Inc.): (1) current and retired officers and directors/trustees of the Voya mutual funds; (2) current and retired officers, directors, and full-time employees of Voya Investments, LLC, Directed Services LLC; any Voya mutual fund's sub-adviser; Voya Investments Distributor, LLC; and any of their affiliates; (3) family members of the foregoing persons (defined as current spouse, children, parents, grandparents, grandchildren, uncles, aunts, siblings, nephews, nieces, step-relations, relations at-law, and cousins); (4) any trust, pension, profit-sharing, or other benefit plan for such persons (including family members); (5) discretionary advisory accounts of Voya Investments, LLC, Directed Services LLC, any Voya mutual fund's sub-adviser, or Voya Investments Distributor, LLC; and (6) qualifying investments made through Voya promotional programs as determined by Voya Investments Distributor, LLC.

**Retirement Plans** 

Each Fund has available prototype qualified retirement plans for corporations and self-employed individuals. Each Fund also has available prototype IRA, Roth IRA and Simple IRA plans (for both individuals and employers), Simplified Employee Pension Plans and Pension and Profit Sharing Plans. BNY Mellon Investment Servicing Trust Company acts as the custodian under these plans. For further information, contact a Shareholder Services Representative at 1-800-992-0180. BNY Mellon Investment Servicing Trust Company currently receives a $12 custodial fee annually for the maintenance of each such account.

Make your investment using the purchase minimum guidelines in the following table.

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

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| | | | |
|:---|:---|:---|:---|
| **Minimum Investments** | **Class** | **Initial Purchase** | **Subsequent Purchases** |
| Non-retirement accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A/C/W <br>I<sup>1</sup> <br>R <br>R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1,000 <br>$250,000 <br>No minimum <br>$1,000,000<br>| No minimum |
| Retirement accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A/C <br>I<sup>1</sup> <br>R/R6 <br>W<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $250 <br>$250,000 <br>No minimum <br>$1,000<br>| No minimum |
| Pre-authorized investment plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A/C/W <br>I<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1000 <br>$250000<br>| At least $100/month |
| Certain omnibus accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A/C <br>R<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $250 <br>No minimum<br>| No minimum |

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For Class I shares, there is no minimum initial investment requirement for: (i) qualified retirement plans or other defined contribution plans and defined benefit plans that invest in the Voya funds through omnibus arrangements; (ii) employees of Voya IM who are eligible to participate in "notional" bonus programs sponsored by Voya IM; (iii) (a) investors transacting in Class I shares through brokerage platforms that invest in the Voya funds' Class I shares through omnibus accounts and have agreements with the Distributor to offer such shares and (b) such brokerage platforms' omnibus accounts; or (iv) members of the Adviser's Multi-Asset Strategies & Solutions team purchasing shares of Voya Multi-Manager International Equity Fund.

Make your investment using the methods outlined in the following table. If you are a participant in a qualified retirement plan, you should make purchases through your plan administrator or sponsor, who is responsible for transmitting orders.

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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<br> 15253-4480<br>| &nbsp;&nbsp; Wire the funds in the same manner described <br> under "Opening an Account."<br>|

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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, a Fund may suspend the right of redemption as allowed by the SEC or federal securities laws.

If you are a participant in a qualified retirement plan, you should make redemptions through your plan administrator or sponsor, who is responsible for transmitting orders.

&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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**Systematic Withdrawal Plan (available only for those share classes referenced below)** 

You may elect to make periodic withdrawals from your account on a regular basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A and Class C** 

&nbsp;&nbsp;&nbsp;&nbsp;• Your account must have a current value of at least $10,000.

&nbsp;&nbsp;&nbsp;&nbsp;• Minimum withdrawal amount is $100.

&nbsp;&nbsp;&nbsp;&nbsp;• You may choose from monthly, quarterly, semi-annual or annual payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I and Class W** 

&nbsp;&nbsp;&nbsp;&nbsp;• Your account must have a current value of at least $250,000 or $1,000 for Class I and Class W shares, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;• Minimum withdrawal amount is $1,000.

&nbsp;&nbsp;&nbsp;&nbsp;• You may choose from monthly, quarterly, semi-annual or annual payments.

For additional information, contact a Shareholder Services Representative or refer to the Account Application or the SAI.

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

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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. Each 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 a Fund will not release the proceeds until your purchase 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.

Each Fund will typically pay redemption proceeds in cash using cash held by each Fund, with cash generated by each Fund through the sale of cash equivalents and other Fund assets or by borrowing cash pursuant to each Fund's line of credit. A 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. Each Fund may distribute non-cash assets in any case where it has determined, in its sole discretion, that it is advisable and in the best interests of each Fund. By way of example, where the redemption might be expected to have an unfavorable tax effect on each Fund, cases arising during a period of deteriorating market conditions or market stress, cases arising when a significant portion of each Fund's portfolio is comprised of less-liquid and/or illiquid securities, or in the case of a very large redemption that could adversely affect Fund operations. In such a case, each 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. A shareholder may incur brokerage costs in converting such assets to cash.

**Telephone Orders** 

Neither a 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. Each 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 exchanges and 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 a Fund or the Transfer Agent do not employ these procedures, they may be liable for any losses due to unauthorized or fraudulent telephone instructions.

**Small Accounts** 

Due to the relatively high cost of handling small investments, a Fund reserves the right, upon 30 days' prior written notice, to redeem at NAV (less any applicable deferred sales charge), the shares of any shareholder whose account (except for IRAs) has a total value that is less than a Fund's minimum. Before a Fund redeems such shares and sends the proceeds to the shareholder, it will notify the shareholder that the value of the shares in the account is

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

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less than the minimum amount allowed and will allow the shareholder 30 days to make an additional investment in an amount that will increase the value of the account to the minimum before the redemption is processed. Your account will not be closed if its drop in value is due to Fund performance.

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**HOW TO EXCHANGE SHARES**

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**Exchanges Between Voya Mutual Funds** 

You may exchange shares of a Fund for shares of the same class of any other Voya mutual fund, except for Voya Corporate Leaders<sup>®</sup> Trust Fund, without paying any additional sales charge, if you otherwise meet the eligibility requirements of the class of shares of the Voya mutual fund to be received in the exchange. If you purchase Class A shares of Voya Government Money Market Fund and did not pay a sales charge, you must pay the applicable sales charge on an exchange into Class A shares of another Voya mutual fund.

If you exchange shares of a Fund that are subject to a CDSC into shares of another Voya mutual fund that are subject to a CDSC, the CDSC will continue to apply to your new shares at the same CDSC rate that was applicable to your original shares. Your new shares will continue to age for CDSC purposes from the date that the original shares were purchased.

**Exchanges Between Classes of a Fund** 

You may exchange Class C and Class W shares for Class I shares within a Fund, or you may exchange Class A shares and Class I shares for any other class within a Fund, if you otherwise meet the eligibility requirements of the class of shares to be received in the exchange, or you may exchange Class C shares for Class A shares within a Fund, except that: (1) you may not exchange shares that are subject to a CDSC until the CDSC period has expired, unless the Distributor approves the exchange and determines that no CDSC is payable in connection with the exchange; (2) you may not exchange Class A shares for Class W shares unless you acquired the Class A shares through a Voya approved broker-dealer (currently, Voya Financial Advisors, Inc.); and (3) you may not exchange Class C shares for Class A shares unless your intermediary has agreed to waive its right to receive the front-end sales charge that otherwise would be applicable to the Class A shares. Class C shares will automatically convert to Class A shares of the same Fund after they have been held for 8 years. Last, you may exchange Class P shares for Class I shares within a Fund if you are no longer eligible for Class P shares and otherwise meet the eligibility requirements of Class I shares.

Certain existing Class I shareholders of a Fund may exchange their Class I shares for Class R6 shares of the Fund provided: (1) the shareholder meets the requirements for investment in Class R6 shares as stated in the section of this Prospectus entitled "How to Buy Shares"; and (2) the shareholder does not require the Fund or an affiliate (including the Investment Adviser and any affiliate of the Investment Adviser) of the Fund to make, and the Fund or affiliate does not pay, any type of servicing, administrative, or revenue sharing payments with respect to Class R6 shares.

All exchanges within a Fund are subject to the discretion of the Distributor to permit or reject such exchanges. Shareholders generally should not recognize gain or loss for U.S. federal income tax purposes from an exchange between classes of shares within a Fund provided that the transaction is undertaken and processed, with respect to any shareholder, as a direct exchange transaction. Shareholders should consult their tax advisors as to the federal, state, local, and non-U.S. tax consequences of an exchange between classes of shares within a Fund.

Exchanges between classes of shares within a Fund are not subject to the frequent trading and market timing policies of Voya mutual funds.

**Additional Information About Exchanges** 

Fees and expenses differ among Voya mutual funds and among share classes of the same fund. Please read the prospectus for the Voya mutual fund and share class you are interested in prior to exchanging into that Voya mutual fund or share class. Contact your financial intermediary or consult your plan documents for additional information.

An exchange of shares of a Fund for shares of another Voya mutual fund is treated as a sale and purchase of shares and may result in the recognition of a gain or loss for federal and state income tax purposes. For exchanges between Voya mutual funds, you should consult your own tax advisor for advice about the particular federal, state, and local tax consequences to you of the exchange. The total value of shares being exchanged must at least equal the minimum investment requirement of the Voya mutual fund into which they are being exchanged.

If you exchange into Voya Credit Income Fund, your ability to sell or liquidate your investment will be limited. Voya Credit Income Fund is a closed-end interval fund and does not redeem its shares on a daily basis. It is not expected that a secondary market for Voya Credit Income Fund's shares will develop, so you will not be able to sell them through a broker or other investment professional. To provide a measure of liquidity, Voya Credit Income Fund will normally make monthly repurchase offers for not less than 5% of its outstanding common shares. If more than 5% of Voya Credit Income Fund's common shares are tendered, you may not be able to completely liquidate your holdings in any one month. You also would not have liquidity between these monthly repurchase dates. Investors exercising the exchange

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**HOW TO EXCHANGE SHARES *(continued)***

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privilege into Voya Credit Income Fund should carefully review the prospectus of that fund. Investors may obtain a copy of the Voya Credit Income Fund prospectus or any other Voya mutual fund prospectus by calling 1-800-992-0180 or by going to www.voyainvestments.com.

In addition to each Fund available in this Prospectus, the Distributor offers many other funds. Shareholders exercising the exchange privilege with any other Voya mutual fund should carefully review the prospectus of that fund before exchanging their shares. Investors may obtain a copy of a prospectus of any Voya mutual fund not discussed in this Prospectus by calling 1-800-992-0180 or by going to www.voyainvestments.com.

You will automatically have the ability to request an exchange between Voya mutual funds by calling a Shareholder Services Representative unless you mark the box on the Account Application that indicates that you do not wish to have the telephone exchange privilege. Each Fund may change or cancel its exchange policies at any time, upon 60 days' prior notice to shareholders.

**Systematic Exchange Privilege** 

Subject to the information and limitations outlined above, you may elect to have a specified dollar amount of shares systematically exchanged, monthly, quarterly, semi-annually, or annually from your account to an identically registered account in the same class of any other open-end Voya mutual fund, except for Voya Corporate Leaders<sup>®</sup> Trust Fund. This exchange privilege may be modified at any time or terminated upon 60 days' prior written notice to shareholders.

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**FREQUENT TRADING - MARKET TIMING**

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Each 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 a Fund. Each Fund reserves the right, in its sole discretion and without prior notice, to reject, restrict, or refuse purchase orders whether directly or by exchange, 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, whether directly or by exchange; 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. A Fund will not be liable for any loss resulting from rejected orders or other actions as described above.

Each 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 a 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 a 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 a 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. Each 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 a 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 each Fund. In general, shareholders may make exchanges among their accounts with Voya mutual funds once every 30 days. However, each Fund prohibits frequent trading. Each Fund has defined frequent trading as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Any shareholder or financial adviser initiated exchanges among all their accounts with a Fund within 30 calendar days of a previous exchange. All exchanges occurring on the same day for all accounts (individual, IRA, 401(k), etc.) beneficially owned by the same shareholder will be treated as a single transaction for purposes of this policy;

&nbsp;&nbsp;&nbsp;&nbsp;• Trading deemed harmful or excessive by a Fund (including but not limited to patterns of purchases and redemptions), in its sole discretion; and

&nbsp;&nbsp;&nbsp;&nbsp;• Trades initiated by financial advisers, among multiple shareholder accounts, that in the aggregate are deemed harmful or excessive.

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

&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;• Purchases and sales of funds that affirmatively permit short-term trading;

&nbsp;&nbsp;&nbsp;&nbsp;• Rebalancing to facilitate fund-of-fund arrangements or a Fund's systematic exchange privileges;

&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales initiated by Voya mutual funds; and

&nbsp;&nbsp;&nbsp;&nbsp;• Transactions subject to the trading policy of an intermediary that a Fund deems materially similar to the Fund's policy.

Please note that while money market funds permit short-term trading, an exchange between a money market fund and another fund that does not permit short-term trading will count as an exchange for purposes of this policy.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• Upon the first violation of this policy in a calendar year, purchase and exchange privileges shall be suspended for 90 days. For example, if an exchange is initiated on February 1st, and a second exchange is initiated on February 15th, trading privileges shall be suspended for 90 days from February 1st.

&nbsp;&nbsp;&nbsp;&nbsp;• Upon a second violation in a calendar year, purchase and exchange privileges shall be suspended for 180 days.

&nbsp;&nbsp;&nbsp;&nbsp;• No purchases or exchanges will be permitted in the account and all related accounts bearing the same Tax ID or equivalent identifier.

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

Each 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 a Fund will occur. Moreover, in enforcing such restrictions, a Fund is often required to make decisions that are inherently subjective. Each 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 a 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 a 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, a 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 a Fund is used in certain retirement plans offered by affiliates. With trading information received as a result of the agreements, a 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 a 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 each 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 each 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 each 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 each Fund's shares held by the broker-dealer's customers; or (2) 0.30% of the value of each 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 each Fund or its shareholders, may provide additional cash or non-cash compensation to intermediaries selling shares of each Fund, including affiliates of Voya. These amounts would be in addition to the distribution payments made by each 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 each 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. 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:

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

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Advisor Group, Inc.; Ameriprise Financial Services, LLC; Broadridge Business Process Outsourcing, LLC; Cetera Financial Holdings, Inc.; Charles Schwab & Co. Inc.; Directed Services LLC; E\*trade Securities, LLC; Fidelity Distributors Company LLC; J.P. Morgan Securities, LLC; LPL Financial, LLC; Merrill Lynch, Pierce, Fenner & Smith Inc.; Mid Atlantic Financial Management, Inc.; Morgan Stanley; National Financial Services, LLC; Pershing, LLC; Prudential Insurance Company of America; Raymond James & Associates, Inc.; RBC Capital Markets, LLC; ReliaStar Life Insurance Company of New York; TD Ameritrade Clearing, Inc.; UBS Financial Services, Inc.; USI Securities, Inc.; Voya Financial Advisors, 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.

**Class R6** 

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 financial intermediaries. Each Voya mutual fund also has an investment adviser which is responsible for managing the money invested in each of the mutual funds. No dealer compensation is paid from the sale of Class R6 shares of a Fund. Class R6 shares do not have sales commissions, pay 12b-1 fees, or make payments to financial intermediaries for assisting the Distributor in promoting the sales of a Fund's shares. In addition, neither a Fund nor its affiliates (including the Investment Adviser and any affiliate of the Investment Adviser) make any type of administrative, service, or revenue sharing payments in connection with Class R6 shares. Notwithstanding the foregoing, affiliates of Voya, including affiliates that are intermediaries that sell Class R6 shares of a Fund, may benefit financially from the revenue Voya receives for the services it provides to Class R6 shares of a Fund.

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**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

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**Dividends and Distributions** 

Each Fund generally distributes most or all of its net earnings in the form of dividends, consisting of ordinary income and capital gains distributions. Each Fund distributes capital gains, if any, annually. Each Fund (except for Voya Global Bond Fund, Voya Global High Dividend Low Volatility Fund, and Voya International High Dividend Low Volatility Fund) also declares dividends and pays dividends consisting of ordinary income, if any, annually. Voya Global High Dividend Low Volatility Fund and Voya International High Dividend Low Volatility Fund declare and distribute dividends consisting of ordinary income, if any, quarterly; and Voya Global Bond Fund declares dividends daily and distributes dividends consisting of ordinary income, if any, monthly.

From time to time a portion of a Fund's distributions may constitute a return of capital. To comply with federal tax regulations, each Fund may also pay an additional capital gains distribution.

**Dividend Reinvestment** 

Unless you instruct a 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 a Fund invested in another Voya mutual fund that offers the same class of shares.

**Taxes** 

The tax discussion in this Prospectus is only a summary of certain U.S. federal income tax issues generally affecting each Fund and its shareholders. The following assumes that each Fund's shares will be capital assets in the hands of a shareholder. Circumstances among investors may vary, so you are encouraged to discuss an investment in a Fund with your tax advisor.

Each 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 a 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 federal income taxes and may also be subject to state or local taxes. For mutual funds generally, 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 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 a Fund will be subject to tax at the lower rates applicable to net capital gains, provided that the shareholder meets certain holding period and other requirements with respect to its shares.

Selling or exchanging 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 an ordinary redemption of shares or an exchange of shares between two mutual funds. Any such capital gain or loss will generally be long term if the shares sold or exchanged were held for more than one year; otherwise, such gain or loss will be short term. Any capital loss incurred on the sale or exchange 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 sale, redemption or exchange 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.

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

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

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

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An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds certain threshold amounts.

Each 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.

Shareholders that invest in a 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 sale or exchange 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.

Foreign shareholders invested in a 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, a Fund will withhold 30% (or lower applicable treaty rate) on distributions to foreign shareholders.

**Foreign Taxes**. Investment income and proceeds received by a 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 a Fund to a reduced rate of such taxes or exemption from taxes on such income or proceeds. It is impossible to determine the effective rate of foreign tax for a Fund in advance since the amount of the assets to be invested within various countries is not known.

If more than 50% in value of a Fund's total assets at the close of its taxable year consists of stock or securities of foreign corporations, or if at least 50% of the value of a Fund's total assets at the close of each quarter of its taxable year is represented by interests in other regulated investment companies, the Fund may elect (the "Foreign Election") to "pass through" to its shareholders the amount of foreign income and similar foreign taxes paid or deemed paid by it. If a Fund so elects, each of its shareholders would be required to include in gross income, even though not actually received, its *pro rata* share of such foreign taxes paid or deemed paid by the Fund, but would be treated as having paid its *pro rata* share of such foreign taxes and would therefore be allowed to either deduct such amount in computing taxable income or use such amount (subject to various limitations) as a foreign tax credit against federal income tax (but not both). It is anticipated that each Fund will qualify to make the Foreign Election; however, each Fund cannot be certain that it will be eligible to make such an election or that you will be eligible for the foreign tax credit.

**Cost Basis Reporting.** The Internal Revenue Service requires mutual fund companies and brokers to report on Form 1099-B the cost basis on the sale or exchange of Fund shares acquired on or after January 1, 2012 ("covered shares"). If you acquire and hold shares directly through a 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 www.voyainvestments.com or via a touch tone 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** 

Each 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 www.voyainvestments.com, or see the privacy promise that accompanies any Prospectus obtained by mail.

**Householding** 

To reduce expenses, we may mail only one copy of a 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.

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**INDEX DESCRIPTIONS**

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The Bloomberg Global Aggregate Index provides a broad-based measure of global investment-grade debt markets.

The FTSE Developed ex US Select Factor Index is designed to capture explicit exposure to a broad set of five factors contributing to developed equity market performance outside of the United States. These five factors include Momentum, Quality, Size, Value and Volatility. The index is part of the FTSE Global Factor Index Series, and has been customized to minimize trading costs through a narrowing of index constituents while still maintaining strong factor exposure.

The FTSE Emerging Plus Korea Select Factor Index, based on the FTSE Emerging Comprehensive Factor Index, is designed to capture risk premium through exposure to five factors that contribute to emerging market equity performance. These five factors include Momentum, Quality, Size, Value and Low Volatility.

The FTSE Global Factor Index Series is a suite of single and multi-factor indexes offering extensive global coverage across 16 starting universes and 6 equity risk premia factors. The benchmarks are designed to represent the performance of specific factor characteristics for which there is broad academic and empirical evidence of long-term outperformance versus the market capitalization index.

The Voya Multi-Manager Emerging Markets Equity Fund and Voya Multi-Manager International Factors Fund are not sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") (the "Licensor Party") and the Licensor Party does not make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of its indices and/or the figure at which an index stands at any particular time on any particular day or otherwise. The indices are compiled and calculated by FTSE. The Licensor Party shall not be liable (whether in negligence or otherwise) to any person for any error in an Index and the Licensor Party shall not be under any obligation to advise any person of any error therein. FTSE<sup>®</sup>, FT-SE<sup>®</sup>, Footsie<sup>®</sup>, FTSE4Good<sup>®</sup> and techMARK<sup>®</sup> are trademarks of the Exchange and FT and are used by FTSE under license. All-World<sup>®</sup>, All-Share<sup>®</sup> and All-Small<sup>®</sup> are trademarks of FTSE.

The MSCI All Country World ex-U.S. Index <sup>SM</sup> is a free-float adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets, excluding the United States.

The MSCI Emerging Markets Index<sup>SM</sup> measures the performance of securities listed on exchanges in developing nations throughout the world.

The MSCI EAFE<sup>®</sup> Index measures the performance of securities listed on exchanges in Europe, Australasia, and the Far East.

The MSCI EAFE<sup>®</sup> Small Cap Index measures the performance of small-capitalization stocks in European, Australasian, and Far Eastern markets.

The MSCI EAFE<sup>®</sup> Value Index captures large and mid cap securities exhibiting overall value style characteristics across developed markets countries around the world, excluding the U.S. and Canada.

The MSCI World Value Index<sup>SM</sup> captures large and mid cap securities exhibiting overall value style characteristics across 23 developed markets countries.

The S&P Developed ex-U.S. Small Cap Index is a float-adjusted index which captures the bottom 15% of companies in the developed markets, based on the cumulative market capitalization of each country, excluding the United States, within the S&P Global Broad Market Index, which covers all publicly listed equities in 47 countries with a float-adjusted market capitalization of U.S. $100 million or greater and a minimum annual trading liquidity of U.S. $50 million.

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**FINANCIAL HIGHLIGHTS**

------

The financial highlights table is intended to help you understand a Fund's financial performance for the periods shown. Certain information reflects the financial results for a single share. The total returns in the table represent the rate of return that an investor would have earned or lost on an investment in a Fund (assuming reinvestment of all dividends and/or distributions). The information for the fiscal years ended October 31, 2020, October 31, 2021, and October 31, 2022 has been audited by Ernst & Young LLP, whose report, along with a Fund's financial statements, is included in a Fund's Annual Report, which is available upon request. The information for the prior fiscal years or periods was audited by a different independent public accounting firm.

Because Class R6 shares of Voya Multi-Manager International Small Cap Fund had not commenced operations as of the fiscal year ended October 31, 2022, such share class financial highlights are not presented; however, financial highlights for Class A shares are presented for the Fund. Financial Highlights would differ only to the extent that Class R6 shares and Class A shares have different fees and expenses.

------

**FINANCIAL HIGHLIGHTS *(continued)***

------

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

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

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss)** <br>**from** <br>**investment** <br>**operations** | **Income (loss)** <br>**from** <br>**investment** <br>**operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental** <br>**data** | **Supplemental** <br>**data** |
|  | Net asset value, beginning <br>of year or period | Net investment income (loss) | Net realized and unrealized <br>gain (loss) | Total from investment <br>operations | From net investment income | From net realized gains | From return of capital | Total distributions | Payments from distribution settlement/affiliate | Net asset value, end of year or period | **Total Return**<sup>(1)</sup> | Expenses before <br>reductions/additions<sup>(2)(3)</sup> <br>| Expenses, net of fee waivers <br>and/or recoupments, if any<sup>(2)(3)</sup> <br>| Expenses net of all <br>reductions/additions<sup>(2)(3)</sup> <br>| Net investment income <br>(loss)<sup>(2)(3)</sup> <br>| Net assets, end of year or period | Portfolio turnover rate |
| Year or Period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** | **Voya Global Bond Fund** |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 9.34 | 0.17<sup>•</sup> | (2.21) | (2.04) | 0.00\* |  | 0.32 | 0.32 |  | 6.98 | **(22.22)** | 1.05 | 0.90 | 0.90 | 2.04 | 23251 | 218 |
| 10-31-21 | 9.77 | 0.18<sup>•</sup> <br>| (0.19) | (0.01) | 0.04 |  | 0.38 | 0.42 |  | 9.34 | **(0.18)** | 1.02 | 0.90 | 0.90 | 1.90 | 34657 | 191 |
| 10-31-20 | 9.74 | 0.26 | 0.20 | 0.46 | 0.32 | 0.06 | 0.05 | 0.43 |  | 9.77 | **4.88** | 1.02 | 0.90 | 0.90 | 2.67 | 34928 | 208 |
| 10-31-19 | 9.40 | 0.25 | 0.51 | 0.76 | 0.37 |  | 0.05 | 0.42 |  | 9.74 | **8.27** | 1.05 | 0.90 | 0.90 | 2.69 | 33186 | 247 |
| 10-31-18 | 9.94 | 0.30<sup>•</sup> <br>| (0.42) | (0.12) | 0.18 |  | 0.24 | 0.42 |  | 9.40 | **(1.32)** | 1.05 | 0.91 | 0.91 | 3.08 | 32989 | 105 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 9.29 | 0.10<sup>•</sup> | (2.18) | (2.08) | 0.00\* |  | 0.26 | 0.26 |  | 6.95 | **(22.73)** | 1.80 | 1.65 | 1.65 | 1.27 | 1139 | 218 |
| 10-31-21 | 9.71 | 0.11<sup>•</sup> <br>| (0.18) | (0.07) | 0.03 |  | 0.32 | 0.35 |  | 9.29 | **(0.85)** | 1.77 | 1.65 | 1.65 | 1.18 | 3262 | 191 |
| 10-31-20 | 9.69 | 0.19<sup>•</sup> <br>| 0.18 | 0.37 | 0.24 | 0.06 | 0.05 | 0.35 |  | 9.71 | **4.00** | 1.77 | 1.65 | 1.65 | 1.94 | 4709 | 208 |
| 10-31-19 | 9.35 | 0.19<sup>•</sup> <br>| 0.50 | 0.69 | 0.30 |  | 0.05 | 0.35 |  | 9.69 | **7.49** | 1.80 | 1.65 | 1.65 | 1.96 | 9172 | 247 |
| 10-31-18 | 9.88 | 0.23<sup>•</sup> <br>| (0.42) | (0.19) | 0.10 |  | 0.24 | 0.34 |  | 9.35 | **(1.99)** | 1.80 | 1.66 | 1.66 | 2.34 | 12578 | 105 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 9.29 | 0.19<sup>•</sup> | (2.19) | (2.00) | 0.00\* |  | 0.34 | 0.34 |  | 6.95 | **(21.94)** | 0.71 | 0.65 | 0.65 | 2.29 | 107231 | 218 |
| 10-31-21 | 9.72 | 0.20<sup>•</sup> <br>| (0.19) | 0.01 | 0.04 |  | 0.40 | 0.44 |  | 9.29 | **0.05** | 0.67 | 0.65 | 0.65 | 2.05 | 160932 | 191 |
| 10-31-20 | 9.69 | 0.28<sup>•</sup> <br>| 0.20 | 0.48 | 0.34 | 0.06 | 0.05 | 0.45 |  | 9.72 | **5.15** | 0.67 | 0.65 | 0.65 | 2.90 | 36988 | 208 |
| 10-31-19 | 9.35 | 0.29 | 0.49 | 0.78 | 0.39 |  | 0.05 | 0.44 |  | 9.69 | **8.57** | 0.71 | 0.65 | 0.65 | 2.92 | 55250 | 247 |
| 10-31-18 | 9.89 | 0.33<sup>•</sup> <br>| (0.42) | (0.09) | 0.21 |  | 0.24 | 0.45 |  | 9.35 | **(1.06)** | 0.71 | 0.66 | 0.66 | 3.33 | 35067 | 105 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 9.35 | 0.15<sup>•</sup> | (2.21) | (2.06) | 0.00\* |  | 0.29 | 0.29 |  | 7.00 | **(22.39)** | 1.30 | 1.15 | 1.15 | 1.79 | 4449 | 218 |
| 10-31-21 | 9.77 | 0.16<sup>•</sup> <br>| (0.20) | (0.04) | 0.03 |  | 0.35 | 0.38 |  | 9.35 | **(0.44)** | 1.27 | 1.15 | 1.15 | 1.65 | 6170 | 191 |
| 10-31-20 | 9.73 | 0.23 | 0.20 | 0.43 | 0.28 | 0.06 | 0.05 | 0.39 |  | 9.77 | **4.60** | 1.27 | 1.15 | 1.15 | 2.43 | 6249 | 208 |
| 10-31-19 | 9.38 | 0.23 | 0.51 | 0.74 | 0.34 |  | 0.05 | 0.39 |  | 9.73 | **8.01** | 1.30 | 1.15 | 1.15 | 2.44 | 6313 | 247 |
| 10-31-18 | 9.91 | 0.28 | (0.42) | (0.14) | 0.15 |  | 0.24 | 0.39 |  | 9.38 | **(1.47)** | 1.30 | 1.16 | 1.16 | 2.85 | 6263 | 105 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 9.32 | 0.19<sup>•</sup> | (2.19) | (2.00) | 0.00\* |  | 0.35 | 0.35 |  | 6.97 | **(21.94)** | 0.62 | 0.62 | 0.62 | 2.32 | 76691 | 218 |
| 10-31-21 | 9.75 | 0.21<sup>•</sup> <br>| (0.20) | 0.01 | 0.04 |  | 0.40 | 0.44 |  | 9.32 | **0.08** | 0.61 | 0.61 | 0.61 | 2.19 | 103575 | 191 |
| 10-31-20 | 9.72 | 0.28 | 0.20 | 0.48 | 0.34 | 0.06 | 0.05 | 0.45 |  | 9.75 | **5.17** | 0.62 | 0.62 | 0.62 | 2.93 | 116095 | 208 |
| 10-31-19 | 9.38 | 0.28<sup>•</sup> <br>| 0.51 | 0.79 | 0.40 |  | 0.05 | 0.45 |  | 9.72 | **8.58** | 0.66 | 0.65 | 0.65 | 2.89 | 114682 | 247 |
| 10-31-18 | 9.92 | 0.33<sup>•</sup> <br>| (0.42) | (0.09) | 0.21 |  | 0.24 | 0.45 |  | 9.38 | **(1.02)** | 0.67 | 0.66 | 0.66 | 3.34 | 69687 | 105 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 9.17 | 0.19<sup>•</sup> | (2.17) | (1.98) | 0.00\* |  | 0.33 | 0.33 |  | 6.86 | **(22.04)** | 0.80 | 0.65 | 0.65 | 2.30 | 53389 | 218 |
| 10-31-21 | 9.57 | 0.21<sup>•</sup> <br>| (0.18) | 0.03 | 0.04 |  | 0.39 | 0.43 |  | 9.17 | **0.18** | 0.77 | 0.65 | 0.65 | 2.19 | 90343 | 191 |
| 10-31-20 | 9.53 | 0.27<sup>•</sup> <br>| 0.20 | 0.47 | 0.32 | 0.06 | 0.05 | 0.43 |  | 9.57 | **5.14** | 0.77 | 0.65 | 0.65 | 2.85 | 133137 | 208 |
| 10-31-19 | 9.18 | 0.28 | 0.50 | 0.78 | 0.38 |  | 0.05 | 0.43 |  | 9.53 | **8.63** | 0.80 | 0.65 | 0.65 | 2.93 | 78002 | 247 |
| 10-31-18 | 9.71 | 0.32 | (0.42) | (0.10) | 0.19 |  | 0.24 | 0.43 |  | 9.18 | **(1.09)** | 0.80 | 0.66 | 0.66 | 3.36 | 70360 | 105  |

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See Accompanying Notes to Financial Highlights

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**FINANCIAL HIGHLIGHTS *(continued)***

------

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

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss)**<br> **from** <br> **investment**<br> **operations** | **Income (loss)**<br> **from** <br> **investment**<br> **operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental**<br> **data** | **Supplemental**<br> **data** |
|  | Net asset value, beginning <br>of year or period | Net investment income (loss) | Net realized and unrealized <br>gain (loss) | Total from investment <br>operations | From net investment income | From net realized gains | From return of capital | Total distributions | Payments from distribution settlement/affiliate | Net asset value, end of year or period | **Total Return**<sup>(1)</sup> | Expenses before <br>reductions/additions<sup>(2)(3)</sup> | Expenses, net of fee waivers <br>and/or recoupments, if any<sup>(2)(3)</sup> | Expenses net of all <br>reductions/additions<sup>(2)(3)</sup> | Net investment income <br>(loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or Period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Global High Dividend Low Volatility Fund** | **Voya Global High Dividend Low Volatility Fund** | **Voya Global High Dividend Low Volatility Fund** | **Voya Global High Dividend Low Volatility Fund** | **Voya Global High Dividend Low Volatility Fund** | **Voya Global High Dividend Low Volatility Fund** | **Voya Global High Dividend Low Volatility Fund** | **Voya Global High Dividend Low Volatility Fund** | **Voya Global High Dividend Low Volatility Fund** | **Voya Global High Dividend Low Volatility Fund** | **Voya Global High Dividend Low Volatility Fund** | **Voya Global High Dividend Low Volatility Fund** | **Voya Global High Dividend Low Volatility Fund** | **Voya Global High Dividend Low Volatility Fund** | **Voya Global High Dividend Low Volatility Fund** | **Voya Global High Dividend Low Volatility Fund** | **Voya Global High Dividend Low Volatility Fund** | **Voya Global High Dividend Low Volatility Fund** |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 41.58 | 1.23<sup>•</sup> | (3.53) | (2.30) | 0.96 |  |  | 0.96 |  | 38.32 | **(5.56)** | 1.00 | 0.85 | 0.85 | 3.06 | 205989 | 67 |
| 10-31-21 | 32.14 | 0.82<sup>•</sup> <br>| 9.46 | 10.28 | 0.84 |  |  | 0.84 |  | 41.58 | **32.16** | 1.01 | 0.85 | 0.85 | 2.10 | 230663 | 75 |
| 10-31-20 | 36.30 | 0.75<sup>•</sup> <br>| (4.16) | (3.41) | 0.73 |  | 0.02 | 0.75 |  | 32.14 | **(9.35)** | 1.03 | 0.85 | 0.85 | 2.20 | 191019 | 61 |
| 10-31-19 | 33.99 | 0.96 | 2.41 | 3.37 | 1.06 |  |  | 1.06 |  | 36.30 | **10.12** | 1.03 | 0.85 | 0.85 | 2.72 | 170817 | 77 |
| 10-31-18 | 35.74 | 0.67<sup>•</sup> <br>| (1.07) | (0.40) | 1.35 |  |  | 1.35 |  | 33.99 | **(1.29)** | 1.33 | 1.11 | 1.11 | 1.86 | 164032 | 140 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 38.61 | 0.84<sup>•</sup> | (3.25) | (2.41) | 0.69 |  |  | 0.69 |  | 35.51 | **(6.28)** | 1.75 | 1.60 | 1.60 | 2.25 | 4208 | 67 |
| 10-31-21 | 29.90 | 0.48<sup>•</sup> <br>| 8.81 | 9.29 | 0.58 |  |  | 0.58 |  | 38.61 | **31.17** | 1.76 | 1.60 | 1.60 | 1.33 | 6174 | 75 |
| 10-31-20 | 33.77 | 0.46<sup>•</sup> <br>| (3.84) | (3.38) | 0.47 |  | 0.02 | 0.49 |  | 29.90 | **(9.99)** | 1.78 | 1.60 | 1.60 | 1.41 | 5795 | 61 |
| 10-31-19 | 31.64 | 0.64<sup>•</sup> <br>| 2.25 | 2.89 | 0.76 |  |  | 0.76 |  | 33.77 | **9.30** | 1.78 | 1.60 | 1.60 | 1.99 | 33041 | 77 |
| 10-31-18 | 33.14 | 0.37<sup>•</sup> <br>| (1.01) | (0.64) | 0.86 |  |  | 0.86 |  | 31.64 | **(2.06)** | 2.08 | 1.86 | 1.86 | 1.11 | 48210 | 140 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 41.96 | 1.37<sup>•</sup> | (3.59) | (2.22) | 1.06 |  |  | 1.06 |  | 38.68 | **(5.33)** | 0.65 | 0.60 | 0.60 | 3.36 | 44628 | 67 |
| 10-31-21 | 32.43 | 0.93<sup>•</sup> <br>| 9.54 | 10.47 | 0.94 |  |  | 0.94 |  | 41.96 | **32.47** | 0.67 | 0.60 | 0.60 | 2.36 | 58145 | 75 |
| 10-31-20 | 36.63 | 0.85 | (4.21) | (3.36) | 0.82 |  | 0.02 | 0.84 |  | 32.43 | **(9.13)** | 0.69 | 0.60 | 0.60 | 2.45 | 45136 | 61 |
| 10-31-19 | 34.30 | 1.05 | 2.44 | 3.49 | 1.16 |  |  | 1.16 |  | 36.63 | **10.41** | 0.70 | 0.60 | 0.60 | 2.96 | 32357 | 77 |
| 10-31-18 | 36.12 | 0.77<sup>•</sup> <br>| (1.08) | (0.31) | 1.51 |  |  | 1.51 |  | 34.30 | **(1.05)** | 1.00 | 0.86 | 0.86 | 2.11 | 29178 | 140 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 41.94 | 1.35<sup>•</sup> | (3.56) | (2.21) | 1.07 |  |  | 1.07 |  | 38.66 | **(5.30)** | 0.63 | 0.57 | 0.57 | 3.33 | 118 | 67 |
| 10-31-21 | 32.41 | 1.01<sup>•</sup> <br>| 9.48 | 10.49 | 0.96 |  |  | 0.96 |  | 41.94 | **32.57** | 1.27 | 0.57 | 0.57 | 2.49 | 126 | 75 |
| 02-28-20<sup>(4)</sup> - 10-31-20 | 34.25 | 0.59<sup>•</sup> <br>| (1.75) | (1.16) | 0.67 |  | 0.01 | 0.68 |  | 32.41 | **(3.26)** | 2.03 | 0.57 | 0.57 | 2.68 | 3 | 61 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 41.93 | 1.35<sup>•</sup> | (3.57) | (2.22) | 1.06 |  |  | 1.06 |  | 38.65 | **(5.33)** | 0.75 | 0.60 | 0.60 | 3.33 | 3266 | 67 |
| 10-31-21 | 32.40 | 0.92<sup>•</sup> <br>| 9.55 | 10.47 | 0.94 |  |  | 0.94 |  | 41.93 | **32.51** | 0.76 | 0.60 | 0.60 | 2.35 | 3745 | 75 |
| 10-31-20 | 36.60 | 0.83<sup>•</sup> <br>| (4.19) | (3.36) | 0.82 |  | 0.02 | 0.84 |  | 32.40 | **(9.14)** | 0.78 | 0.60 | 0.60 | 2.42 | 3117 | 61 |
| 10-31-19 | 34.27 | 1.04<sup>•</sup> <br>| 2.45 | 3.49 | 1.16 |  |  | 1.16 |  | 36.60 | **10.42** | 0.78 | 0.60 | 0.60 | 2.97 | 2523 | 77 |
| 10-31-18 | 36.09 | 0.75<sup>•</sup> <br>| (1.07) | (0.32) | 1.50 |  |  | 1.50 |  | 34.27 | **(1.07)** | 1.08 | 0.86 | 0.86 | 2.07 | 2549 | 140 |
| **Voya International High Dividend Low Volatility Fund** | **Voya International High Dividend Low Volatility Fund** | **Voya International High Dividend Low Volatility Fund** | **Voya International High Dividend Low Volatility Fund** | **Voya International High Dividend Low Volatility Fund** | **Voya International High Dividend Low Volatility Fund** | **Voya International High Dividend Low Volatility Fund** | **Voya International High Dividend Low Volatility Fund** | **Voya International High Dividend Low Volatility Fund** | **Voya International High Dividend Low Volatility Fund** | **Voya International High Dividend Low Volatility Fund** | **Voya International High Dividend Low Volatility Fund** | **Voya International High Dividend Low Volatility Fund** | **Voya International High Dividend Low Volatility Fund** | **Voya International High Dividend Low Volatility Fund** | **Voya International High Dividend Low Volatility Fund** | **Voya International High Dividend Low Volatility Fund** | **Voya International High Dividend Low Volatility Fund** |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 10.35 | 0.37<sup>•</sup> | (2.16) | (1.79) | 0.37 |  |  | 0.37 |  | 8.19 | **(17.72)** | 2.02 | 0.90 | 0.90 | 3.87 | 5620 | 72 |
| 10-31-21 | 8.31 | 0.28<sup>•</sup> <br>| 2.00 | 2.28 | 0.24 |  |  | 0.24 |  | 10.35 | **27.49** | 1.95 | 0.90 | 0.90 | 2.74 | 5620 | 71 |
| 10-31-20 | 9.75 | 0.18 | (1.36) | (1.18) | 0.26 |  |  | 0.26 |  | 8.31 | **(12.22)** | 1.97 | 0.90 | 0.90 | 2.06 | 4351 | 59 |
| 10-31-19 | 10.10 | 0.30 | 0.39 | 0.69 | 0.31 | 0.73 |  | 1.04 |  | 9.75 | **7.72** | 1.73 | 0.89 | 0.89 | 3.18 | 4860 | 60 |
| 10-31-18 | 11.73 | 0.32 | (1.06) | (0.74) | 0.58 | 0.31 |  | 0.89 |  | 10.10 | **(6.95)** | 1.72 | 0.85 | 0.85 | 2.85 | 4470 | 129  |

---

See Accompanying Notes to Financial Highlights

------

**FINANCIAL HIGHLIGHTS *(continued)***

------

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

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss)**<br> **from** <br> **investment**<br> **operations** | **Income (loss)**<br> **from** <br> **investment**<br> **operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental**<br> **data** | **Supplemental**<br> **data** |
|  | Net asset value, beginning <br>of year or period | Net investment income (loss) | Net realized and unrealized <br>gain (loss) | Total from investment <br>operations | From net investment income | From net realized gains | From return of capital | Total distributions | Payments from distribution settlement/affiliate | Net asset value, end of year or period | **Total Return**<sup>(1)</sup> | Expenses before <br>reductions/additions<sup>(2)(3)</sup> | Expenses, net of fee waivers <br>and/or recoupments, if any<sup>(2)(3)</sup> | Expenses net of all <br>reductions/additions<sup>(2)(3)</sup> | Net investment income <br>(loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or Period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 10.38 | 0.39<sup>•</sup> | (2.17) | (1.78) | 0.39 |  |  | 0.39 |  | 8.21 | **(17.56)** | 1.85 | 0.65 | 0.65 | 4.09 | 4510 | 72 |
| 10-31-21 | 8.33 | 0.30<sup>•</sup> <br>| 2.01 | 2.31 | 0.26 |  |  | 0.26 |  | 10.38 | **27.86** | 1.78 | 0.65 | 0.65 | 2.98 | 5472 | 71 |
| 10-31-20 | 9.75 | 0.21 | (1.35) | (1.14) | 0.28 |  |  | 0.28 |  | 8.33 | **(11.78)** | 1.82 | 0.65 | 0.65 | 2.31 | 4292 | 59 |
| 10-31-19 | 10.10 | 0.33<sup>•</sup> <br>| 0.39 | 0.72 | 0.34 | 0.73 |  | 1.07 |  | 9.75 | **8.02** | 1.58 | 0.64 | 0.64 | 3.44 | 4851 | 60 |
| 10-31-18 | 11.76 | 0.35 | (1.07) | (0.72) | 0.63 | 0.31 |  | 0.94 |  | 10.10 | **(6.80)** | 1.57 | 0.60 | 0.60 | 3.10 | 4463 | 129 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 10.37 | 0.38<sup>•</sup> | (2.14) | (1.76) | 0.39 |  |  | 0.39 |  | 8.22 | **(17.42)** | 2.74 | 0.62 | 0.62 | 4.03 | 14 | 72 |
| 10-31-21 | 8.32 | 0.31<sup>•</sup> <br>| 2.00 | 2.31 | 0.26 |  |  | 0.26 |  | 10.37 | **27.81** | 2.53 | 0.62 | 0.62 | 3.06 | 10 | 71 |
| 02-28-20<sup>(4)</sup> - 10-31-20 | 8.98 | 0.17<sup>•</sup> <br>| (0.65) | (0.48) | 0.18 |  |  | 0.18 |  | 8.32 | **(5.31)** | 2.93 | 0.62 | 0.62 | 3.04 | 3 | 59 |
| **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 14.39 | 0.16<sup>•</sup> | (4.31) | (4.15) | 0.24 | 2.00 |  | 2.24 |  | 8.00 | **(33.68)** | 1.69 | 1.50 | 1.50 | 1.60 | 14138 | 53 |
| 10-31-21 | 13.00 | 0.05<sup>•</sup> <br>| 1.87 | 1.92 | 0.09 | 0.44 |  | 0.53 |  | 14.39 | **14.76** | 1.64 | 1.50 | 1.50 | 0.36 | 24177 | 59 |
| 10-31-20 | 12.31 | 0.05 | 0.88 | 0.93 | 0.17 | 0.07 |  | 0.24 |  | 13.00 | **7.58** | 1.63 | 1.50 | 1.50 | 0.37 | 22843 | 60 |
| 10-31-19 | 10.64 | 0.07 | 1.66 | 1.73 | 0.06 |  |  | 0.06 |  | 12.31 | **16.36** | 1.76 | 1.57 | 1.57 | 0.58 | 22672 | 71 |
| 10-31-18 | 13.17 | 0.09 | (2.48) | (2.39) | 0.14 |  |  | 0.14 |  | 10.64 | **(18.31)** | 1.77 | 1.57 | 1.57 | 0.60 | 21470 | 53 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 14.26 | 0.09<sup>•</sup> | (4.33) | (4.24) | 0.02 | 2.00 |  | 2.02 |  | 8.00 | **(34.24)** | 2.44 | 2.25 | 2.25 | 0.85 | 158 | 53 |
| 10-31-21 | 12.90 | (0.05)<sup>•</sup> <br>| 1.85 | 1.80 |  | 0.44 |  | 0.44 |  | 14.26 | **13.94** | 2.39 | 2.25 | 2.25 | (0.37) | 487 | 59 |
| 10-31-20 | 12.21 | (0.06)<sup>•</sup> <br>| 0.87 | 0.81 | 0.05 | 0.07 |  | 0.12 |  | 12.90 | **6.66** | 2.38 | 2.25 | 2.25 | (0.52) | 542 | 60 |
| 10-31-19 | 10.56 | (0.04)<sup>•</sup> <br>| 1.69 | 1.65 |  |  |  |  |  | 12.21 | **15.63** | 2.51 | 2.32 | 2.32 | (0.31) | 2521 | 71 |
| 10-31-18 | 13.09 | (0.02) | (2.45) | (2.47) | 0.06 |  |  | 0.06 |  | 10.56 | **(18.97)** | 2.52 | 2.32 | 2.32 | (0.18) | 3581 | 53 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 14.45 | 0.20<sup>•</sup> | (4.32) | (4.12) | 0.30 | 2.00 |  | 2.30 |  | 8.03 | **(33.46)** | 1.20 | 1.15 | 1.15 | 1.94 | 148389 | 53 |
| 10-31-21 | 13.04 | 0.12<sup>•</sup> <br>| 1.86 | 1.98 | 0.13 | 0.44 |  | 0.57 |  | 14.45 | **15.23** | 1.18 | 1.15 | 1.15 | 0.80 | 245082 | 59 |
| 10-31-20 | 12.35 | 0.10 | 0.88 | 0.98 | 0.22 | 0.07 |  | 0.29 |  | 13.04 | **7.93** | 1.18 | 1.15 | 1.15 | 0.72 | 287527 | 60 |
| 10-31-19 | 10.68 | 0.12 | 1.66 | 1.78 | 0.11 |  |  | 0.11 |  | 12.35 | **16.79** | 1.30 | 1.22 | 1.22 | 1.01 | 315161 | 71 |
| 10-31-18 | 13.22 | 0.14<sup>•</sup> <br>| (2.49) | (2.35) | 0.19 |  |  | 0.19 |  | 10.68 | **(18.06)** | 1.32 | 1.22 | 1.22 | 1.11 | 269739 | 53 |
| **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 14.85 | 0.30<sup>•</sup> | (4.47) | (4.17) | 0.30 | 2.00 |  | 2.30 |  | 8.38 | **(32.81)** | 1.19 | 0.15 | 0.15 | 2.90 | 119306 | 53 |
| 10-31-21 | 13.26 | 0.26<sup>•</sup> <br>| 1.90 | 2.16 | 0.13 | 0.44 |  | 0.57 |  | 14.85 | **16.37** | 1.18 | 0.15 | 0.15 | 1.67 | 156796 | 59 |
| 10-31-20 | 12.44 | 0.24<sup>•</sup> <br>| 0.86 | 1.10 | 0.21 | 0.07 |  | 0.28 |  | 13.26 | **8.93** | 1.18 | 0.15 | 0.15 | 1.87 | 94157 | 60 |
| 02-28-19<sup>(4)</sup> - 10-31-19 | 12.00 | 0.18<sup>•</sup> <br>| 0.26 | 0.44 |  |  |  |  |  | 12.44 | **6.05** | 1.96 | 0.15 | 0.15 | 2.27 | 3 | 71  |

---

See Accompanying Notes to Financial Highlights

------

**FINANCIAL HIGHLIGHTS *(continued)***

------

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

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss)**<br> **from** <br> **investment**<br> **operations** | **Income (loss)**<br> **from** <br> **investment**<br> **operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental**<br> **data** | **Supplemental**<br> **data** |
|  | Net asset value, beginning <br>of year or period | Net investment income (loss) | Net realized and unrealized <br>gain (loss) | Total from investment <br>operations | From net investment income | From net realized gains | From return of capital | Total distributions | Payments from distribution settlement/affiliate | Net asset value, end of year or period | **Total Return**<sup>(1)</sup> | Expenses before <br>reductions/additions<sup>(2)(3)</sup> | Expenses, net of fee waivers <br>and/or recoupments, if any<sup>(2)(3)</sup> | Expenses net of all <br>reductions/additions<sup>(2)(3)</sup> | Net investment income <br>(loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or Period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 14.44 | 0.13<sup>•</sup> | (4.33) | (4.20) | 0.21 | 2.00 |  | 2.21 |  | 8.03 | **(33.89)** | 1.94 | 1.75 | 1.75 | 1.30 | 42 | 53 |
| 10-31-21 | 12.99 | 0.02<sup>•</sup> <br>| 1.87 | 1.89 |  | 0.44 |  | 0.44 |  | 14.44 | **14.55** | 1.89 | 1.75 | 1.75 | 0.15 | 51 | 59 |
| 10-31-20 | 12.32 | 0.00\*<sup>•</sup> <br>| 0.89 | 0.89 | 0.15 | 0.07 |  | 0.22 |  | 12.99 | **7.20** | 1.88 | 1.75 | 1.75 | 0.03 | 22 | 60 |
| 10-31-19 | 10.66 | 0.04 | 1.66 | 1.70 | 0.04 |  |  | 0.04 |  | 12.32 | **16.05** | 2.01 | 1.82 | 1.82 | 0.44 | 139 | 71 |
| 10-31-18 | 13.20 | 0.04 | (2.46) | (2.42) | 0.12 |  |  | 0.12 |  | 10.66 | **(18.51)** | 2.02 | 1.82 | 1.82 | 0.39 | 101 | 53 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 14.41 | 0.19<sup>•</sup> | (4.32) | (4.13) | 0.28 | 2.00 |  | 2.28 |  | 8.00 | **(33.56)** | 1.44 | 1.25 | 1.25 | 1.84 | 37408 | 53 |
| 10-31-21 | 13.00 | 0.10<sup>•</sup> <br>| 1.87 | 1.97 | 0.12 | 0.44 |  | 0.56 |  | 14.41 | **15.15** | 1.39 | 1.25 | 1.25 | 0.64 | 65102 | 59 |
| 10-31-20 | 12.33 | 0.08<sup>•</sup> <br>| 0.86 | 0.94 | 0.20 | 0.07 |  | 0.27 |  | 13.00 | **7.67** | 1.38 | 1.25 | 1.25 | 0.69 | 33162 | 60 |
| 10-31-19 | 10.66 | 0.10 | 1.67 | 1.77 | 0.10 |  |  | 0.10 |  | 12.33 | **16.70** | 1.51 | 1.32 | 1.32 | 0.83 | 61726 | 71 |
| 10-31-18 | 13.19 | 0.10 | (2.46) | (2.36) | 0.17 |  |  | 0.17 |  | 10.66 | **(18.10)** | 1.52 | 1.32 | 1.32 | 0.86 | 57026 | 53 |
| **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** | **Voya Multi-Manager International Equity Fund** |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 14.24 | 0.12<sup>•</sup> | (3.69) | (3.57) | 0.20 | 2.43 |  | 2.63 |  | 8.04 | **(30.30)** | 0.94 | 0.93 | 0.93 | 1.16 | 301161 | 63 |
| 10-31-21 | 11.35 | 0.12<sup>•</sup> <br>| 3.31 | 3.43 | 0.12 | 0.42 |  | 0.54 |  | 14.24 | **30.69** | 0.96 | 0.96 | 0.96 | 0.87 | 554017 | 49 |
| 10-31-20 | 11.47 | 0.10 | 0.01 | 0.11 | 0.23 |  |  | 0.23 |  | 11.35 | **0.89** | 0.92 | 0.92 | 0.92 | 0.86 | 549329 | 71 |
| 10-31-19 | 10.98 | 0.18 | 0.89 | 1.07 | 0.18 | 0.40 |  | 0.58 |  | 11.47 | **10.53** | 0.96 | 0.96 | 0.96 | 1.69 | 592938 | 51 |
| 10-31-18 | 12.32 | 0.16 | (1.22) | (1.06) | 0.21 | 0.07 |  | 0.28 |  | 10.98 | **(8.83)** | 0.97 | 0.97 | 0.97 | 1.36 | 492439 | 45 |
| **Voya Multi-Manager International Factors Fund** | **Voya Multi-Manager International Factors Fund** | **Voya Multi-Manager International Factors Fund** | **Voya Multi-Manager International Factors Fund** | **Voya Multi-Manager International Factors Fund** | **Voya Multi-Manager International Factors Fund** | **Voya Multi-Manager International Factors Fund** | **Voya Multi-Manager International Factors Fund** | **Voya Multi-Manager International Factors Fund** | **Voya Multi-Manager International Factors Fund** | **Voya Multi-Manager International Factors Fund** | **Voya Multi-Manager International Factors Fund** | **Voya Multi-Manager International Factors Fund** | **Voya Multi-Manager International Factors Fund** | **Voya Multi-Manager International Factors Fund** | **Voya Multi-Manager International Factors Fund** | **Voya Multi-Manager International Factors Fund** | **Voya Multi-Manager International Factors Fund** |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 11.30 | 0.25<sup>•</sup> | (2.45) | (2.20) | 0.46 | 1.10 |  | 1.56 |  | 7.54 | **(22.48)**<sup>(5)</sup> | 0.79 | 0.73 | 0.73 | 2.78 | 275219 | 91 |
| 10-31-21 | 8.99 | 0.21<sup>•</sup> <br>| 2.39 | 2.60 | 0.29 |  |  | 0.29 |  | 11.30 | **29.27** | 0.77 | 0.74 | 0.74 | 1.98 | 394315 | 106 |
| 10-31-20 | 9.64 | 0.19 | (0.53) | (0.34) | 0.31 |  |  | 0.31 |  | 8.99 | **(3.77)** | 0.76 | 0.74 | 0.74 | 1.97 | 396906 | 89 |
| 10-31-19 | 9.57 | 0.26<sup>•</sup> <br>| 0.46 | 0.72 | 0.26 | 0.39 |  | 0.65 |  | 9.64 | **8.25** | 0.81 | 0.75 | 0.75 | 2.76 | 403512 | 58 |
| 10-31-18 | 11.06 | 0.24 | (1.08) | (0.84) | 0.33 | 0.32 |  | 0.65 |  | 9.57 | **(8.02)** | 0.84 | 0.75 | 0.75 | 2.31 | 326126 | 55 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 11.29 | 0.24<sup>•</sup> | (2.43) | (2.19) | 0.46 | 1.10 |  | 1.56 |  | 7.54 | **(22.41)**<sup>(5)</sup> | 0.97 | 0.73 | 0.73 | 2.67 | 39234 | 91 |
| 10-31-21 | 8.99 | 0.24<sup>•</sup> <br>| 2.35 | 2.59 | 0.29 |  |  | 0.29 |  | 11.29 | **29.15** | 0.95 | 0.74 | 0.74 | 2.21 | 66649 | 106 |
| 10-31-20 | 9.64 | 0.17•  | (0.51) | (0.34) | 0.31 |  |  | 0.31 |  | 8.99 | **(3.77)** | 0.94 | 0.74 | 0.74 | 1.87 | 30770 | 89 |
| 10-31-19 | 9.57 | 0.26 | 0.46 | 0.72 | 0.26 | 0.39 |  | 0.65 |  | 9.64 | **8.25** | 0.99 | 0.75 | 0.75 | 2.77 | 60559 | 58 |
| 10-31-18 | 11.05 | 0.24 | (1.07) | (0.83) | 0.33 | 0.32 |  | 0.65 |  | 9.57 | **(7.93)** | 0.96 | 0.75 | 0.75 | 2.29 | 56210 | 55  |

---

See Accompanying Notes to Financial Highlights

------

**FINANCIAL HIGHLIGHTS *(continued)***

------

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

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss)**<br> **from** <br> **investment**<br> **operations** | **Income (loss)**<br> **from** <br> **investment**<br> **operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental**<br> **data** | **Supplemental**<br> **data** |
|  | Net asset value, beginning <br>of year or period | Net investment income (loss) | Net realized and unrealized <br>gain (loss) | Total from investment <br>operations | From net investment income | From net realized gains | From return of capital | Total distributions | Payments from distribution settlement/affiliate | Net asset value, end of year or period | **Total Return**<sup>(1)</sup> | Expenses before <br>reductions/additions<sup>(2)(3)</sup> | Expenses, net of fee waivers <br>and/or recoupments, if any<sup>(2)(3)</sup> | Expenses net of all <br>reductions/additions<sup>(2)(3)</sup> | Net investment income <br>(loss)<sup>(2)(3)</sup> | Net assets, end of year or period | Portfolio turnover rate |
| Year or Period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Multi-Manager International Small Cap Fund** | **Voya Multi-Manager International Small Cap Fund** | **Voya Multi-Manager International Small Cap Fund** | **Voya Multi-Manager International Small Cap Fund** | **Voya Multi-Manager International Small Cap Fund** | **Voya Multi-Manager International Small Cap Fund** | **Voya Multi-Manager International Small Cap Fund** | **Voya Multi-Manager International Small Cap Fund** | **Voya Multi-Manager International Small Cap Fund** | **Voya Multi-Manager International Small Cap Fund** | **Voya Multi-Manager International Small Cap Fund** | **Voya Multi-Manager International Small Cap Fund** | **Voya Multi-Manager International Small Cap Fund** | **Voya Multi-Manager International Small Cap Fund** | **Voya Multi-Manager International Small Cap Fund** | **Voya Multi-Manager International Small Cap Fund** | **Voya Multi-Manager International Small Cap Fund** | **Voya Multi-Manager International Small Cap Fund** |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 72.04 | 1.02<sup>•</sup> | (18.33) | (17.31) | 0.97 | 6.85 |  | 7.82 |  | 46.91 | **(26.58)** | 1.57 | 1.53 | 1.53 | 1.82 | 44707 | 72 |
| 10-31-21 | 52.86 | 0.55<sup>•</sup> <br>| 19.43 | 19.98 | 0.80 |  |  | 0.80 |  | 72.04 | **38.09** | 1.60 | 1.53 | 1.53 | 0.81 | 65656 | 79 |
| 10-31-20 | 51.61 | 0.31<sup>•</sup> <br>| 2.06 | 2.37 | 1.12 |  |  | 1.12 |  | 52.86 | **4.56** | 1.67 | 1.53 | 1.53 | 0.62 | 46220 | 91 |
| 10-31-19 | 55.06 | 0.55 | 1.38 | 1.93 | 0.69 | 4.69 |  | 5.38 |  | 51.61 | **4.77** | 1.76 | 1.54 | 1.54 | 1.01 | 46448 | 57 |
| 10-31-18 | 63.00 | 0.44<sup>•</sup> <br>| (7.82) | (7.38) | 0.56 |  |  | 0.56 |  | 55.06 | **(11.82)** | 1.78 | 1.58 | 1.58 | 0.70 | 53086 | 46 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 66.20 | 0.57<sup>•</sup> | (16.72) | (16.15) | 0.71 | 6.85 |  | 7.56 |  | 42.49 | **(27.12)** | 2.32 | 2.28 | 2.28 | 1.13 | 2217 | 72 |
| 10-31-21 | 48.57 | 0.02<sup>•</sup> <br>| 17.93 | 17.95 | 0.32 |  |  | 0.32 |  | 66.20 | **37.07** | 2.35 | 2.28 | 2.28 | 0.03 | 2864 | 79 |
| 10-31-20 | 47.47 | (0.35)<sup>•</sup> <br>| 2.20 | 1.85 | 0.75 |  |  | 0.75 |  | 48.57 | **3.86** | 2.42 | 2.28 | 2.28 | (0.73) | 978 | 91 |
| 10-31-19 | 50.97 | 0.14<sup>•</sup> <br>| 1.29 | 1.43 | 0.24 | 4.69 |  | 4.93 |  | 47.47 | **3.99** | 2.51 | 2.29 | 2.29 | 0.30 | 7575 | 57 |
| 10-31-18 | 58.29 | (0.01)<sup>•</sup> <br>| (7.24) | (7.25) | 0.07 |  |  | 0.07 |  | 50.97 | **(12.45)** | 2.50 | 2.30 | 2.30 | (0.02) | 9791 | 46 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 71.82 | 1.23<sup>•</sup> | (18.27) | (17.04) | 1.20 | 6.85 |  | 8.05 |  | 46.73 | **(26.33)** | 1.29 | 1.20 | 1.20 | 2.25 | 126178 | 72 |
| 10-31-21 | 52.68 | 0.78<sup>•</sup> <br>| 19.34 | 20.12 | 0.98 |  |  | 0.98 |  | 71.82 | **38.54** | 1.30 | 1.20 | 1.20 | 1.14 | 121433 | 79 |
| 10-31-20 | 51.44 | 0.44<sup>•</sup> <br>| 2.10 | 2.54 | 1.30 |  |  | 1.30 |  | 52.68 | **4.91** | 1.35 | 1.20 | 1.20 | 0.88 | 54488 | 91 |
| 10-31-19 | 54.99 | 0.75 | 1.30 | 2.05 | 0.91 | 4.69 |  | 5.60 |  | 51.44 | **5.10** | 1.46 | 1.21 | 1.21 | 1.45 | 72771 | 57 |
| 10-31-18 | 62.99 | 0.73<sup>•</sup> <br>| (7.87) | (7.14) | 0.86 |  |  | 0.86 |  | 54.99 | **(11.49)** | 1.44 | 1.22 | 1.22 | 1.16 | 81260 | 46 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 89.20 | 1.47<sup>•</sup> | (23.16) | (21.69) | 1.12 | 6.85 |  | 7.97 |  | 59.54 | **(26.40)** | 1.32 | 1.28 | 1.28 | 2.07 | 24831 | 72 |
| 10-31-21 | 65.22 | 0.89<sup>•</sup> <br>| 24.00 | 24.89 | 0.91 |  |  | 0.91 |  | 89.20 | **38.44** | 1.35 | 1.28 | 1.28 | 1.06 | 34019 | 79 |
| 10-31-20 | 63.40 | 0.50<sup>•</sup> <br>| 2.57 | 3.07 | 1.25 |  |  | 1.25 |  | 65.22 | **4.82** | 1.42 | 1.28 | 1.28 | 0.80 | 25810 | 91 |
| 10-31-19 | 66.30 | 0.87 | 1.75 | 2.62 | 0.83 | 4.69 |  | 5.52 |  | 63.40 | **5.07** | 1.51 | 1.29 | 1.29 | 1.35 | 31724 | 57 |
| 10-31-18 | 75.77 | 0.60<sup>•</sup> <br>| (9.28) | (8.68) | 0.79 |  |  | 0.79 |  | 66.30 | **(11.57)** | 1.50 | 1.30 | 1.30 | 0.79 | 30608 | 46 |

---

See Accompanying Notes to Financial Highlights

------

**ACCOMPANYING NOTES TO FINANCIAL HIGHLIGHTS**

------

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

(1) Total return is calculated assuming reinvestment of all dividends, capital gain distributions, and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable. Total return for periods less than one year is not annualized.

(2) Annualized for periods less than one year.

(3) Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions.

(4) Commencement of operations.

(5) Excluding a payment by affiliate in the fiscal year ended May 31, 2021, the total return for Voya Multi-Manager International Factors Fund would have been -22.51% and -22.44% on Classes I and W, respectively.

• Calculated using average number of shares outstanding throughout the year or period.

\*

Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.

------

**APPENDIX A**

------

**Financial Intermediary Specific Sales Charge Waiver and Related Discount Policy Information** 

As described in the Prospectus, Class A shares may be subject to an initial sales charge and both Class A and Class C shares may charge a CDSC. Certain financial intermediaries may impose different initial sales charges or waive the initial sales charge or CDSC in certain circumstances. This Appendix details the variations in sales charge waivers by financial intermediary. You should consult your financial representative for assistance in determining whether you may qualify for a particular sales charge waiver.

**AMERIPRISE FINANCIAL** 

**Class A Shares Front-End Sales Charge Waivers Available at Ameriprise Financial:** 

*The following information applies to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial:* 

Shareholders purchasing Fund shares through an Ameriprise Financial brokerage account are eligible for the following front-end sales charge waivers and discounts, which may differ from those disclosed elsewhere in this Fund's prospectus or SAI:

&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family).

&nbsp;&nbsp;&nbsp;&nbsp;• Shares exchanged from Class C shares of the same fund in the month of or following the 7-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply.

&nbsp;&nbsp;&nbsp;&nbsp;• Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).

**ROBERT W. BAIRD & CO. INC. ("BAIRD")** 

Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-End Sales Charge Waivers on Class A shares Available at Baird** 

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by employees and registered representatives of Baird or its affiliates and their family members as designated by Baird.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions from another Voya fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement).

------

**APPENDIX A *(continued)***

------

&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 shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares of the Fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird.

&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

**CDSC Waivers on Class A and C shares Available at Baird** 

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold due to death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares bought due to returns of excess contributions from an IRA Account.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72 as described in the Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Baird fees but only if the transaction is initiated by Baird.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

**Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations** 

&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in this Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund assets held by accounts within the purchaser's household at Baird. Eligible fund assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets.

&nbsp;&nbsp;&nbsp;&nbsp;• Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of fund shares through Baird, over a 13-month period of time.

**D.A. DAVIDSON & CO. ("D.A. DAVIDSON")** 

Shareholders purchasing Fund shares, including existing Fund shareholders, through a D.A. Davidson &. Co. ("D.A. Davidson") platform or account, or through an introducing broker-dealer or independent registered investment advisor for which D.A. Davidson provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the Fund's SAI.

**Front-End Sales Charge Waivers on Class A Shares available at D.A. Davidson** 

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

&nbsp;&nbsp;&nbsp;&nbsp;• Employees and registered representatives of D.A. Davidson or its affiliates and their family members as designated by D.A. Davidson.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement).

&nbsp;&nbsp;&nbsp;&nbsp;• A shareholder in the Fund's Class C Shares will have their shares converted at net asset value to Class A Shares (or the appropriate share class) of the Fund after 6 years from the date of first purchase of the Class C shares and if the shares are no longer subject to a CDSC and the conversion is consistent with D.A. Davidson's policies and procedures.

**CDSC Waivers on Class A and Class C Shares available at D.A. Davidson** 

&nbsp;&nbsp;&nbsp;&nbsp;• Death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the Fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Return of excess contributions from an IRA account.

------

**APPENDIX A *(continued)***

------

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

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA or other qualifying retirement accounts pursuant to the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

**Front-end sales charge discounts available at D.A. Davidson: breakpoints, rights of accumulation and/or letters of intent** 

&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in this Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at D.A. Davidson. Eligible fund family assets not held at D.A. Davidson may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

&nbsp;&nbsp;&nbsp;&nbsp;• Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at D.A. Davidson may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**EDWARD D. JONES & CO., L.P. ("EDWARD JONES")** 

**Policies Regarding Transactions Through Edward Jones** 

*The following information has been provided by Edward Jones:* 

The following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information ("SAI") or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Voya funds and Voya 529 Plans or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

**Breakpoints** 

&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the Prospectus.

*Rights of Accumulation ("ROA")* 

&nbsp;&nbsp;&nbsp;&nbsp;• The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and assets held in group retirement plans) of the Voya funds and Voya 529 Plans held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;• The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

&nbsp;&nbsp;&nbsp;&nbsp;• ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

*Letter of Intent ("LOI")* 

------

**APPENDIX A *(continued)***

------

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

&nbsp;&nbsp;&nbsp;&nbsp;• Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

&nbsp;&nbsp;&nbsp;&nbsp;• If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

**Sales Charge Waivers** 

Sales charges are waived for the following shareholders and in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;• Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased in an Edward Jones fee-based program.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

**Contingent Deferred Sales Charge ("CDSC") Waivers** 

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;• The death or disability of the shareholder

&nbsp;&nbsp;&nbsp;&nbsp;• Systematic withdrawals with up to 10% per year of the account value

&nbsp;&nbsp;&nbsp;&nbsp;• Return of excess contributions from an Individual Retirement Account (IRA)

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones

&nbsp;&nbsp;&nbsp;&nbsp;• Shares exchanged in an Edward Jones fee-based program

&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through NAV reinstatement

&nbsp;&nbsp;&nbsp;&nbsp;• Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

**Other Important Information Regarding Transactions Through Edward Jones** 

Minimum Purchase Amounts

&nbsp;&nbsp;&nbsp;&nbsp;• Initial purchase minimum: $250

------

**APPENDIX A *(continued)***

------

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

&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent purchase minimum: none

Minimum Balances

&nbsp;&nbsp;&nbsp;&nbsp;• Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ A fee-based account held on an Edward Jones platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ A 529 account held on an Edward Jones platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ An account with an active systematic investment plan or LOI

Exchanging Share Classes

&nbsp;&nbsp;&nbsp;&nbsp;• At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares.

**E\*TRADE FRONT-END SALES CHARGE WAIVER** 

Shareholders purchasing Fund shares through an E\*TRADE brokerage account will be eligible for a waiver of the front-end sales charge with respect to Class A shares (or the equivalent). This includes shares purchased through the reinvestment of dividends and capital gains distributions.

**JANNEY MONTGOMERY SCOTT LLC** 

Shareholders purchasing Fund shares through a Janney Montgomery Scott LLC ("Janney") account will be eligible only for the following load waivers (front-end sales charge waivers and CDSC, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund's Prospectus or SAI.

**Front-end sales charge waivers on Class A shares available at Janney** 

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).

&nbsp;&nbsp;&nbsp;&nbsp;• Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same Fund pursuant to Janney's policies and procedures.

**Sales charge waivers on Class A and C shares available at Janney** 

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold upon the death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased in connection with a return of excess contributions from an IRA account.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in a Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

**Front-end load discounts available at Janney: breakpoints, and/or rights of accumulation** 

&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in a Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

**MERRILL LYNCH** 

------

**APPENDIX A *(continued)***

------

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load ("CDSC") waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify the Fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. **For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive these waivers or discounts.** 

\*\*\*\*\*

Shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund's Prospectus or SAI.

**Front-end Sales Charge Waivers on Class A Shares available at Merrill Lynch** 

&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents)

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through a Merrill Lynch-affiliated investment advisory program

&nbsp;&nbsp;&nbsp;&nbsp;• Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch's platform

&nbsp;&nbsp;&nbsp;&nbsp;• Shares of Funds purchased through the Merrill Edge Self-Directed platform (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other Fund within the fund family)

&nbsp;&nbsp;&nbsp;&nbsp;• Shares exchanged from Class C shares (i.e. level load) pursuant to Merrill Lynch's policies relating to sales load discounts and waivers

&nbsp;&nbsp;&nbsp;&nbsp;• Employees and registered representatives of Merrill Lynch or its affiliates and their family members

&nbsp;&nbsp;&nbsp;&nbsp;• Trustees of the Fund, and employees of the Adviser or any of its affiliates, as described in the Fund's Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;• Eligible shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch's account maintenance fees are not eligible for reinstatement.

**CDSC Waivers on Class A and Class C Shares available at Merrill Lynch** 

&nbsp;&nbsp;&nbsp;&nbsp;• Death or disability of the shareholder

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;• Return of excess contributions from an IRA Account

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement

------

**APPENDIX A *(continued)***

------

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

&nbsp;&nbsp;&nbsp;&nbsp;• Shares held in retirement brokerage accounts that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to Class A and Class C shares only). Shares received through an exchange due to the holdings moving from Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers.

**Front-End Load Discounts available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent** 

&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in the Fund's Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;• ROA, which entitle shareholders to breakpoint discounts, as described in the Fund's Prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser's household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial adviser about such assets

&nbsp;&nbsp;&nbsp;&nbsp;• Letters of Intent ("LOI"), which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

**MORGAN STANLEY WEALTH MANAGEMENT** 

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management** 

&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement plans (*e.g.*, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

&nbsp;&nbsp;&nbsp;&nbsp;• Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through a Morgan Stanley self-directed brokerage account.

&nbsp;&nbsp;&nbsp;&nbsp;• Class C (*i.e.*, level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program – Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a frontend or deferred sales charge.

**OPPENHEIMER & CO. ("OPCO")** 

Shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund's Prospectus or SAI.

**Front-end Sales Load Waivers on Class A Shares available at OPCO** 

&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by or through a 529 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through an OPCO affiliated investment advisory program.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased form the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same amount, and (3) redeemed shares were subject to a front-end or deferred sales load (known as "Rights of Restatement").

------

**APPENDIX A *(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;• A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund after 5 years from the date of first purchase of the Class C shares and if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO.

&nbsp;&nbsp;&nbsp;&nbsp;• Employees and registered representatives of OPCO or its affiliates and their family members.

&nbsp;&nbsp;&nbsp;&nbsp;• Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in the Fund's Prospectus.

**CDSC Waivers on A and C Shares available at OPCO** 

&nbsp;&nbsp;&nbsp;&nbsp;• Death or disability of the shareholder

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;• Return of excess contributions from an IRA Account

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund's Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement

**Front-end load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent** 

&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in the Fund's Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;• ROA which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

**RAYMOND JAMES & ASSOCIATES, INC., RAYMOND JAMES FINANCIAL SERVICES, INC. and each entity's affiliates ("RAYMOND JAMES")** 

Shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-end sales load waivers on Class A shares available at Raymond James** 

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased in an investment advisory program.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

&nbsp;&nbsp;&nbsp;&nbsp;• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

&nbsp;&nbsp;&nbsp;&nbsp;• A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

**CDSC Waivers on Classes A and C shares available at Raymond James** 

&nbsp;&nbsp;&nbsp;&nbsp;• Death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Return of excess contributions from an IRA Account.

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**APPENDIX A *(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;• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

**Front-end load discounts available at Raymond James: breakpoints, rights of accumulation, and /or letters of intent** 

&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in this Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

&nbsp;&nbsp;&nbsp;&nbsp;• Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**STIFEL, NICOLAUS & COMPANY, INCORPORATED ("STIFEL")** 

The following information applies to shareholders purchasing Class C shares of a Fund through a Stifel platform or account or who own Class C shares for which Stifel or an affiliate is the broker-dealer of record. This information may differ from information about Class C shares disclosed elsewhere in this Fund's Prospectus or SAI.

Class C Conversion to Class A; Class A Shares Front-End Sales Waiver Available at Stifel:

&nbsp;&nbsp;&nbsp;&nbsp;• A Class C shareholder of a Fund will have such shareholder's Class C shares converted at net asset value to Class A shares of that Fund in accordance with Stifel's policies and procedures. Stifel has informed the Fund that its policies and procedures currently provide for such a conversion following the seventh (7th) anniversary of the shareholder's purchase of the Class C shares.

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

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**TO OBTAIN MORE INFORMATION** 

You will find more information about the Funds in our:

**ANNUAL/SEMI-ANNUAL SHAREHOLDER REPORTS** 

In the Funds' annual shareholder reports, you will find a discussion of the recent market conditions and principal investment strategies that significantly affected the Funds' performance during the applicable reporting period, the Funds' financial statements and the independent registered public accounting firm's reports.

**STATEMENT OF ADDITIONAL INFORMATION** 

The SAI contains more detailed information about the Funds. 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, the SAI, or other Fund information.

To make shareholder inquiries contact:

**Voya Investment Management** 

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258-2034

**1-800-992-0180** 

or visit our website at **www.voyainvestments.com**

Reports and other information about the Funds are available on the EDGAR Database on the SEC's Internet website at **http://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 Funds' SEC file number. The file number is as follows:

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

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| | |
|:---|:---|
| **Voya Mutual Funds** | **811-07428** |
| Voya Global Bond Fund <br>Voya Global High Dividend Low Volatility Fund <br>Voya International High Dividend Low Volatility Fund <br>Voya Multi-Manager Emerging Markets Equity Fund<br>| &nbsp;&nbsp; Voya Multi-Manager International Equity Fund <br>Voya Multi-Manager International Factors Fund <br>Voya Multi-Manager International Small Cap Fund <br>|

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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. |

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163277(0223-022823)

![](img0b4d9a6e3.gif)

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**February 28, 2023**

**Prospectus**![](img114089e91.gif)

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

**•** **Voya Multi-Manager Emerging Markets Equity Fund** 

Class/Ticker: **P3**/VPMEX

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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![](img4c2deb3f2.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 Multi-Manager Emerging Markets Equity Fund](#xx_bf1410dd-ed6f-4cb9-a9dc-e64ec54b49ab_1)** | 1 |
| **[KEY FUND INFORMATION](#xx_c83623db-2ceb-4b20-8e16-2418b8d9c8e7_1)** | 9 |
| [Conflicts of Interest](#xx_c83623db-2ceb-4b20-8e16-2418b8d9c8e7_2) | 10 |
| [Fundamental Investment Policies](#xx_c83623db-2ceb-4b20-8e16-2418b8d9c8e7_2) | 10 |
| [Non-Fundamental Investment Policies](#xx_c83623db-2ceb-4b20-8e16-2418b8d9c8e7_2) | 10 |
| [Fund Diversification](#xx_c83623db-2ceb-4b20-8e16-2418b8d9c8e7_2) | 10 |
| [Investor Diversification](#xx_c83623db-2ceb-4b20-8e16-2418b8d9c8e7_2) | 10 |
| [Temporary Defensive Strategies](#xx_c83623db-2ceb-4b20-8e16-2418b8d9c8e7_2) | 10 |
| [Percentage and Rating Limitations](#xx_c83623db-2ceb-4b20-8e16-2418b8d9c8e7_2) | 10 |
| [Investment Not Guaranteed](#xx_c83623db-2ceb-4b20-8e16-2418b8d9c8e7_2) | 10 |
| [Shareholder Reports](#xx_c83623db-2ceb-4b20-8e16-2418b8d9c8e7_2) | 10 |
| **[MORE INFORMATION ABOUT THE FUND](#xx_c5b46bc4-c659-480f-815b-a98cfded82dc_1)** | 12 |
| [Additional Information About the Investment Objective](#xx_c5b46bc4-c659-480f-815b-a98cfded82dc_1) | 12 |
| [Additional Information About Principal Investment Strategies](#xx_c5b46bc4-c659-480f-815b-a98cfded82dc_1) | 12 |
| [Additional Information About the Principal Risks](#xx_c5b46bc4-c659-480f-815b-a98cfded82dc_1) | 12 |
| [Further Information About Principal Risks](#xx_c5b46bc4-c659-480f-815b-a98cfded82dc_8) | 19 |
| **[PORTFOLIO HOLDINGS INFORMATION](#xx_181e7e7a-8945-45ad-85e6-377cd3722a3d_1)** | 21 |
| **[MANAGEMENT OF THE FUND](#xx_300835e0-e85e-4d62-a2dc-b81ecb4b085e_1)** | 22 |
| [The Investment Adviser](#xx_300835e0-e85e-4d62-a2dc-b81ecb4b085e_1) | 22 |
| [The Sub-Advisers and Portfolio Managers](#xx_300835e0-e85e-4d62-a2dc-b81ecb4b085e_1) | 22 |
| [The Distributor](#xx_300835e0-e85e-4d62-a2dc-b81ecb4b085e_3) | 24 |
| [Contractual Arrangements](#xx_300835e0-e85e-4d62-a2dc-b81ecb4b085e_4) | 25 |
| **[CLASS OF SHARES](#xx_010599f1-6c57-4432-8c15-ea4bb1df83b0_1)** | 26 |
| **[HOW SHARES ARE PRICED](#xx_e6fbeef9-3b54-46a2-8b68-95858282c157_1)** | 27 |
| **[HOW TO BUY AND SELL SHARES](#xx_4eabb3fe-d9c5-48e3-8cc3-a1714cde1a4d_1)** | 28 |
| **[HOW TO EXCHANGE SHARES](#xx_24723207-ad28-41e3-9356-0c617eb881d8_1)** | 29 |
| **[FREQUENT TRADING - MARKET TIMING](#xx_5d2a3325-721c-4b95-8b03-44564db5ae38_1)** | 30 |
| **[PAYMENTS TO FINANCIAL INTERMEDIARIES](#xx_21030ce1-16bc-4bcf-b73f-0102310fe197_1)** | 32 |
| **[DIVIDENDS, DISTRIBUTIONS, AND TAXES](#xx_ca3948b5-a008-4a29-bf07-9aae2b96afe2_1)** | 33 |
| **[ACCOUNT POLICIES](#xx_fd406792-c1bd-4150-bd83-235ff09c27ad_1)** | 35 |
| [Account Access](#xx_fd406792-c1bd-4150-bd83-235ff09c27ad_1) | 35 |
| [Privacy Policy](#xx_fd406792-c1bd-4150-bd83-235ff09c27ad_1) | 35 |
| [Householding](#xx_fd406792-c1bd-4150-bd83-235ff09c27ad_1) | 35 |
| **[INDEX DESCRIPTIONS](#xx_2da353bf-0b0c-4476-a711-753403a0cbd3_1)** | 36 |
| **[FINANCIAL HIGHLIGHTS](#xx_f8670b05-0147-4019-8a67-5e6c3828d623_1)** | 37 |
| **[ACCOMPANYING NOTES TO FINANCIAL HIGHLIGHTS](#xx_f8670b05-0147-4019-8a67-5e6c3828d623_3)** | 39 |
| **[TO OBTAIN MORE INFORMATION](#xx_088782a4-c582-4a25-b622-b4770383ff78_2)** | Back Cover |

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Voya Multi-Manager Emerging Markets Equity Fund

**Investment Objective**

The Fund seeks long-term capital appreciation.

**Fees and Expenses of the Fund**

These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund.

**Shareholder Fees**

Fees paid directly from your investment

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

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| | | |
|:---|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum sales charge (load) as a % of** <br>**offering price imposed on purchases**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum deferred sales charge (load) as a % of** <br>**purchase or sales price, whichever is less**<br>|
| **P3** |  |  |

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**Annual Fund Operating Expenses**

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

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

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| | |
|:---|:---|
| **Class** | **P3** |
| Management Fees% | 0.99 |
| Distribution and/or Shareholder Services (12b-1) Fees% |  |
| Other Expenses% | 0.20 |
| Total Annual Fund Operating Expenses% | 1.19 |
| Waivers and Reimbursements<sup>1</sup>% | (1.19) |
| Total Annual Fund Operating Expenses after Waivers and <br> Reimbursements% | 0.00 |

---

Voya Investments, LLC (the "Investment Adviser") is contractually obligated to limit expenses to 0.00% for Class P3 shares through March 1, 2024. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fund Fees and Expenses. This limitation is contractually subject to possible recoupment by the Investment Adviser within 36 months of the waiver or reimbursement. The amount of the recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time of the waiver or reimbursement; or (ii) the expense limitation in effect at the time of recoupment, but while the expense limit is 0.00%, there will be no expenses eligible for recoupment by the Investment Adviser for Class P3. Termination or modification of this obligation requires approval by the Fund's Board of Trustees (the "Board").

**Expense Example**

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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. The Example shows costs if you sold (redeemed) your shares at the end of the period or continued to hold them. 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 three-, five-, and ten-year periods. 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;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **Share Status** | **1 Yr** | **3 Yrs** | **5 Yrs** | **10 Yrs** |
| **P3** | Sold or Held | $0 | 260 | 539 | 1337 |

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**Portfolio Turnover**

------

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.

During the most recent fiscal year, the Fund's portfolio turnover rate was 53% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of issuers in emerging markets. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy.

Voya Multi-Manager Emerging Markets Equity Fund

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The Fund currently considers developing or emerging market countries to include most countries in the world except Australia, Canada, Japan, New Zealand, Hong Kong, Singapore, the United Kingdom, the U.S., and most of the countries of Western Europe. An emerging market company is one (i) that is organized under the laws of, or has a principal place of business in, an emerging market; (ii) for which the principal securities market is in an emerging market; (iii) that derives at least 50% of its total revenues or profits from goods that are produced or sold, investments made, or services performed in an emerging market; or (iv) at least 50% of the assets of which are located in an emerging market. The Fund may invest in companies of any market capitalization.

Equity securities may include common stock, preferred stock, convertible securities, depositary receipts, participatory notes, trust or partnership interests, warrants and rights to buy common stock, and privately placed securities. The Fund may also invest in real estate-related securities including real estate investment trusts ("REITs") and non-investment grade bonds (high-yield or "junk bonds").

The Fund may invest in derivatives, including but not limited to, futures, options, swaps, and forward foreign currency exchange contracts as a substitute for securities in which the Fund can invest; to hedge various investments; to seek to reduce currency deviations, where practicable, for the purpose of risk management; to seek to increase the Fund's gains; and for the efficient management of cash flows.

The Fund may invest in securities denominated in U.S. dollars, other major reserve currencies, such as the euro, yen and pound sterling, and currencies of other countries in which it can invest. The Fund typically maintains full currency exposure to those markets in which it invests. However, the Fund may, from time to time, hedge a portion of its foreign currency exposure into the U.S. dollar.

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 .

The Investment Adviser allocates the Fund's assets to different sub-advisers. When selecting sub-advisers, the Investment Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy of a potential sub-adviser, its personnel, and its fit with other sub-advisers to the Fund. Among those, the Investment Adviser will typically consider the extent to which a potential sub-adviser takes into account environmental, social, and governance ("ESG") factors as part of its investment process. ESG factors will be only one of many considerations in the Investment Adviser's evaluation of any potential sub-adviser; the extent to which ESG factors will affect the Investment Adviser's decision to retain a sub-adviser, if at all, will depend on the analysis and judgment of the Investment Adviser.

Delaware Investments Fund Advisers ("DIFA"), Van Eck Associates Corporation ("VanEck"), and Voya Investment Management Co. LLC ("Voya IM") (each, a "Sub-Adviser" and collectively, the "Sub-Advisers") provide the day-to-day management of the Fund. The Sub-Advisers act independently of each other and use their own methodology for selecting investments. The Investment Adviser will determine the amount of Fund assets allocated to each Sub-Adviser.

Each 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, among others.

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.

**Delaware Investments Fund Advisers** 

DIFA believes that, although market price and intrinsic business value are positively correlated in the long run, short-term divergences can emerge. DIFA seeks to take advantage of these divergences through a disciplined, fundamental, bottom-up approach. DIFA seeks to invest in companies with sustainable franchises when they are trading at a significant discount to DIFA's conservative intrinsic value estimate. DIFA also prefers companies that have large market opportunities in which to deploy capital, ensuring that they grow faster than the overall economy.

Fundamental bottom-up research is the core of the investment process. DIFA's fundamental research process can be broken down into two main components: analyzing a company's sustainability and assessing its intrinsic value. Sustainability analysis involves identification of a company's source of competitive advantage and the ability of its management to maximize its return potential. Intrinsic value assessment is typically quantitatively driven by a number of valuation methods including discounted cash flow, replacement cost, private market transaction, and multiples analysis. This bottom-up approach considers current and historical macro drivers that impact a firm's ability to generate returns over the long-term.

Voya Multi-Manager Emerging Markets Equity Fund

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**Van Eck Associates Corporation** 

VanEck selects emerging market countries that the Fund will invest in based on its evaluation of economic fundamentals, legal structure, political developments, and other specific factors VanEck believes to be relevant. Utilizing qualitative and quantitative measures, VanEck seeks to invest in what it believes are reasonably-priced companies that have strong structural growth potential. VanEck seeks attractive investment opportunities in all areas of emerging markets, and utilizes a flexible investment approach across all market capitalizations. VanEck seeks to: (i) integrate financially-material ESG factors into the Fund's investment process; and (ii) reduce material exposure to issuers that VanEck deems controversial in the ESG universe.

**Voya Investment Management Co. LLC** 

Voya IM employs a "passive management" approach designed to track the performance of the FTSE Emerging Plus Korea Select Factor Index (the "Index"). The Index is designed to capture risk premium through exposure to five factors that contribute to emerging market equity performance. These five factors include Momentum, Quality, Size, Value and Low Volatility. As a result of the five factor selection process, the Index may be focused in one or more industries, which may change from time to time. As of December 31, 2022, a portion of the Index was focused in the materials and technology sectors.

Voya IM seeks to replicate the performance of the Index, meaning it generally will invest in all of the securities in the Index in weightings consistent with that of the Index. The Fund's portfolio may not always hold all of the same securities as the Index. Voya IM may also invest in ETFs, stock index futures and other derivatives as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Fund's cash position. Although Voya IM attempts to track, as closely as possible, the performance of the Index, the Fund's portfolio does not always perform exactly like the Index. Unlike the Index, the Fund has operating expenses and transaction costs and therefore has a performance disadvantage versus the Index.

**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.

**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 fixed-income 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 fixed - income 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.

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**Environmental, Social, and Governance (Equity):** A 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. A 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 a 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 a Sub-Adviser's assessment of ESG factors than other comparable mutual funds. There can be no assurance that an investment selected by a Sub-Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments.

**Environmental, Social, and Governance (Multi-Manager):** The Investment Adviser's consideration of ESG factors in selecting sub-advisers for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund's assets that will be allocated to sub-advisers that consider ESG factors as part of their investment processes, and the Investment Adviser may choose to select sub-advisers that do not consider ESG factors as part of their investment processes. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that a sub-adviser selected by the Investment Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential sub-adviser, and such a sub-adviser may, in fact, underperform other potential sub-advisers.

**Focused Investing (Index):** To the extent that the Fund's benchmark or other index is substantially composed of securities in a particular industry, sector, market segment, or geographic area, the Fund may allocate its investments to approximately the same extent as the index as part of its investment strategy. As a result, the Fund may be more sensitive to financial, economic, business, political, regulatory, and other developments and conditions, including natural or other disasters, affecting issuers in a particular industry, sector, market segment, or geographic area in which the Fund focuses its investments, and if securities of such industry, sector, market segment, or geographic area fall out of favor, the Fund could underperform, or be more volatile than, a fund that has greater diversification.

• **Materials Sector:** Companies involved in the materials sector includes companies in the following industry groups: forestry and paper, chemicals, industrial metals, and mining. Investments in companies involved in the materials sector may be adversely impacted by changes in commodity prices or exchange rates, depletion of resources, over-production, litigation, and government regulations, among other factors. The chemicals industry may be significantly affected by intense competition, product obsolescence, raw materials prices, and government regulation, and may be subject to risks associated with the production, handling, disposal of hazardous components, and litigation and claims arising out of environmental contamination.

• **Technology Sector:** Investments in companies involved in the technology sector are subject to significant competitive pressures, such as aggressive pricing of products or services, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments, evolving industry standards, changing customer demands, and the potential for limited earnings and/or falling profit margins. The failure of a company to adapt to such changes could have a material adverse effect on the company's business, results of operations, and financial condition. These companies also face the risks that new services, equipment, or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the values of their securities. Many companies involved in the technology sector have limited operating histories, and prices of these companies' securities historically have been more volatile than those of many other companies' securities, especially over the short term.

**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 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.

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**High-Yield Securities:** Lower-quality securities (including securities that have fallen below investment grade and are classified as "junk bonds" or "high-yield securities") have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and their issuers' long-term ability to make payments is considered speculative. Prices of lower-quality bonds or other fixed-income instruments are also more volatile, are more sensitive to negative news about the economy or the issuer, and have greater liquidity risk and price volatility.

**Index Strategy (Fund):** The index selected may underperform the overall market. To the extent the Fund (or a portion of the Fund) seeks to track an index's performance, the Fund will not use defensive strategies or attempt to reduce its exposure to poor performing securities in the index. To the extent the Fund's investments track its target index, such Fund may underperform other funds that invest more broadly. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Fund. The correlation between the Fund's performance and index performance may be affected by the Fund's expenses and the timing of purchases and redemptions of the Fund's shares. In addition, the Fund's actual holdings might not match the index and the Fund's effective exposure to index securities at any given time may not precisely correlate.

**Interest Rate:** A rise in market interest rates generally results in a fall in the value of bonds and other fixed-income instruments; conversely, values generally rise as market interest rates fall. 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 fixed-income instrument to a change in interest rate. As of the date of this Prospectus, the U.S. is experiencing a rising market interest rate environment, which may increase the Fund's exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. To the extent that the Fund invests in fixed-income 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 fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential future changes in government policy may affect 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 fixed-income and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose fixed-income and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact the Fund's operations and return potential.

**Investing through Stock Connect:** 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") may be purchased directly or indirectly 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.

The Chinese economy is generally considered an emerging and volatile market. Significant portions of the Chinese securities markets may become rapidly illiquid because Chinese issuers have the ability to suspend the trading of their equity securities under certain circumstances, and have shown a willingness to exercise that option in response to market volatility, epidemics, pandemics, adverse economic, market or political events, and other events. In addition, there may be restrictions on investments in Chinese companies. For example, on November 12, 2020, the President of the United States signed an Executive Order prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. government as "Communist Chinese military companies." The list of such companies can change from time to time, and as a result of forced selling or inability to participate in an investment the Investment Adviser/Sub-Adviser otherwise believes is attractive, the Fund may incur losses.

**Investment Model:** A Sub-Adviser's proprietary model may not adequately take into account existing or unforeseen market factors or the interplay between such factors. Funds that are actively managed, in whole or in part, according to a quantitative investment model 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. Mistakes in the construction and implementation of the investment models (including, for example, data problems and/or software issues) may create errors or limitations that might go undetected or are discovered only after the errors or limitations have negatively impacted performance. There

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is no guarantee that the use of these investment models will result in effective investment decisions for the Fund.

**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.

**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 fixed-income 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, 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 has resulted, and may continue to result, 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. 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. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. Those 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.

**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.

**Prepayment and Extension:** Many types of fixed-income instruments are subject to prepayment and extension risk. Prepayment risk is the risk that the issuer of a fixed-income instrument will pay back the principal earlier than expected. This risk is heightened in a falling market interest rate environment. Prepayment may expose the Fund to a lower rate of return upon reinvestment of principal. Also, if a fixed-income instrument subject to prepayment has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a fixed-income instrument will pay back the principal later than expected. This risk is heightened in a rising market interest rate environment. This may

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negatively affect performance, as the value of the fixed-income instrument decreases when principal payments are made later than expected. Additionally, the Fund may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates.

**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 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.

**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**

The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices with investment characteristics similar to those of the Fund for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower.

On August 9, 2019, Voya IM was added as an additional sub-adviser and J.P. Morgan Investment Management Inc. (which served as a sub-adviser from October 11, 2011 to August 9, 2019) was removed as a sub-adviser. On August 24, 2015, VanEck was added as an additional sub-adviser. This change to the sub-adviser resulted in a change to the Fund's principal investment strategies. If the Fund's current sub-advisers and strategies had been in place for the prior period, the performance information shown would have been different. *The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to https://individuals.voya.com/literature or call 1-800-992-0180.*

**Calendar Year Total Returns** Class P3

(as of December 31 of each year)

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![](v472158p3_15.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | 2nd Quarter 2020 | 24.38% |
| **Worst quarter:** | 1st Quarter 2020 | -26.61% |

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**Average Annual Total Returns** %

(for the periods ended December 31, 2022)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Yr** | **5 Yrs** | **10 Yrs** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| **Class P3** before taxes% | -23.20 | N/A | N/A | -1.43 | 06/01/18 |
| After tax on distributions% | -24.01 | N/A | N/A | -2.81 |  |
| After tax on distributions with sale% | -13.30 | N/A | N/A | -0.88 |  |
| MSCI Emerging Markets Index<sup>SM</sup><sup>1</sup>% | -20.09 | N/A | N/A | -1.14 |  |

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The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax advantaged arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

**Portfolio Management**

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

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

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| |
|:---|
| **Portfolio Manager** |
| Paul Zemsky, CFA <br>Portfolio Manager (since 05/18)<br>|

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| |
|:---|
| **Sub-Adviser** |
| Delaware Investments Fund Advisers |

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| |
|:---|
| **Portfolio Manager** |
| Liu-Er Chen, CFA <br>Portfolio Manager (since 10/11)<br>|

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| |
|:---|
| **Sub-Adviser** |
| Van Eck Associates Corporation |

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| | |
|:---|:---|
| **Portfolio Managers** |  |
| David A. Semple <br>Portfolio Manager (since 08/15)<br>| Angus Shillington <br>Assistant Portfolio Manager (since 08/15)<br>|

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

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| | |
|:---|:---|
| **Portfolio Managers** |  |
| Steve Wetter <br>Portfolio Manager (since 08/19)<br>| Kai Yee Wong <br>Portfolio Manager (since 08/19)<br>|

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**Purchase and Sale of Fund Shares**

Class P3 shares of the Fund are not offered directly to the public. Class P3 shares of the Fund may only be purchased by certain other funds in the Voya family of funds. Class P3 shares may be purchased or sold by those Voya funds on any business day when the New York Stock Exchange opens for regular trading by contacting the Fund's transfer agent ("Transfer Agent").

**Minimum Initial Investment** $ by share class

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| | |
|:---|:---|
| **Class** | **P3** |
| Non-retirement accounts | $None |
| Retirement accounts | $None |
| Certain omnibus accounts | $None |
| Pre-authorized investment plan | $None |

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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.

Voya Multi-Manager Emerging Markets Equity 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 Mutual Funds, 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 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 those 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 Voya Mutual Funds ("Trust"), a Delaware statutory trust. The Fund is managed by Voya Investments, LLC ("Voya Investments" or the "Investment Adviser").

Fund shares may be classified into different classes of shares. The classes of shares of the Fund would be substantially the same except for different expenses, certain related rights, and certain shareholder services. All share classes of the Fund have a common investment objective and investment portfolio. This Prospectus only offers the class of shares listed on the cover of this Prospectus. Additional share classes of the Fund may be offered through a different prospectus.

The Investment Adviser and Voya Investments Distributor, LLC (the "Distributor") (together "Voya") implement fee waivers or expense limitations for one or more share classes of the Fund, and the levels of those fee waivers or expense limitations differ among the Fund's share classes. The fee waivers include waivers of some or all of the Fund's management fee in respect of some share classes, but not others ("differential management fee waivers"), with the result being that some share classes pay more in net management fees than other share classes. In some cases, the total net expense ratio of a share class is significantly lower than that of other share classes, and may be zero. Voya may implement those waivers or expense limitations to make the shares of certain share classes more attractive to purchasers, including, among others, funds-of-funds, retirement plans, and variable product purchasers, in certain sales channels than they might otherwise be. The cost of such waivers and expense reimbursements is borne by Voya, and not by the Fund's other share classes. Such waivers and expense limitations are intended to make the affected share classes more attractive to purchasers and lead to additional investments in the Fund, potentially resulting in a net financial benefit to Voya.

Shares of a class to which such a fee waiver or expense limitation applies will not be available to all investors in the Fund. Rather, they will be made available to investors meeting eligibility criteria outlined in the Prospectuses for such share classes based on, among other factors, an assessment by the Investment Adviser and/or Board of the desirability of offering a relatively low-priced share class in certain sales channels or through certain products and the anticipated direct or indirect financial benefit to the Fund or Voya. Not all share classes of the Fund will typically be offered in a single Prospectus, and it is likely that any Prospectus for the Fund will not offer or provide information regarding some or all share classes subject to differential management fee waivers. Investors should be aware that the total net expenses they incur as shareholders of certain share classes likely will be higher than the total net expenses incurred by shareholders of certain other share classes offered through this Prospectus or otherwise, including without limitation management fees and other fund-level expenses.

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

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**Conflicts of Interest** 

The Investment Adviser allocates the Fund's assets to different sub-advisers, including an affiliated sub-adviser. In addition, the Investment Adviser may, from time to time, manage a portion of the Fund's assets to seek to manage the Fund's overall exposure to achieve the desired risk/return profile and to effect the Fund's investment strategies. The Investment Adviser is subject to conflicts of interest when it allocates assets to itself or to an affiliated sub-adviser because the Investment Adviser would earn higher net advisory fees (the advisory fee received less any sub-advisory fee paid and fee waivers and expense subsidies) since the entire advisory fee is retained by a Voya company.

The Investment Adviser has a fiduciary duty to the Fund and is legally obligated to act in the Fund's best interest when allocating the Fund's assets to a sub-adviser. The Investment Adviser has developed an investment process that it believes will ensure the Fund is managed in the best interests of the shareholders of the Fund.

**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.

**Non-Fundamental Investment Policies** 

Unless otherwise indicated, the Fund's investment objective, policies, investment strategies, and practices are non-fundamental. In addition, the Fund has adopted a non-fundamental investment policy to invest the Fund's assets in securities that are consistent with the Fund's name. Non-fundamental policies may be changed by a vote of the Fund's Board and without shareholder vote. For more information about these policies, please consult the SAI.

**Fund Diversification** 

The Fund is 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 Strategies** 

When the Investment Adviser or a sub-adviser (each a "Sub-Adviser") anticipates 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 invest in securities believed to present less risk, such as cash, cash equivalents, money market fund shares and other money market instruments, fixed-income 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 alternative strategies may be utilized.

**Percentage and Rating Limitations** 

The percentage and rating limitations on Fund investments listed in this Prospectus apply at the time of investment.

**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 October 31. Copies of the Fund's annual and semi-annual shareholder reports are no longer sent by mail or e-mail, unless you specifically request copies of the reports. Instead, the reports are available on the Voya funds' website (https://individuals.voya.com/literature), and you will be notified by mail each time a report

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is posted and provided with a website link to access the report. 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.

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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 Fund's 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 summary section of this Prospectus.

**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 of the types of securities in which the Fund may invest and certain of the investment practices that the Fund may use. 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. For more information about these and other types of securities and investment techniques that may be used by the Fund, see the SAI.

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 can decide whether to use them. The Fund may invest in these securities or use these techniques as part of the Fund's 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.

The discussions below expand on the risks included in the Fund's summary section of the Prospectus. Please see the SAI for a further discussion of the principal and other investment strategies employed by the Fund.

**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 fixed-income 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. 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 fixed - income 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. 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 United States or abroad.

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**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 new regulation of the derivatives market, including clearing, margin, reporting, and registration requirements. The European Union (and other countries outside of the European Union, including the United Kingdom) has implemented similar requirements, which may affect the Fund when it enters into a derivatives transaction with a counterparty organized in that country or otherwise subject to that country's derivatives regulations. Because these requirements are relatively new and evolving (and some of the rules are not yet final), 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 new kinds of costs and risks.

**Environmental, Social, and Governance (Equity):** A 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. A 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 a 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 a Sub-Adviser's assessment of ESG factors than other comparable mutual funds. There can be no assurance that an investment selected by a Sub-Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments.

**Environmental, Social, and Governance (Multi-Manager):** The Investment Adviser's consideration of ESG factors in selecting sub-advisers for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund's assets that will be allocated to sub-advisers that consider ESG factors as part of their investment processes, and the Investment Adviser may choose to select sub-advisers that do not consider ESG factors as part of their investment processes. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that a sub-adviser selected by the Investment Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential sub-adviser, and such a sub-adviser may, in fact, underperform other potential sub-advisers.

**Focused Investing (Index):** To the extent that the Fund's benchmark or other index is substantially composed of securities in a particular industry, sector, market segment, or geographic area, the Fund may allocate its investments to approximately the same extent as the index as part of its investment strategy. As a result, the Fund may be more sensitive to financial, economic, business, political, regulatory, and other developments and conditions, including natural or other disasters,

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affecting issuers in a particular industry, sector, market segment, or geographic area in which the Fund focuses its investments, and if securities of such industry, sector, market segment, or geographic area fall out of favor, the Fund could underperform, or be more volatile than, a fund that has greater diversification.

&nbsp;&nbsp;&nbsp;&nbsp;• **Materials Sector:** Companies involved in the materials sector includes companies in the following industry groups: forestry and paper, chemicals, industrial metals, and mining. Investments in companies involved in the materials sector may be adversely impacted by changes in commodity prices or exchange rates, depletion of resources, over-production, litigation, and government regulations, among other factors . The chemicals industry may be significantly affected by intense competition, product obsolescence, raw materials prices, and government regulation, and may be subject to risks associated with the production, handling, disposal of hazardous components, and litigation and claims arising out of environmental contamination.

&nbsp;&nbsp;&nbsp;&nbsp;• **Technology Sector:** Investments in companies involved in the technology sector are subject to significant competitive pressures, such as aggressive pricing of products or services, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments, evolving industry standards, changing customer demands, and the potential for limited earnings and/or falling profit margins. The failure of a company to adapt to such changes could have a material adverse effect on the company's business, results of operations, and financial condition. These companies also face the risks that new services, equipment, or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the values of their securities. Many companies involved in the technology sector have limited operating histories, and prices of these companies' securities historically have been more volatile than those of many other companies' securities, especially over the short term.

**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 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 to distribute 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, 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. 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. In March 2017, the United Kingdom ("UK") formally notified the European Council of its intention to leave the EU and on January 31, 2020 withdrew from the EU (commonly known as "Brexit"). On December 30, 2020, the UK voted in

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favor of the UK-EU Trade and Cooperation Agreement. The agreement governs the new relationship between the UK and the EU with respect to trading goods and services but critical aspects of the relationship remain unresolved and subject to further negotiation and agreement. Brexit has resulted in volatility in European and global markets and could have negative long-term impacts on financial markets in the UK and throughout Europe. There is considerable uncertainty about the potential consequences of Brexit and how the financial markets will react. As this process unfolds, markets may be further disrupted. Given the size and importance of the UK's economy, uncertainty about its legal, political, and economic relationship with the remaining member states of the EU may continue to be a source of instability. 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.

**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.

**High-Yield Securities:** Lower-quality securities (including securities that have fallen below investment grade and are classified as "junk bonds" or "high-yield securities") have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and their issuers' long-term ability to make payments is considered speculative. Prices of lower-quality bonds or other fixed-income instruments are also more volatile, are more sensitive to negative news about the economy or the issuer, and have greater liquidity risk and price volatility.

**Index Strategy (Fund):** The index selected may underperform the overall market. To the extent the Fund (or a portion of the Fund) seeks to track an index's performance, the Fund will not use defensive strategies or attempt to reduce its exposure to poor performing securities in the index. To the extent the Fund's investments track its target index, such Fund may underperform other funds that invest more broadly. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Fund. The correlation between the Fund's performance and index performance may be affected by the Fund's expenses and the timing of purchases and redemptions of the Fund's shares. In addition, the Fund's actual holdings might not match the index and the Fund's effective exposure to index securities at any given time may not precisely correlate.

**Interest Rate:** A rise in market interest rates generally results in a fall in the value of bonds and other fixed-income instruments; conversely, values generally rise as market interest rates fall. 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 fixed-income instrument to a change in interest rate. As of the date of this Prospectus, the U.S. is experiencing a rising market interest rate environment, which may increase the Fund's exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. To the extent that the Fund invests in fixed-income 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 fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential future changes in government policy may affect interest rates. Negative or very low interest rates could magnify the risks associated

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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 fixed-income and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose fixed-income and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact the Fund's operations and return potential.

**Investing through Stock Connect:** 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") may be purchased directly or indirectly 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.

The Chinese economy is generally considered an emerging and volatile market. Significant portions of the Chinese securities markets may become rapidly illiquid because Chinese issuers have the ability to suspend the trading of their equity securities under certain circumstances, and have shown a willingness to exercise that option in response to market volatility, epidemics, pandemics, adverse economic, market or political events, and other events. In addition, there may be restrictions on investments in Chinese companies. For example, on November 12, 2020, the President of the United States signed an Executive Order prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. government as "Communist Chinese military companies." The list of such companies can change from time to time, and as a result of forced selling or inability to participate in an investment the Investment Adviser/Sub-Adviser otherwise believes is attractive, the Fund may incur losses.

Many Chinese companies use a structure known as a variable interest entity (a "VIE") to address Chinese restrictions on direct foreign investment in Chinese companies operating in certain sectors. The Fund's investment exposure to VIEs may pose additional risks because the Fund's investment is not made directly in the VIE (the actual Chinese operating company), but rather in a holding company domiciled outside of China (a "Holding Company") whose interests in the business of the underlying Chinese operating company (the VIE) are established through contracts rather than through equity ownership. The VIE (which the Fund is restricted from owning under Chinese law) is generally owned by Chinese nationals, and the Holding Company (in which the Fund invests) holds only contractual rights (rather than equity ownership) relating to the VIE, typically including a contractual claim on the VIE's profits. Shares of the Holding Company, in turn, are traded on exchanges outside of China and are available to non-Chinese investors such as the Fund. While the VIE structure is a longstanding practice in China, until recently, such arrangements had not been formally recognized under Chinese law. However, in late 2021, the Chinese government signaled its interest in implementing filing requirement rules that would both affirm the legality of VIE structures and regulate them. How these filing requirements will operate in practice, and what will be required for approval, remains unclear. While there is optimism that these actions will reduce uncertainty over Chinese actions on VIEs, there is also caution given how unresolved the process is. Until these rules are finalized, and potentially afterwards depending on how they are implemented, there remains significant uncertainty associated with VIE investments. There is a risk that the Chinese government may cease to tolerate VIE structures at any time or impose new restrictions on the structure, in each case either generally or with respect to specific issuers. In such a scenario, the Chinese operating company could be subject to penalties, including revocation of its business and operating license, or the Holding Company could forfeit its interest in the business of the Chinese operating company. Further, in case of a dispute between the Holding Company investors and the Chinese owners of the VIE, the Holding Company's contractual claims with respect to the VIE may be unenforceable in China, thus limiting the remedies and rights of Holding Company investors such as the Fund. Control over a VIE may also be jeopardized if a natural person who holds the equity interest in the VIE breaches the terms of the contractual arrangements, is subject to legal proceedings, or if any physical instruments or property of the VIE, such as seals, business registration certificates, financial data and licensing arrangements (sometimes referred to as "chops"), are used without authorization. In the event of such an occurrence, the Fund, as a foreign investor, may have little or no legal recourse. Such legal uncertainty may be exploited against the interests of the Holding Company investors such as the Fund. The Fund will typically have little or no ability to influence the VIE through proxy voting or other means because it is not a VIE owner/shareholder. Foreign (non-U.S.) companies listed on stock exchanges in the United States, including companies

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using the VIE structure, could also face delisting or other ramifications for failure to meet the expectations and/or requirements of the SEC, the Public Company Accounting Oversight Board, or other U.S. regulators. Any of these risks could reduce the liquidity and value of the Fund's investments in Holding Companies or render them valueless.

**Investment Model:** A Sub-Adviser's proprietary model may not adequately take into account existing or unforeseen market factors or the interplay between such factors. Proprietary models used by a 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 models. Volatility management techniques may not always be successful in reducing volatility, may not protect against market declines, and may limit the Fund's participation in market gains, negatively impacting performance even during periods when the market is rising. During sudden or significant market rallies, such underperformance may be significant. Moreover, volatility management strategies may increase portfolio transaction costs, which may increase losses or reduce gains. The Fund's volatility may not be lower than that of the Fund's Index during all market cycles due to market factors. Funds that are actively managed, in whole or in part, according to a quantitative investment model 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. Mistakes in the construction and implementation of the investment models (including, for example, data problems and/or software issues) may create errors or limitations that might go undetected or are discovered only after the errors or limitations have negatively impacted performance. There is no guarantee that the use of these investment models will result in effective investment decisions for the Fund.

**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.

**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 fixed-income 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, 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 has resulted, and may continue to result, 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. 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. The extent and duration

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of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. Those 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.

**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 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.

**Prepayment and Extension:** Many types of fixed-income instruments are subject to prepayment and extension risk. Prepayment risk is the risk that the issuer of a fixed-income instrument will pay back the principal earlier than expected. This risk is heightened in a falling market interest rate environment. Prepayment may expose the Fund to a lower rate of return upon reinvestment of principal. Also, if a fixed-income instrument subject to prepayment has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a fixed-income instrument will pay back the principal later than expected. This risk is heightened in a rising market interest rate environment. This may negatively affect performance, as the value of the fixed-income instrument decreases when principal payments are made later than expected. Additionally, the Fund may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates.

**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

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

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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.

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.

**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 fixed-income 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 fixed-income 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's portfolio 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. Inflation has recently increased, and it cannot be predicted whether it may decline.

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

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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.

**Manager:** The Fund is subject to manager risk because it is an actively managed investment portfolio. The Investment Adviser, a 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 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. Many managers of equity funds employ styles that are characterized as "value" or "growth." However, these terms can have different applications by different managers. One manager's value approach may be different from that of another, and one manager's growth approach may be different from that of another. For example, some value managers employ a style in which they seek to identify companies that they believe are valued at a more substantial or "deeper discount" to a company's net worth than other value managers. Therefore, some funds that are characterized as growth or value can have greater volatility than other funds managed by other managers in a growth or value style.

**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 or 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. 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 has been and will in the future be 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 Fund's SAI. Portfolio holdings information can be reviewed online at www.voyainvestments.com.

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**MANAGEMENT OF THE FUND**

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**The 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 office is located at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258. As of December 31, 2022, Voya Investments managed approximately $73.2 billion in assets.

**Management Fee** 

The Investment Adviser receives an annual fee for its services to the Fund. The fee is payable in monthly installments based on the average daily net assets of the Fund.

The Investment Adviser is responsible for all of its own costs, including costs of the personnel required to carry out its duties.

The following table shows the aggregate annual management fee paid by the Fund for the most recent fiscal year as a percentage of the Fund's average daily net assets.

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

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| | |
|:---|:---|
|  | **Management Fees** |
| Voya Multi-Manager Emerging Markets Equity Fund | 0.99% |

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For information regarding the basis of the Board's approval of the investment advisory and investment sub-advisory relationships, please refer to the Fund's unaudited semi-annual shareholder report which will cover the six-month period ending April 30, 2023.

**The Sub-Advisers and Portfolio Managers**

The Investment Adviser has engaged one or more sub-advisers to provide the day-to-day management of the Fund's portfolio. One of these sub-advisers is an affiliate of the Investment Adviser.

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 name of the Fund and a change to the investment strategies of the Fund.

A sub-advisory agreement can be terminated by the Investment Adviser, the Fund's Board, or a 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.

**The Multi-Manager Approach** 

Voya Investments allocates the Fund's assets to different sub-advisers. Voya Investments may, from time to time, directly manage a portion of the Fund's assets to seek to manage the Fund's overall risk exposure, to achieve the Fund's desired risk/return profile, and to effect the Fund's investment strategies.

Delaware Investments Fund Advisers, Van Eck Associates Corporation, and Voya IM are the sub-advisers of the Fund. Each sub-adviser makes investment decisions for the assets it has been allocated to manage. The Investment Adviser may change the allocation of the Fund's assets between the sub-advisers as it determines necessary to pursue the Fund's investment objective.

For the Fund, the Investment Adviser will determine what it believes to be the optimal allocation of the assets under management among the Fund's sub-advisers. Subsequent inflows and outflows will be allocated between the Fund's sub-advisers to maintain the Investment Adviser's determined allocation.

**Delaware Investments Fund Advisers** 

Delaware Investments Fund Advisers ("DIFA" or the "Sub-Adviser") is a series of Macquarie Investment Management Business Trust ("MIMBT"), which is a subsidiary of Macquarie Management Holdings, Inc. ("MMHI"). Macquarie Group Limited, an Australian publicly held company (ASX: MQG), indirectly holds, through its subsidiaries, all of the voting equity of MMHI. MIMBT is registered with the SEC as an investment adviser and its predecessors have advised publicly offered mutual funds since 1938. The principal address of DIFA is 610 Market Street, Philadelphia, Pennsylvania 19106. As of December 31, 2022 MMHI and its subsidiaries managed $195.22 billion in assets under management.

DIFA has entered into an agreement whereby DIFA may delegate certain of its investment advisory services to Macquarie Investment Management Global Limited ("MIMGL"), which is an affiliated investment adviser. The principal address for MIMGL is 50 Martin Place, Sydney, Australia 2000.

**Van Eck Associates Corporation** 

Van Eck Associates Corporation ("VanEck" or the "Sub-Adviser") has been an investment adviser since 1955 and also acts as adviser or sub-adviser to other mutual funds, ETFs, other pooled investment vehicles, and separate accounts. Jan F. van Eck and members of his family own 100% of the voting stock of VanEck. The principal address of VanEck is 666 Third Avenue, 9th Floor, New York, New York 10017-4033. As of December 31, 2022, VanEck had approximately $69.03 billion in assets under management.

**Voya Investment Management Co. LLC** 

Voya IM, a Delaware limited liability company, was founded in 1972 and is registered with the SEC as an investment adviser. Voya IM is an indirect subsidiary of Voya Financial, Inc. and is an affiliate of the Investment Adviser. Voya IM has acted as adviser or sub-adviser to mutual funds since 1994 and has managed institutional accounts since 1972. Voya IM's principal office is located at 230 Park Avenue, New York, New York 10169. As of December 31, 2022, Voya IM managed approximately $321 billion in assets.

**Individual Portfolio Managers**

The following individual is responsible for the day-to-day management of the Fund.

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

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

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Investment** <br> **Adviser or** <br> **Sub-Adviser**<br>| **Fund** | **Recent Professional Experience** |
| Liu-Er Chen, CFA | DIFA | Voya Multi-Manager Emerging <br> Markets Equity Fund<br>| Mr. Chen, Senior Vice President and Chief <br> Investment Officer-Emerging Markets and <br> Healthcare, heads DIFA's global emerging markets <br> team. Prior to joining DIFA in September 2006, he <br> spent nearly 11 years at Evergreen Investment <br> Management Company.<br>|
| David A. Semple | VanEck | Voya Multi-Manager Emerging <br> Markets Equity Fund<br>| Mr. Semple, Portfolio Manager, is primarily <br> responsible for the day-to-day management of the <br> Fund's assets allocated to VanEck. He has been with <br> VanEck since 1998 and is currently the portfolio <br> manager of various funds advised by VanEck. Mr. <br> Semple is responsible for asset allocation and stock <br> selection in global emerging markets.<br>|
| Angus Shillington | VanEck | Voya Multi-Manager Emerging <br> Markets Equity Fund<br>| Mr. Shillington, Assistant Portfolio Manager, joined <br> VanEck in 2009 and currently serves on the <br> investment team for various funds advised by <br> VanEck. Prior to joining VanEck, he was the Head of <br> International Equity at ABN Amro from 2006 to <br> 2008 and Managing Director at BNP Paribas from <br> 2001 to 2006.<br>|
| Steve Wetter | Voya IM | Voya Multi-Manager Emerging <br> Markets Equity Fund <br>| Mr. Wetter, Portfolio Manager, is responsible for <br> portfolio management of the index, active <br> quantitative, and smart beta strategies. He joined <br> Voya IM in April 2012 and prior to that he was a <br> portfolio manager and trader at Mellon Asset <br> Management (2007 – 2009) and Northern Trust <br> (2003 – 2007).<br>|
| Kai Yee Wong | Voya IM | Voya Multi-Manager Emerging <br> Markets Equity Fund <br>| Ms. Wong, Portfolio Manager, is responsible for the <br> portfolio management of the index, active <br> quantitative, and smart beta strategies. Prior to <br> joining Voya IM in 2012, she worked as a senior <br> equity portfolio manager at Northern Trust, <br> responsible for managing various global indices <br> including developed, emerging, real estate, Topix, <br> and socially responsible benchmarks (2003 – <br> 2009).<br>|
| Paul Zemsky, CFA | Voya <br> Investments <br> (Investment <br> Adviser)<br>| Voya Multi-Manager Emerging <br> Markets Equity Fund <br>| Portfolio Manager, and Chief Investment Officer of <br> Voya IM's Multi-Asset Strategies. Mr. Zemsky joined <br> Voya IM in 2005 as head of derivative strategies.<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.

**The 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 office is located at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258. See "Principal Underwriter" in the SAI.

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

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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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**CLASS OF SHARES**

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The table below summarizes features of the class of shares available through this Prospectus.

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

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| | |
|:---|:---|
| **Class P3** |  |
| Initial Sales Charge |  |
| Contingent Deferred Sales Charge |  |
| Distribution and/or Shareholder Services (12b-1) Fees |  |
| Purchase Maximum |  |
| Minimum Initial Purchase/Minimum Account Size | None/None |
| Minimum Subsequent Purchases |  |
| Minimum Initial Account Balance for Systematic Exchange <br> Privilege<br>|  |
| Conversion |  |

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**HOW SHARES ARE PRICED**

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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 an independent 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 AND SELL SHARES**

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**Class P3 Shares** 

Class P3 shares may only be purchased by certain other funds in the Voya family of funds that have a Management Agreement under which the Adviser provides advisory services, administrative services, custodial, transfer agency, portfolio accounting, auditing and ordinary legal services in return for a single management fee. Class P3 shares are purchased without a sales charge.

Share certificates will not be issued.

The Fund and the Distributor reserve the right to suspend the offering of shares or to reject any specific purchase order. The Fund may suspend redemptions or postpone payments when the NYSE is closed or when trading is restricted for any reason or under emergency circumstances as determined by the SEC.

**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.

**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.

**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 seven 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.

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. The Fund may distribute non-cash assets in any case where it has determined, in its sole discretion, that it is advisable and in the best interests of the Fund.

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**HOW TO EXCHANGE SHARES**

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**Exchanges Between Voya Mutual Funds** 

You may exchange shares of the Fund for shares of the same class of any other Voya mutual fund, except for Voya Corporate Leaders<sup>®</sup> Trust Fund, without paying any additional sales charge, if you otherwise meet the eligibility requirements of the class of shares of the Voya mutual fund to be received in the exchange.

**Additional Information About Exchanges** 

Fees and expenses differ among Voya mutual funds and among share classes of the same fund. Please read the prospectus for the Voya mutual fund and share class you are interested in prior to exchanging into that Voya mutual fund or share class. Contact your financial intermediary or consult your plan documents for additional information.

An exchange of shares of the Fund for shares of another Voya mutual fund is treated as a sale and purchase of shares and may result in the recognition of a gain or loss for federal and state income tax purposes. For exchanges between Voya mutual funds, you should consult your own tax advisor for advice about the particular federal, state, and local tax consequences to you of the exchange. The total value of shares being exchanged must at least equal the minimum investment requirement of the Voya mutual fund into which they are being exchanged.

If you exchange into Voya Credit Income Fund, your ability to sell or liquidate your investment will be limited. Voya Credit Income Fund is a closed-end interval fund and does not redeem its shares on a daily basis. It is not expected that a secondary market for Voya Credit Income Fund's shares will develop, so you will not be able to sell them through a broker or other investment professional. To provide a measure of liquidity, Voya Credit Income Fund will normally make monthly repurchase offers for not less than 5% of its outstanding common shares. If more than 5% of Voya Credit Income Fund's common shares are tendered, you may not be able to completely liquidate your holdings in any one month. You also would not have liquidity between these monthly repurchase dates. Investors exercising the exchange privilege into Voya Credit Income Fund should carefully review the prospectus of that fund. Investors may obtain a copy of the Voya Credit Income Fund prospectus or any other Voya mutual fund prospectus by calling 1-800-992-0180 or by going to www.voyainvestments.com.

In addition to the Fund available in this Prospectus, the Distributor offers many other funds. Shareholders exercising the exchange privilege with any other Voya mutual fund should carefully review the prospectus of that fund before exchanging their shares. Investors may obtain a copy of a prospectus of any Voya mutual fund not discussed in this Prospectus by calling 1-800-992-0180 or by going to www.voyainvestments.com.

You will automatically have the ability to request an exchange between Voya mutual funds by calling a Shareholder Services Representative unless you mark the box on the Account Application that indicates that you do not wish to have the telephone exchange privilege. The Fund may change or cancel its exchange policies at any time, upon 60 days' prior notice to shareholders.

**Systematic Exchange Privilege** 

Subject to the information and limitations outlined above, you may elect to have a specified dollar amount of shares systematically exchanged, monthly, quarterly, semi-annually, or annually from your account to an identically registered account in the same class of any other open-end Voya mutual fund, except for Voya Corporate Leaders<sup>®</sup> Trust Fund. This exchange privilege may be modified at any time or terminated upon 60 days' prior written notice to shareholders.

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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 whether directly or by exchange, 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, whether directly or by exchange; 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. In general, shareholders may make exchanges among their accounts with Voya mutual funds once every 30 days. However, the Fund prohibits frequent trading. The Fund has defined frequent trading as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Any shareholder or financial adviser initiated exchanges among all their accounts with the Fund within 30 calendar days of a previous exchange. All exchanges occurring on the same day for all accounts (individual, IRA, 401(k), etc.) beneficially owned by the same shareholder will be treated as a single transaction for purposes of this policy;

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

&nbsp;&nbsp;&nbsp;&nbsp;• Trades initiated by financial advisers, among multiple shareholder accounts, that in the aggregate are deemed harmful or excessive.

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

&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;• Purchases and sales of funds that affirmatively permit short-term trading;

&nbsp;&nbsp;&nbsp;&nbsp;• Rebalancing to facilitate fund-of-fund arrangements or the Fund's systematic exchange privileges;

&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales initiated by Voya mutual funds; and

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

Please note that while money market funds permit short-term trading, an exchange between a money market fund and another fund that does not permit short-term trading will count as an exchange for purposes of this policy.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• Upon the first violation of this policy in a calendar year, purchase and exchange privileges shall be suspended for 90 days. For example, if an exchange is initiated on February 1st, and a second exchange is initiated on February 15th, trading privileges shall be suspended for 90 days from February 1st.

&nbsp;&nbsp;&nbsp;&nbsp;• Upon a second violation in a calendar year, purchase and exchange privileges shall be suspended for 180 days.

&nbsp;&nbsp;&nbsp;&nbsp;• No purchases or exchanges will be permitted in the account and all related accounts bearing the same Tax ID or equivalent identifier.

On the next Business Day following the end of the 90 or 180 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.

------

**PAYMENTS TO FINANCIAL INTERMEDIARIES**

------

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 financial intermediaries. Each Voya mutual fund also has an investment adviser which is responsible for managing the money invested in each of the mutual funds. No dealer compensation is paid from the sale of Class P3 shares of the Fund. Class P3 shares do not have sales commissions, pay 12b-1 fees, or make payments to financial intermediaries for assisting the Distributor in promoting the sales of the Fund's shares.

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**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. 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 federal tax regulations, the Fund may also pay an additional capital gains distribution.

**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.

**Taxes** 

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. Circumstances among investors may vary, so you are encouraged to discuss an investment in the Fund with your tax advisor.

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 federal income taxes and may also be subject to state or local taxes. For mutual funds generally, 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 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 net capital gains, provided that the shareholder meets certain holding period and other requirements with respect to its shares.

Selling or exchanging 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 an ordinary redemption of shares or an exchange of shares between two mutual funds. Any such capital gain or loss will generally be long term if the shares sold or exchanged were held for more than one year; otherwise, such gain or loss will be short term. Any capital loss incurred on the sale or exchange 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 sale, redemption or exchange 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.

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

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

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 that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds certain threshold amounts.

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

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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.

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 sale or exchange 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.

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 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.

If more than 50% in value of the Fund's total assets at the close of its taxable year consists of stock or securities of foreign corporations, or if at least 50% of the value of the Fund's total assets at the close of each quarter of its taxable year is represented by interests in other regulated investment companies, the Fund may elect (the "Foreign Election") to "pass through" to its shareholders the amount of foreign income and similar foreign taxes paid or deemed paid by it. If the Fund so elects, each of its shareholders would be required to include in gross income, even though not actually received, its *pro rata* share of such foreign taxes paid or deemed paid by the Fund, but would be treated as having paid its *pro rata* share of such foreign taxes and would therefore be allowed to either deduct such amount in computing taxable income or use such amount (subject to various limitations) as a foreign tax credit against federal income tax (but not both). It is anticipated that the Fund will qualify to make the Foreign Election; however, the Fund cannot be certain that it will be eligible to make such an election or that you will be eligible for the foreign tax credit.

**Cost Basis Reporting.** The Internal Revenue Service requires mutual fund companies and brokers to report on Form 1099-B the cost basis on the sale or exchange 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.

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**ACCOUNT POLICIES**

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**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 www.voyainvestments.com or via a touch tone 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 www.voyainvestments.com, 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 FTSE Emerging Plus Korea Select Factor Index, based on the FTSE Emerging Comprehensive Factor Index, is designed to capture risk premium through exposure to five factors that contribute to emerging market equity performance. These five factors include Momentum, Quality, Size, Value and Low Volatility.

Voya Multi-Manager Emerging Markets Equity Fund is not sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") (the "Licensor Party") and the Licensor Party does not make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of its indices and/or the figure at which an index stands at any particular time on any particular day or otherwise. The indices are compiled and calculated by FTSE. The Licensor Party shall not be liable (whether in negligence or otherwise) to any person for any error in an Index and the Licensor Party shall not be under any obligation to advise any person of any error therein. FTSE<sup>®</sup>, FT-SE<sup>®</sup>, Footsie<sup>®</sup>, FTSE4Good<sup>®</sup> and techMARK<sup>®</sup> are trademarks of the Exchange and FT and are used by FTSE under license. All-World<sup>®</sup>, All-Share<sup>®</sup> and All-Small<sup>®</sup> are trademarks of FTSE.

The MSCI Emerging Markets Index<sup>SM</sup> measures the performance of securities listed on exchanges in developing nations throughout the world.

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**FINANCIAL HIGHLIGHTS**

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The financial highlights table is intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects the financial results for a single share. The total returns in the table represent the rate of return that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and/or distributions). The information for the fiscal years ended October 31, 2020, October 31, 2021, and October 31, 2022 has been audited by Ernst & Young LLP, whose report, along with the Fund's financial statements, is included in the Fund's Annual Report, which is available upon request. The information for the prior fiscal years or periods was audited by a different independent public accounting firm.

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**FINANCIAL HIGHLIGHTS *(continued)***

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

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

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss)** <br>**from** <br>**investment** <br>**operations** | **Income (loss)** <br>**from** <br>**investment** <br>**operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental** <br>**data** | **Supplemental** <br>**data** |
|  | Net asset value, beginning <br>of year or period | Net investment income (loss) | Net realized and unrealized <br>gain (loss) | Total from investment <br>operations | From net investment income | From net realized gains | From return of capital | Total distributions | Payments from distribution settlement/affiliate | Net asset value, end of year or period | **Total Return**<sup>(1)</sup> | Expenses before <br>reductions/additions<sup>(2)(3)</sup> <br>| Expenses, net of fee waivers <br>and/or recoupments, if any<sup>(2)(3)</sup> <br>| Expenses net of all <br>reductions/additions<sup>(2)(3)</sup> <br>| Net investment income <br>(loss)<sup>(2)(3)</sup> <br>| Net assets, end of year or period | Portfolio turnover rate |
| Year or Period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** |
| **Class P3** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 15.06 | 0.31<sup>•</sup> | (4.54) | (4.23) | 0.30 | 2.00 |  | 2.30 |  | 8.53 | **(32.74)** | 1.19 | 0.00\* | 0.00\* | 3.02 | (14630) | 53 |
| 10-31-21 | 13.42 | 0.28<sup>•</sup> <br>| 1.93 | 2.21 | 0.13 | 0.44 |  | 0.57 |  | 15.06 | **16.55** | 1.18 | 0.00\* | 0.00\* | 1.82 | 10671 | 59 |
| 10-31-20 | 12.56 | 0.22<sup>•</sup> <br>| 0.93 | 1.15 | 0.22 | 0.07 |  | 0.29 |  | 13.42 | **9.18** | 1.18 | 0.00\* | 0.00\* | 1.79 | 13464 | 60 |
| 10-31-19 | 10.73 | 0.29<sup>•</sup> <br>| 1.65 | 1.94 | 0.11 |  |  | 0.11 |  | 12.56 | **18.22** | 1.30 | 0.00\* | 0.00\* | 2.46 | 9275 | 71 |
| 06-01-18<sup>(4)</sup> - 10-31-18 | 12.95 | 0.15<sup>•</sup> <br>| (2.37) | (2.22) |  |  |  |  |  | 10.73 | **(17.14)** | 1.31 | 0.00\* | 0.00\* | 2.98 | 3456 | 53 |

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See Accompanying Notes to Financial Highlights

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**ACCOMPANYING NOTES TO FINANCIAL HIGHLIGHTS**

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

(1) Total return is calculated assuming reinvestment of all dividends, capital gain distributions, and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable. Total return for periods less than one year is not annualized.

(2) Annualized for periods less than one year.

(3) Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions.

(4) Commencement of operations.

• Calculated using average number of shares outstanding throughout the year or period.

\*

Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.

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

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**TO OBTAIN MORE INFORMATION** 

You will find more information about the Fund in our:

**ANNUAL/SEMI-ANNUAL SHAREHOLDER REPORTS** 

In the Fund's annual shareholder report, you will find a discussion of the recent market conditions and principal investment strategies that significantly affected the Fund's performance during the applicable reporting period, the Fund's financial statements and the independent registered public accounting firm's report.

**STATEMENT OF ADDITIONAL INFORMATION** 

The SAI contains more detailed 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, the SAI, or other Fund information.

To make shareholder inquiries contact:

**Voya Investment Management** 

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258-2034

**1-800-992-0180** 

or visit our website at **www.voyainvestments.com**

Reports and other information about the Fund is available on the EDGAR Database on the SEC's Internet website at **http://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;

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| | |
|:---|:---|
| **Voya Mutual Funds** | **811-07428** |
|  | &nbsp;&nbsp; Voya Multi-Manager Emerging Markets Equity Fund <br>|

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|:---|:---|:---|
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| &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. |

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PRO-200742(0223-022823)

![](img2b9f3b773.gif)

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**February 28, 2023**

**Prospectus**![](imga96b19211.gif)

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

**•** **Voya Global Diversified Payment Fund** 

Class/Ticker: **A**/VYGQX; **C**/VYGRX; **I**/VYGSX; **R**/VYGTX; **R6**/VYGUX; **W**/VYGWX

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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![](img96509edc2.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 Global Diversified Payment Fund](#xx_94e88895-1ffe-414e-b0c6-d3a3566d6a26_1)** | 1 |
| **[KEY FUND INFORMATION](#xx_c780047b-39b5-46e9-aced-22bd7c417c03_1)** | 11 |
| [Fundamental Investment Policies](#xx_c780047b-39b5-46e9-aced-22bd7c417c03_1) | 11 |
| [Fund Diversification](#xx_c780047b-39b5-46e9-aced-22bd7c417c03_1) | 11 |
| [Investor Diversification](#xx_c780047b-39b5-46e9-aced-22bd7c417c03_1) | 11 |
| [Temporary Defensive Strategies](#xx_c780047b-39b5-46e9-aced-22bd7c417c03_1) | 11 |
| [Percentage and Rating Limitations](#xx_c780047b-39b5-46e9-aced-22bd7c417c03_2) | 12 |
| [Investment Not Guaranteed](#xx_c780047b-39b5-46e9-aced-22bd7c417c03_2) | 12 |
| [Shareholder Reports](#xx_c780047b-39b5-46e9-aced-22bd7c417c03_2) | 12 |
| **[MORE INFORMATION ABOUT THE FUND](#xx_9e70f7ed-ba19-457b-aeaa-38facc850b4d_1)** | 13 |
| [Additional Information About the Investment Objective](#xx_9e70f7ed-ba19-457b-aeaa-38facc850b4d_1) | 13 |
| [Additional Information About Principal Investment Strategies](#xx_9e70f7ed-ba19-457b-aeaa-38facc850b4d_1) | 13 |
| [Asset Allocation Process](#xx_9e70f7ed-ba19-457b-aeaa-38facc850b4d_5) | 17 |
| [Additional Information About the Principal Risks](#xx_9e70f7ed-ba19-457b-aeaa-38facc850b4d_6) | 18 |
| [Further Information About Principal Risks](#xx_9e70f7ed-ba19-457b-aeaa-38facc850b4d_23) | 35 |
| **[KEY INFORMATION ABOUT THE UNDERLYING FUNDS](#xx_e21d94be-5349-4c59-b15d-d8d20044ade2_1)** | 37 |
| [Affiliated Underlying Funds](#xx_e21d94be-5349-4c59-b15d-d8d20044ade2_1) | 37 |
| [Unaffiliated Underlying Funds](#xx_e21d94be-5349-4c59-b15d-d8d20044ade2_4) | 40 |
| **[PORTFOLIO HOLDINGS INFORMATION](#xx_3c587c82-137e-43de-891d-8085d56b5255_1)** | 45 |
| **[MANAGEMENT OF THE FUND](#xx_d4dabcd1-3191-4956-9156-cf9c59391c1f_1)** | 46 |
| [The Investment Adviser](#xx_d4dabcd1-3191-4956-9156-cf9c59391c1f_1) | 46 |
| [The Sub-Adviser and Portfolio Managers](#xx_d4dabcd1-3191-4956-9156-cf9c59391c1f_1) | 46 |
| [The Distributor](#xx_d4dabcd1-3191-4956-9156-cf9c59391c1f_2) | 47 |
| [Contractual Arrangements](#xx_d4dabcd1-3191-4956-9156-cf9c59391c1f_3) | 48 |
| **[CLASSES OF SHARES](#xx_4178318b-ceb7-4640-a880-3124f5ddf09b_1)** | 49 |
| [Distribution and Service (12b-1) Fees](#xx_4178318b-ceb7-4640-a880-3124f5ddf09b_3) | 51 |
| **[SALES CHARGES](#xx_4386fff6-cb79-4353-a5c7-95d550f26b53_1)** | 52 |
| **[HOW SHARES ARE PRICED](#xx_89698620-c093-4170-9d37-faecd908dedf_1)** | 55 |
| **[HOW TO BUY SHARES](#xx_054985be-6a14-45d2-8f5d-3e353b859ffb_1)** | 56 |
| **[HOW TO SELL SHARES](#xx_75c4d2a6-1fcc-44e3-9fd3-2d45c6fad892_1)** | 60 |
| **[HOW TO EXCHANGE SHARES](#xx_e5f843dc-1555-45aa-856e-9b1b128c578f_1)** | 63 |
| **[FREQUENT TRADING - MARKET TIMING](#xx_c85039e7-6b1b-46e3-80ee-6d145f85f253_1)** | 65 |
| **[PAYMENTS TO FINANCIAL INTERMEDIARIES](#xx_89a312dc-8879-4681-8fcc-47161f4095f4_1)** | 67 |
| **[DIVIDENDS, DISTRIBUTIONS, AND TAXES](#xx_08694dfe-a1ce-41e2-ac9e-d906bf0b9658_1)** | 69 |
| **[ACCOUNT POLICIES](#xx_f24c371b-1ae7-4895-b748-031a609d48c9_1)** | 72 |
| [Account Access](#xx_f24c371b-1ae7-4895-b748-031a609d48c9_1) | 72 |
| [Privacy Policy](#xx_f24c371b-1ae7-4895-b748-031a609d48c9_1) | 72 |
| [Householding](#xx_f24c371b-1ae7-4895-b748-031a609d48c9_1) | 72 |
| **[INDEX DESCRIPTIONS](#xx_83de7a05-b09e-4a67-8480-00ba8d874dbc_1)** | 73 |
| **[FINANCIAL HIGHLIGHTS](#xx_255cd697-5547-4c15-8256-4f7418909bc6_1)** | 74 |
| **[ACCOMPANYING NOTES TO FINANCIAL HIGHLIGHTS](#xx_255cd697-5547-4c15-8256-4f7418909bc6_3)** | 76 |
| **[APPENDIX A](#xx_313d1a74-4336-4f53-9e1b-ae1801e2f662_1)** | 77 |
| **[Financial Intermediary Specific Sales Charge Waiver and Related Discount Policy Information](#xx_313d1a74-4336-4f53-9e1b-ae1801e2f662_1)** | 77 |
| **[TO OBTAIN MORE INFORMATION](#xx_f1de2e2b-fd0d-41b9-81d9-adbb8e0a35e4_2)** | Back Cover |

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Voya Global Diversified Payment Fund

**Investment Objectives**

The Fund's primary investment objective is to meet the managed payment policy of the Fund while seeking to preserve the investors' capital over the long term. The Fund's secondary investment objective is to seek the potential for long-term capital appreciation. Please see "Principal Investment Strategies" below for a description of the managed payment policy.

**Fees and Expenses of the Fund**

These tables describe 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.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. More information about these and other discounts is available from your financial intermediary and in the discussion in the Sales Charges section of the Prospectus (page 52), in Appendix A to the Prospectus, or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 74).

**Shareholder Fees**

Fees paid directly from your investment

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| | | |
|:---|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum sales charge (load) as a % of** <br>**offering price imposed on purchases**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum deferred sales charge (load) as a % of** <br>**purchase or sales price, whichever is less**<br>|
| **A** | 5.75 | None<sup>1</sup> <br>|
| **C** |  | 1.00 |
| **I** |  |  |
| **R** |  |  |
| **R6** |  |  |
| **W** |  |  |

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**Annual Fund Operating Expenses**

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **A** | **C** | **I** | **R** | **R6** | **W** |
| Management Fees% | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 |
| Distribution and/or Shareholder Services (12b-1) Fees% | 0.25 | 1.00 |  | 0.50 |  |  |
| Other Expenses% | 0.16 | 0.16 | 0.17 | 0.16 | 0.17 | 0.16 |
| Acquired Fund Fees and Expenses% | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 |
| Total Annual Fund Operating Expenses<sup>2</sup>% | 1.16 | 1.91 | 0.92 | 1.41 | 0.92 | 0.91 |
| Waivers, Reimbursements and Recoupments<sup>3</sup>% |  |  | (0.07) |  | (0.07) |  |
| Total Annual Fund Operating Expenses after Waivers and <br> Reimbursements% | 1.16 | 1.91 | 0.85 | 1.41 | 0.85 | 0.91 |

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A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.

Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

Voya Investments, LLC (the "Investment Adviser") is contractually obligated to limit expenses to 1.16%, 1.91%, 0.85%, 1.41%, 0.85%, and 0.91% for Class A, Class C, Class I, Class R, Class R6, and Class W shares, respectively, through March 1, 2024. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. This limitation is subject to possible recoupment by the Investment Adviser within 36 months of the waiver or reimbursement. The amount of the recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time of the waiver or reimbursement; or (ii) the expense limitation in effect at the time of recoupment. Termination or modification of this obligation requires approval by the Fund's Board of Trustees (the "Board").

**Expense Example**

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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. The Example shows costs if you sold (redeemed) your shares at the end of the period or continued to hold them. 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 three-, five-, and ten-year periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Voya Global Diversified Payment Fund

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **If you sold your shares** | **If you sold your shares** | **If you sold your shares** | **If you sold your shares** |  | **If you held your shares** | **If you held your shares** | **If you held your shares** | **If you held your shares** |
|  | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** |  | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** |
|  | **1 Yr** | **3 Yrs** | **5 Yrs** | **10 Yrs** |  | **1 Yr** | **3 Yrs** | **5 Yrs** | **10 Yrs** |
| **A** | $686 | 922 | 1177 | 1903 | **A** | $686 | 922 | 1177 | 1903 |
| **C** | $294 | 600 | 1032 | 2233 | **C** | $194 | 600 | 1032 | 2233 |
| **I** | $87 | 286 | 502 | 1125 | **I** | $87 | 286 | 502 | 1125 |
| **R** | $144 | 446 | 771 | 1691 | **R** | $144 | 446 | 771 | 1691 |
| **R6** | $87 | 286 | 502 | 1125 | **R6** | $87 | 286 | 502 | 1125 |
| **W** | $93 | 290 | 504 | 1120 | **W** | $93 | 290 | 504 | 1120 |

---

The Example does not reflect sales charges (loads) on reinvested dividends (and other distributions). If these sales charges (loads) were included, your costs would be higher.

**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.

During the most recent fiscal year, the Fund's portfolio turnover rate was 44% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund seeks to achieve its investment objectives by combining a managed payment policy (the "Managed Payment Policy") with a strategic allocation to a diversified portfolio of other funds (collectively, the "Underlying Funds") invested in: global equity; fixed-income, which may include floating rate loans and emerging markets debt; and real estate securities and real estate investment trusts ("REITS"). The Underlying Funds may or may not be affiliated with the investment adviser. The Underlying Funds will invest in the securities of issuers in a number of different countries, one of which may be the U.S.

The Fund normally invests at least 65% of its assets in Underlying Funds affiliated with the Investment Adviser; the sub-adviser (the "Sub-Adviser") may, in its discretion, invest up to 35% of the Fund's assets in Underlying Funds that are not affiliated with the Investment Adviser, including exchange-traded funds ("ETFs"), to make tactical allocations and/or to gain exposure to equity securities, fixed-income securities or alternative strategies.

The Managed Payment Policy is designed to provide to holders of a share class of the Fund 12 level monthly payments throughout each calendar year. The Sub-Adviser in its discretion and with assistance from the Investment Adviser, will determine a new annual payment rate (the "Annual Payment Rate") each January for the coming calendar year based on the Fund's objectives, as well as the Sub-Adviser's assessment of the market environment and its asset allocation views. Based on the Annual Payment Rate for a year, the Fund will determine a monthly payment amount for each share class of the Fund; the payments will differ among the classes based on the expense structures of the classes and the number of shares of the share class. The annual rate at which the Fund will make payments with respect to any share class is expected to range between 3.25% and 6.75%. During the calendar year 2023, the Fund will make a level monthly payment of $0.038 per share for Class A shares, $0.034 per share for Class C shares, $0.040 per share for Class I shares, $0.036 per share for Class R shares, $0.040 per share for Class R6 shares, and $0.040 per share for Class W shares based on Annual Payment Rates of 6.30 % for Class A shares, 5.40% for Class C shares, 6.61% for Class I shares, 5.95% for Class R shares, 6.61% for Class R6 shares, and 6.55 % for Class W shares. Because the Fund is expected to make level monthly payments, the amount of the Fund's distributions to a share class in respect of any period may exceed the amount of the Fund's income and gains for that period. In that case, some or all of the Fund's distributions will constitute a return of capital to shareholders. Historically, a substantial portion of the Fund's distributions has included a return of capital.

The Fund uses a proprietary asset allocation strategy to determine the percentage of the Fund's net assets to invest in each of the Underlying Funds (the "Target Allocations"). Under normal conditions, approximately 68% of the Fund's net assets will be allocated to Underlying Funds investing in equity securities and approximately 32% of the Fund's net assets will be allocated to Underlying Funds investing in fixed-income instruments, including floating rate loans and emerging markets debt. As these are Target Allocations, the actual allocations of the Fund's assets may deviate from the percentages shown. The Target Allocations are measured with reference to the primary strategies of the Underlying Funds; actual exposures to equity securities and fixed-income instruments will vary from the Target Allocations if an Underlying Fund is not substantially invested in accordance with its primary strategy.

Voya Global Diversified Payment Fund

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The Sub-Adviser seeks to diversify the Fund's equity holdings by including Underlying Funds that invest in companies of all market capitalizations, that invest using a growth style, a value style, or a blend and that invest in companies in developed countries and countries with emerging securities markets, and Underlying Funds that invest in real estate securities. When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Fund's investment adviser considers environmental, social, and governance ("ESG") factors as part of its investment process. The manner in which an investment adviser uses ESG factors in its investment process will be only one of many considerations in the Sub-Adviser's evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an investment adviser will affect the Sub-Adviser's decision to invest in an Underlying Fund, if at all, will depend on the analysis and judgment of the Sub-Adviser.

The fixed-income portion of the Fund will invest in Underlying Funds that invest in both investment grade securities and non-investment grade debt securities (commonly known as "junk bonds"). The investment grade debt securities will have a dollar-weighted average duration between two and ten years. Duration is the most commonly used measure of risk in fixed-income investments as it incorporates multiple features of the fixed-income instrument (*e.g*., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a fixed-income instrument to a change in interest rates. Duration is a weighted average of the times that interest payments and the final return of principal are expected to be received. The weights are the amounts of the payments discounted by the yield-to-maturity of the fixed-income instrument. Duration is expressed as a number of years. The bigger the duration number, the greater the interest-rate risk or reward for the fixed-income instrument prices. For example, the price of a bond with an average duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point. Conversely, the price of a bond with an average duration of five years would be expected to rise approximately 5% if interest rates drop by one percentage point.

The Fund may also allocate assets to non-traditional asset classes (also known as alternative strategies), which include commodities.

The Fund will be rebalanced periodically to return to the Target Allocations. The Fund's Target Allocations may be changed, at any time, in accordance with the Fund's asset allocation process. The Fund may periodically deviate from the Target Allocations based on an assessment of the current market conditions or other factors. Generally, the deviations would be expected to fall in the range of +/- 10% relative to the current Target Allocations. The Sub-Adviser may determine, in light of market conditions or other factors, to deviate by a wider margin in order to protect the Fund, achieve its investment objective, or to take advantage of particular opportunities.

The Sub-Adviser may seek to enhance returns and/or moderate volatility by exercising strategies that use derivative instruments, which may include forward foreign currency exchange contracts, futures (including broad based indices, equities, commodities, currencies, and bonds), swaps (including interest rate swaps, total return swaps, and credit default swaps), and options on any of the previously mentioned asset class or instruments, including ETFs and single stocks. The Sub-Adviser may also take a defensive cash position. The Sub-Adviser may also use derivatives as a substitute for taking a position in the underlying asset, to earn income, and to assist in managing cash.

**Principal Risks**

You could lose money on an investment in the Fund. The value of your investment in the Fund changes with the values of the Underlying Funds and their investments. The Fund is subject to the following principal risks (either directly or indirectly through investments in one or more Underlying Funds). Any of these risks, among others, could affect the Fund's or an Underlying Fund's performance or cause the Fund or an Underlying Fund to lose money or to underperform market averages of other funds. The Fund is exposed to most of the principal risks indirectly through investments by the Underlying Funds, and in some cases only through such investments. Unless stated otherwise, in the risk disclosures below, descriptions of investments or activities by "the Fund" and related risks refer to investments or activities by the Fund or by an Underlying Fund, as the case may be. Similarly, a reference to "the Investment Adviser" or to "the Sub-Adviser" is to the entity responsible for the investments in question, whether by the Fund or by an Underlying Fund. 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.

**Affiliated Underlying Funds:** The Sub-Adviser's selection of Underlying Funds presents conflicts of interest. The net management fee revenue received or costs incurred by the Sub-Adviser and its affiliates will vary depending on the Underlying Funds it selects for the Fund, and the Sub-Adviser will have an incentive to select the Underlying Funds (whether or not affiliated with the Sub-Adviser) that will result in the greatest net management fee revenue or lowest costs to the Sub-Adviser and its affiliates, even if that results in increased expenses and potentially less favorable investment performance for the Fund. The Sub-Adviser may prefer to invest in an affiliated Underlying Fund over an unaffiliated Underlying Fund because the investment may be beneficial to the Sub-Adviser in managing the affiliated Underlying Fund by helping the affiliated Underlying Fund achieve economies of scale or by enhancing cash flows to the affiliated Underlying Fund. For similar reasons, the Sub-Adviser may have an incentive to delay or decide against the sale of interests held by the Fund in affiliated Underlying Funds, and the Sub-Adviser may

Voya Global Diversified Payment Fund

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implement Underlying Fund changes in a manner intended to minimize the disruptive effects and added costs of those changes to affiliated Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower fees or have achieved better historical investment performance than the comparable affiliated Underlying Funds.

**Asset Allocation:** Investment performance depends on the manager's skill in allocating assets among the asset classes in which the Fund invests and in choosing investments within those asset classes. There is a risk that the manager may allocate assets or investments to or within an asset class that underperforms compared to other asset classes or investments.

**Commodities:** Commodity prices can have significant volatility, and exposure to commodities can cause the net asset value of the Fund's shares to decline or fluctuate in a rapid and unpredictable manner. A liquid secondary market may not exist for certain commodity-related investments, which may make it difficult for the Fund to sell them at a desirable price or time.

**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.

**Credit:** The Fund could lose money if the issuer or guarantor of a fixed - income 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.

**Credit Default Swaps:** The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a credit default swap is generally obligated to pay the seller an upfront or a periodic stream of payments over the term of the contract until a credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the "par value" (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount if the swap is cash settled. As a seller of a credit default swap, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the full notional value of the swap. Credit default swaps are particularly subject to counterparty, credit, valuation, liquidity, and leveraging risks and the risk that the swap may not correlate with its reference obligation as expected. Certain standardized credit default swaps are subject to mandatory central clearing. 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 new kinds of costs and risks. In addition, credit default swaps expose the Fund to the risk of improper valuation.

**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.

**Environmental, Social, and Governance (Funds-of-Funds):** The Sub-Adviser's consideration of ESG factors in selecting Underlying Funds for investment by the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund's assets that will be allocated to Underlying Funds on the basis of ESG factors, and the Sub-Adviser may choose to select Underlying Funds on the basis of factors or considerations other than ESG factors. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that an Underlying Fund selected by the Sub-Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential Underlying Fund, and such an Underlying Fund may, in fact, underperform other potential Underlying Funds.

**Floating Rate Loans:** In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan (which can include certain bank loans), the Fund will experience a reduction in its income and a decline in the market value of such floating rate loan. If a floating rate loan is held by the Fund through another financial institution, or the Fund relies

Voya Global Diversified Payment Fund

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upon another financial institution to administer the loan, the receipt of scheduled interest or principal payments may be subject to the credit risk of such financial institution. Investors in floating rate loans may not be afforded the protections of the anti-fraud provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, because loans may not be considered "securities" under such laws. Additionally, the value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the borrower's obligations under the loan, and such collateral may be difficult to liquidate. No active trading market may exist for many floating rate loans and many floating rate loans are subject to restrictions on resale. Transactions in loans typically settle on a delayed basis and may take longer than 7 days to settle. As a result, the Fund may not receive the proceeds from a sale of a floating rate loan for a significant period of time. Delay in the receipts of settlement proceeds may impair the ability of the Fund to meet its redemption obligations, and may limit the ability of the Fund to repay debt, pay dividends, or to take advantage of new investment opportunities.

**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 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.

**High-Yield Securities:** Lower-quality securities (including securities that have fallen below investment grade and are classified as "junk bonds" or "high-yield securities") have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and their issuers' long-term ability to make payments is considered speculative. Prices of lower-quality bonds or other fixed-income instruments are also more volatile, are more sensitive to negative news about the economy or the issuer, and have greater liquidity risk and price volatility.

**Index Strategy (Funds-of-Funds):** An Underlying Fund (or a portion of the Underlying Fund) that seeks to track an index's performance and does not use defensive strategies or attempt to reduce its exposure to poor performing securities in an index may underperform the overall market (each, an "Underlying Index Fund"). To the extent an Underlying Index Fund's investments track its target index, such Underlying Index Fund may underperform other funds that invest more broadly. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Fund. The correlation between an Underlying Index Fund's performance and index performance may be affected by the timing of purchases and redemptions of the Underlying Index Fund's shares. The correlation between an Underlying Index Fund's performance and index performance will be reduced by the Underlying Index Fund's expenses and could be reduced by the timing of purchases and redemptions of the Underlying Index Fund's shares. In addition, an Underlying Index Fund's actual holdings might not match the index and an Underlying Index Fund's effective exposure to index securities at any given time may not precisely correlate. When deciding between Underlying Index Funds benchmarked to the same index, the manager may not select the Underlying Index Fund with the lowest expenses. If the Fund invests in an Underlying Index Fund with higher expenses, the Fund's performance would be lower than if the Fund had invested in an Underlying Index Fund with comparable performance but lower expenses (although any expense limitation arrangements in place at the time might have the effect of limiting or eliminating the amount of that underperformance).

**Interest in Loans:** The value and the income streams of interests in loans (including participation interests in lease financings and assignments in secured variable or floating rate loans) will decline if borrowers delay payments or fail to pay altogether. A significant rise in market interest rates could increase this risk. Although loans may be fully collateralized when purchased, such collateral may become illiquid or decline in value.

**Interest Rate:** A rise in market interest rates generally results in a fall in the value of bonds and other fixed-income instruments; conversely, values generally rise as market interest rates fall. 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 fixed-income instrument to a change in interest rate. As of the date of this Prospectus, the U.S. is experiencing a rising market interest rate environment, which may increase the Fund's exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose fixed-income and

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related markets to heightened volatility. To the extent that the Fund invests in fixed-income 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 fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential future changes in government policy may affect 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 fixed-income and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose fixed-income 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 model may not adequately take into account existing or unforeseen market factors or the interplay between such factors.

**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.

**London Inter-Bank Offered Rate:** The obligations of the parties under many financial arrangements, such as fixed-income instruments (including senior loans) and derivatives, may be determined based, in whole or in part, on the London Inter-Bank Offered Rate ("LIBOR"). In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in many major currencies, including for example, the Secured Overnight Funding Rate ("SOFR") for U.S. dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement market. SOFR is published in various forms, including as a daily, compounded, and forward-looking term rate. The discontinuance of LIBOR and the adoption/implementation of alternative rates pose a number of risks, including, among others, whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties' existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on the Fund's existing investments, including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of the Fund; and the risk of general market disruption during the transition period. Markets relying on alternative rates are developing slowly and may offer limited liquidity. The general unavailability of LIBOR and the transition away from LIBOR to alternative rates could have a substantial adverse impact on the performance of the Fund.

**Managed Payment:** Because the Fund is expected to make monthly payments regardless of investment performance, the amount of the Fund's distributions in respect of any period often will exceed the amount of the Fund's income and gains for that period. In that case, some or all of the Fund's distributions will constitute a return of capital to shareholders. It is possible for the Fund to suffer substantial investment losses and simultaneously experience additional asset reductions as a result of its payments to shareholders under the Managed Payment Policy. In addition, in order to make the payments called for under the Managed Payment Policy, the Fund may have to sell portfolio securities at a time when it would not otherwise do so.

A return of capital to shareholders will decrease shareholders' cost basis in the Fund and will affect the amount of any capital gain or loss that shareholders realize when selling or exchanging shares. A distribution constituting a return of capital is not a distribution of income or capital gains earned by the Fund and should not be confused with the Fund's "yield" or "income."

**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 fixed-income 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.

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**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, 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 has resulted, and may continue to result, 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. 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. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. Those 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.

**Prepayment and Extension:** Many types of fixed-income instruments are subject to prepayment and extension risk. Prepayment risk is the risk that the issuer of a fixed-income instrument will pay back the principal earlier than expected. This risk is heightened in a falling market interest rate environment. Prepayment may expose the Fund to a lower rate of return upon reinvestment of principal. Also, if a fixed-income instrument subject to prepayment has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a fixed-income instrument will pay back the principal later than expected. This risk is heightened in a rising market interest rate environment. This may negatively affect performance, as the value of the fixed-income instrument decreases when principal payments are made later than expected. Additionally, the Fund may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates.

**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 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.

**Underlying Funds:** Because the Fund invests primarily in Underlying Funds, the investment performance of the Fund is directly related to the investment performance of the Underlying Funds in which it invests. When the Fund invests in an Underlying Fund, it is exposed indirectly to the risks of a direct investment in the Underlying Fund. If the Fund invests a significant portion of its assets in a single Underlying Fund, it may be more susceptible to risks associated with that Underlying Fund and its investments than if it invested in a broader range of Underlying Funds. It is possible that more than one Underlying Fund will hold securities of the same issuers, thereby increasing the Fund's indirect exposure to those issuers. It also is possible that one Underlying Fund may be selling a particular security when another is buying it, producing little or no change in exposure but generating transaction costs and/or resulting in realization of gains with no economic benefit. There can be no assurance that the investment objective of any Underlying Fund will be achieved. In addition, the Fund's shareholders will indirectly bear their proportionate share of the Underlying Funds' fees and expenses, in addition to the fees and expenses of the Fund itself.

**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

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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**

The following information is intended to help you understand the risks of investing in the Fund. The Fund, previously named Voya Global Diversified Payment Fund II, is the successor to Voya Global Diversified Payment Fund, a former series of Voya Series Fund, Inc. (the "Predecessor Fund"), a mutual fund with identical investment objectives, policies, and restrictions as a result of the reorganization of the Predecessor Fund into the Fund on or about November 8, 2019 (the "Reorganization Date"). The Fund was renamed "Voya Global Diversified Payment Fund" following the Reorganization Date. The performance in the bar chart and table prior to the Reorganization Date is that of the Predecessor Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices with investment characteristics similar to those of the Fund for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Performance for other share classes would differ to the extent they have differences in their fees and expenses. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different. *The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to https://individuals.voya.com/literature or call 1-800-992-0180.*

**Calendar Year Total Returns** Class A 

(as of December 31 of each year)

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![](v471174a_34.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | 2nd Quarter 2020 | 14.06% |
| **Worst quarter:** | 1st Quarter 2020 | -18.11% |

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**Average Annual Total Returns** %

(for the periods ended December 31, 2022)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Yr** | **5 Yrs** | **10 Yrs** | &nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| **Class A** before taxes% | -24.14 | -0.01 | 2.96 | N/A | 07/01/08 |
| After tax on distributions% | -25.72 | -1.70 | 1.47 | N/A |  |
| After tax on distributions with sale% | -13.72 | 0.15 | 2.42 | N/A |  |
| S&P Target Risk Moderate Index<sup>1</sup>% | -14.41 | 2.43 | 4.29 | N/A |  |
| 60% MSCI ACW Index<sup>SM</sup>; 40% Bloomberg U.S. Aggregate Bond Index<sup>2</sup> | -16.02 | 3.45 | 5.39 | N/A |  |
| **Class C** before taxes% | -20.90 | 0.43 | 2.80 | N/A | 08/29/08 |
| S&P Target Risk Moderate Index<sup>1</sup>% | -14.41 | 2.43 | 4.29 | N/A |  |
| 60% MSCI ACW Index<sup>SM</sup>; 40% Bloomberg U.S. Aggregate Bond Index<sup>2</sup> | -16.02 | 3.45 | 5.39 | N/A |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Yr** | **5 Yrs** | **10 Yrs** | &nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| **Class I** before taxes% | -19.21 | 1.49 | 3.87 | N/A | 07/01/08 |
| S&P Target Risk Moderate Index<sup>1</sup>% | -14.41 | 2.43 | 4.29 | N/A |  |
| 60% MSCI ACW Index<sup>SM</sup>; 40% Bloomberg U.S. Aggregate Bond Index<sup>2</sup> | -16.02 | 3.45 | 5.39 | N/A |  |
| **Class R** before taxes% | -19.82 | 0.95 | 3.34 | N/A | 08/05/11 |
| S&P Target Risk Moderate Index<sup>1</sup>% | -14.41 | 2.43 | 4.29 | N/A |  |
| 60% MSCI ACW Index<sup>SM</sup>; 40% Bloomberg U.S. Aggregate Bond Index<sup>2</sup> | -16.02 | 3.45 | 5.39 | N/A |  |
| **Class R6** before taxes% | -19.34 | 1.45 | 3.86 | N/A | 02/28/18 |
| S&P Target Risk Moderate Index<sup>1</sup>% | -14.41 | 2.43 | 4.29 | N/A |  |
| 60% MSCI ACW Index<sup>SM</sup>; 40% Bloomberg U.S. Aggregate Bond Index<sup>2</sup> | -16.02 | 3.45 | 5.39 | N/A |  |
| **Class W** before taxes% | -19.41 | 1.43 | 3.82 | N/A | 07/01/08 |
| S&P Target Risk Moderate Index<sup>1</sup>% | -14.41 | 2.43 | 4.29 | N/A |  |
| 60% MSCI ACW Index<sup>SM</sup>; 40% Bloomberg U.S. Aggregate Bond Index<sup>2</sup> | -16.02 | 3.45 | 5.39 | N/A |  |

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The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.

The index returns for the Bloomberg U.S. Aggregate Bond Index do not reflect deductions for fees, expenses, or taxes. The index returns for the MSCI ACW Index<sup>SM</sup> include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax advantaged arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary.

**Portfolio Management**

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

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

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

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| | |
|:---|:---|
| **Portfolio Managers** |  |
| Barbara Reinhard, CFA <br>Portfolio Manager (since 05/18)<br>| Paul Zemsky, CFA <br>Portfolio Manager (since 08/08)<br>|

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**Purchase and Sale of Fund Shares**

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 www.voyainvestments.com; by writing to us at Voya Investment Management, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034; or by calling us at 1-800-992-0180.

**Minimum Initial Investment** $ by share class

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **A, C** | **I** | **R** | **R6** | **W** |
| Non-retirement accounts | $1000 | 250000 |  | 1000000 | 1000 |
| Retirement accounts | $250 | 250000 |  |  | 1000 |
| Certain omnibus accounts | $250 |  |  |  |  |
| Pre-authorized investment plan | $1000 | 250000 |  |  | 1000 |

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There are no minimums for additional investments except that the pre-authorized investment plan requires a monthly investment of at least $100. For Class I shares, there is no minimum initial investment requirement for: (i) qualified retirement plans or other defined contribution plans and defined benefit plans that invest in the Voya funds through omnibus arrangements; (ii) employees of Voya Investment Management Co. LLC ("Voya IM") who are eligible to participate in "notional" bonus programs sponsored by Voya IM; or (iii) (a) investors transacting in Class I shares through brokerage platforms that invest in the Voya funds' Class I shares through omnibus accounts and have agreements with the distributor to offer such shares and (b) such brokerage platforms' omnibus accounts.

The minimum initial investment requirement for Class R6 shares of the Fund is $1,000,000 for non-retirement accounts. There is no minimum initial investment requirement for retirement accounts, certain omnibus accounts, and pre-authorized investment plans. There are no minimum investment requirements for additional investments.

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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.

Under the Fund's Managed Payment Policy, certain distributions may constitute a return of capital, which will have the effect of reducing your cost basis in the Fund's shares and thereby increasing the amount of capital gain, if any, or decreasing the amount of capital loss, if any, that you will realize when selling or exchanging Fund shares.

**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.

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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 Mutual Funds, 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 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 those of other Voya mutual funds.

The Fund is a series of Voya Mutual Funds ("Trust"), a Delaware statutory trust. The Fund is managed by Voya Investments, LLC ("Voya Investments" or the "Investment Adviser").

Fund shares may be classified into different classes of shares. The classes of shares of the Fund would be substantially the same except for different expenses, certain related rights, and certain shareholder services. All share classes of the Fund have a common investment objective and investment portfolio.

**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 diversified, as such term is defined in 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"). 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.

Although an investor may achieve the same level of diversification by investing directly in a variety of mutual funds, including exchange-traded funds ("ETFs") (collectively, the "Underlying Funds"), the Fund provides investors with a means to simplify their investment decisions by investing in a single diversified portfolio that seeks to deliver an attractive, stable stream of income. For more information about the Underlying Funds, please see "Key Information About the Underlying Funds" later in this Prospectus.

**Temporary Defensive Strategies** 

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

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

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**Percentage and Rating Limitations** 

The percentage and rating limitations on Fund investments listed in this Prospectus apply at the time of investment.

**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 October 31. Copies of the Fund's annual and semi-annual shareholder reports are no longer sent by mail or e-mail, unless you specifically request copies of the reports. Instead, the reports are available on the Voya funds' website (https://individuals.voya.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report. 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.

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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 Fund's 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** 

The Fund combines a managed payment policy (the "Managed Payment Policy") with strategic allocation to a diversified investment portfolio of Underlying Funds invested in global equity; fixed-income, which may include floating rate loans and emerging markets debt; real estate securities and real estate investment trusts ("REITs"); and alternative securities. The Fund's primary investment objective is to meet the Fund's managed payment objective, while seeking to preserve investors' capital over the long term. The Fund's secondary investment objective is to seek the potential for long-term capital appreciation. The Managed Payment Policy is designed to provide level monthly payments to shareholders of each class of the Fund throughout each calendar year. Payments are adjusted each January based on the annual payment rate (the "Annual Payment Rate") determined by the Sub-Adviser in its discretion and with assistance from the Investment Adviser, based on its assessment of the Fund's objectives as well as the Sub-Adviser's assessment of the market environment and its asset allocation views. The Fund uses a proprietary asset allocation strategy to determine the percentage of the Fund's net assets to invest in each of the Underlying Funds (the "Target Allocations"). For more information about the Underlying Funds, please see "Key Information about the Underlying Funds" later in this Prospectus.

The Managed Payment Policy is designed to meet the needs of investors who wish to receive stable levels of monthly payments from their investment in the Fund. It is possible for the Fund's monthly payments to increase or decrease from one year to the next because the level monthly payments during any calendar year are based on the Fund's average monthly performance over the previous three years (or since its inception date) and an Annual Payment Rate determined for that year by the Sub-Adviser. There can be no assurance, and there is no guarantee, that the Fund will provide a fixed or stable level of cash payments at any time or over any period of time. An investment in the Fund could lose money over short, intermediate, or even long periods of time. Although the Fund is designed to serve as a diversified investment, 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.

**An Introduction to the Managed Payment Policy** - The Managed Payment Policy is designed to provide investors with regular cash flows from their investment. The policy provides for 12 level monthly payments throughout each calendar year. This payment policy enables investors to target the total dollar amount of the monthly payments they receive from their holdings in the Fund each year by purchasing the number of shares that will translate into their target monthly payment amount. For calendar year 2023, the Fund will make a level monthly payment of $0.038 per share for Class A shares, $0.034 per share for Class C shares, $0.040 per share for Class I shares, $0.036 per share for Class R shares, $0.040 per share for Class R6 shares, and $0.040 per share for Class W shares.

The Sub-Adviser, in its discretion and with assistance from the Investment Adviser, will determine a new Annual Payment Rate for the Fund each January for the coming calendar year based on the Fund's objectives, as well as the Sub-Adviser's assessment of the market environment and its asset allocation views. Based on the Annual Payment Rate for a year, the Fund will determine a separate Annual Payment Rate and monthly dollar payment amount for each share class of the Fund; the payments will differ among the classes of shares of the Fund based on the expense structures of the classes and the size of the share class. The annual rate at which the Fund will make payments with respect to any share class is expected to range between 3.25% and 6.75%, although Voya may in its discretion set the annual rate above or below the range based on its consideration of a number of factors, including among other things, market conditions and its perception of shareholder expectations. The level monthly payment amount for calendar year 2023 will be the product of: (i) the Annual Payment Rate of 6.30% for Class A shares, 5.40% for Class C shares, 6.61% for Class I shares, 5.95% for Class R shares, 6.61% for Class R6 shares, and 6.55 % for Class W shares, divided by 12; and (ii) the average month end per share value of a reference account holding shares of the Fund (plus shares received with respect to re-investment of any special distributions of income or capital gains) over the previous three calendar years (or if shorter, since inception) (the "Trailing Average Account Value"). On this basis, investors holding 10,000 shares would generate a monthly payment of $380 from holdings in Class A shares, $340 from holdings in Class C shares, $400 from holdings in Class I shares, $360 from holdings in Class R shares, $400 from holdings in Class R6 shares, and $400 from holdings in Class W shares of the Fund during 2023.

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While the Fund's level monthly payment amount per share for any share class will not change within a calendar year, it may increase or decrease from one year to the next because it is based on the Annual Payment Rate and the class's Trailing Average Account Value, one or both of which may change from year to year. Please note that the Managed Payment Policy is not designed to generate, and is not expected to result in, payments that equal a fixed percentage of the Fund's current net asset value per share or a fixed percentage of a shareholder's current account value. Instead, Fund shareholders are expected to receive a monthly payment that is equal to the monthly dollar amount payment per share (as determined under the Managed Payment Policy) multiplied by the number of shares they own on the record date.

In each calendar year, the Fund's 12 scheduled level payments per share are made monthly, on the last business day of each month. Shareholders can choose to receive their 12 scheduled monthly payments in cash or to automatically reinvest their payments in additional Fund shares. Because the level monthly payment per share will be fixed during a calendar year, investors will receive 12 fixed monthly payments during the calendar year unless the number of Fund shares they hold changes because of purchases, redemptions, or reinvestment of payments. If the investor elects to reinvest the monthly payments in additional Fund shares, this will increase the number of Fund shares owned by the investor and will therefore proportionally increase the total dollar amount of the monthly payment.

The Fund generally expects to distribute to shareholders substantially all of its net income (for example, interest and dividends) as well as substantially all of its net capital gains (for example, from the sale of its holdings, or gains distributions it receives from the Underlying Funds). In addition to these regular monthly payments, an additional distribution may be made in December and other additional distributions may be made with respect to a particular fiscal year in order to comply with applicable law. As these additional income or capital gains distributions ("Special Distributions") are not factored into the Fund's managed payment objectives, each Special Distribution will be automatically reinvested in additional Fund shares unless a shareholder elects to receive the Special Distributions in cash. These additional shares can be redeemed under the same terms and conditions as any other shares of the Fund. The shares received with respect to a Special Distribution are included in the calculation of the Trailing Average Account Value used in resetting the level payment amount each January and redemption of such shares, or election to receive the Special Distributions in cash, will decrease the aggregate monthly payments received in the future. Both level monthly payments and Special Distributions (which are reinvested and received by shareholders as additional shares in the Fund) will normally be taxable as either ordinary income or long-term capital gain.

Pursuant to the Managed Payment Policy, a portion of each monthly payment that the Fund makes will be treated as a return of capital if the Fund has not earned income or gains in an amount equal to the payment. Each month, the Fund will provide to recipients of payments a statement that estimates the percentages of the year-to-date payments through the preceding month that represent net investment income, other income or capital gains, or return of capital, if any. At the end of the year, the Fund may be required, under applicable law, to re-characterize payments over the course of the year as ordinary income, capital gains, or return of capital, if any, for purposes of tax reporting to shareholders. The portion of the Fund's payments, if any, that represent a return of capital as determined at the end of the year, will have the effect of reducing your cost basis in the Fund's shares and are generally not taxable until your cost basis has been reduced to zero. Such basis adjustment may increase the amount of capital gain, if any, or decrease the amount of capital loss, if any, that you will realize when selling the shares.

For additional information on the Managed Payment Policy, distributions, and return of capital, see the section entitled "Dividends, Distributions, and Taxes."

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**Historical Managed Payment Rate**

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

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| | | |
|:---|:---|:---|
| **Historical Monthly Payments** | **Historical Monthly Payments** | **Historical Monthly Payments** |
|  | **Monthly Payment Per Share**<sup>1</sup> <br>| **Annual Payment Rate** |
| **2022** | **2022** | **2022** |
| Class A | $0.038 | 6.22% |
| Class C | $0.034 | 5.32% |
| Class I | $0.040 | 6.53% |
| Class W | $0.040 | 6.47% |
| Class R | $0.036 | 5.87% |
| Class R6 | $0.040 | 6.53% |
| **2021** | **2021** | **2021** |
| Class A | $0.038 | 5.97% |
| Class C | $0.034 | 5.22% |
| Class I | $0.040 | 6.25% |
| Class W | $0.040 | 6.25% |
| Class R | $0.036 | 5.72% |
| Class R6 | $0.040 | 6.25% |
| **2020** | **2020** | **2020** |
| Class A | $0.038 | 5.75% |
| Class C | $0.034 | 5.00% |
| Class I | $0.040 | 6.06% |
| Class W | $0.040 | 6.06% |
| Class R | $0.036 | 5.50% |
| Class R6 | $0.040 | 6.06% |
| **2019** | **2019** | **2019** |
| Class A | $0.038 | 5.60% |
| Class C | $0.034 | 4.85% |
| Class I | $0.040 | 5.91% |
| Class W | $0.040 | 5.85% |
| Class R | $0.036 | 5.35% |
| Class R6 | $0.040 | 5.91% |
| **2018** | **2018** | **2018** |
| Class A | $0.038 | 5.50% |
| Class C | $0.034 | 4.75% |
| Class I | $0.040 | 5.81% |
| Class W | $0.040 | 5.75% |
| Class R | $0.036 | 5.25% |
| Class R6<sup>2</sup> <br>| $0.040 | 5.81% |
| **2017** | **2017** | **2017** |
| Class A | $0.038 | 5.30% |
| Class C | $0.033 | 4.55% |
| Class I | $0.040 | 5.60% |
| Class W | $0.039 | 5.55% |
| Class R | $0.036 | 5.05% |
| **2016** | **2016** | **2016** |
| Class A | $0.045 | 6.20% |
| Class C | $0.041 | 5.45% |
| Class I | $0.047 | 6.50%  |

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| | | |
|:---|:---|:---|
| **Historical Monthly Payments** | **Historical Monthly Payments** | **Historical Monthly Payments** |
|  | **Monthly Payment Per Share**<sup>1</sup> | **Annual Payment Rate** |
| Class W | $0.047 | 6.45% |
| Class R | $0.043 | 5.95% |
| **2015** | **2015** | **2015** |
| Class A | $0.045 | 6.25% |
| Class C | $0.041 | 5.50% |
| Class I | $0.048 | 6.55% |
| Class W | $0.047 | 6.50% |
| Class R | $0.044 | 6.00% |
| **2014** | **2014** | **2014** |
| Class A | $0.045 | 6.25% |
| Class C | $0.041 | 5.50% |
| Class I/Class W | $0.047 | 6.50% |
| Class R | $0.043 | 6.00% |
| **2013** | **2013** | **2013** |
| Class A | $0.045 | 6.40% |
| Class C | $0.041 | 5.65% |
| Class I/Class W | $0.047 | 6.65% |
| Class R | $0.044 | 6.15% |
| **2012** | **2012** | **2012** |
| Class A | $0.045 | 6.60% |
| Class C | $0.041 | 5.85% |
| Class I/Class W | $0.047 | 6.85% |
| Class R | $0.043 | 6.35% |
| **2011** | **2011** | **2011** |
| Class A | $0.045 | 6.60% |
| Class C | $0.041 | 5.85% |
| Class I/Class W | $0.047 | 6.85% |
| Class R<sup>3</sup> <br>| $0.043 | 6.35% |
| **2010** | **2010** | **2010** |
| Class A | $0.045 | 6.75% |
| Class C | $0.041 | 6.00% |
| Class I/Class W | $0.047 | 7.00% |
| **2009** | **2009** | **2009** |
| Class A | $0.045 | 6.50% |
| Class C | $0.038 | 5.75% |
| Class I/Class W | $0.038 | 6.75% |
| **2008** | **2008** | **2008** |
| Class A | $0.050 | 6.00% |
| Class C | $0.044 | 5.25% |
| Class I/Class W | $0.052 | 6.25% |

---

Pursuant to the Managed Payment Policy, a portion of each monthly payment may be treated as a return of capital or capital gains. The portions treated as return of capital for the calendar years are as follows: 2008 – 0.00%; 2009 – 30.31%; 2010 – 15.93%; 2011 – 43.16%; 2012 – 0.00%; 2013 – 35.42%; 2014 – 7.26%; 2015 – 44.28%; 2016 – 61.30%; 2017 – 31.00%; 2018 – 18.57%; 2019 – 70.70%; 2020 – 49.00%; 2021 – 0.00%; and 2022 – 2.17% . The portions treated as capital gains for the calendar years are as follows: 2008 – 17.28%; 2009 – 28.68%; 2010 – 50.66%; 2011 – 0.00%; 2012 – 58.45%; 2013 – 20.97%; 2014 – 48.43%; 2015 – 34.58%; 2016 – 12.27%; 2017 – 20.00%; 2018 – 53.63%; 2019 – 11.90%; 2020 – 6.00%; 2021 – 60.44%; and 2022 – 8.70% .

Class R6 shares commenced operations on February 28, 2018.

Class R shares commenced operations on August 5, 2011.

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For additional information on the Managed Payment Policy, see the section entitled "An Introduction to the Fund's Managed Payment Policy."

For additional information on the Fund's distributions and return of capital, see the section entitled "Dividends, Distributions, and Taxes."

**Asset Allocation Process** 

The Fund is constructed and managed in accordance with the following process: the Sub-Adviser uses an asset allocation process to determine the Fund's investment mix. This asset allocation process can be described as follows:

In the first stage, the mix of global asset classes that is likely to produce the optimal return, consistent with the Fund's investment objectives, is estimated. This estimate is made with reference to an investment model that incorporates historical and expected returns, standard deviations and correlation coefficients of global asset classes as well as other financial variables. The mix of global asset classes, represented by the Underlying Funds, arrived at for the Fund is called the "Target Allocation." The Sub-Adviser will review the Target Allocation at least annually.

In the second stage, the Sub-Adviser determines the Underlying Funds in which the Fund invests to attain its Target Allocation. In choosing an Underlying Fund, the Sub-Adviser considers, among other factors, the degree to which the Underlying Fund's holdings or other characteristics correspond to the desired Target Allocation.

In the third stage, the Sub-Adviser, at any time, may change the Underlying Funds in which the Fund invests, may add or drop Underlying Funds, and may determine to make tactical changes in the Target Allocation depending on market conditions.

Finally, the Investment Adviser supervises the determination of Target Allocation and selection of Underlying Funds by the Sub-Adviser. The Sub-Adviser will have authority over the asset allocations, investments in particular Underlying Funds (including any Underlying Funds organized in the future) and the Target Allocation for the Fund, including determining the transition pattern of the Fund in a timely but reasonable manner based upon market conditions at the time of allocation changes. The pre-defined mixes will be reviewed at least annually and analyzed for consistency with current market conditions and industry trends.

**Asset Allocation is No Guarantee Against Loss** 

Although asset allocation seeks to optimize returns given various levels of risk tolerance, you still may lose money and experience volatility. Market and asset class performance may differ in the future from the historical performance and the assumptions used to form the asset allocations for the Fund. Furthermore, the Sub-Adviser's allocation of the Fund's assets may not anticipate market trends successfully. For example, weighting Underlying Funds that invest in equity securities too heavily during a stock market decline may result in a failure to preserve capital. Conversely, investing too heavily in Underlying Funds that invest in fixed-income instruments during a period of stock market appreciation may result in lower total return.

There is a risk that you could achieve better returns by investing in an Underlying Fund or other mutual funds representing a single asset class than in the Fund.

Assets will be allocated among funds and markets based on judgments made by the Sub-Adviser. There is a risk that the Fund may allocate assets to an asset class or market that underperforms other funds. For example, the Fund may be underweighted in assets or a market that is experiencing significant returns or overweighted in assets or a market with significant declines.

**Description of the Fund's Call Writing Strategy** 

When writing (selling) call options, the Fund will receive cash (the premium) from the purchaser of the call option and the buyer will receive the right, upon exercise of the call option, to receive from the Fund a cash payment reflecting any appreciation in the value of the equity indices, baskets of securities, or ETF(s) referenced by the call option above a fixed price (the exercise price) until a specified date in the future (the option expiration date). Because the exercise of such options is settled in cash, writers of such options cannot provide in advance for their potential settlement obligations by acquiring and holding underlying securities. Because the performance of the indices, baskets of securities, and ETFs are expected to correlate closely with the performance of one or more Underlying Funds, the Fund will be effectively giving up, during the term of the call option, all or a portion of the benefits it would otherwise realize from a potential increase in the value of such Underlying Funds. At the same time, the premium received in connection with the sale of the call option will hedge the risk to the Fund of a potential decline in the value of the Underlying

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Funds. Thus, writing call options will generally cause the Fund to underperform in periods of rising markets, particularly in periods of strongly rising markets, and outperform in periods of stable or declining markets relative, in each instance, to the performance that would otherwise be achieved in the absence of this strategy.

As noted above, the Fund will seek to write call options on indices, baskets of securities, and ETFs with price movements, taken in the aggregate, that are closely correlated with the price movements of Underlying Funds. To the extent there is a lack of correlation between the performance of the indices and the Underlying Funds, there is a risk that the strategy of writing call options will not produce the intended results or benefits for the Fund. For example, if the Fund were to write a call option on an index that is expected to perform during the term of the option in accordance with the performance of a particular Underlying Fund, and if such index were to increase in price materially more than the value of such Underlying Fund, then the Fund might realize losses upon the exercise of the call option that are not fully offset by the increase in value of the Underlying Fund. Such sales would involve transaction costs borne by the Fund and may result in realization of taxable capital gains, including short-term capital gains taxed at ordinary income tax rates, and may adversely impact the Fund's after-tax returns.

The Sub-Adviser expects initially to write call options for the Fund primarily with shorter maturities (typically ten days to three months until expiration), generally at-the-money (where the exercise price of a call option equals the current market value of the underlying instrument at the time the option is sold) or near-the-money (where the strike price of a call option is near the current market value of the underlying instrument at the time the option is sold), and in the over-the-counter markets with major international banks, broker-dealers, and financial institutions.

**Performance of the Underlying Funds Will Vary** 

The performance of the Fund depends upon the performance of the Underlying Funds, which are affected by changes in the economy and financial markets. The value of the Fund changes as the asset values of the Underlying Funds go up or down. The value of your shares will fluctuate and may be worth more or less than the original cost. The timing of your investment may also affect performance.

**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 investments in certain types of securities and the use of certain of these investment practices. 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. The Fund may be exposed to these risks directly or indirectly through investments in one or more Underlying Fund(s). The Fund is exposed to most of the principal risks indirectly through investments by the Underlying Funds, and in some cases only through such investments. Unless stated otherwise, in the risk disclosures below, descriptions of investments or activities by "the Fund" and related risks refer to investments or activities by the Fund or by an Underlying Fund, as the case may be. Similarly, a reference to "the Investment Adviser" or to "the Sub-Adviser" is to the entity responsible for the investments in question, whether by the Fund or by an Underlying Fund.

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 or an Underlying 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 or an Underlying 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, and for more information about the Underlying Funds, please see "Key Information About the Underlying Funds" or refer to the Underlying Fund's current prospectus as of this date.

**Affiliated Underlying Funds:** The Sub-Adviser's selection of Underlying Funds presents conflicts of interest. The net management fee revenue received or costs incurred by the Sub-Adviser and its affiliates will vary depending on the Underlying Funds it selects for the Fund, and the Sub-Adviser will have an incentive to select the Underlying Funds (whether or not affiliated with the Sub-Adviser) that will result in the greatest net management fee revenue or lowest costs to the Sub-Adviser and its affiliates, even if that results in increased expenses and potentially less favorable investment performance for the Fund. The Sub-Adviser may prefer to invest in an affiliated Underlying Fund over an

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unaffiliated Underlying Fund because the investment may be beneficial to the Sub-Adviser in managing the affiliated Underlying Fund by helping the affiliated Underlying Fund achieve economies of scale or by enhancing cash flows to the affiliated Underlying Fund. For similar reasons, the Sub-Adviser may have an incentive to delay or decide against the sale of interests held by the Fund in affiliated Underlying Funds, and the Sub-Adviser may implement Underlying Fund changes in a manner intended to minimize the disruptive effects and added costs of those changes to affiliated Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower fees or have achieved better historical investment performance than the comparable affiliated Underlying Funds.

**Asset Allocation:** Investment performance depends on the manager's skill in allocating assets among the asset classes in which the Fund invests and in choosing investments within those asset classes. There is a risk that the manager may allocate assets or investments to or within an asset class that underperforms compared to other asset classes or investments.

**Asset-Backed Securities:** Defaults on, or low credit quality or liquidity of, the underlying assets of the asset-backed securities may impair the value of these securities and result in losses. There may be limitations on the enforceability of any security interest or collateral granted with respect to those underlying assets, and the value of collateral may not satisfy the obligation upon default. These securities also present a higher degree of prepayment and extension risk and interest rate risk than do other types of fixed-income instruments.

**Bank Instruments:** Bank instruments include certificates of deposit, fixed time deposits, bankers' acceptances, and other debt and deposit-type obligations issued by banks. Changes in economic, regulatory, or political conditions, or other events that affect the banking industry may have an adverse effect on bank instruments or banking institutions that serve as counterparties in transactions with the Fund.

**Borrowing:** Borrowing creates leverage, which may increase expenses and increase the impact of the Fund's other risks. Borrowing may exaggerate any increase or decrease in the Fund's net asset value causing the Fund to be more volatile than a fund that does not borrow. Borrowing for investment purposes is considered to be speculative and may result in losses to the Fund.

**Cash/Cash Equivalents:** Investments in cash or cash equivalents may lower returns and result in potential lost opportunities to participate in market appreciation which could negatively impact the Fund's performance and ability to achieve its investment objective.

**Commodities:** Commodity prices can have significant volatility, and exposure to commodities can cause the net asset value of the Fund's shares to decline or fluctuate in a rapid and unpredictable manner. A liquid secondary market may not exist for certain commodity-related investments, which may make it difficult for the Fund to sell them at a desirable price or time. The values of physical commodities or commodity-linked derivative instruments may be affected by, among other things: changes in overall market movements and economic conditions; real or perceived inflationary trends; commodity index volatility; changes in market interest rates or currency exchange rates; population growth and changing demographics; levels of domestic production and imported commodities; international economic, political, and regulatory developments; factors affecting a particular region, industry, or commodity, such as drought, floods, or other weather conditions; energy conservation; labor unrest; livestock disease; changes in storage costs; trade embargoes; competition from substitute products; transportation bottlenecks or shortages; fluctuations in supply and demand; and tariffs. The commodity markets are subject to temporary distortions or other disruptions due to, among other factors, lack of liquidity, the participation of speculators, and government regulation and other actions. U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices that may occur during a single business day. These limits may have the effect of distorting market pricing and limiting liquidity in the market for the contracts in question.

**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 fixed-income instruments, such as interest rate risk and credit risk. In addition, because convertible securities react to changes in the value of

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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. 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 fixed - income 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.

**Credit Default Swaps:** The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a credit default swap is generally obligated to pay the seller an upfront or a periodic stream of payments over the term of the contract until a credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the "par value" (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount if the swap is cash settled. As a seller of a credit default swap, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the full notional value of the swap. Credit default swaps are particularly subject to counterparty, credit, valuation, liquidity, and leveraging risks and the risk that the swap may not correlate with its reference obligation as expected. Certain standardized credit default swaps are subject to mandatory central clearing. 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 new kinds of costs and risks. In addition, credit default swaps expose the Fund to the risk of improper valuation.

**Credit (Loans):** The value of the Fund's shares and the Fund's ability to pay dividends is dependent upon the performance of the assets in its portfolio. Prices of the Fund's investments are likely to fall if the actual or perceived financial health of the borrowers on, or issuers of, such investments deteriorate, whether because of broad economic or issuer-specific reasons, or if the borrower or issuer is late (or defaults) in paying interest or principal.

The Fund generally invests in loans that are senior in the capital structure of the borrower or issuer, hold an equal ranking with other senior debt, or have characteristics (such as a senior position secured by liens on a borrower's assets) that the manager believes justify treatment as senior debt. Loans that are senior and secured generally involve less risk than unsecured or subordinated debt and equity instruments of the same borrower because the payment of principal and interest on senior loans is an obligation of the borrower that, in most instances, takes precedence over the payment of dividends, the return of capital to the borrower's shareholders, and payments to bond holders. Loans that are senior and secured also may have collateral supporting the repayment of the fixed-income instrument. However, the value of the collateral may not equal the Fund's investment when the fixed-income instrument is acquired or may decline below the principal amount of the fixed-income instrument subsequent to the Fund's investment. Also, to the extent that collateral consists of stocks of the borrower, or its subsidiaries or affiliates, the Fund bears the risk that the stocks may decline in value, be relatively illiquid, or may lose all or substantially all of their value, causing the Fund's investment to be undercollateralized. Therefore, the liquidation of the collateral underlying a loan in which the Fund has invested may not satisfy the borrower's obligation to the Fund in the event of non-payment of scheduled interest or principal, and the collateral may not be able to be readily liquidated. In addition, it is possible that disputes as to the nature or identity of the collateral securing a loan may delay the Fund's ability to realize on the collateral or, if the dispute is resolved adversely to the Fund, may prevent the Fund from realizing on assets it had considered to constitute collateral.

In the event of the bankruptcy of a borrower or issuer, the Fund could experience delays and limitations on its ability to realize the benefits of the collateral securing the investment. Among the risks involved in a bankruptcy are assertions that the pledge of collateral to secure a loan constitutes a fraudulent conveyance or preferential transfer that would have the effect of nullifying or subordinating the Fund's rights to the collateral.

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The loans in which the Fund invests are generally rated lower than investment grade credit quality, *i.e*., rated lower than Baa3 by Moody's Investors Service, Inc. ("Moody's") or BBB- by S&P Global Ratings ("S&P"), or have been made to borrowers who have issued fixed-income instruments that are rated lower than investment grade in quality or, if unrated, would be rated lower than investment grade credit quality. The Fund's investments in lower than investment grade loans will generally be rated at the time of purchase between B3 and Ba1 by Moody's, B- and BB+ by S&P or, if not rated, would be of similar credit quality.

Lower quality securities (including securities that have fallen below investment grade and are classified as "junk bonds" or "high-yield securities") have greater credit risk and liquidity risk than higher quality (investment grade) securities, and their issuers' long-term ability to make payments is considered speculative. Prices of lower quality bonds or other fixed-income instruments are also more volatile, are more sensitive to negative news about the economy or the issuer, and have greater liquidity risk and price volatility. Investment decisions are based largely on the credit analysis performed by the manager, and not on rating agency evaluation. This analysis may be difficult to perform. Information about a loan and its borrower generally is not in the public domain. Investors in loans may not be afforded the protections of the anti-fraud provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, because loans may not be considered "securities" under such laws. In addition, many borrowers have not issued securities to the public and are not subject to reporting requirements under federal securities laws. Generally, however, borrowers are required to provide financial information to lenders and information may be available from other loan market participants or agents that originate or administer loans.

**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 United States or abroad.

**Deflation:** Deflation occurs when prices throughout the economy decline over time — the opposite of inflation. Unless repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed, when there is deflation, the principal and income of an inflation-protected bond will decline and could result in losses.

**Demand for Loans:** An increase in demand for loans may benefit the Fund by providing increased liquidity for such loans and higher sales prices, but it may also adversely affect the rate of interest payable on such loans and the rights provided to the Fund under the terms of the applicable loan agreement, and may increase the price of loans in the secondary market. A decrease in the demand for loans may adversely affect the price of loans in the Fund's portfolio, which could cause the Fund's net asset value to decline and reduce the liquidity of the Fund's loan holdings.

**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

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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 new regulation of the derivatives market, including clearing, margin, reporting, and registration requirements. The European Union (and other countries outside of the European Union, including the United Kingdom) has implemented similar requirements, which may affect the Fund when it enters into a derivatives transaction with a counterparty organized in that country or otherwise subject to that country's derivatives regulations. Because these requirements are relatively new and evolving (and some of the rules are not yet final), 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 new 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.

**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, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments.

**Environmental, Social, and Governance (Fixed Income):** 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 obligations of an issuer 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 obligations of issuers that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may choose not to invest in obligations of issuers that compare favorably to obligations of other issuers on the basis of ESG factors. It is possible that the Fund will have less exposure to obligations of certain issuers 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, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments.

**Environmental, Social, and Governance (Funds-of-Funds):** The Sub-Adviser's consideration of ESG factors in selecting Underlying Funds for investment by the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund's assets that will be allocated to Underlying Funds on the basis of ESG factors, and the Sub-Adviser may choose to select Underlying Funds on the basis of factors or considerations other than ESG factors. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that an Underlying Fund selected by the Sub-Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential Underlying Fund, and such an Underlying Fund may, in fact, underperform other potential Underlying Funds.

**Environmental, Social, and Governance (Multi-Manager):** The Investment Adviser's consideration of ESG factors in selecting sub-advisers for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund's assets that will be allocated to sub-advisers that consider ESG factors as part of their investment processes, and the Investment Adviser may choose to select sub-advisers that do not consider ESG factors as part of their investment processes. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that a sub-adviser selected by the Investment Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential sub-adviser, and such a sub-adviser may, in fact, underperform other potential sub-advisers.

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**Environmental, Social, and Governance (Quantitative):** The Sub-Adviser's consideration of ESG factors in selecting investments for the Fund depends on the operation of quantitative methods and models whose design reflects qualitative and subjective judgments of the Sub-Adviser, including reliance on, or incorporation of, data in respect of ESG factors that 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 not 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, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments.

**Equity Securities Incidental to Investments in Loans:** Investments in equity securities incidental to investments in loans entail certain risks in addition to those associated with investments in loans. The value of such equity securities may change more rapidly, and to a greater extent, than fixed-income instruments issued by the same issuer in response to company-specific developments and general market conditions. The Fund's holdings of equity securities may increase fluctuations in the Fund's net asset value. The Fund may frequently possess material non-public information about a borrower as a result of its ownership of a loan of such borrower. Because of prohibitions on trading in securities of issuers while in possession of such information, the Fund might be unable to enter into a transaction in a security of such a borrower when it would otherwise be advantageous to do so.

**Floating Rate Loans:** In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan (which can include certain bank loans), the Fund will experience a reduction in its income and a decline in the market value of such floating rate loan. If a floating rate loan is held by the Fund through another financial institution, or the Fund relies upon another financial institution to administer the loan, the receipt of scheduled interest or principal payments may be subject to the credit risk of such financial institution. Investors in floating rate loans may not be afforded the protections of the anti-fraud provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, because loans may not be considered "securities" under such laws. Additionally, the value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the borrower's obligations under the loan, and such collateral may be difficult to liquidate. No active trading market may exist for many floating rate loans and many floating rate loans are subject to restrictions on resale. Transactions in loans typically settle on a delayed basis and may take longer than 7 days to settle. As a result, the Fund may not receive the proceeds from a sale of a floating rate loan for a significant period of time. Delay in the receipts of settlement proceeds may impair the ability of the Fund to meet its redemption obligations, and may limit the ability of the Fund to repay debt, pay dividends, or to take advantage of new investment opportunities.

**Focused Investing (Index):** To the extent that an Underlying Fund's benchmark or other index is substantially composed of securities in a particular industry, sector, market segment, or geographic area, the Underlying Fund may allocate its investments to approximately the same extent as the index as part of its investment strategy. As a result, an Underlying Fund may be more sensitive to financial, economic, business, political, regulatory, and other developments and conditions, including natural or other disasters, affecting issuers in a particular industry, sector, market segment, or geographic area in which the Underlying Fund focuses its investments, and if securities of such industry, sector, market segment, or geographic area fall out of favor, the Underlying Fund could underperform, or be more volatile than, a fund that has greater diversification.

&nbsp;&nbsp;&nbsp;&nbsp;• **Industrials Sector:** Companies involved in the industrials sector include those whose businesses are dominated by one of the following activities: the manufacture and distribution of capital goods, including aerospace and defense, construction, engineering and building products, electrical equipment, and industrial machinery; the provision of commercial services and supplies, including printing, employment, environmental, and office services; and the provision of transportation services, including airlines, couriers, marine, road and rail, and transportation infrastructure. Companies involved in the industrials sector are affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability, and general economic conditions, among other factors.

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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;• **Materials Sector:** Companies involved in the materials sector includes companies in the following industry groups: forestry and paper, chemicals, industrial metals, and mining. Investments in companies involved in the materials sector may be adversely impacted by changes in commodity prices or exchange rates, depletion of resources, over-production, litigation, and government regulations, among other factors. The chemicals industry may be significantly affected by intense competition, product obsolescence, raw materials prices, and government regulation, and may be subject to risks associated with the production, handling, disposal of hazardous components, and litigation and claims arising out of environmental contamination.

&nbsp;&nbsp;&nbsp;&nbsp;• **Technology Sector:** Investments in companies involved in the technology sector are subject to significant competitive pressures, such as aggressive pricing of products or services, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments, evolving industry standards, changing customer demands, and the potential for limited earnings and/or falling profit margins. The failure of a company to adapt to such changes could have a material adverse effect on the company's business, results of operations, and financial condition. These companies also face the risks that new services, equipment, or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the values of their securities. Many companies involved in the technology sector have limited operating histories, and prices of these companies' securities historically have been more volatile than those of many other companies' securities, especially over the short term.

**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 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 to distribute 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, 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. 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. In March 2017, the United Kingdom ("UK") formally notified the European Council of its intention to leave the EU and on January 31, 2020 withdrew from the EU (commonly known as "Brexit"). On December 30, 2020, the UK voted in favor of the UK-EU Trade and Cooperation Agreement. The agreement governs the new relationship between the UK and the EU with respect to trading goods and services but critical aspects of the relationship remain unresolved and subject to further negotiation and agreement. Brexit has resulted in volatility in European and global markets and

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could have negative long-term impacts on financial markets in the UK and throughout Europe. There is considerable uncertainty about the potential consequences of Brexit and how the financial markets will react. As this process unfolds, markets may be further disrupted. Given the size and importance of the UK's economy, uncertainty about its legal, political, and economic relationship with the remaining member states of the EU may continue to be a source of instability. 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.) Investments for Floating Rate Loans:** To the extent the Fund invests in fixed-income instruments of borrowers in markets outside the United States, its share price may be more volatile than if it invested in fixed-income instruments of borrowers 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 loans less liquid and loan 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 other measures by the United States 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 borrowers 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 borrower 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 fixed-income instruments. In addition, foreign withholding or other taxes could reduce the income available to distribute 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.

**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.

**High-Yield Securities:** Lower-quality securities (including securities that have fallen below investment grade and are classified as "junk bonds" or "high-yield securities") have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and their issuers' long-term ability to make payments is considered speculative. Prices of lower-quality bonds or other fixed-income instruments are also more volatile, are more sensitive to negative news about the economy or the issuer, and have greater liquidity risk and price volatility.

**Index Strategy (Funds-of-Funds):** An Underlying Fund (or a portion of the Underlying Fund) that seeks to track an index's performance and does not use defensive strategies or attempt to reduce its exposure to poor performing securities in an index may underperform the overall market (each, an "Underlying Index Fund"). To the extent an Underlying Index Fund's investments track its target index, such Underlying Index Fund may underperform other funds that invest

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more broadly. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Fund. The correlation between an Underlying Index Fund's performance and index performance may be affected by the timing of purchases and redemptions of the Underlying Index Fund's shares. The correlation between an Underlying Index Fund's performance and index performance will be reduced by the Underlying Index Fund's expenses and could be reduced by the timing of purchases and redemptions of the Underlying Index Fund's shares. In addition, an Underlying Index Fund's actual holdings might not match the index and an Underlying Index Fund's effective exposure to index securities at any given time may not precisely correlate. When deciding between Underlying Index Funds benchmarked to the same index, the manager may not select the Underlying Index Fund with the lowest expenses. If the Fund invests in an Underlying Index Fund with higher expenses, the Fund's performance would be lower than if the Fund had invested in an Underlying Index Fund with comparable performance but lower expenses (although any expense limitation arrangements in place at the time might have the effect of limiting or eliminating the amount of that underperformance).

**Inflation-Indexed Bonds:** If the index 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. In addition, inflation-indexed bonds are subject to the usual risks associated with fixed-income instruments, such as interest rate and credit risk. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**Initial Public Offerings:** Investments in IPOs and companies that have recently gone public have the potential to produce substantial gains for the Fund. However, there is no assurance that the Fund will have access to profitable IPOs or that the IPOs in which the Fund invests will rise in value. Furthermore, the value of securities of newly public companies may decline in value shortly after the IPO. When the Fund's asset base is small, the impact of such investments on the Fund's return will be magnified. If the Fund's assets grow, it is likely that the effect of the Fund's investment in IPOs on the Fund's return will decline.

**Interest in Loans:** The value and the income streams of interests in loans (including participation interests in lease financings and assignments in secured variable or floating rate loans) will decline if borrowers delay payments or fail to pay altogether. A significant rise in market interest rates could increase this risk. Although loans may be fully collateralized when purchased, such collateral may become illiquid or decline in value.

**Interest Rate:** A rise in market interest rates generally results in a fall in the value of bonds and other fixed-income instruments; conversely, values generally rise as market interest rates fall. 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 fixed-income instrument to a change in interest rate. As of the date of this Prospectus, the U.S. is experiencing a rising market interest rate environment, which may increase the Fund's exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. To the extent that the Fund invests in fixed-income 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 fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential future changes in government policy may affect 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 fixed-income and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose fixed-income and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact the Fund's operations and return potential.

**Interest Rate for Floating Rate Loans:** Changes in short-term market interest rates will directly affect the yield on the shares of the Fund whose portfolio is normally invested in floating rate loans. If short-term market interest rates fall, the yield on the Fund's shares will also fall. To the extent that the interest rate spreads on loans in the Fund's portfolio experience a general decline, the yield on the Fund's shares will fall and the value of the Fund's assets may

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decrease, which will cause the Fund's net asset value to decrease. Conversely, when short-term market interest rates rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on assets in the Fund's portfolio, the impact of rising rates will be delayed to the extent of such lag. The impact of market interest rate changes on the Fund's yield will also be affected by whether, and the extent to which, the floating rate loans in the Fund's portfolio is subject to floors on the LIBOR base rate on which interest is calculated for such loans (a "LIBOR floor"). So long as the base rate for a loan remains under the LIBOR floor, changes in short-term market interest rates will not affect the yield on such loans. In addition, to the extent that changes in market interest rates are reflected not in a change to a base rate such as LIBOR but in a change in the spread over the base rate which is payable on the floating rate loans of the type and quality in which the Fund invests, the Fund's net asset value could also be adversely affected. With respect to investments in fixed rate instruments, a rise in market interest rates generally causes values of such instruments to fall. The values of fixed rate instruments with longer maturities or duration are more sensitive to changes in market interest rates. As of the date of this Prospectus, the United States is in a rising market interest rate environment, which may increase the Fund's exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility, 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 fixed-income and related markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income and related markets. Further, recent and potential future changes in government policy may affect interest rates.

**Investing through Bond Connect:** Chinese fixed-income instruments trade on the China Interbank Bond Market (the "CIBM") and may be purchased through a market access program, known as "Bond Connect," that is designed to, among other things, enable foreign (non-U.S.) investment in the People's Republic of China. There are significant risks inherent in investing in Chinese fixed-income instruments, similar to the risks of investing in fixed-income instruments in other emerging markets. The prices of fixed-income instruments traded on the CIBM may fluctuate significantly due to low trading volume and potential lack of liquidity. The rules to access fixed-income 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.

The Chinese economy is generally considered an emerging and volatile market. Although China has experienced a relatively stable political environment in recent years, there is no guarantee that such stability will be maintained in the future. Political, regulatory and diplomatic events, such as the U.S.-China "trade war" that intensified in 2018, could have an adverse effect on the Chinese or Hong Kong economies and on investments made through Bond Connect.

**Investing through Stock Connect:** 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") may be purchased directly or indirectly 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.

The Chinese economy is generally considered an emerging and volatile market. Significant portions of the Chinese securities markets may become rapidly illiquid because Chinese issuers have the ability to suspend the trading of their equity securities under certain circumstances, and have shown a willingness to exercise that option in response to market volatility, epidemics, pandemics, adverse economic, market or political events, and other events. In addition, there may be restrictions on investments in Chinese companies. For example, on November 12, 2020, the President of the United States signed an Executive Order prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. government as "Communist Chinese military companies." The list of such companies can change from time to time, and as a result of forced selling or inability to participate in an investment the Investment Adviser/Sub-Adviser otherwise believes is attractive, the Fund may incur losses.

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Many Chinese companies use a structure known as a variable interest entity (a "VIE") to address Chinese restrictions on direct foreign investment in Chinese companies operating in certain sectors. The Fund's investment exposure to VIEs may pose additional risks because the Fund's investment is not made directly in the VIE (the actual Chinese operating company), but rather in a holding company domiciled outside of China (a "Holding Company") whose interests in the business of the underlying Chinese operating company (the VIE) are established through contracts rather than through equity ownership. The VIE (which the Fund is restricted from owning under Chinese law) is generally owned by Chinese nationals, and the Holding Company (in which the Fund invests) holds only contractual rights (rather than equity ownership) relating to the VIE, typically including a contractual claim on the VIE's profits. Shares of the Holding Company, in turn, are traded on exchanges outside of China and are available to non-Chinese investors such as the Fund. While the VIE structure is a longstanding practice in China, until recently, such arrangements had not been formally recognized under Chinese law. However, in late 2021, the Chinese government signaled its interest in implementing filing requirement rules that would both affirm the legality of VIE structures and regulate them. How these filing requirements will operate in practice, and what will be required for approval, remains unclear. While there is optimism that these actions will reduce uncertainty over Chinese actions on VIEs, there is also caution given how unresolved the process is. Until these rules are finalized, and potentially afterwards depending on how they are implemented, there remains significant uncertainty associated with VIE investments. There is a risk that the Chinese government may cease to tolerate VIE structures at any time or impose new restrictions on the structure, in each case either generally or with respect to specific issuers. In such a scenario, the Chinese operating company could be subject to penalties, including revocation of its business and operating license, or the Holding Company could forfeit its interest in the business of the Chinese operating company. Further, in case of a dispute between the Holding Company investors and the Chinese owners of the VIE, the Holding Company's contractual claims with respect to the VIE may be unenforceable in China, thus limiting the remedies and rights of Holding Company investors such as the Fund. Control over a VIE may also be jeopardized if a natural person who holds the equity interest in the VIE breaches the terms of the contractual arrangements, is subject to legal proceedings, or if any physical instruments or property of the VIE, such as seals, business registration certificates, financial data and licensing arrangements (sometimes referred to as "chops"), are used without authorization. In the event of such an occurrence, the Fund, as a foreign investor, may have little or no legal recourse. Such legal uncertainty may be exploited against the interests of the Holding Company investors such as the Fund. The Fund will typically have little or no ability to influence the VIE through proxy voting or other means because it is not a VIE owner/shareholder. Foreign (non-U.S.) companies listed on stock exchanges in the United States, including companies using the VIE structure, could also face delisting or other ramifications for failure to meet the expectations and/or requirements of the SEC, the Public Company Accounting Oversight Board, or other U.S. regulators. Any of these risks could reduce the liquidity and value of the Fund's investments in Holding Companies or render them valueless.

**Investment Model:** The Sub-Adviser's proprietary model may not adequately take into account existing or unforeseen market factors or the interplay between such factors. Proprietary 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 models. Funds that are actively managed, in whole or in part, according to a quantitative investment model 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. Mistakes in the construction and implementation of the investment models (including, for example, data problems and/or software issues) may create errors or limitations that might go undetected or are discovered only after the errors or limitations have negatively impacted performance. There is no guarantee that the use of these investment models will result in effective investment decisions for the Fund.

**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.

**Limited Secondary Market for Floating Rate Loans:** Although the re-sale, or secondary market, for floating rate loans has grown substantially in recent years, both in overall size and number of market participants, there is no organized exchange or board of trade on which floating rate loans are traded. Instead, the secondary market for floating rate

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loans is a private, unregulated inter-dealer or inter-bank re-sale market. Transactions in loans typically settle on a delayed basis and typically take longer than 7 days to settle. As a result the Fund may not receive the proceeds from a sale of a floating rate loan for a significant period of time. Delay in the receipts of settlement proceeds may impair the ability of the Fund to meet its redemption obligations and may increase amounts the Fund may be required to borrow. It may also limit the ability of the Fund to repay debt, pay dividends, or take advantage of new investment opportunities.

Floating rate loans usually trade in large denominations. Trades can be infrequent, and the market for floating rate loans may experience substantial volatility. In addition, the market for floating rate loans has limited transparency so that information about actual trades may be difficult to obtain. Accordingly, some of the floating rate loans will be relatively illiquid.

In addition, the floating rate loans may require the consent of the borrower and/or the agent prior to sale or assignment. These consent requirements can delay or impede the Fund's ability to sell floating rate loans and can adversely affect the price that can be obtained.

These considerations may cause the Fund to sell floating rate loans at lower prices than it would otherwise consider to meet cash needs or cause the Fund to maintain a greater portion of its assets in money market instruments than it would otherwise, which could negatively impact performance. The Fund may seek to avoid the necessity of selling assets to meet redemption requests or liquidity needs by the use of borrowings. Such borrowings, even though they are for the purpose of satisfying redemptions or meeting liquidity needs and not to generate leveraged returns, nevertheless would produce leverage and the risks that are inherent in leverage. However, there can be no assurance that sales of floating rate loans at such lower prices can be avoided.

From time to time, the occurrence of one or more of the considerations described above may create a cascading effect where the market for fixed-income instruments (including the market for floating rate loans) first experiences volatility and then decreased liquidity. Such conditions, or other similar conditions, may then adversely affect the value of floating rate loans and other instruments, widening spreads against higher-quality fixed-income instruments, and making it harder to sell floating rate loans at prices at which they have historically or recently traded, thereby further reducing liquidity. For example, during the global financial crisis in the second half of 2008, the average price of loans in the Morningstar LSTA US Leveraged Loan Index declined by 32% (which included a decline of 3.06% on a single day). Additionally, during the recent COVID-19 pandemic, the same index declined by 12.37% in March 2020 (which included a decline of 3.74% on a single day).

Declines in net asset value or other market developments (which could be more severe than these prior declines) may lead to increased redemptions, which could cause the Fund to have to sell floating rate loans and other instruments at disadvantageous prices and inhibit the ability of the Fund to retain its assets in the hope of greater stabilization in the secondary markets. In addition, these or similar circumstances could cause the Fund to sell its highest quality and most liquid floating rate loans and other investments in order to satisfy an initial wave of redemptions while leaving the Fund with a remaining portfolio of lower-quality and less liquid investments. In anticipation of such circumstances, the Fund may also need to maintain a larger portion of its assets in liquid instruments than usual. However, there can be no assurance that the Fund will foresee the need to maintain greater liquidity or that actual efforts to maintain a larger portion of assets in liquid investments would successfully mitigate the foregoing risks.

As of the date of this Prospectus, the Fund has entered into a line of credit under which it may borrow money from time to time. The amount of available borrowing under the line of credit reflects such factors as, among other things, the investment adviser's expectations as to the liquidity of the Fund's portfolio and settlement times for the loans held by the Fund, as well as anticipated growth in the size of the Fund. The cost of maintaining the line of credit will reduce the Fund's investment return.

**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.

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**Liquidity for Floating Rate Loans:** If a loan is illiquid, the Fund might be unable to sell the loan at a time when the manager might wish to sell, or at all. Further, the lack of an established secondary market may make it more difficult to value illiquid loans, exposing the Fund to the risk that the price at which it sells loans will be less than the price at which they were valued when held by the Fund. The risks associated with illiquid securities may be greater in times of financial stress. The Fund could lose money if it cannot sell a loan at the time and price that would be most beneficial to the Fund.

**London Inter-Bank Offered Rate:** The obligations of the parties under many financial arrangements, such as fixed-income instruments (including senior loans) and derivatives, may be determined based, in whole or in part, on the London Inter-Bank Offered Rate ("LIBOR"). In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in many major currencies, including for example, the Secured Overnight Funding Rate ("SOFR") for U.S. dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement market. SOFR is published in various forms, including as a daily, compounded, and forward-looking term rate. The discontinuance of LIBOR and the adoption/implementation of alternative rates pose a number of risks, including, among others, whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties' existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on the Fund's existing investments, including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of the Fund; and the risk of general market disruption during the transition period. Markets relying on alternative rates are developing slowly and may offer limited liquidity. The general unavailability of LIBOR and the transition away from LIBOR to alternative rates could have a substantial adverse impact on the performance of the Fund.

**Managed Payment:** Because the Fund is expected to make monthly payments regardless of investment performance, the amount of the Fund's distributions in respect of any period often will exceed the amount of the Fund's income and gains for that period. In that case, some or all of the Fund's distributions will constitute a return of capital to shareholders. It is possible for the Fund to suffer substantial investment losses and simultaneously experience additional asset reductions as a result of its payments to shareholders under the Managed Payment Policy. In addition, in order to make the payments called for under the Managed Payment Policy, the Fund may have to sell portfolio securities at a time when it would not otherwise do so.

A return of capital to shareholders will decrease shareholders' cost basis in the Fund and will affect the amount of any capital gain or loss that shareholders realize when selling or exchanging shares. A distribution constituting a return of capital is not a distribution of income or capital gains earned by the Fund and should not be confused with the Fund's "yield" or "income."

The Managed Payment Policy is designed to make consistent payments once per month throughout each calendar year, excluding any additional distributions required to comply with applicable law. Under the Managed Payment Policy, the dollar amount of the scheduled monthly payments for a particular calendar year generally will increase or decrease each January based on the investment performance over the previous three years. Accordingly, the dollar amount of the monthly cash payments could go up or down substantially from one year to the next and over time depending on, among other things, the performance of the financial markets in which the Fund invests, the allocation of Fund assets across different asset classes and investments, the performance of the Fund's investment strategies, and the amount and timing of prior payments by the Fund. It is also possible for your monthly payments to go down substantially from one year to the next and over time, depending on the timing of your investments in the Fund. Any redemptions you make from your Fund account will proportionately reduce the amount of future cash payments you will receive from the Fund.

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**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 fixed-income 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, 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 has resulted, and may continue to result, 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. 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. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. Those 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.

**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.

**Mortgage- and/or Asset-Backed Securities:** Defaults on, or low credit quality or liquidity of, the underlying assets of the asset-backed (including mortgage-backed) securities may impair the value of these securities and result in losses. There may be limitations on the enforceability of any security interest or collateral granted with respect to those underlying assets, and the value of collateral may not satisfy the obligation upon default. These securities also present a higher degree of prepayment and extension risk and interest rate risk than do other types of fixed-income instruments. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed securities. The value of longer-term securities generally changes more in response to changes in market interest rates than shorter-term securities.

These securities may be affected significantly by government regulation, market interest rates, market perception of the creditworthiness of an issuer servicer, and loan-to-value ratio of the underlying assets. During an economic downturn, the mortgages, commercial or consumer loans, trade or credit card receivables, installment purchase obligations, leases, or other debt obligations underlying an asset-backed security may experience an increase in defaults as borrowers

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experience difficulties in repaying their loans which may cause the valuation of such securities to be more volatile and may reduce the value of such securities. These risks are particularly heightened for investments in asset-backed securities that contain sub-prime loans, which are loans made to borrowers with weakened credit histories and often have higher default rates.

**Municipal Obligations:** The municipal securities market is volatile and can be affected significantly by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. Among other risks, investments in municipal securities are subject to the risk that an issuer may delay payment, restructure its debt, or refuse to pay interest or repay principal on its debt. Municipal revenue obligations may be backed by the revenues generated from a specific project or facility and include industrial development bonds and private activity bonds. Private activity and industrial development bonds are dependent on the ability of the facility's user to meet its financial obligations and the value of any real or personal property pledged as security for such payment. Many municipal securities are issued to finance projects relating to education, health care, transportation, and utilities. Conditions in those sectors may affect the overall municipal securities market. In addition, municipal securities backed by current or anticipated revenues from a specific project or specific asset may be adversely affected by the discontinuance of the taxation supporting the project or asset or the inability to collect revenues from the project or asset. If an issuer of a municipal security does not comply with applicable tax requirements for tax-exempt status, interest from the security may become taxable, and the security could decline in value.

**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 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.

**Prepayment and Extension:** Many types of fixed-income instruments are subject to prepayment and extension risk. Prepayment risk is the risk that the issuer of a fixed-income instrument will pay back the principal earlier than expected. This risk is heightened in a falling market interest rate environment. Prepayment may expose the Fund to a lower rate of return upon reinvestment of principal. Also, if a fixed-income instrument subject to prepayment has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a fixed-income instrument will pay back the principal later than expected. This risk is heightened in a rising market interest rate environment. This may negatively affect performance, as the value of the fixed-income instrument decreases when principal payments are made later than expected. Additionally, the Fund may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates.

**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

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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.

**Repurchase Agreements:** In the event that the other party to a repurchase agreement defaults on its obligations, the Fund would generally seek to sell the underlying security serving as collateral for the repurchase agreement. However, the value of collateral may be insufficient to satisfy the counterparty's obligation and/or the Fund may encounter delay and incur costs before being able to sell the security. Such a delay may involve loss of interest or a decline in price of the security, which could result in a loss. In addition, if the Fund is characterized by a court as an unsecured creditor, it would be at risk of losing some or all of the principal and interest involved in the transaction.

**Restricted Securities:** Securities that are not registered for sale to the public under the Securities Act of 1933, as amended, are referred to as "restricted securities." These 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, and often, these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these 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 investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

**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.

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.

**Sovereign Debt:** Sovereign debt is issued or guaranteed by foreign (non-U.S.) government entities. Investments in sovereign debt are subject to the risk that a government entity may delay payment, restructure its debt, or refuse to pay interest or repay principal on its sovereign debt due to cash flow problems, insufficient foreign currency reserves, political considerations, social changes, the relative size of its debt position to its economy, or its failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a government entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting amounts owed on sovereign debt that a government does not pay.

**Underlying Funds:** Because the Fund invests primarily in Underlying Funds, the investment performance of the Fund is directly related to the investment performance of the Underlying Funds in which it invests. When the Fund invests in an Underlying Fund, it is exposed indirectly to the risks of a direct investment in the Underlying Fund. If the Fund invests a significant portion of its assets in a single Underlying Fund, it may be more susceptible to risks associated with that Underlying Fund and its investments than if it invested in a broader range of Underlying Funds. It is possible

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that more than one Underlying Fund will hold securities of the same issuers, thereby increasing the Fund's indirect exposure to those issuers. It also is possible that one Underlying Fund may be selling a particular security when another is buying it, producing little or no change in exposure but generating transaction costs and/or resulting in realization of gains with no economic benefit. There can be no assurance that the investment objective of any Underlying Fund will be achieved. In addition, the Fund's shareholders will indirectly bear their proportionate share of the Underlying Funds' fees and expenses, in addition to the fees and expenses of the Fund itself.

**U.S. Government Securities and Obligations:** U.S. government securities are obligations of, or guaranteed by, the U.S. government, its agencies, or government-sponsored enterprises. U.S. government securities are subject to market risk and interest rate risk, and may be subject to varying degrees of credit risk. Some U.S. government securities are backed by the full faith and credit of the U.S. government and are guaranteed as to both principal and interest by the U.S. Treasury. These include direct obligations of the U.S. Treasury such as U.S. Treasury notes, bills, and bonds, as well as indirect obligations including certain securities of the Government National Mortgage Association, the Small Business Administration, and the Farmers Home Administration, among others. Other U.S. government securities are not direct obligations of the U.S. Treasury, but rather are backed by the ability to borrow directly from the U.S. Treasury, including certain securities of the Federal Financing Bank, the Federal Home Loan Bank, and the U.S. Postal Service. Other U.S. government securities are backed solely by the credit of the agency or instrumentality itself and are neither guaranteed nor insured by the U.S. government and, therefore, involve greater risk. These include securities issued by the Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation, and the Federal Farm Credit Bank, among others. Consequently, the investor must look principally to the agency issuing or guaranteeing the obligation for ultimate repayment. No assurance can be given that the U.S. government would provide financial support to such agencies if it is not obligated to do so by law. The impact of greater governmental scrutiny into the operations of certain agencies and government-sponsored enterprises may adversely affect the value of securities issued by these entities. U.S. government securities may be subject to price declines due to changing market interest rates. 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, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. government-sponsored entity is negatively impacted by legislative or regulatory action (or lack thereof), is unable to meet its obligations, or its creditworthiness declines, the performance of the Fund that holds securities of the entity will be adversely impacted.

**Valuation of Loans:** The Fund values its assets every day the New York Stock Exchange is open for regular trading. However, because the secondary market for floating rate loans is limited, it may be difficult to value loans, exposing the Fund to the risk that the price at which it sells loans will be less than the price at which they were valued when held by the Fund. Reliable market value quotations may not be readily available for some loans, and determining the fair valuation of such loans may require more research than for securities that trade in a more active secondary market. In addition, elements of judgment may play a greater role in the valuation of loans than for more securities that trade in a more developed secondary market because there is less reliable, objective market value data available. If the Fund purchases a relatively large portion of a loan, the limitations of the secondary market may inhibit the Fund from selling a portion of the loan and reducing its exposure to a borrower when the manager deems it advisable to do so. Even if the Fund itself does not own a relatively large portion of a particular loan, the Fund, in combination with other similar accounts under management by the same portfolio managers, may own large portions of loans. The aggregate amount of holdings could create similar risks if and when the portfolio managers decide to sell those loans. These risks could include, for example, the risk that the sale of an initial portion of the loan could be at a price lower than the price at which the loan was valued by the Fund, the risk that the initial sale could adversely impact the price at which additional portions of the loan are sold, and the risk that the foregoing events could warrant a reduced valuation being assigned to the remaining portion of the loan still owned by the Fund.

**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

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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.

**Zero-Coupon Bonds and Pay-in-Kind Securities:** Zero-coupon bonds and pay-in-kind securities may be subject to greater fluctuations in price due to market interest rate changes than conventional interest-bearing securities. The Fund may have to pay out the imputed income on zero-coupon bonds without receiving the actual cash currency, resulting in a loss.

**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 fixed-income 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 fixed-income 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's portfolio 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. Inflation has recently increased, and it cannot be predicted whether it may decline.

**Investment by Other Funds:** Certain funds-of-funds, including some Voya mutual funds, may be allowed to invest in the Underlying Funds. In some cases, an Underlying Fund may serve as a primary or significant investment vehicle for a fund-of-funds. If investments by these other funds result in large inflows of cash to or outflows of cash from the Underlying Fund, the Underlying 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. Certain investments by funds-of-funds in an Underlying Fund may limit the ability of the Underlying Fund to invest in other investment companies, including private funds. The risks described above will be greater to the extent that one or a few shareholders own a significant portion of the Underlying Fund.

**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.

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

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**Manager:** The Fund, and each Underlying Fund (except index funds), 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 apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these will produce the desired results. The loss of their services could have an adverse impact on the Investment Adviser's or Sub-Adviser's ability to achieve the investment objectives.

**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 or 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. 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 has been and will in the future be 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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**KEY INFORMATION ABOUT THE UNDERLYING FUNDS**

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The Fund seeks to meet its investment objectives by allocating its assets among Underlying Funds. The information set out below is excerpted from an Underlying Fund's current prospectus as of this date and provides a brief description of the Underlying Fund. It is intended to provide investors some idea of the types of Underlying Funds in which the Fund invests.

The Fund may or may not invest in each of the Underlying Funds listed below, and the Fund may invest in Underlying Funds not listed below. The amount of the Fund's assets invested in any particular Underlying Fund will change from time to time, and it is impossible to predict the extent to which the Fund may be invested in any particular Underlying Fund or Underlying Funds at any time.

The Investment Adviser and Voya Investments Distributor, LLC (the "Distributor") (together "Voya") have implemented fee waivers and expense limitations for various classes of shares of some of the Underlying Funds in which the Fund may invest. The effect of those fee waivers and expense limitations is to reduce the total net expense ratios of certain of those share classes to a level below those of other share classes. The Fund may not be eligible to invest in the lowest expense share classes of the Underlying Funds. As a result, the Fund will incur Acquired Fund Fees and Expenses at rates higher than will certain other funds-of-funds that are sponsored by Voya and that invest in the same Underlying Funds. The determination as to the Fund's eligibility for investment in a lower-cost share class will generally be based on, among other factors, an assessment of the desirability of offering a relatively low-priced share class in certain sales channels or through certain products and any anticipated direct or indirect financial benefit to the Fund, a fund-of-funds investing in that share class, or Voya.

**Affiliated Underlying Funds**

**Underlying Fund: Voya Corporate Leaders**<sup>®</sup> **100 Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Voya Investment Management Co. LLC

The fund seeks to outperform the S&P 500<sup>®</sup> Index. Under normal market conditions, the fund invests primarily in equity securities of issuers included in the S&P 100 Index.

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**Underlying Fund: Voya Floating Rate Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Voya Investment Management Co. LLC

The fund seeks to provide investors with a high level of current income. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in U.S. dollar denominated floating rate loans and other floating rate debt instruments, including: floating rate bonds; floating rate notes; money market instruments with a remaining maturity of 60 days or less; floating rate debentures; and tranches of floating rate asset-backed securities, including structured notes, made to, or issued by, U.S. and non-U.S. corporations or other business entities.

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**Underlying Fund: Voya Global Bond Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Voya Investment Management Co. LLC

The fund seeks to maximize total return through a combination of current income and capital appreciation. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in bonds of issuers in a number of different countries, which may include the United States.

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**Underlying Fund: Voya Global High Dividend Low Volatility Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Voya Investment Management Co. LLC

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**KEY INFORMATION ABOUT THE UNDERLYING FUNDS *(continued)***

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The fund seeks long-term capital growth and current income. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in a portfolio of equity securities. The fund invests primarily in the equity securities included in the MSCI World Value Index<sup>SM</sup>. The fund invests in securities of issuers in a number of different countries, including the United States.

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**Underlying Fund: Voya High Yield Bond Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Voya Investment Management Co. LLC

The fund seeks to provide investors with a high level of current income and total return. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in a diversified portfolio of high-yield (high risk) bonds commonly known as "junk bonds."

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**Underlying Fund: Voya Intermediate Bond Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Voya Investment Management Co. LLC

The fund seeks to maximize total return through income and capital appreciation. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in a portfolio of bonds, including but not limited to corporate, government and mortgage bonds, which, at the time of purchase, are rated investment-grade (*e.g.*, rated at least BBB- by S&P Global Ratings or Baa3 by Moody's Investors Service, Inc.) or have an equivalent rating by a nationally recognized statistical rating organization, or are of comparable quality if unrated.

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**Underlying Fund: Voya International High Dividend Low Volatility Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Voya Investment Management Co. LLC

The fund seeks maximum total return. The fund invests primarily in equity securities included in the MSCI EAFE<sup>®</sup> Value Index. Under normal market conditions, the fund invests at least 65% of its total assets in equity securities of issuers in a number of different countries other than the United States.

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**Underlying Fund: Voya Large-Cap Growth Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Voya Investment Management Co. LLC

The fund seeks long-term capital appreciation. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in common stocks of large-capitalization companies. The fund is non-diversified, which means that it may invest a significant portion of its assets in a single issuer.

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**Underlying Fund: Voya Large Cap Value Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Voya Investment Management Co. LLC

The fund seeks long-term growth of capital and current income. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of dividend-paying, large-capitalization issuers.

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**Underlying Fund: Voya MidCap Opportunities Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Voya Investment Management Co. LLC

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**KEY INFORMATION ABOUT THE UNDERLYING FUNDS *(continued)***

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The fund seeks long-term capital appreciation. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in common stocks of mid-sized U.S. companies.

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**Underlying Fund: Voya Multi-Manager Emerging Markets Equity Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Delaware Investments Fund Advisers, Van Eck Associates Corporation, and Voya Investment Management Co. LLC

The fund seeks long-term capital appreciation. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of issuers in emerging markets.

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**Underlying Fund: Voya Multi-Manager International Equity Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Baillie Gifford Overseas Limited, Polaris Capital Management, LLC, and Wellington Management Company LLP

The fund seeks long-term growth of capital. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities. The fund invests at least 65% of its assets in equity securities of companies organized under the laws of, or with principal offices located in, a number of different countries outside of the United States, including companies in countries in emerging markets.

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**Underlying Fund: Voya Multi-Manager International Factors Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** PanAgora Asset Management, Inc. and Voya Investment Management Co. LLC

The fund seeks long-term growth of capital. Under normal market conditions, the fund invests at least 65% of its total assets in equity securities of companies located in a number of different countries other than the United States.

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**Underlying Fund: Voya Multi-Manager International Small Cap Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Acadian Asset Management LLC and Victory Capital Management Inc.

The fund seeks maximum long-term capital appreciation. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in securities of small market capitalization companies. At least 65% of the fund's assets will normally be invested in companies located outside the United States, including companies located in countries with emerging securities markets.

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**Underlying Fund: Voya Multi-Manager Mid Cap Value Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Hahn Capital Management, LLC, LSV Asset Management and Voya Investment Management Co. LLC

The fund seeks long-term capital appreciation. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in common stocks of mid-capitalization companies.

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**Underlying Fund: Voya Short Term Bond Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Voya Investment Management Co. LLC

The fund seeks maximum total return. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowing for investment purposes) in a diversified portfolio of bonds or derivative instruments having economic characteristics similar to bonds.

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**KEY INFORMATION ABOUT THE UNDERLYING FUNDS *(continued)***

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**Underlying Fund: Voya Small Company Fund**

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Voya Investment Management Co. LLC

The fund seeks growth of capital primarily through investment in a diversified portfolio of common stock of companies with smaller market capitalizations. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in common stocks of small-capitalization companies.

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**Underlying Fund: Voya Strategic Income Opportunities Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Voya Investment Management Co. LLC

The fund seeks total return through income and capital appreciation through all market cycles. Under normal market conditions, the fund invests in fixed-income instruments, including investment-grade securities and below investment-grade securities, commonly referred to as "junk bonds." The fund may invest in below investment-grade securities without limit. Investment grade securities would be rated at least BBB- by S&P Global Ratings or Baa3 by Moody's Investors Service, Inc. or BBB- by Fitch Ratings or have an equivalent rating by a nationally recognized statistical rating organization, or are of comparable quality if unrated. The fund may also invest in floating rate loans, and other floating rate debt instruments.

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**Underlying Fund: Voya U.S. High Dividend Low Volatility Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Voya Investment Management Co. LLC

The fund seeks to maximize total return. The fund invests primarily in equity securities of issuers included in the Russell 1000<sup>®</sup> Value Index.

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**Unaffiliated Underlying Funds**

**Underlying Fund: iShares**<sup>®</sup> **20+ Year Treasury Bond ETF** 

**Investment Adviser**: BlackRock Fund Advisors

**Sub-Adviser(s):** N/A

The fund seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities greater than twenty years. The fund seeks to track the investment results of the ICE<sup>®</sup> U.S. Treasury 20+ Year Bond Index, which measures the performance of public obligations of the U.S. Treasury that have a remaining maturity greater than or equal to twenty years.

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**Underlying Fund: iShares**<sup>®</sup> **Core MSCI EAFE ETF** 

**Investment Adviser:** BlackRock Fund Advisors

**Sub-Adviser(s):** N/A

The fund seeks to track the investment results of an index composed of large-, mid- and small-capitalization developed market equities, excluding the U.S. and Canada. The fund seeks to track the investment results of the MSCI EAFE IMI Index, which has been developed by MSCI Inc. The MSCI EAFE IMI Index is a free float-adjusted, market capitalization-weighted index designed to measure large-, mid- and small-capitalization equity market performance and includes stocks from Europe, Australasia and the Far East.

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**KEY INFORMATION ABOUT THE UNDERLYING FUNDS *(continued)***

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**Underlying Fund: iShares**<sup>®</sup> **Core S&P 500 ETF** 

**Investment Adviser:** BlackRock Fund Advisors

**Sub-Adviser(s):** N/A

The fund seeks to track the investment results of an index composed of large-capitalization U.S. equities. The fund seeks to track the investment results of the S&P 500, which measures the performance of the large-capitalization sector of the U.S. equity market, as determined by S&P Dow Jones Indices LLC.

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**Underlying Fund: iShares**<sup>®</sup> **Core S&P Small-Cap ETF** 

**Investment Adviser:** BlackRock Fund Advisors

**Sub-Adviser(s):** N/A

The fund seeks to track the investment results of an index composed of small-capitalization U.S. equities. The fund seeks to track the investment results of the S&P SmallCap 600, which measures the performance of the small-capitalization sector of the U.S. equity market, as determined by S&P Dow Jones Indices.

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**Underlying Fund: iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF** 

**Investment Adviser:** BlackRock Fund Advisors

**Sub-Adviser(s):** N/A

The fund seeks to track the investment results of an index composed of the total U.S. investment-grade bond market. The fund seeks to track the investment results of the Bloomberg U.S. Aggregate Bond Index, which measures the performance of the total U.S. investment-grade (as determined by Bloomberg Index Services Limited) bond market.

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**Underlying Fund: iShares**<sup>®</sup> **iBoxx**<sup>®</sup> **$ High Yield Corporate Bond ETF** 

**Investment Adviser:** BlackRock Fund Advisors

**Sub-Adviser(s):** N/A

The fund seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds. The fund seeks to track the investment results of the Markit iBoxx<sup>®</sup> USD Liquid High Yield Index, which is a rules-based index consisting of U.S. dollar-denominated, high yield (as determined by Markit Indices Limited) corporate bonds for sale in the U.S.

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**Underlying Fund: iShares**<sup>®</sup> **MSCI EAFE ETF** 

**Investment Adviser:** BlackRock Fund Advisors

**Sub-Adviser(s):** N/A

The fund seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada. The fund seeks to track the investment results of the MSCI EAFE Index, which has been developed by MSCI Inc.

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**Underlying Fund: iShares**<sup>®</sup> **MSCI Emerging Markets ETF** 

**Investment Adviser:** BlackRock Fund Advisors

**Sub-Adviser(s):** N/A

The fund seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities. The fund seeks to track the investment results of the MSCI Emerging Markets Index, which is designed to measure equity market performance in the global emerging markets.

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**KEY INFORMATION ABOUT THE UNDERLYING FUNDS *(continued)***

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**Underlying Fund: iShares**<sup>®</sup> **MSCI Eurozone ETF** 

**Investment Adviser:** BlackRock Fund Advisors

**Sub-Adviser(s):** N/A

The fund seeks to track the investment results of an index composed of large- and mid-capitalization equities from developed market countries that use the euro as their official currency. The fund seeks to track the investment results of the MSCI EMU Index, which consists of securities from the following 10 developed market countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, the Netherlands, Portugal and Spain.

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**Underlying Fund: iShares**<sup>®</sup> **Russell 1000 Value ETF** 

**Investment Adviser:** BlackRock Fund Advisors

**Sub-Adviser(s):** N/A

The fund seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit value characteristics. The fund seeks to track the investment results of the Russell 1000<sup>®</sup> Value Index, which measures the performance of large- and mid-capitalization value sectors of the U.S. equity market, as defined by FTSE Russell.

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**Underlying Fund: Schwab**<sup>®</sup> **U.S. TIPS ETF** 

**Investment Adviser:** Charles Schwab Investment Management, Inc.

**Sub-Adviser(s):** N/A

The fund's goal is to track as closely as possible, before fees and expenses, the total return of an index composed of inflation-protected U.S. Treasury securities. To pursue its goal, the fund generally invests in securities that are included in the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)<sup>SM</sup>. The index includes all publicly-issued U.S. Treasury Inflation-Protected Securities (TIPS) that have at least one year remaining to maturity, are rated investment grade and have $500 million or more of outstanding face value.

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**Underlying Fund: SPDR**<sup>®</sup> **Bloomberg High Yield Bond ETF** 

**Investment Adviser:** SSGA Funds Management, Inc.

**Sub-Adviser(s):** N/A

The fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the U.S. high yield corporate bond market. Under normal market conditions, the fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Bloomberg High Yield Very Liquid Index and in securities that the adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Bloomberg High Yield Very Liquid Index.

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**Underlying Fund: SPDR**<sup>®</sup> **Portfolio Long Term Treasury ETF** 

**Investment Adviser:** SSGA Funds Management, Inc.

**Sub-Adviser(s):** N/A

The fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the long term (10+ years) sector of the United States Treasury market. Under normal market conditions, the fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Bloomberg Long U.S. Treasury Index and in securities that SSGA Funds Management, Inc. determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Bloomberg Long U.S. Treasury Index.

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**KEY INFORMATION ABOUT THE UNDERLYING FUNDS *(continued)***

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**Underlying Fund: SPDR**<sup>®</sup> **S&P 500**<sup>®</sup> **ETF Trust** 

**Trustee:** State Street Global Advisors Trust Company

**Sub-Adviser(s):** N/A

The trust seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500<sup>®</sup> Index. The trust seeks to achieve its investment objective by holding a portfolio of the common stocks that are included in the S&P 500<sup>®</sup> Index, with the weight of each stock in the portfolio substantially corresponding to the weight of such stock in the S&P 500<sup>®</sup> Index.

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**Underlying Fund: TIAA-CREF S&P 500 Index Fund** 

**Investment Adviser:** Teachers Advisors, LLC

**Sub-Adviser(s):** N/A

The fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of equity securities of large domestic companies selected to track U.S. equity markets based on a market index. Under normal circumstances, the fund invests at least 80% of its assets in securities of its benchmark index, the S&P 500<sup>®</sup> Index.

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**Underlying Fund: Vanguard FTSE Europe ETF** 

**Investment Adviser:** The Vanguard Group, Inc.

**Sub-Adviser(s):** N/A

The fund seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in the major markets of Europe. The fund employs an indexing investment approach by investing all, or substantially all, of its assets in the common stocks included in the FTSE Developed Europe All Cap Index.

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**Underlying Fund: Vanguard Global ex-U.S. Real Estate ETF** 

**Investment Adviser:** The Vanguard Group, Inc.

**Sub-Adviser(s):** N/A

The fund seeks to track the performance of a benchmark index that measures the investment return of international real estate stocks. The fund employs an indexing investment approach designed to track the performance of the S&P Global ex-U.S. Property Index, a float-adjusted, market-capitalization-weighted index that measures the equity market performance of international real estate stocks in both developed and emerging markets.

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**Underlying Fund: Vanguard Mid-Cap ETF** 

**Investment Adviser:** The Vanguard Group, Inc.

**Sub-Adviser:** N/A

**Main Investments:** The fund employs an indexing investment approach designed to track the performance of the CRSP US Mid Cap Index, a broadly diversified index of stocks of mid-size U.S. companies. The fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the Index, holding each stock in approximately the same proportion as its weighting in the Index.

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**KEY INFORMATION ABOUT THE UNDERLYING FUNDS *(continued)***

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**Underlying Fund: Vanguard Real Estate ETF** 

**Investment Adviser:** The Vanguard Group, Inc.

**Sub-Adviser(s):** N/A

The fund seeks to provide a high level of income and moderate long-term capital appreciation by tracking the performance of a benchmark index that measures the performance of publicly traded equity REITs and other real estate-related investments. The fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Real Estate 25/50 Index, an index that is made up of stocks of large, mid-size, and small U.S. companies within the real estate sector, as classified under the Global Industry Classification Standard.

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**Underlying Fund: Vanguard Russell 1000 Growth ETF** 

**Investment Adviser:** The Vanguard Group, Inc.

**Sub-Adviser(s):** N/A

The fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization growth stocks in the United States. The fund employs an indexing investment approach designed to track the performance of the Russell 1000<sup>®</sup> Growth Index.

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**Underlying Fund: Vanguard Short-Term Bond ETF** 

**Investment Adviser:** The Vanguard Group, Inc.

**Sub-Adviser(s):** N/A

The fund seeks to track the performance of a market-weighted bond index with a short-term dollar-weighted average maturity. The fund employs an indexing investment approach designed to track the performance of the Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index.

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**Underlying Fund: Vanguard Value ETF** 

**Investment Adviser:** The Vanguard Group, Inc.

**Sub-Adviser(s):** N/A

The fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization value stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Large Cap Value Index, a broadly diversified index predominantly made up of value stocks of large U.S. companies.

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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 Fund's SAI. Portfolio holdings information can be reviewed online at www.voyainvestments.com.

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**MANAGEMENT OF THE FUND**

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**The 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 office is located at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258. As of December 31, 2022, Voya Investments managed approximately $73.2 billion in assets.

**Management Fee** 

The Investment Adviser receives an annual fee for its services to the Fund. The fee is payable in monthly installments based on the average daily net assets of the Fund.

The Investment Adviser is responsible for all of its own costs, including costs of the personnel required to carry out its duties.

The following table shows the aggregate annual management fee paid by the Fund for the most recent fiscal year as a percentage of the Fund's average daily net assets.

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

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| | |
|:---|:---|
|  | **Management Fee** |
| Voya Global Diversified Payment Fund | 0.28% |

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For information regarding the basis for the Board's approval of the investment advisory and investment sub-advisory relationships, please refer to the Fund's unaudited semi-annual shareholder report which will cover the six-month period ending April 30, 2023.

**The Sub-Adviser and Portfolio Managers**

The Investment Adviser has engaged a sub-adviser to provide the day-to-day management of the Fund's portfolio. The Sub-Adviser is an affiliate of the Investment Adviser.

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 of the Fund the responsibility for asset allocation amongst the Underlying Funds, 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. 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)***

------

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 the appointment of a new sub-adviser may be accompanied by a change to the name of the Fund and a change to the investment strategies of the Fund.

A sub-advisory agreement can be terminated by the Investment Adviser, the Board, or the Sub-Adviser, provided that the conditions of such termination, as set forth in the agreement, are met. In addition, the sub-advisory agreement may be terminated by the Fund's shareholders. In the event a sub-advisory agreement is terminated, the Sub-Adviser 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 is an indirect subsidiary of Voya Financial, Inc. and is an affiliate of the 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 office is located at 230 Park Avenue, New York, New York 10169. As of December 31, 2022, Voya IM managed approximately $321 billion in assets.

**Individual Portfolio Managers**

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund.

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

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Sub-Adviser** | **Fund** | **Recent Professional Experience** |
| Barbara Reinhard, CFA | Voya IM | Voya Global Diversified Payment <br> Fund<br>| Ms. Reinhard joined Voya in 2016 and is the head <br> of asset allocation for Multi-Asset Strategies and <br> Solutions ("MASS") at Voya IM. In this role, she is <br> 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 from 2011 to <br> 2016. In that role, she managed discretionary <br> multi-asset portfolios, was a member of the global <br> asset allocation committee, and the pension <br> investment committee. Prior to that, Ms. Reinhard <br> spent 20 years of her career at Morgan Stanley.<br>|
| Paul Zemsky, CFA | Voya IM | Voya Global Diversified Payment <br> Fund<br>| Portfolio Manager, and Chief Investment Officer of <br> Voya IM's Multi-Asset Strategies. Mr. Zemsky joined <br> Voya IM in 2005 as head of derivative strategies.<br>|

---

**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.

**The 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 office is located at 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.

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

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**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.

------

**CLASSES OF SHARES**

------

**Choosing a Share Class**

When choosing between classes, you should carefully consider: (1) how long you plan to hold shares of the Fund; (2) the amount of your investment; (3) the expenses you will pay for each class, including ongoing annual expenses along with the initial sales charge or the contingent deferred sales charges ("CDSC"); and (4) whether you qualify for any sales charge discounts. Please review the disclosure about all of the available share classes carefully. Before investing, you should discuss with your financial intermediary which share class may be right for you.

The table below summarizes the features of the classes of shares available through this Prospectus. Fund charges may vary so you should review the Fund's fee table included in the summary section of this Prospectus as well as the section entitled "Sales Charges" in this Prospectus.

**Summary of primary differences among share classes:**

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

---

| | |
|:---|:---|
| **Class A** |  |
| Initial Sales Charge | &nbsp;&nbsp;&nbsp; Up to 5.75% (reduced for purchases of $50,000 or more and <br> eliminated for purchases of $1 million or more)<br>|
| Contingent Deferred Sales Charge | &nbsp;&nbsp;&nbsp; None (except that with respect to purchases of $1 million or <br> more for which the initial sales charge was waived, a charge of <br> 1.00% applies to redemptions made within 18 months)<sup>1</sup> <br>|
| Distribution and/or Shareholder Services (12b-1) Fees | 0.25% annually |
| Purchase Maximum |  |
| Minimum Initial Purchase/Minimum Account Size | $1,000 ($250 for IRAs)/$1,000 ($250 for IRAs) |
| Minimum Subsequent Purchases | None (At least $100/month for pre-authorized investment plan) |
| Minimum Initial Account Balance for Systematic Exchange <br> Privilege<br>| $5000 |
| Conversion |  |

---

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

---

| | |
|:---|:---|
| **Class C** |  |
| Initial Sales Charge |  |
| Contingent Deferred Sales Charge | &nbsp;&nbsp;&nbsp; 1.00% if the shares are sold within one year from the date of <br> purchase<br>|
| Distribution and/or Shareholder Services (12b-1) Fees | 1.00% annually |
| Purchase Maximum | $1000000 |
| Minimum Initial Purchase/Minimum Account Size | $1,000 ($250 for IRAs)/$1,000 ($250 for IRAs) |
| Minimum Subsequent Purchases | None (At least $100/month for pre-authorized investment plan) |
| Minimum Initial Account Balance for Systematic Exchange <br> Privilege<br>| $5000 |
| Conversion | &nbsp;&nbsp;&nbsp; Automatic conversion to Class A shares at net asset value <br> (without the imposition of a sales charge) after 8 years<br>|

---

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

---

| | |
|:---|:---|
| **Class I** |  |
| Initial Sales Charge |  |
| Contingent Deferred Sales Charge |  |
| Distribution and/or Shareholder Services (12b-1) Fees |  |
| Purchase Maximum |  |
| Minimum Initial Purchase<sup>2</sup>/Minimum Account Size | $250,000/$250,000 |
| Minimum Subsequent Purchases | None (At least $100/month for pre-authorized investment plan) |
| Minimum Initial Account Balance for Systematic Exchange <br> Privilege<br>|  |
| Conversion |  |

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------

**CLASSES OF SHARES *(continued)***

------

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

---

| | |
|:---|:---|
| **Class R** |  |
| Initial Sales Charge |  |
| Contingent Deferred Sales Charge |  |
| Distribution and/or Shareholder Services (12b-1) Fees | 0.50% annually |
| Purchase Maximum |  |
| Minimum Initial Purchase/Minimum Account Size | None/None |
| Minimum Subsequent Purchases |  |
| Minimum Initial Account Balance for Systematic Exchange <br> Privilege<br>|  |
| Conversion |  |

---

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

---

| | |
|:---|:---|
| **Class R6** |  |
| Initial Sales Charge |  |
| Contingent Deferred Sales Charge |  |
| Distribution and/or Shareholder Services (12b-1) Fees |  |
| Purchase Maximum |  |
| Minimum Initial Purchase<sup>3</sup>/Minimum Account Size | $1,000,000/$1,000,000 |
| Minimum Subsequent Purchases |  |
| Minimum Initial Account Balance for Systematic Exchange <br> Privilege<br>|  |
| Conversion |  |

---

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

---

| | |
|:---|:---|
| **Class W** |  |
| Initial Sales Charge |  |
| Contingent Deferred Sales Charge |  |
| Distribution and/or Shareholder Services (12b-1) Fees |  |
| Purchase Maximum |  |
| Minimum Initial Purchase/Minimum Account Size | $1,000/$1,000 |
| Minimum Subsequent Purchases | None (At least $100/month for pre-authorized investment plan) |
| Minimum Initial Account Balance for Systematic Exchange <br> Privilege<br>|  |
| Conversion |  |

---

A contingent deferred sales charge applies to shares purchased without an initial sales charge, as part of an investment of $1,000,000 or more, and redeemed within 18 months of purchase.

For Class I shares, there is no minimum initial investment requirement for: (i) qualified retirement plans or other defined contribution plans and defined benefit plans that invest in the Voya funds through omnibus arrangements; (ii) employees of Voya IM who are eligible to participate in "notional" bonus programs sponsored by Voya IM; or (iii) (a) investors transacting in Class I shares through brokerage platforms that invest in the Voya funds' Class I shares through omnibus accounts and have agreements with the Distributor to offer such shares and (b) such brokerage platforms' omnibus accounts.

The minimum initial investment requirement for Class R6 shares is $1,000,000 for non-retirement accounts. There is no minimum initial investment requirement for retirement accounts, certain omnibus accounts, and pre-authorized investment plans.

Please refer to the minimum investments table on page 58 for additional information.

The relative impact of the initial sales charge, if applicable, and ongoing annual expenses will depend on the length of time a share is held. Higher distribution fees mean a higher expense ratio, so Class C shares pay correspondingly lower dividends and may have a lower net asset value ("NAV") than Class A shares.

------

**CLASSES OF SHARES *(continued)***

------

Because the Fund may not be able to identify an individual investor's trading activities when investing through omnibus account arrangements, you and/or your financial intermediary are responsible for ensuring that your investment in Class C shares does not exceed $1,000,000. The Fund cannot ensure that it will identify purchase orders that would cause your investment in Class C shares to exceed the maximum allowed amount. When investing through such arrangements, you and/or your financial intermediary should be diligent in determining that you have selected the appropriate share class for you.

You and/or your financial intermediary should also take care to assure that you are receiving any sales charge reductions or other benefits to which you may be entitled. As an example, as is discussed below, you may be able to reduce a Class A sales charge payable by aggregating purchases to achieve breakpoint discounts. The Fund uses the net amount invested when determining whether a shareholder has reached the required investment amount in order to be eligible for a breakpoint discount. In order to ensure that you are receiving any applicable sales charge reduction, it may be necessary for you to inform the Fund or your financial intermediary of the existence of other accounts that may be eligible to be aggregated. The SAI discusses specific classes of investors who may be eligible for a reduced sales charge. In addition, investors investing in the Fund through an intermediary should consult Appendix A to this Prospectus, which includes information regarding financial intermediary specific sales charges and related discount policies that apply to purchases through certain specified intermediaries. Before investing you should discuss which share class may be right for you with your financial intermediary.

**Distribution and Service (12b-1) Fees** 

The Fund pays fees to the Distributor on an ongoing basis as compensation for the services the Distributor provides and the expenses it bears in connection with the sale and distribution of Fund shares ("distribution fees") and/or in connection with personal services rendered to Fund shareholders and the maintenance of shareholder accounts ("service fees"). These payments are made pursuant to distribution and/or shareholder servicing plans adopted by the Fund pursuant to Rule 12b-1 of the 1940 Act ("12b-1 Plan"). Because these distribution and service fees are paid on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

The Fund has adopted a 12b-1 Plan for at least one of the following share classes: Class A, Class C, and Class R. The following table lists the maximum annual rates at which the distribution and/or servicing fees may be paid under a 12b-1 Plan (calculated as a percentage of the Fund's average daily net assets attributable to the particular class of shares):

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class R** |
| Voya Global Diversified Payment Fund | 0.25% | 1.00% | 0.50% |

---

------

**SALES CHARGES**

------

The Fund makes available in a clear and prominent format, free of charge, on its website, (www.voyainvestments.com), information regarding applicable sales loads, reduced sales charges (*i.e*., breakpoint discounts), sales load waivers, eligibility minimums and purchases of the Fund's shares. The website includes hyperlinks that facilitate access to the information.

**Class A Shares** 

This section includes important information about sales charges and sales charge reduction programs available to investors in the Fund's Class A shares and describes the information or records you may need to provide to the Distributor or your financial intermediary in order to be eligible for sales charge reduction programs.

Unless you are eligible for a waiver, the public offering price you pay when you buy Class A shares is the NAV of the shares at the time of purchase, plus an initial sales charge. The initial sales charge varies depending on the size of your purchase, as set forth in the following tables. No sales charge is imposed when Class A shares are issued to you pursuant to the automatic reinvestment of income dividends or capital gains distributions. For investors investing in Class A shares through a financial intermediary, it is the responsibility of the financial intermediary to ensure that the investor obtains the proper breakpoint discount, if any.

Because the offering price is calculated to two decimal places, the dollar amount of the sales charge as a percentage of the offering price and your net amount invested for any particular purchase of Fund shares may be higher or lower depending on whether downward or upward rounding was required during the calculation process.

Class A shares are sold subject to the following sales charge:

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

---

| | | |
|:---|:---|:---|
| **Your Investment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **As a % of** <br>**the offering price**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **As a % of net** <br>**asset value**<br>|
| Less than $50,000 | 5.75 | 6.10 |
| $50000 - $99999 | 4.50 | 4.71 |
| $100000 - $249999 | 3.50 | 3.63 |
| $250000 - $499999 | 2.50 | 2.56 |
| $500000 - $999999 | 2.00 | 2.04 |
| $1,000,000 and over<sup>1</sup> <br>| N/A | N/A |

---

See CDSC - Class A Shares below.

Shareholders that purchased funds that were a part of the Lexington family of funds or the Aetna family of funds prior to February 2, 1998, at the time of purchase, are not subject to sales charges for the life of their account on purchases made directly with the Fund. Former Class C shareholders that were converted to Class A shares are not subject to a sales charge for the life of their account on purchases made directly with the Fund.

**CDSC - Class A Shares** 

**Investments of $1,000,000 or More.** There is no front-end sales charge if you purchase Class A shares in an amount of $1,000,000 or more. However, these shares will be subject to a 1.00% CDSC if they are redeemed within 18 months of purchase. Shareholders whose Class C shares were automatically converted to Class A shares are not subject to a CDSC for the life of their account on purchases made directly with the Fund.

**Class C Shares** 

Unless you are eligible for a waiver, if you sell your Class C shares within the time periods specified below, you will pay a CDSC according to the following schedules. It is the responsibility of your financial intermediary to ensure that you are credited with the proper holding period for the shares redeemed.

Class C shares are offered at their NAV per share without any initial sales charge. However, you may be charged a CDSC on shares that you sell within a certain period of time after you bought them. The amount of the CDSC is based on the lesser of the NAV of the shares at the time of purchase or redemption. The CDSCs are as follows:

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

---

| | |
|:---|:---|
| **Years after purchase** | **CDSC on shares being sold** |
| 1st year | 1.00% |
| After 1st year |  |

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**SALES CHARGES *(continued)***

------

To keep your CDSC as low as possible, each time you place a request to redeem shares, the Fund will first redeem shares in your account that are not subject to a CDSC and then will sell shares that have the lowest CDSC.

There is no CDSC on shares acquired through the reinvestment of dividends and capital gains distributions.

**CDSC on Exchange into Voya Credit Income Fund (formerly, Voya Senior Income Fund)** 

You are not required to pay an applicable CDSC upon an exchange from the Fund described in this Prospectus into Voya Credit Income Fund. However, if you exchange into Voya Credit Income Fund and subsequently offer your common shares for repurchase by Voya Credit Income Fund, the Fund's CDSC will apply. After an exchange into Voya Credit Income Fund, the time period for application of the CDSC will be calculated based on the first date you acquired your shares.

**Reduced or Waived Front-End Sales Charges or CDSC** 

The sales charge and CDSC waiver categories described in this section do not apply to customers purchasing shares of the Fund through any of the financial intermediaries specified in Appendix A to this Prospectus (each a "Specified Intermediary"). In all instances, it is the investor's responsibility to notify the Fund or the investor's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts.

**Different financial intermediaries may apply different sales charge or CDSC waivers. Please refer to Appendix A for the sales charge or CDSC waivers that are applicable to each Specified Intermediary.** 

Investors in the Fund could reduce or eliminate sales charges applicable to the purchase of Class A shares through utilization of the Letter of Intent, Rights of Accumulation, or Combination Privilege. These programs are summarized below and are described in greater detail in the SAI.

You may reduce the initial sales charge on a purchase of Class A shares of the Fund by combining multiple purchases to take advantage of the breakpoints in the sales charge schedules. You may do this by:

&nbsp;&nbsp;&nbsp;&nbsp;• **Letter of Intent**—lets you purchase shares over a 13-month period and pay the same sales charge as if the shares had all been purchased at once;

&nbsp;&nbsp;&nbsp;&nbsp;• **Rights of Accumulation**—lets you add the value of shares of any open-end Voya mutual fund (excluding Voya Government Money Market Fund) you already own to the amount of your next purchase for purposes of calculating the sales charge; or

&nbsp;&nbsp;&nbsp;&nbsp;• **Combination Privilege**—shares held by investors in the Voya mutual funds which impose a CDSC may be combined with Class A shares for a reduced sales charge.

In addition, certain investors may be eligible for special purchases of Class A shares at NAV. This may be done by:

&nbsp;&nbsp;&nbsp;&nbsp;• **Reinstatement Privilege**—If you sell Class A shares of the Fund (or shares of other Voya mutual funds managed by the Adviser) and reinvest any of the proceeds in Class A shares of another Voya mutual fund within 90 days. For additional information regarding the reinstatement privilege, contact a Shareholder Services Representative or see the SAI; or

&nbsp;&nbsp;&nbsp;&nbsp;• **Purchases by Certain Accounts**—Class A shares may be purchased at NAV by certain fee-based programs offered through selected registered investment advisers, broker-dealers, and other financial intermediaries. Class A shares may also be purchased at NAV by shareholders that purchase the Fund through a financial intermediary that offers our Class A shares uniformly on a "no load" (or reduced load) basis to you and all similarly situated customers of the intermediary in accordance with the intermediary's prescribed fee schedule for purchases of fund shares, including by shareholders that purchase shares through a financial intermediary that has entered into an agreement with the Distributor to offer shares to self-directed investment brokerage accounts that may or may not charge a transaction fee to its customers.

See the Account Application or the SAI for additional information regarding the reduction of Class A shares' charges, or contact your financial intermediary or a Shareholder Services Representative for more information.

**Required Shareholder Information and Records.** In order for investors in Class A shares of the Fund to take advantage of sales charge reductions, an investor or his/her financial intermediary must notify the Distributor that the investor qualifies for such reduction. If the Distributor is not notified that the investor is eligible for these reductions, the Distributor

------

**SALES CHARGES *(continued)***

------

will be unable to ensure that the reduction is applied to the investor's account. An investor may have to provide certain information or records, including account statements, to his/her financial intermediary or to the Distributor to verify the investor's eligibility for breakpoint privileges or other sales charge waivers.

**CDSC Waivers.** If you notify the Fund's transfer agent, BNY Mellon Investment Servicing (US) Inc. (the "Transfer Agent"), at the time of redemption, the CDSC for Class A and Class C shares will be waived in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;• Redemptions following the death or permanent disability of a shareholder if made within one year of death or the initial determination of permanent disability. The waiver is available only for shares held at the time of death or initial determination of permanent disability.

&nbsp;&nbsp;&nbsp;&nbsp;• Redemptions for Class C shares, pursuant to a Systematic Withdrawal Plan, up to a maximum of 12% per year of a shareholder's account value based on the value of the account at the time the plan is established and annually thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;• Mandatory distributions from "employee benefit plans" or an individual retirement account ("IRA").

&nbsp;&nbsp;&nbsp;&nbsp;• Reinvestment of dividends and capital gains distributions.

In addition, the CDSC will be waived on the redemption of shares held through an intermediary if the intermediary has entered into an agreement with the Distributor to waive the CDSC. If you think you may be eligible for a CDSC waiver, contact your financial intermediary or a Shareholder Services Representative.

**Reinstatement Privilege.** If you sell Class A or Class C shares of the Fund you may be eligible for a full or prorated credit of the CDSC paid on the sale when you make an investment up to the amount redeemed in the same share class within 90 days of the eligible sale. Reinstated Class C shares will retain their original cost and purchase date for purposes of the CDSC. This privilege can be used only once per calendar year. If you want to use the Reinstatement Privilege, contact your financial intermediary or a Shareholder Services Representative, or see the SAI for more information. An investor may be asked to provide information or records, including account statements, regarding shares of the Fund held in all of the investor's accounts held directly with the Trust or through a financial intermediary; any account of the investor at another financial intermediary; and accounts of related parties of the investor, such as members of the same family or household, at any financial intermediary.

------

**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 an independent 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.

------

**HOW TO BUY SHARES**

------

**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 waive minimum investment amounts. Waiver of the minimum investment amount can increase operating expenses of the Fund. The Fund and the Distributor reserve the right to liquidate sufficient shares to recover annual transfer agent fees or to close your account and redeem your shares should you fail to maintain your account value minimum.

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

**Class A and Class C Shares** 

Class A and Class C shares may be purchased and sold by contacting any financial intermediary (who may impose transaction charges in addition to those described in this Prospectus) authorized to sell Fund shares. You may purchase additional shares in various ways, including through your financial adviser and by mail, telephone, on-line, and bank wire.

A shareholder's Class C shares will automatically convert to Class A shares at net asset value (without the imposition of a sales charge) on the second calendar day of the following month in which the 8th anniversary of the issuance of the Class C shares occurs, together with a *pro rata* portion of all Class C shares representing dividends and other distributions paid in additional Class C shares.

**Class I Shares** 

Class I shares may be purchased without a sales charge by: (1) qualified retirement plans such as 401(a), 401(k), or other defined contribution plans and defined benefit plans; (2) 529 college savings plans; (3) insurance companies and foundations investing for their own account; (4) wrap programs offered by broker-dealers and financial institutions; (5) accounts of, or managed by, trust departments; (6) individuals whose accounts are managed by an investment adviser representative; (7) employees of Voya IM who are eligible to participate in "notional" bonus programs sponsored by Voya IM; (8) retirement plans affiliated with Voya Financial, Inc.; (9) Voya Financial, Inc. affiliates for purposes of corporate cash management; (10) other registered investment companies; (11) shareholders holding Class I shares of other Voya mutual funds as of February 28, 2002, as long as they maintain a shareholder account; and (12) (a) investors purchasing Class I shares through brokerage platforms that invest in the Voya funds' Class I shares through omnibus accounts and have agreements with the Distributor to offer such shares and (b) such brokerage platforms' omnibus accounts. An investor transacting in Class I shares on such brokerage platforms may be required to pay a commission and/or other forms of compensation to the broker.

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

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**Class R Shares** 

Class R shares may be purchased without a sales charge. Class R shares of the Fund are continuously offered to qualified retirement plans ("Retirement Plans") including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans, IRAs, Simplified Employee Pension Plans ("SEPs"), and other accounts or plans whereby Class R shares are held on the books of the Fund through omnibus accounts (either at the plan level or the level of the plan administrator). Purchases and redemptions of shares may be made only by eligible Retirement Plans for the purpose of funding qualified retirement plans. Please refer to the plan document for information on how to direct investments in, or redemptions from, an investment option corresponding to the Fund and any fees that may apply.

The administrator of a Retirement Plan or employee benefits office can provide participants with detailed information on how to participate in the plan and how to elect the Fund as an investment option, alter the amounts contributed to the plan, or reallocate contributions. Eligible Retirement Plans generally may open an account and purchase Class R shares by contacting any broker-dealer or other financial intermediary ("Financial Service Firm") authorized to sell Class R shares of the Fund. Additional shares may be purchased through a Retirement Plan's administrator or recordkeeper. Financial Service Firms may provide or arrange for the provision of some or all of the shareholder servicing and account maintenance services required by Retirement Plan accounts and their plan participants including, without limitation, transfers of registration and dividend payee changes. Financial Service Firms may also perform other functions, including generating confirmation statements, and may arrange with plan administrators for other investment or administrative services.

Financial Service Firms may independently establish and charge Retirement Plans and plan participants transaction fees and/or other additional amounts for such services, which may change over time. Similarly, Retirement Plans may charge plan participants for certain expenses. These fees and additional amounts could reduce the investment return in Class R shares of the Fund.

**Class R6 Shares** 

Class R6 shares may be purchased without a sales charge. Class R6 shares are offered to the following investors, provided that these investors do not require the Fund or an affiliate of the Fund (including the Investment Adviser and any affiliate of the Investment Adviser) to make, and the Fund or affiliate does not pay, any type of servicing, administrative, or revenue sharing payments with respect to Class R6 shares: (1) qualified retirement plans, including, but not limited to 401(k) plans, 457 plans, employer sponsored 403(b) plans, defined benefit plans and other accounts or plans whereby Class R6 shares are held on the books of the Fund through omnibus accounts (either at the plan level or the level of the plan administrator); (2) non-qualified deferred compensation plans; (3) other registered investment companies; (4) Health Savings Accounts ("HSAs") within plan level or omnibus accounts that are held on the books of the Fund; (5) other institutional investors (including, for example, endowment funds and foundations) that: (a) meet a $1 million minimum initial investment requirement and (b) hold interests in the Fund through a single plan level account held directly through the Fund and not traded through an intermediary; and (6) wrap programs offered by broker-dealers and financial institutions that have entered into an agreement with the Distributor to offer Class R6 shares and invest through an omnibus account. Such availability will be subject to management's determination of the appropriateness of investment in Class R6 shares. Notwithstanding the above, affiliates of Voya, including affiliates that are intermediaries that sell Class R6 shares of the Fund, may benefit financially from the revenue Voya receives for the services it provides to Class R6 shares of the Fund.

Class R6 shares are not available to traditional and Roth IRAs, Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs and 529 college savings plans. Class R6 shares also are not available to adviser-sold donor-advised funds.

In addition to the above investors, certain existing Class I shareholders of the Fund may exchange all of its Class I shares for Class R6 shares of the Fund provided: (1) the shareholder meets the requirements for investment in Class R6 shares as stated above; and (2) the shareholder does not require the Fund or an affiliate of the Fund to make, and the Fund or affiliate (including the Investment Adviser and any affiliate of the Investment Adviser) does not pay, any type of servicing, administrative, or revenue sharing payments with respect to Class R6 shares. All exchanges within the Fund are subject to the discretion of the Distributor to permit or reject such exchanges.

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

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**Class W Shares** 

Class W shares may be purchased without a sales charge by: (1) qualified retirement plans such as 401(a), 401(k), or other defined contribution plans and defined benefit plans; (2) insurance companies and foundations investing for their own account; (3) wrap programs offered by broker-dealers and financial institutions; (4) accounts of, or managed by, trust departments; (5) individuals whose accounts are managed by an investment adviser representative; (6) retirement plans affiliated with Voya Financial, Inc.; (7) Voya Financial, Inc. affiliates for purposes of corporate cash management; and (8) by other Voya mutual funds in the Voya family of funds.

In addition, Class W shares are available to the following persons through direct investment (not through broker-dealers that are not approved by Voya) into a Voya mutual fund or through a Voya approved broker-dealer (currently, Voya Financial Advisors, Inc.): (1) current and retired officers and directors/trustees of the Voya mutual funds; (2) current and retired officers, directors, and full-time employees of Voya Investments, LLC, Directed Services LLC; any Voya mutual fund's sub-adviser; Voya Investments Distributor, LLC; and any of their affiliates; (3) family members of the foregoing persons (defined as current spouse, children, parents, grandparents, grandchildren, uncles, aunts, siblings, nephews, nieces, step-relations, relations at-law, and cousins); (4) any trust, pension, profit-sharing, or other benefit plan for such persons (including family members); (5) discretionary advisory accounts of Voya Investments, LLC, Directed Services LLC, any Voya mutual fund's sub-adviser, or Voya Investments Distributor, LLC; and (6) qualifying investments made through Voya promotional programs as determined by Voya Investments Distributor, LLC.

**Retirement Plans** 

The Fund has available prototype qualified retirement plans for corporations and self-employed individuals. The Fund also has available prototype IRA, Roth IRA and Simple IRA plans (for both individuals and employers), Simplified Employee Pension Plans and Pension and Profit Sharing Plans. BNY Mellon Investment Servicing Trust Company acts as the custodian under these plans. For further information, contact a Shareholder Services Representative at 1-800-992-0180. BNY Mellon Investment Servicing Trust Company currently receives a $12 custodial fee annually for the maintenance of each such account.

Make your investment using the purchase minimum guidelines in the following table.

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

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| | | | |
|:---|:---|:---|:---|
| **Minimum Investments** | **Class** | **Initial Purchase** | **Subsequent Purchases** |
| Non-retirement accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A/C/W <br>I<sup>1</sup> <br>R <br>R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1,000 <br>$250,000 <br>No minimum <br>$1,000,000<br>| No minimum |
| Retirement accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A/C <br>I<sup>1</sup> <br>R/R6 <br>W<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $250 <br>$250,000 <br>No minimum <br>$1,000<br>| No minimum |
| Pre-authorized investment plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A/C/W <br>I<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1000 <br>$250000<br>| At least $100/month |
| Certain omnibus accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A/C <br>R<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $250 <br>No minimum<br>| No minimum |

---

For Class I shares, there is no minimum initial investment requirement for: (i) qualified retirement plans or other defined contribution plans and defined benefit plans that invest in the Voya funds through omnibus arrangements; (ii) employees of Voya IM who are eligible to participate in "notional" bonus programs sponsored by Voya IM; or (iii) (a) investors transacting in Class I shares through brokerage platforms that invest in the Voya funds' Class I shares through omnibus accounts and have agreements with the Distributor to offer such shares and (b) such brokerage platforms' omnibus accounts.

Make your investment using the methods outlined in the following table. If you are a participant in a qualified retirement plan, you should make purchases through your plan administrator or sponsor, who is responsible for transmitting orders.

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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<br> 15253-4480<br>| &nbsp;&nbsp; Wire the funds in the same manner described <br> under "Opening an Account."<br>|

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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.

If you are a participant in a qualified retirement plan, you should make redemptions through your plan administrator or sponsor, who is responsible for transmitting orders.

&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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**Systematic Withdrawal Plan (available only for those share classes referenced below)** 

You may elect to make periodic withdrawals from your account on a regular basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A and Class C** 

&nbsp;&nbsp;&nbsp;&nbsp;• Your account must have a current value of at least $10,000.

&nbsp;&nbsp;&nbsp;&nbsp;• Minimum withdrawal amount is $100.

&nbsp;&nbsp;&nbsp;&nbsp;• You may choose from monthly, quarterly, semi-annual or annual payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I and Class W** 

&nbsp;&nbsp;&nbsp;&nbsp;• Your account must have a current value of at least $250,000 or $1,000 for Class I and Class W shares, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;• Minimum withdrawal amount is $1,000.

&nbsp;&nbsp;&nbsp;&nbsp;• You may choose from monthly, quarterly, semi-annual or annual payments.

For additional information, contact a Shareholder Services Representative or refer to the Account Application or the SAI.

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

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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 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. The Fund may distribute non-cash assets in any case where it has determined, in its sole discretion, that it is advisable and in the best interests of the Fund. By way of example, where the redemption might be expected to have an unfavorable tax effect on the Fund, cases arising during a period of deteriorating market conditions or market stress, cases arising when a significant portion of the Fund's portfolio is comprised of less-liquid and/or illiquid securities, or in the case of a very large redemption that could adversely affect Fund operations. 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. A shareholder may incur brokerage costs in converting such assets to cash.

**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 exchanges and 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.

**Small Accounts** 

Due to the relatively high cost of handling small investments, the Fund reserves the right, upon 30 days' prior written notice, to redeem at NAV (less any applicable deferred sales charge), the shares of any shareholder whose account (except for IRAs) has a total value that is less than the Fund's minimum. Before the Fund redeems such shares and sends the proceeds to the shareholder, it will notify the shareholder that the value of the shares in the account is

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

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less than the minimum amount allowed and will allow the shareholder 30 days to make an additional investment in an amount that will increase the value of the account to the minimum before the redemption is processed. Your account will not be closed if its drop in value is due to Fund performance.

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**HOW TO EXCHANGE SHARES**

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**Exchanges Between Voya Mutual Funds** 

You may exchange shares of the Fund for shares of the same class of any other Voya mutual fund, except for Voya Corporate Leaders<sup>®</sup> Trust Fund, without paying any additional sales charge, if you otherwise meet the eligibility requirements of the class of shares of the Voya mutual fund to be received in the exchange. If you purchase Class A shares of Voya Government Money Market Fund and did not pay a sales charge, you must pay the applicable sales charge on an exchange into Class A shares of another Voya mutual fund.

If you exchange shares of the Fund that are subject to a CDSC into shares of another Voya mutual fund that are subject to a CDSC, the CDSC will continue to apply to your new shares at the same CDSC rate that was applicable to your original shares. Your new shares will continue to age for CDSC purposes from the date that the original shares were purchased.

**Exchanges Between Classes of the Fund** 

You may exchange Class C and Class W shares for Class I shares within the Fund, or you may exchange Class A shares and Class I shares for any other class within the Fund, if you otherwise meet the eligibility requirements of the class of shares to be received in the exchange, or you may exchange Class C shares for Class A shares within the Fund, except that: (1) you may not exchange shares that are subject to a CDSC until the CDSC period has expired, unless the Distributor approves the exchange and determines that no CDSC is payable in connection with the exchange; (2) you may not exchange Class A shares for Class W shares unless you acquired the Class A shares through a Voya approved broker-dealer (currently, Voya Financial Advisors, Inc.); and (3) you may not exchange Class C shares for Class A shares unless your intermediary has agreed to waive its right to receive the front-end sales charge that otherwise would be applicable to the Class A shares. Class C shares will automatically convert to Class A shares of the same Fund after they have been held for 8 years.

Certain existing Class I shareholders of the Fund may exchange their Class I shares for Class R6 shares of the Fund provided: (1) the shareholder meets the requirements for investment in Class R6 shares as stated in the section of this Prospectus entitled "How to Buy Shares"; and (2) the shareholder does not require the Fund or an affiliate (including the Investment Adviser and any affiliate of the Investment Adviser) of the Fund to make, and the Fund or affiliate does not pay, any type of servicing, administrative, or revenue sharing payments with respect to Class R6 shares.

All exchanges within the Fund are subject to the discretion of the Distributor to permit or reject such exchanges. Shareholders generally should not recognize gain or loss for U.S. federal income tax purposes from an exchange between classes of shares within the Fund provided that the transaction is undertaken and processed, with respect to any shareholder, as a direct exchange transaction. Shareholders should consult their tax advisors as to the federal, state, local, and non-U.S. tax consequences of an exchange between classes of shares within the Fund.

Exchanges between classes of shares within the Fund are not subject to the frequent trading and market timing policies of Voya mutual funds.

**Additional Information About Exchanges** 

Fees and expenses differ among Voya mutual funds and among share classes of the same fund. Please read the prospectus for the Voya mutual fund and share class you are interested in prior to exchanging into that Voya mutual fund or share class. Contact your financial intermediary or consult your plan documents for additional information.

An exchange of shares of the Fund for shares of another Voya mutual fund is treated as a sale and purchase of shares and may result in the recognition of a gain or loss for federal and state income tax purposes. For exchanges between Voya mutual funds, you should consult your own tax advisor for advice about the particular federal, state, and local tax consequences to you of the exchange. The total value of shares being exchanged must at least equal the minimum investment requirement of the Voya mutual fund into which they are being exchanged.

If you exchange into Voya Credit Income Fund, your ability to sell or liquidate your investment will be limited. Voya Credit Income Fund is a closed-end interval fund and does not redeem its shares on a daily basis. It is not expected that a secondary market for Voya Credit Income Fund's shares will develop, so you will not be able to sell them through a broker or other investment professional. To provide a measure of liquidity, Voya Credit Income Fund will normally make monthly repurchase offers for not less than 5% of its outstanding common shares. If more than 5% of Voya Credit Income Fund's common shares are tendered, you may not be able to completely liquidate your holdings in any one month. You also would not have liquidity between these monthly repurchase dates. Investors exercising the exchange

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**HOW TO EXCHANGE SHARES *(continued)***

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privilege into Voya Credit Income Fund should carefully review the prospectus of that fund. Investors may obtain a copy of the Voya Credit Income Fund prospectus or any other Voya mutual fund prospectus by calling 1-800-992-0180 or by going to www.voyainvestments.com.

In addition to the Fund available in this Prospectus, the Distributor offers many other funds. Shareholders exercising the exchange privilege with any other Voya mutual fund should carefully review the prospectus of that fund before exchanging their shares. Investors may obtain a copy of a prospectus of any Voya mutual fund not discussed in this Prospectus by calling 1-800-992-0180 or by going to www.voyainvestments.com.

You will automatically have the ability to request an exchange between Voya mutual funds by calling a Shareholder Services Representative unless you mark the box on the Account Application that indicates that you do not wish to have the telephone exchange privilege. The Fund may change or cancel its exchange policies at any time, upon 60 days' prior notice to shareholders.

**Systematic Exchange Privilege** 

Subject to the information and limitations outlined above, you may elect to have a specified dollar amount of shares systematically exchanged, monthly, quarterly, semi-annually, or annually from your account to an identically registered account in the same class of any other open-end Voya mutual fund, except for Voya Corporate Leaders<sup>®</sup> Trust Fund. This exchange privilege may be modified at any time or terminated upon 60 days' prior written notice to shareholders.

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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 whether directly or by exchange, 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, whether directly or by exchange; 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.

Because some Underlying Funds invest in foreign (non-U.S.) securities, they 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 an Underlying 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 the Underlying Fund's current NAV, investors may attempt to take advantage of anticipated price movements in securities held by the Underlying Funds based on such pricing discrepancies. This is often referred to as "price arbitrage." Such price arbitrage opportunities may also occur in Underlying Funds which do not invest in foreign (non-U.S.) securities. For example, if trading in a security held by an Underlying Fund is halted and does not resume prior to the time the Underlying Fund calculates its NAV such "stale pricing" presents an opportunity for investors to take advantage of the pricing discrepancy. Similarly, Underlying Funds that hold thinly-traded securities, such as certain small-capitalization securities, may be exposed to varying levels of pricing arbitrage. The Underlying Funds have adopted fair valuation policies and procedures intended to reduce the Underlying Funds' exposure to price arbitrage, stale pricing and other potential pricing discrepancies. However, to the extent that an Underlying Fund does not immediately reflect these changes in market conditions, short-term trading may dilute the value of the Underlying Funds' 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. In general, shareholders may make exchanges among their accounts with Voya mutual funds once every 30 days. However, the Fund prohibits frequent trading. The Fund has defined frequent trading as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Any shareholder or financial adviser initiated exchanges among all their accounts with the Fund within 30 calendar days of a previous exchange. All exchanges occurring on the same day for all accounts (individual, IRA, 401(k), etc.) beneficially owned by the same shareholder will be treated as a single transaction for purposes of this policy;

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

&nbsp;&nbsp;&nbsp;&nbsp;• Trades initiated by financial advisers, among multiple shareholder accounts, that in the aggregate are deemed harmful or excessive.

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

&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;• Purchases and sales of funds that affirmatively permit short-term trading;

&nbsp;&nbsp;&nbsp;&nbsp;• Rebalancing to facilitate fund-of-fund arrangements or the Fund's systematic exchange privileges;

&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales initiated by Voya mutual funds; and

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

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

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Please note that while money market funds permit short-term trading, an exchange between a money market fund and another fund that does not permit short-term trading will count as an exchange for purposes of this policy.

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

&nbsp;&nbsp;&nbsp;&nbsp;• Upon the first violation of this policy in a calendar year, purchase and exchange privileges shall be suspended for 90 days. For example, if an exchange is initiated on February 1st, and a second exchange is initiated on February 15th, trading privileges shall be suspended for 90 days from February 1st.

&nbsp;&nbsp;&nbsp;&nbsp;• Upon a second violation in a calendar year, purchase and exchange privileges shall be suspended for 180 days.

&nbsp;&nbsp;&nbsp;&nbsp;• No purchases or exchanges will be permitted in the account and all related accounts bearing the same Tax ID or equivalent identifier.

On the next Business Day following the end of the 90 or 180 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. 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:

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

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Advisor Group, Inc.; Ameriprise Financial Services, LLC; Broadridge Business Process Outsourcing, LLC; Cetera Financial Holdings, Inc.; Charles Schwab & Co. Inc.; Directed Services LLC; E\*trade Securities, LLC; Fidelity Distributors Company LLC; J.P. Morgan Securities, LLC; LPL Financial, LLC; Merrill Lynch, Pierce, Fenner & Smith Inc.; Mid Atlantic Financial Management, Inc.; Morgan Stanley; National Financial Services, LLC; Pershing, LLC; Prudential Insurance Company of America; Raymond James & Associates, Inc.; RBC Capital Markets, LLC; ReliaStar Life Insurance Company of New York; TD Ameritrade Clearing, Inc.; UBS Financial Services, Inc.; USI Securities, Inc.; Voya Financial Advisors, 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.

**Class R6** 

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 financial intermediaries. Each Voya mutual fund also has an investment adviser which is responsible for managing the money invested in each of the mutual funds. No dealer compensation is paid from the sale of Class R6 shares of the Fund. Class R6 shares do not have sales commissions, pay 12b-1 fees, or make payments to financial intermediaries for assisting the Distributor in promoting the sales of the Fund's shares. In addition, neither the Fund nor its affiliates (including the Investment Adviser and any affiliate of the Investment Adviser) make any type of administrative, service, or revenue sharing payments in connection with Class R6 shares. Notwithstanding the foregoing, affiliates of Voya, including affiliates that are intermediaries that sell Class R6 shares of the Fund, may benefit financially from the revenue Voya receives for the services it provides to Class R6 shares of the Fund.

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**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

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**Return of Capital** 

Pursuant to the Fund's Managed Payment Policy, a portion of any monthly payment that the Fund makes will be treated as a return of capital if the Fund has not earned income or gains in an amount equal to the payment. Each month, the Fund will provide to recipients of payments a statement that estimates the percentages of the year-to-date payments through the preceding month that represent net investment income, other income or capital gains, and return of capital, if any. At the end of the year, the Fund may be required, under applicable law, to re-characterize payments over the course of the year across ordinary income, capital gains, and return of capital, if any, for purposes of tax reporting to shareholders. The portion of the Fund's payments, if any, that represent a return of capital as determined at the end of the year, will have the effect of reducing your cost basis in the Fund's shares and are generally not taxable until your cost basis has been reduced to zero. Such basis adjustment may increase the amount of capital gain, if any, or decrease the amount of capital loss, if any, that you will realize when selling the shares.

**Calculation of Level Monthly Payments Per Share** 

The level monthly payment per share for the calendar year will be calculated in January prior to the first monthly payment of the year and will be fixed for that calendar year. The level monthly payment amount each year for the shares of the Fund will be the product of: (i) the Annual Payment Rate of that share class for that year divided by 12; and (ii) the Trailing Average Account Value for that share class, calculated as described below.

The Fund's Sub-Adviser, with assistance from the Fund's Adviser, will determine the new Annual Payment Rate for the Fund each January. Voya currently expects the Annual Payment Rate for each class to range from 4.00% to 6.50% per annum for the Fund's Class A shares, 3.25% to 5.75% per annum for the Fund's Class C shares; 4.25% to 6.75% per annum for each of the Fund's Class I, Class R6, and Class W shares; and 3.75% to 6.25% per annum for the Fund's Class R shares, although Voya may in its discretion set the annual rate above or below the range based on its consideration of a number of factors, including among other things, market conditions and its perception of shareholder expectations.

To calculate the Trailing Average Account Value, a reference account is used for each class of shares. This reference account is assumed to hold shares of the Fund of the relevant share class purchased at inception and shares received by reinvestment of any Special Distributions described above. It is further assumed that no further purchases or redemptions are made for the reference account. If a new share class is offered, the new share class will estimate the reference account value as if the share class had been in existence since the inception of the Fund until the new class has sufficient history to compute its own three-year Trailing Average Account Value.

The Trailing Average Account Value for a share class will be equal to the average month-end value per share for the reference account for that share class calculated over the 36 months ended December 31 of the previous year. The Trailing Average Value will differ by applicable share class, as it will be impacted by the differing expense ratios of each class as well as by the differing number of shares the reference account of such share class received in reinvestment of any Special Distributions. Therefore, the level monthly payment amount will differ by available share class in future years.

A share class's level monthly payment amount each year will be the product of: (i) the Annual Payment Rate of that share class divided by 12; and (ii) the Trailing Average Account Value of that share class as follows:

Monthly Payment per share = Annual <u>Payment Rate</u> 12 months x Three Year Trailing Average Value of Reference Account <u>at End of Prior Calendar Year</u> # of Shares Held by Reference Account at End of Prior Calendar Year

While the Fund's level monthly payment amount will not change within a calendar year, it may increase or decrease from one year to the next because it is based on the Annual Payment Rate and the Trailing Average Account Value, one or both of which may change from year to year.

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

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Special Distributions will impact the number of shares held in the reference account used to re-calculate the monthly payment per share. A large Special Distribution may significantly reduce the per share monthly payment and, if a shareholder redeems the shares received with respect to the Special Distribution, or elects to receive the Special Distributions in cash, the aggregate payments received by the shareholder will be reduced.

The Fund's Managed Payment Policy is not designed to generate, and is not expected to result in, payments that equal a fixed percentage of the Fund's NAV per share or a fixed percentage of an investor's current account value. These percentages could vary greatly during a calendar year. Rather, Fund shareholders will receive a monthly payment that is equal to the level monthly payment per share, times the number of shares they own on the record date.

**Taxes** 

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. Circumstances among investors may vary, so you are encouraged to discuss an investment in the Fund with your tax advisor.

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 federal income taxes and may also be subject to state or local taxes. For mutual funds generally, 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 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 net capital gains, provided that the shareholder meets certain holding period and other requirements with respect to its shares.

Selling or exchanging 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 an ordinary redemption of shares or an exchange of shares between two mutual funds. Any such capital gain or loss will generally be long term if the shares sold or exchanged were held for more than one year; otherwise, such gain or loss will be short term. Any capital loss incurred on the sale or exchange 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 sale, redemption or exchange 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.

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

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

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 that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds certain threshold amounts.

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

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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.

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 sale or exchange 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.

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 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.

If more than 50% in value of the Fund's total assets at the close of its taxable year consists of stock or securities of foreign corporations, or if at least 50% of the value of the Fund's total assets at the close of each quarter of its taxable year is represented by interests in other regulated investment companies, the Fund may elect (the "Foreign Election") to "pass through" to its shareholders the amount of foreign income and similar foreign taxes paid or deemed paid by it. If the Fund so elects, each of its shareholders would be required to include in gross income, even though not actually received, its *pro rata* share of such foreign taxes paid or deemed paid by the Fund, but would be treated as having paid its *pro rata* share of such foreign taxes and would therefore be allowed to either deduct such amount in computing taxable income or use such amount (subject to various limitations) as a foreign tax credit against federal income tax (but not both). It is anticipated that the Fund will qualify to make the Foreign Election; however, the Fund cannot be certain that it will be eligible to make such an election or that you will be eligible for the foreign tax credit.

Because most of the Fund's investments are shares of Underlying Funds, the tax treatment of the Fund's gains, losses, and distributions may differ from the tax treatment that would apply if either the Fund invested directly in the types of securities held by the Underlying Funds or the Fund shareholders invested directly in the Underlying Funds. As a result, you may receive taxable distributions earlier and recognize higher amounts of capital gain or ordinary income than you otherwise would.

**Cost Basis Reporting.** The Internal Revenue Service requires mutual fund companies and brokers to report on Form 1099-B the cost basis on the sale or exchange 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.

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**ACCOUNT POLICIES**

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**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 www.voyainvestments.com or via a touch tone 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 www.voyainvestments.com, 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.

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**INDEX DESCRIPTIONS**

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The Bloomberg U.S. Aggregate Bond Index is a widely recognized index of publicly issued, investment-grade U.S. government, mortgage-backed, asset-backed, and corporate debt securities.

The MSCI All Country World Index<sup>SM</sup> ("MSCI ACW Index<sup>SM</sup>") is a free-float adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets.

The S&P Target Risk Moderate Index is designed to measure the performance of moderate stock-bond allocations to fixed income while seeking to increase opportunities for higher returns through equity.

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**FINANCIAL HIGHLIGHTS**

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The financial highlights table is intended to help you understand the Fund's financial performance for the periods shown. For periods prior to the Reorganization Date, such information is based on the financial performance of the Predecessor Fund. Certain information reflects the financial results for a single share. The total returns in the table represent the rate of return that an investor would have earned or lost on an investment in the Predecessor Fund (assuming reinvestment of all dividends and/or distributions). The information for the fiscal years ended October 31, 2020, October 31, 2021, and October 31, 2022 has been audited by Ernst & Young LLP, whose report, along with the Predecessor Fund's financial statements, is included in the Predecessor Fund's Annual Report, which is available upon request. The information for the prior fiscal years or periods was audited by a different independent public accounting firm.

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**FINANCIAL HIGHLIGHTS *(continued)***

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

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

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss)** <br>**from** <br>**investment** <br>**operations** | **Income (loss)** <br>**from** <br>**investment** <br>**operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental** <br>**data** | **Supplemental** <br>**data** |
|  | Net asset value, beginning <br>of year or period | Net investment income (loss) | Net realized and unrealized <br>gain (loss) | Total from investment <br>operations | From net investment income | From net realized gains | From return of capital | Total distributions | Payments from distribution settlement/affiliate | Net asset value, end of year or period | **Total Return**<sup>(1)</sup> | Expenses before <br>reductions/additions<sup>(2)(3)(4)</sup> <br>| Expenses net of fee waivers <br>and/or recoupments, if any<sup>(2)(3)(4)</sup> <br>| Expenses net of all <br>reductions/additions<sup>(2)(3)(4)</sup> <br>| Net investment income <br>(loss)<sup>(2)(3)(4)</sup> <br>| Net assets, end of year or period | Portfolio turnover rate |
| Year or Period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Global Diversified Payment Fund** | **Voya Global Diversified Payment Fund** | **Voya Global Diversified Payment Fund** | **Voya Global Diversified Payment Fund** | **Voya Global Diversified Payment Fund** | **Voya Global Diversified Payment Fund** | **Voya Global Diversified Payment Fund** | **Voya Global Diversified Payment Fund** | **Voya Global Diversified Payment Fund** | **Voya Global Diversified Payment Fund** | **Voya Global Diversified Payment Fund** | **Voya Global Diversified Payment Fund** | **Voya Global Diversified Payment Fund** | **Voya Global Diversified Payment Fund** | **Voya Global Diversified Payment Fund** | **Voya Global Diversified Payment Fund** | **Voya Global Diversified Payment Fund** | **Voya Global Diversified Payment Fund** |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 8.53 | 0.12<sup>•</sup> | (1.66) | (1.54) | 0.28 | 0.62 | 0.01 | 0.91 |  | 6.08 | **(19.84)** | 0.69 | 0.69 | 0.69 | 1.66 | 157046 | 44 |
| 10-31-21 | 7.30 | 0.11<sup>•</sup> <br>| 1.58 | 1.69 | 0.46 |  |  | 0.46 |  | 8.53 | **23.41** | 0.69 | 0.60 | 0.60 | 1.35 | 191360 | 33 |
| 10-31-20 | 7.68 | 0.17 | (0.09) | 0.08 | 0.21 |  | 0.25 | 0.46 |  | 7.30 | **1.19** | 0.66 | 0.60 | 0.60 | 2.27 | 151538 | 30 |
| 10-31-19 | 7.71 | 0.17 | 0.46 | 0.63 | 0.09 | 0.35 | 0.22 | 0.66 |  | 7.68 | **8.64** | 0.62 | 0.62 | 0.62 | 2.09 | 172864 | 44 |
| 10-31-18 | 8.41 | 0.17 | (0.41) | (0.24) | 0.20 | 0.09 | 0.17 | 0.46 |  | 7.71 | **(3.12)** | 0.62 | 0.62 | 0.62 | 1.94 | 176765 | 80 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 8.84 | 0.08<sup>•</sup> | (1.74) | (1.66) | 0.23 | 0.62 | 0.01 | 0.86 |  | 6.32 | **(20.46)** | 1.44 | 1.44 | 1.44 | 1.04 | 43311 | 44 |
| 10-31-21 | 7.57 | 0.06<sup>•</sup> <br>| 1.62 | 1.68 | 0.41 |  |  | 0.41 |  | 8.84 | **22.42** | 1.44 | 1.35 | 1.35 | 0.67 | 84713 | 33 |
| 10-31-20 | 7.95 | 0.12 | (0.09) | 0.03 | 0.16 |  | 0.25 | 0.41 |  | 7.57 | **0.51** | 1.41 | 1.35 | 1.35 | 1.59 | 86216 | 30 |
| 10-31-19 | 7.98 | 0.11 | 0.47 | 0.58 | 0.04 | 0.35 | 0.22 | 0.61 |  | 7.95 | **7.69** | 1.37 | 1.37 | 1.37 | 1.39 | 114650 | 44 |
| 10-31-18 | 8.70 | 0.10 | (0.41) | (0.31) | 0.15 | 0.09 | 0.17 | 0.41 |  | 7.98 | **(3.79)** | 1.37 | 1.37 | 1.37 | 1.23 | 139261 | 80 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 8.48 | 0.15<sup>•</sup> | (1.67) | (1.52) | 0.30 | 0.62 | 0.01 | 0.93 |  | 6.03 | **(19.70)** | 0.45 | 0.38 | 0.38 | 2.03 | 68160 | 44 |
| 10-31-21 | 7.26 | 0.14<sup>•</sup> <br>| 1.56 | 1.70 | 0.48 |  |  | 0.48 |  | 8.48 | **23.76** | 0.44 | 0.29 | 0.29 | 1.69 | 98557 | 33 |
| 10-31-20 | 7.64 | 0.19 | (0.09) | 0.10 | 0.23 |  | 0.25 | 0.48 |  | 7.26 | **1.53** | 0.41 | 0.32 | 0.32 | 2.59 | 84083 | 30 |
| 10-31-19 | 7.68 | 0.19 | 0.45 | 0.64 | 0.11 | 0.35 | 0.22 | 0.68 |  | 7.64 | **8.88** | 0.38 | 0.38 | 0.38 | 2.38 | 103731 | 44 |
| 10-31-18 | 8.38 | 0.19 | (0.41) | (0.22) | 0.22 | 0.09 | 0.17 | 0.48 |  | 7.68 | **(2.86)** | 0.33 | 0.36 | 0.36 | 2.21 | 122271 | 80 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 8.56 | 0.11<sup>•</sup> | (1.69) | (1.58) | 0.25 | 0.62 | 0.01 | 0.88 |  | 6.10 | **(20.17)** | 0.94 | 0.94 | 0.94 | 1.53 | 138 | 44 |
| 10-31-21 | 7.32 | 0.09<sup>•</sup> <br>| 1.58 | 1.67 | 0.43 |  |  | 0.43 |  | 8.56 | **23.13** | 0.94 | 0.85 | 0.85 | 1.07 | 296 | 33 |
| 10-31-20 | 7.69 | 0.15 | (0.08) | 0.07 | 0.19 |  | 0.25 | 0.44 |  | 7.32 | **0.99** | 0.91 | 0.85 | 0.85 | 2.12 | 282 | 30 |
| 10-31-19 | 7.71 | 0.14 | 0.47 | 0.61 | 0.06 | 0.35 | 0.22 | 0.63 |  | 7.69 | **8.44** | 0.87 | 0.87 | 0.87 | 1.78 | 353 | 44 |
| 10-31-18 | 8.40 | 0.14 | (0.40) | (0.26) | 0.17 | 0.09 | 0.17 | 0.43 |  | 7.71 | **(3.29)** | 0.87 | 0.87 | 0.87 | 1.82 | 280 | 80 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 8.47 | 0.14<sup>•</sup> | (1.65) | (1.51) | 0.30 | 0.62 | 0.01 | 0.93 |  | 6.03 | **(19.60)** | 0.45 | 0.38 | 0.38 | 1.94 | 99 | 44 |
| 10-31-21 | 7.26 | 0.12<sup>•</sup> <br>| 1.57 | 1.69 | 0.48 |  |  | 0.48 |  | 8.47 | **23.62** | 1.05 | 0.29 | 0.29 | 1.40 | 119 | 33 |
| 10-31-20 | 7.64 | 0.19 | (0.09) | 0.10 | 0.23 |  | 0.25 | 0.48 |  | 7.26 | **1.53** | 1.02 | 0.32 | 0.32 | 2.38 | 64 | 30 |
| 10-31-19 | 7.69 | 0.15<sup>•</sup> <br>| 0.48 | 0.63 | 0.11 | 0.35 | 0.22 | 0.68 |  | 7.64 | **8.74** | 0.98 | 0.38 | 0.38 | 1.95 | 45 | 44 |
| 02-28-18<sup>(5)</sup> - 10-31-18 | 8.32 | 0.08<sup>•</sup> <br>| (0.39) | (0.31) | 0.15 |  | 0.17 | 0.32 |  | 7.69 | **(3.86)** | 0.91 | 0.38 | 0.38 | 1.51 | 3 | 80 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 8.44 | 0.15<sup>•</sup> | (1.66) | (1.51) | 0.30 | 0.62 | 0.01 | 0.93 |  | 6.00 | **(19.67)** | 0.44 | 0.44 | 0.44 | 2.14 | 19542 | 44 |
| 10-31-21 | 7.24 | 0.14<sup>•</sup> <br>| 1.54 | 1.68 | 0.48 |  |  | 0.48 |  | 8.44 | **23.54** | 0.44 | 0.35 | 0.35 | 1.66 | 33646 | 33 |
| 10-31-20 | 7.62 | 0.18 | (0.08) | 0.10 | 0.23 |  | 0.25 | 0.48 |  | 7.24 | **1.54** | 0.41 | 0.35 | 0.35 | 2.50 | 32287 | 30 |
| 10-31-19 | 7.67 | 0.18 | 0.45 | 0.63 | 0.11 | 0.35 | 0.22 | 0.68 |  | 7.62 | **8.76** | 0.37 | 0.37 | 0.37 | 2.36 | 34984 | 44 |
| 10-31-18 | 8.36 | 0.18 | (0.39) | (0.21) | 0.22 | 0.09 | 0.17 | 0.48 |  | 7.67 | **(2.74)** | 0.37 | 0.37 | 0.37 | 2.22 | 37285 | 80 |

---

See Accompanying Notes to Financial Highlights

------

**ACCOMPANYING NOTES TO FINANCIAL HIGHLIGHTS**

------

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

(1) Total return is calculated assuming reinvestment of all dividends, capital gain distributions, and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable. Total return for periods less than one year is not annualized.

(2) Annualized for periods less than one year.

(3) Ratios reflect operating expenses of the Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by the Fund. Net investment income (loss) is net of all such additions or reductions.

(4) Ratios do not include expenses of Underlying Funds.

(5) Commencement of operations.

• Calculated using average number of shares outstanding throughout the year or period.

------

**APPENDIX A**

------

**Financial Intermediary Specific Sales Charge Waiver and Related Discount Policy Information** 

As described in the Prospectus, Class A shares may be subject to an initial sales charge and both Class A and Class C shares may charge a CDSC. Certain financial intermediaries may impose different initial sales charges or waive the initial sales charge or CDSC in certain circumstances. This Appendix details the variations in sales charge waivers by financial intermediary. You should consult your financial representative for assistance in determining whether you may qualify for a particular sales charge waiver.

**AMERIPRISE FINANCIAL** 

**Class A Shares Front-End Sales Charge Waivers Available at Ameriprise Financial:** 

*The following information applies to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial:* 

Shareholders purchasing Fund shares through an Ameriprise Financial brokerage account are eligible for the following front-end sales charge waivers and discounts, which may differ from those disclosed elsewhere in this Fund's prospectus or SAI:

&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family).

&nbsp;&nbsp;&nbsp;&nbsp;• Shares exchanged from Class C shares of the same fund in the month of or following the 7-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply.

&nbsp;&nbsp;&nbsp;&nbsp;• Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).

**ROBERT W. BAIRD & CO. INC. ("BAIRD")** 

Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-End Sales Charge Waivers on Class A shares Available at Baird** 

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by employees and registered representatives of Baird or its affiliates and their family members as designated by Baird.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions from another Voya fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement).

------

**APPENDIX A *(continued)***

------

&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 shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares of the Fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird.

&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

**CDSC Waivers on Class A and C shares Available at Baird** 

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold due to death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares bought due to returns of excess contributions from an IRA Account.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72 as described in the Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Baird fees but only if the transaction is initiated by Baird.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

**Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations** 

&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in this Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund assets held by accounts within the purchaser's household at Baird. Eligible fund assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets.

&nbsp;&nbsp;&nbsp;&nbsp;• Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of fund shares through Baird, over a 13-month period of time.

**D.A. DAVIDSON & CO. ("D.A. DAVIDSON")** 

Shareholders purchasing Fund shares, including existing Fund shareholders, through a D.A. Davidson &. Co. ("D.A. Davidson") platform or account, or through an introducing broker-dealer or independent registered investment advisor for which D.A. Davidson provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the Fund's SAI.

**Front-End Sales Charge Waivers on Class A Shares available at D.A. Davidson** 

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

&nbsp;&nbsp;&nbsp;&nbsp;• Employees and registered representatives of D.A. Davidson or its affiliates and their family members as designated by D.A. Davidson.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement).

&nbsp;&nbsp;&nbsp;&nbsp;• A shareholder in the Fund's Class C Shares will have their shares converted at net asset value to Class A Shares (or the appropriate share class) of the Fund after 6 years from the date of first purchase of the Class C shares and if the shares are no longer subject to a CDSC and the conversion is consistent with D.A. Davidson's policies and procedures.

**CDSC Waivers on Class A and Class C Shares available at D.A. Davidson** 

&nbsp;&nbsp;&nbsp;&nbsp;• Death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the Fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Return of excess contributions from an IRA account.

------

**APPENDIX A *(continued)***

------

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

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA or other qualifying retirement accounts pursuant to the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

**Front-end sales charge discounts available at D.A. Davidson: breakpoints, rights of accumulation and/or letters of intent** 

&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in this Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at D.A. Davidson. Eligible fund family assets not held at D.A. Davidson may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

&nbsp;&nbsp;&nbsp;&nbsp;• Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at D.A. Davidson may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**EDWARD D. JONES & CO., L.P. ("EDWARD JONES")** 

**Policies Regarding Transactions Through Edward Jones** 

*The following information has been provided by Edward Jones:* 

The following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information ("SAI") or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Voya funds and Voya 529 Plans or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

**Breakpoints** 

&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the Prospectus.

*Rights of Accumulation ("ROA")* 

&nbsp;&nbsp;&nbsp;&nbsp;• The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and assets held in group retirement plans) of the Voya funds and Voya 529 Plans held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;• The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

&nbsp;&nbsp;&nbsp;&nbsp;• ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

*Letter of Intent ("LOI")* 

------

**APPENDIX A *(continued)***

------

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

&nbsp;&nbsp;&nbsp;&nbsp;• Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

&nbsp;&nbsp;&nbsp;&nbsp;• If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

**Sales Charge Waivers** 

Sales charges are waived for the following shareholders and in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;• Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased in an Edward Jones fee-based program.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

**Contingent Deferred Sales Charge ("CDSC") Waivers** 

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;• The death or disability of the shareholder

&nbsp;&nbsp;&nbsp;&nbsp;• Systematic withdrawals with up to 10% per year of the account value

&nbsp;&nbsp;&nbsp;&nbsp;• Return of excess contributions from an Individual Retirement Account (IRA)

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones

&nbsp;&nbsp;&nbsp;&nbsp;• Shares exchanged in an Edward Jones fee-based program

&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through NAV reinstatement

&nbsp;&nbsp;&nbsp;&nbsp;• Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

**Other Important Information Regarding Transactions Through Edward Jones** 

Minimum Purchase Amounts

&nbsp;&nbsp;&nbsp;&nbsp;• Initial purchase minimum: $250

------

**APPENDIX A *(continued)***

------

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

&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent purchase minimum: none

Minimum Balances

&nbsp;&nbsp;&nbsp;&nbsp;• Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ A fee-based account held on an Edward Jones platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ A 529 account held on an Edward Jones platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ An account with an active systematic investment plan or LOI

Exchanging Share Classes

&nbsp;&nbsp;&nbsp;&nbsp;• At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares.

**E\*TRADE FRONT-END SALES CHARGE WAIVER** 

Shareholders purchasing Fund shares through an E\*TRADE brokerage account will be eligible for a waiver of the front-end sales charge with respect to Class A shares (or the equivalent). This includes shares purchased through the reinvestment of dividends and capital gains distributions.

**JANNEY MONTGOMERY SCOTT LLC** 

Shareholders purchasing Fund shares through a Janney Montgomery Scott LLC ("Janney") account will be eligible only for the following load waivers (front-end sales charge waivers and CDSC, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund's Prospectus or SAI.

**Front-end sales charge waivers on Class A shares available at Janney** 

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).

&nbsp;&nbsp;&nbsp;&nbsp;• Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same Fund pursuant to Janney's policies and procedures.

**Sales charge waivers on Class A and C shares available at Janney** 

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold upon the death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased in connection with a return of excess contributions from an IRA account.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in a Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

**Front-end load discounts available at Janney: breakpoints, and/or rights of accumulation** 

&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in a Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

**MERRILL LYNCH** 

------

**APPENDIX A *(continued)***

------

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load ("CDSC") waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify the Fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. **For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive these waivers or discounts.** 

\*\*\*\*\*

Shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund's Prospectus or SAI.

**Front-end Sales Charge Waivers on Class A Shares available at Merrill Lynch** 

&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents)

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through a Merrill Lynch-affiliated investment advisory program

&nbsp;&nbsp;&nbsp;&nbsp;• Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch's platform

&nbsp;&nbsp;&nbsp;&nbsp;• Shares of Funds purchased through the Merrill Edge Self-Directed platform (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other Fund within the fund family)

&nbsp;&nbsp;&nbsp;&nbsp;• Shares exchanged from Class C shares (i.e. level load) pursuant to Merrill Lynch's policies relating to sales load discounts and waivers

&nbsp;&nbsp;&nbsp;&nbsp;• Employees and registered representatives of Merrill Lynch or its affiliates and their family members

&nbsp;&nbsp;&nbsp;&nbsp;• Trustees of the Fund, and employees of the Adviser or any of its affiliates, as described in the Fund's Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;• Eligible shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch's account maintenance fees are not eligible for reinstatement.

**CDSC Waivers on Class A and Class C Shares available at Merrill Lynch** 

&nbsp;&nbsp;&nbsp;&nbsp;• Death or disability of the shareholder

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;• Return of excess contributions from an IRA Account

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement

------

**APPENDIX A *(continued)***

------

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

&nbsp;&nbsp;&nbsp;&nbsp;• Shares held in retirement brokerage accounts that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to Class A and Class C shares only). Shares received through an exchange due to the holdings moving from Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers.

**Front-End Load Discounts available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent** 

&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in the Fund's Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;• ROA, which entitle shareholders to breakpoint discounts, as described in the Fund's Prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser's household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial adviser about such assets

&nbsp;&nbsp;&nbsp;&nbsp;• Letters of Intent ("LOI"), which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

**MORGAN STANLEY WEALTH MANAGEMENT** 

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management** 

&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement plans (*e.g.*, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

&nbsp;&nbsp;&nbsp;&nbsp;• Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through a Morgan Stanley self-directed brokerage account.

&nbsp;&nbsp;&nbsp;&nbsp;• Class C (*i.e.*, level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program – Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a frontend or deferred sales charge.

**OPPENHEIMER & CO. ("OPCO")** 

Shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund's Prospectus or SAI.

**Front-end Sales Load Waivers on Class A Shares available at OPCO** 

&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by or through a 529 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through an OPCO affiliated investment advisory program.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased form the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same amount, and (3) redeemed shares were subject to a front-end or deferred sales load (known as "Rights of Restatement").

------

**APPENDIX A *(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;• A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund after 5 years from the date of first purchase of the Class C shares and if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO.

&nbsp;&nbsp;&nbsp;&nbsp;• Employees and registered representatives of OPCO or its affiliates and their family members.

&nbsp;&nbsp;&nbsp;&nbsp;• Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in the Fund's Prospectus.

**CDSC Waivers on A and C Shares available at OPCO** 

&nbsp;&nbsp;&nbsp;&nbsp;• Death or disability of the shareholder

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;• Return of excess contributions from an IRA Account

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund's Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement

**Front-end load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent** 

&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in the Fund's Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;• ROA which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

**RAYMOND JAMES & ASSOCIATES, INC., RAYMOND JAMES FINANCIAL SERVICES, INC. and each entity's affiliates ("RAYMOND JAMES")** 

Shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-end sales load waivers on Class A shares available at Raymond James** 

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased in an investment advisory program.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

&nbsp;&nbsp;&nbsp;&nbsp;• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

&nbsp;&nbsp;&nbsp;&nbsp;• A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

**CDSC Waivers on Classes A and C shares available at Raymond James** 

&nbsp;&nbsp;&nbsp;&nbsp;• Death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Return of excess contributions from an IRA Account.

------

**APPENDIX A *(continued)***

------

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

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

**Front-end load discounts available at Raymond James: breakpoints, rights of accumulation, and /or letters of intent** 

&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in this Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

&nbsp;&nbsp;&nbsp;&nbsp;• Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**STIFEL, NICOLAUS & COMPANY, INCORPORATED ("STIFEL")** 

The following information applies to shareholders purchasing Class C shares of a Fund through a Stifel platform or account or who own Class C shares for which Stifel or an affiliate is the broker-dealer of record. This information may differ from information about Class C shares disclosed elsewhere in this Fund's Prospectus or SAI.

Class C Conversion to Class A; Class A Shares Front-End Sales Waiver Available at Stifel:

&nbsp;&nbsp;&nbsp;&nbsp;• A Class C shareholder of a Fund will have such shareholder's Class C shares converted at net asset value to Class A shares of that Fund in accordance with Stifel's policies and procedures. Stifel has informed the Fund that its policies and procedures currently provide for such a conversion following the seventh (7th) anniversary of the shareholder's purchase of the Class C shares.

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

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**TO OBTAIN MORE INFORMATION** 

You will find more information about the Fund in our:

**ANNUAL/SEMI-ANNUAL SHAREHOLDER REPORTS** 

In the Fund's annual shareholder report, you will find a discussion of the recent market conditions and principal investment strategies that significantly affected the Fund's performance during the applicable reporting period, the Fund's financial statements and the independent registered public accounting firm's report.

**STATEMENT OF ADDITIONAL INFORMATION** 

The SAI contains more detailed 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, the SAI, or other Fund information.

To make shareholder inquiries contact:

**Voya Investment Management** 

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258-2034

**1-800-992-0180** 

or visit our website at **www.voyainvestments.com**

Reports and other information about the Fund is available on the EDGAR Database on the SEC's Internet website at **http://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 Mutual Funds** | **811-07428** |
| Voya Global Diversified Payment Fund | Voya Global Diversified Payment 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. |

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163266(0223-022823)

![](img7e0720283.gif)

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**February 28, 2023**

**Prospectus**![](imgd09ba60b1.gif)

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

**•** **Voya Global Perspectives**<sup>®</sup> **Fund** 

Class/Ticker: **A**/IAPVX; **C**/ICPVX; **I**/IIPVX; **R**/IRPVX; **W**/IWPVX

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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![](img6bf6489d2.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;

---

| | |
|:---|:---|
| **SUMMARY SECTION** <br>|  |
| **[Voya Global Perspectives](#xx_2f79b4f3-b571-45d7-88ab-332b86894533_1)**<sup>®</sup>**[Fund](#xx_2f79b4f3-b571-45d7-88ab-332b86894533_1)** | 1 |
| **[KEY FUND INFORMATION](#xx_73082d80-9160-410f-a5b6-943e6d3c47bc_1)** | 9 |
| [Fundamental Investment Policies](#xx_73082d80-9160-410f-a5b6-943e6d3c47bc_1) | 9 |
| [Fund Diversification](#xx_73082d80-9160-410f-a5b6-943e6d3c47bc_1) | 9 |
| [Investor Diversification](#xx_73082d80-9160-410f-a5b6-943e6d3c47bc_1) | 9 |
| [Temporary Defensive Strategies](#xx_73082d80-9160-410f-a5b6-943e6d3c47bc_1) | 9 |
| [Percentage and Rating Limitations](#xx_73082d80-9160-410f-a5b6-943e6d3c47bc_2) | 10 |
| [Investment Not Guaranteed](#xx_73082d80-9160-410f-a5b6-943e6d3c47bc_2) | 10 |
| [Shareholder Reports](#xx_73082d80-9160-410f-a5b6-943e6d3c47bc_2) | 10 |
| **[MORE INFORMATION ABOUT THE FUND](#xx_7d6be06c-4fc8-41f0-b688-1d6bc60056aa_1)** | 11 |
| [Additional Information About the Investment Objective](#xx_7d6be06c-4fc8-41f0-b688-1d6bc60056aa_1) | 11 |
| [Additional Information About Principal Investment Strategies](#xx_7d6be06c-4fc8-41f0-b688-1d6bc60056aa_1) | 11 |
| [Additional Information About the Principal Risks](#xx_7d6be06c-4fc8-41f0-b688-1d6bc60056aa_1) | 11 |
| [Further Information About Principal Risks](#xx_7d6be06c-4fc8-41f0-b688-1d6bc60056aa_13) | 23 |
| **[KEY INFORMATION ABOUT THE UNDERLYING FUNDS](#xx_f1f63617-4368-4af1-9b8d-a196382d35c1_1)** | 25 |
| [Unaffiliated Underlying Funds](#xx_f1f63617-4368-4af1-9b8d-a196382d35c1_3) | 27 |
| **[PORTFOLIO HOLDINGS INFORMATION](#xx_7657a7ed-c647-4f49-824b-5b723fcd2636_1)** | 28 |
| **[MANAGEMENT OF THE FUND](#xx_269bf608-d7d6-4016-9891-1ad27a80e656_1)** | 29 |
| [The Investment Adviser](#xx_269bf608-d7d6-4016-9891-1ad27a80e656_1) | 29 |
| [The Sub-Adviser and Portfolio Manager](#xx_269bf608-d7d6-4016-9891-1ad27a80e656_1) | 29 |
| [The Distributor](#xx_269bf608-d7d6-4016-9891-1ad27a80e656_2) | 30 |
| [Contractual Arrangements](#xx_269bf608-d7d6-4016-9891-1ad27a80e656_2) | 30 |
| **[CLASSES OF SHARES](#xx_f4d74ebe-32c8-405d-b986-a6c143a55b15_1)** | 32 |
| [Distribution and Service (12b-1) Fees](#xx_f4d74ebe-32c8-405d-b986-a6c143a55b15_3) | 34 |
| **[SALES CHARGES](#xx_cd41261e-4dc7-4021-82a7-1c59fbc9bf48_1)** | 35 |
| **[HOW SHARES ARE PRICED](#xx_c1c0c080-60a6-4fce-84ba-7714350dcfa2_1)** | 38 |
| **[HOW TO BUY SHARES](#xx_5ba48a45-dc8a-4fbc-a6db-72e1309d05e6_1)** | 39 |
| **[HOW TO SELL SHARES](#xx_4bed2468-d651-402e-b061-790d14aa0eed_1)** | 43 |
| **[HOW TO EXCHANGE SHARES](#xx_419f4d00-f6c9-4465-92f1-62155fc6556e_1)** | 46 |
| **[FREQUENT TRADING - MARKET TIMING](#xx_413045d6-ef64-49b2-838a-e19374bbc5e2_1)** | 48 |
| **[PAYMENTS TO FINANCIAL INTERMEDIARIES](#xx_2ffa1e06-2f4e-4add-a8ce-5a6182e04690_1)** | 50 |
| **[DIVIDENDS, DISTRIBUTIONS, AND TAXES](#xx_ee80d822-382e-42ce-9531-1d74c79e58e3_1)** | 52 |
| **[ACCOUNT POLICIES](#xx_c79f57de-6c5a-4751-8990-6ed2ead38a7c_1)** | 54 |
| [Account Access](#xx_c79f57de-6c5a-4751-8990-6ed2ead38a7c_1) | 54 |
| [Privacy Policy](#xx_c79f57de-6c5a-4751-8990-6ed2ead38a7c_1) | 54 |
| [Householding](#xx_c79f57de-6c5a-4751-8990-6ed2ead38a7c_1) | 54 |
| **[INDEX DESCRIPTIONS](#xx_cc976b35-22e7-4d3a-9f27-97d016358e20_1)** | 55 |
| **[FINANCIAL HIGHLIGHTS](#xx_ab3003d5-21e6-4761-9423-a9da2a151b89_1)** | 56 |
| **[ACCOMPANYING NOTES TO FINANCIAL HIGHLIGHTS](#xx_ab3003d5-21e6-4761-9423-a9da2a151b89_3)** | 58 |
| **[APPENDIX A](#xx_8ce41f71-49df-406e-9c17-62f0225d2580_1)** | 59 |
| **[Financial Intermediary Specific Sales Charge Waiver and Related Discount Policy Information](#xx_8ce41f71-49df-406e-9c17-62f0225d2580_1)** | 59 |
| **[TO OBTAIN MORE INFORMATION](#xx_e6d8adee-b4dc-43c1-993b-8c9076ca8bb3_2)** | Back Cover |

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Voya Global Perspectives<sup>®</sup> Fund

**Investment Objective**

The Fund seeks total return.

**Fees and Expenses of the Fund**

These tables describe 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.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. More information about these and other discounts is available from your financial intermediary and in the discussion in the Sales Charges section of the Prospectus (page 35), in Appendix A to the Prospectus, or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 74).

**Shareholder Fees**

Fees paid directly from your investment

------

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

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| | | |
|:---|:---|:---|
| **Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum sales charge (load) as a % of** <br>**offering price imposed on purchases**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum deferred sales charge (load) as a % of** <br>**purchase or sales price, whichever is less**<br>|
| **A** | 5.75 | None<sup>1</sup> <br>|
| **C** |  | 1.00 |
| **I** |  |  |
| **R** |  |  |
| **W** |  |  |

---

**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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **A** | **C** | **I** | **R** | **W** |
| Management Fees% | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 |
| Distribution and/or Shareholder Services (12b-1) Fees% | 0.25 | 1.00 |  | 0.50 |  |
| Other Expenses% | 0.20 | 0.20 | 0.18 | 0.20 | 0.20 |
| Acquired Fund Fees and Expenses% | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 |
| Total Annual Fund Operating Expenses<sup>2</sup>% | 1.33 | 2.08 | 1.06 | 1.58 | 1.08 |
| Waivers and Reimbursements<sup>3</sup>% | (0.10) | (0.10) | (0.08) | (0.10) | (0.10) |
| Total Annual Fund Operating Expenses After Waivers and <br> Reimbursements% | 1.23 | 1.98 | 0.98 | 1.48 | 0.98 |

---

A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.

Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

Voya Investments, LLC (the "Investment Adviser") is contractually obligated to limit expenses to 1.23%, 1.98%, 0.98%, 1.48%, and 0.98% for Class A, Class C, Class I, Class R, and Class W shares, respectively, through March 1, 2024. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. This limitation is subject to possible recoupment by the Investment Adviser within 36 months of the waiver or reimbursement. The amount of the recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time of the waiver or reimbursement; or (ii) the expense limitation in effect at the time of recoupment. Termination or modification of this obligation requires approval by the Fund's Board of Trustees (the "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. The Example shows costs if you sold (redeemed) your shares at the end of the period or continued to hold them. 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 three-, five-, and ten-year periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Voya Global Perspectives<sup>®</sup> Fund

------

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **If you sold your shares** | **If you sold your shares** | **If you sold your shares** | **If you sold your shares** |  | **If you held your shares** | **If you held your shares** | **If you held your shares** | **If you held your shares** |
|  | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** |  | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** | **Number of years you own your shares** |
|  | **1 Yr** | **3 Yrs** | **5 Yrs** | **10 Yrs** |  | **1 Yr** | **3 Yrs** | **5 Yrs** | **10 Yrs** |
| **A** | $693 | 963 | 1253 | 2076 | **A** | $693 | 963 | 1253 | 2076 |
| **C** | $301 | 642 | 1109 | 2402 | **C** | $201 | 642 | 1109 | 2402 |
| **I** | $100 | 329 | 577 | 1287 | **I** | $100 | 329 | 577 | 1287 |
| **R** | $151 | 489 | 851 | 1870 | **R** | $151 | 489 | 851 | 1870 |
| **W** | $100 | 334 | 586 | 1308 | **W** | $100 | 334 | 586 | 1308 |

---

The Example does not reflect sales charges (loads) on reinvested dividends (and other distributions). If these sales charges (loads) were included, your costs would be higher.

**Portfolio Turnover**

------

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.

During the most recent fiscal year, the Fund's portfolio turnover rate was 46% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal market conditions, the sub-adviser (the "Sub-Adviser") invests the assets of the Fund in a combination of other funds (collectively, the "Underlying Funds") that, in turn, invest directly in securities (such as stocks and bonds). The Underlying Funds will invest in the securities of issuers in a number of different countries, one of which may be the U.S. Under normal market conditions, approximately 60% of the Fund's net assets will be allocated to Underlying Funds that predominantly invest in equity securities, and approximately 40% of the Fund's net assets will be allocated to Underlying Funds that predominantly invest in fixed-income instruments, including U.S. government securities and money market instruments (the "Target Allocation"). The percentage weight of the Fund's assets invested in Underlying Funds that predominantly invest in equity securities may change to approximately 30% and the percentage weight of the Fund's assets invested in Underlying Funds that predominantly invest in fixed-income instruments may change to approximately 70% (the "Defensive Allocation") depending upon the rules-based investment strategy described below.

The Fund normally invests at least 80% of its total assets in Underlying Funds affiliated with the Investment Adviser, although the Sub-Adviser may, in its discretion, invest up to 20% of the Fund's total assets in Underlying Funds that are not affiliated with the Investment Adviser, including exchange-traded funds ("ETFs").

The Target Allocation and Defensive Allocation are measured with reference to the principal investment strategies of the Underlying Funds; actual exposure to these asset classes may vary to the extent an Underlying Fund is not substantially invested in accordance with its principal investment strategies.

The Underlying Funds provide exposure to a wide range of traditional asset classes which include stocks, bonds, and cash, and non-traditional asset classes (also known as alternative strategies) which include real estate-related securities, including real estate investment trusts ("REITs").

The equity securities in which the Underlying Funds may invest include, but are not limited to: domestic and international stocks of companies of any market capitalization; emerging market securities; and domestic and international real estate securities, including REITs.

The fixed-income instruments in which the Underlying Funds may invest include, but are not limited to: domestic and international short-, intermediate- and long-term bonds; high-yield fixed-income instruments rated below investment grade (commonly referred to as "junk bonds"); and fixed-income instruments without limitations on maturity.

The Sub-Adviser uses a rules-based investment strategy to determine the allocation among Underlying Funds that invest in equity securities and fixed-income instruments. The proportion of assets allocated to Underlying Funds that are predominantly invested in equity securities and those that are predominantly invested in fixed-income instruments is determined as of each calendar quarter. Within the broad equity and debt asset classes, the Fund will seek to maintain approximately equal weights across its investment in the Underlying Funds. No adjustments to the Target Allocation or Defensive Allocation will be made between quarterly allocation dates. As soon as practicable following the end of each calendar quarter, the Sub-Adviser will compare the aggregate earnings of the companies in the S&P 500<sup>®</sup> Index (the "Index") for the most recent calendar quarter to the aggregate earnings of the companies in the Index for the previous year's corresponding calendar quarter. If the aggregate earnings for the most recent calendar quarter are higher than the aggregate earnings of the companies in the Index for the

Voya Global Perspectives<sup>®</sup> Fund

------

previous year's corresponding calendar quarter, the Fund will take steps to ensure it is invested in accordance with the Target Allocation described above as soon as practicable. If the aggregate earnings for the most recently completed calendar quarter are lower than the reported aggregate earnings for the previous year's corresponding calendar quarter, the Fund will take steps to ensure it is invested in accordance with the Defensive Allocation described above as soon as practicable. When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Fund's investment adviser considers environmental, social, and governance ("ESG") factors as part of its investment process. The manner in which an investment adviser uses ESG factors in its investment process will be only one of many considerations in the Sub-Adviser's evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an investment adviser will affect the Sub-Adviser's decision to invest in an Underlying Fund, if at all, will depend on the analysis and judgment of the Sub-Adviser.

The Sub-Adviser intends to rebalance the Fund's asset allocations on at least a quarterly basis, but it may rebalance more frequently as deemed appropriate to attain the Target Allocation or Defensive Allocation for the Fund. These allocations, however, are targets, and the Fund's asset allocations could change substantially as the value of the Underlying Funds change.

**Principal Risks**

You could lose money on an investment in the Fund. The value of your investment in the Fund changes with the values of the Underlying Funds and their investments. The Fund is subject to the following principal risks (either directly or indirectly through investments in one or more Underlying Funds). Any of these risks, among others, could affect the Fund's or an Underlying Fund's performance or cause the Fund or an Underlying Fund to lose money or to underperform market averages of other funds. The Fund is exposed to most of the principal risks indirectly through investments by the Underlying Funds, and in some cases only through such investments. Unless stated otherwise, in the risk disclosures below, descriptions of investments or activities by "the Fund" and related risks refer to investments or activities by the Fund or by an Underlying Fund, as the case may be. Similarly, a reference to "the Investment Adviser" or to "the Sub-Adviser" is to the entity responsible for the investments in question, whether by the Fund or by an Underlying Fund. 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.

**Affiliated Underlying Funds:** The Sub-Adviser's selection of Underlying Funds presents conflicts of interest. The net management fee revenue received or costs incurred by the Sub-Adviser and its affiliates will vary depending on the Underlying Funds it selects for the Fund, and the Sub-Adviser will have an incentive to select the Underlying Funds (whether or not affiliated with the Sub-Adviser) that will result in the greatest net management fee revenue or lowest costs to the Sub-Adviser and its affiliates, even if that results in increased expenses and potentially less favorable investment performance for the Fund. The Sub-Adviser may prefer to invest in an affiliated Underlying Fund over an unaffiliated Underlying Fund because the investment may be beneficial to the Sub-Adviser in managing the affiliated Underlying Fund by helping the affiliated Underlying Fund achieve economies of scale or by enhancing cash flows to the affiliated Underlying Fund. For similar reasons, the Sub-Adviser may have an incentive to delay or decide against the sale of interests held by the Fund in affiliated Underlying Funds, and the Sub-Adviser may implement Underlying Fund changes in a manner intended to minimize the disruptive effects and added costs of those changes to affiliated Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower fees or have achieved better historical investment performance than the comparable affiliated Underlying Funds.

**Asset Allocation:** Investment performance depends on the manager's skill in allocating assets among the asset classes in which the Fund invests and in choosing investments within those asset classes. There is a risk that the manager may allocate assets or investments to or within an asset class that underperforms compared to other asset classes or investments.

**Bank Instruments:** Bank instruments include certificates of deposit, fixed time deposits, bankers' acceptances, and other debt and deposit-type obligations issued by banks. Changes in economic, regulatory, or political conditions, or other events that affect the banking industry may have an adverse effect on bank instruments or banking institutions that serve as counterparties in transactions with the Fund.

**Cash/Cash Equivalents:** Investments in cash or cash equivalents may lower returns and result in potential lost opportunities to participate in market appreciation which could negatively impact the Fund's performance and ability to achieve its investment objective.

**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.

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**Credit:** The Fund could lose money if the issuer or guarantor of a fixed - income 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.

**Environmental, Social, and Governance (Funds-of-Funds):** The Sub-Adviser's consideration of ESG factors in selecting Underlying Funds for investment by the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund's assets that will be allocated to Underlying Funds on the basis of ESG factors, and the Sub-Adviser may choose to select Underlying Funds on the basis of factors or considerations other than ESG factors. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that an Underlying Fund selected by the Sub-Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential Underlying Fund, and such an Underlying Fund may, in fact, underperform other potential Underlying Funds.

**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 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.

**High-Yield Securities:** Lower-quality securities (including securities that have fallen below investment grade and are classified as "junk bonds" or "high-yield securities") have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and their issuers' long-term ability to make payments is considered speculative. Prices of lower-quality bonds or other fixed-income instruments are also more volatile, are more sensitive to negative news about the economy or the issuer, and have greater liquidity risk and price volatility.

**Index Strategy (Funds-of-Funds):** An Underlying Fund (or a portion of the Underlying Fund) that seeks to track an index's performance and does not use defensive strategies or attempt to reduce its exposure to poor performing securities in an index may underperform the overall market (each, an "Underlying Index Fund"). To the extent an Underlying Index Fund's investments track its target index, such Underlying Index Fund may underperform other funds that invest more broadly. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Fund. The correlation between an Underlying Index Fund's performance and index performance may be affected by the timing of purchases and redemptions of the Underlying Index Fund's shares. The correlation between an Underlying Index Fund's performance and index performance will be reduced by the Underlying Index Fund's expenses and could be reduced by the timing of purchases and redemptions of the Underlying Index Fund's shares. In addition, an Underlying Index Fund's actual holdings might not match the index and an Underlying Index Fund's effective exposure to index securities at any given time may not precisely correlate. When deciding between Underlying Index Funds benchmarked to the same index, the manager may not select the Underlying Index Fund with the lowest expenses. If the Fund invests in an Underlying Index Fund with higher expenses, the Fund's performance would be lower than if the Fund had invested in an Underlying Index Fund with comparable performance but lower expenses (although any expense limitation arrangements in place at the time might have the effect of limiting or eliminating the amount of that underperformance).

**Interest Rate:** A rise in market interest rates generally results in a fall in the value of bonds and other fixed-income instruments; conversely, values generally rise as market interest rates fall. 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 fixed-income instrument to a change in interest rate. As of the date of this Prospectus, the U.S. is experiencing a rising market interest rate environment, which may increase the Fund's exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. To the extent that the Fund invests in fixed-income 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

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positions when it may not be advantageous to do so and may lower returns. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential future changes in government policy may affect 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 fixed-income and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose fixed-income 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 model may not adequately take into account existing or unforeseen market factors or the interplay between such factors. Funds that are actively managed, in whole or in part, according to a quantitative investment model 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. Mistakes in the construction and implementation of the investment models (including, for example, data problems and/or software issues) may create errors or limitations that might go undetected or are discovered only after the errors or limitations have negatively impacted performance. There is no guarantee that the use of these investment models will result in effective investment decisions for the Fund.

**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.

**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 fixed-income 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, 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 has resulted, and may continue to result, 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. 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. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. Those 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.

**Prepayment and Extension:** Many types of fixed-income instruments are subject to prepayment and extension risk. Prepayment risk is the risk that the issuer of a fixed-income instrument will pay back the principal earlier than expected. This risk is heightened in a falling market interest rate environment. Prepayment may expose the Fund to a lower rate of return upon reinvestment of principal. Also, if a fixed-income instrument subject to prepayment has been purchased at a premium, the value of the

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premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a fixed-income instrument will pay back the principal later than expected. This risk is heightened in a rising market interest rate environment. This may negatively affect performance, as the value of the fixed-income instrument decreases when principal payments are made later than expected. Additionally, the Fund may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates.

**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 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.

**Underlying Funds:** Because the Fund invests primarily in Underlying Funds, the investment performance of the Fund is directly related to the investment performance of the Underlying Funds in which it invests. When the Fund invests in an Underlying Fund, it is exposed indirectly to the risks of a direct investment in the Underlying Fund. If the Fund invests a significant portion of its assets in a single Underlying Fund, it may be more susceptible to risks associated with that Underlying Fund and its investments than if it invested in a broader range of Underlying Funds. It is possible that more than one Underlying Fund will hold securities of the same issuers, thereby increasing the Fund's indirect exposure to those issuers. It also is possible that one Underlying Fund may be selling a particular security when another is buying it, producing little or no change in exposure but generating transaction costs and/or resulting in realization of gains with no economic benefit. There can be no assurance that the investment objective of any Underlying Fund will be achieved. In addition, the Fund's shareholders will indirectly bear their proportionate share of the Underlying Funds' fees and expenses, in addition to the fees and expenses of the Fund itself.

**U.S. Government Securities and Obligations:** U.S. government securities are obligations of, or guaranteed by, the U.S. government, its agencies, or government-sponsored enterprises. U.S. government securities are subject to market risk and interest rate risk, and may be subject to varying degrees of credit risk.

*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**

The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices with investment characteristics similar to those of the Fund for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Performance for other share classes would differ to the extent they have differences in their fees and expenses. *The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to https://individuals.voya.com/literature or call 1-800-992-0180.*

**Calendar Year Total Returns** Class A 

(as of December 31 of each year)

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![](v473352a_27.jpg)

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| | | |
|:---|:---|:---|
| **Best quarter:** | 2nd Quarter 2020 | 15.50% |
| **Worst quarter:** | 2nd Quarter 2022 | -13.35% |

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**Average Annual Total Returns** %

(for the periods ended December 31, 2022)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Yr** | **5 Yrs** | **10 Yrs** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| **Class A** before taxes% | -24.18 | -0.08 | N/A | 2.79 | 03/28/13 |
| After tax on distributions% | -24.67 | -1.87 | N/A | 1.41 |  |
| After tax on distributions with sale% | -14.18 | -0.14 | N/A | 1.43 |  |
| S&P Target Risk Growth Index<sup>1</sup>% | -15.27 | 3.48 | N/A | 5.62 |  |
| **Class C** before taxes% | -20.92 | 0.34 | N/A | 2.65 | 03/28/13 |
| S&P Target Risk Growth Index<sup>1</sup>% | -15.27 | 3.48 | N/A | 5.62 |  |
| **Class I** before taxes% | -19.33 | 1.38 | N/A | 3.67 | 03/28/13 |
| S&P Target Risk Growth Index<sup>1</sup>% | -15.27 | 3.48 | N/A | 5.62 |  |
| **Class R** before taxes% | -19.79 | 0.85 | N/A | 3.15 | 03/28/13 |
| S&P Target Risk Growth Index<sup>1</sup>% | -15.27 | 3.48 | N/A | 5.62 |  |
| **Class W** before taxes% | -19.35 | 1.37 | N/A | 3.68 | 03/28/13 |
| S&P Target Risk Growth Index<sup>1</sup>% | -15.27 | 3.48 | N/A | 5.62 |  |

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The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax advantaged arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary.

**Portfolio Management**

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

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

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

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| |
|:---|
| **Portfolio Manager** |
| Douglas Coté, CFA <br>Portfolio Manager (since 03/13)<br>|

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**Purchase and Sale of Fund Shares**

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 www.voyainvestments.com; by writing to us at Voya Investment Management, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034; or by calling us at 1-800-992-0180.

**Minimum Initial Investment** $ by share class

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **A, C** | **I** | **R** | **W** |
| Non-retirement accounts | $1000 | 250000 |  | 1000 |
| Retirement accounts | $250 | 250000 |  | 1000 |
| Certain omnibus accounts | $250 |  |  |  |
| Pre-authorized investment plan | $1000 | 250000 |  | 1000 |

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There are no minimums for additional investments except that the pre-authorized investment plan requires a monthly investment of at least $100. For Class I shares, there is no minimum initial investment requirement for: (i) qualified retirement plans or other defined contribution plans and defined benefit plans that invest in the Voya funds through omnibus arrangements; (ii) employees of Voya Investment Management Co. LLC ("Voya IM") who are eligible to participate in "notional" bonus programs sponsored by Voya IM; or (iii) (a) investors transacting in Class I shares through brokerage platforms that invest in the Voya funds' Class I shares through omnibus accounts and have agreements with the distributor to offer such shares and (b) such brokerage platforms' omnibus accounts.

Voya Global Perspectives<sup>®</sup> 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.

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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 Mutual Funds, 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 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 those of other Voya mutual funds.

The Fund is a series of Voya Mutual Funds ("Trust"), a Delaware statutory trust. The Fund is managed by Voya Investments, LLC ("Voya Investments" or the "Investment Adviser").

Fund shares may be classified into different classes of shares. The classes of shares of the Fund would be substantially the same except for different expenses, certain related rights, and certain shareholder services. All share classes of the Fund have a common investment objective and investment portfolio.

**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 diversified, as such term is defined in 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"). 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.

Although an investor may achieve the same level of diversification by investing directly in a variety of mutual funds, including exchange-traded funds ("ETFs") (collectively, the "Underlying Funds"), the Fund provides investors with a means to simplify their investment decisions by investing in a single diversified portfolio. For more information about the Underlying Funds, please see "Key Information About the Underlying Funds" later in this Prospectus.

**Temporary Defensive Strategies** 

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

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

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**Percentage and Rating Limitations** 

The percentage and rating limitations on Fund investments listed in this Prospectus apply at the time of investment.

**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 October 31. Copies of the Fund's annual and semi-annual shareholder reports are no longer sent by mail or e-mail, unless you specifically request copies of the reports. Instead, the reports are available on the Voya funds' website (https://individuals.voya.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report. 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.

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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 Fund's 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** 

The Fund invests in a combination of Underlying Funds that, in turn, invest directly in a wide range of stocks and fixed-income instruments of various types. The Fund uses asset allocation strategies to determine how much to invest in the Underlying Funds. The Fund is designed to meet the needs of investors who wish to seek exposure to various types of stocks and fixed-income instruments of various types through a single diversified investment. For a complete description of the Fund's principal investment strategies, please see the Fund's summary prospectus or the summary section of this Prospectus.

**Asset Allocation is No Guarantee Against Loss** 

Although asset allocation seeks to optimize returns given various levels of risk tolerance, you still may lose money and experience volatility. Market and asset class performance may differ in the future from the historical performance and the assumptions used to form the asset allocations for the Fund. Furthermore, the Sub-Adviser's allocation of the Fund's assets may not anticipate market trends successfully. For example, weighting Underlying Funds that invest in equity securities too heavily during a stock market decline may result in a failure to preserve capital. Conversely, investing too heavily in Underlying Funds that invest in fixed-income instruments during a period of stock market appreciation may result in lower total return.

There is a risk that you could achieve better returns by investing in an Underlying Fund or other mutual funds representing a single asset class than in the Fund.

Assets will be allocated among funds and markets based on judgments made by the Sub-Adviser. There is a risk that the Fund may allocate assets to an asset class or market that underperforms other funds. For example, the Fund may be underweighted in assets or a market that is experiencing significant returns or overweighted in assets or a market with significant declines.

**Performance of the Underlying Funds Will Vary** 

The performance of the Fund depends upon the performance of the Underlying Funds, which are affected by changes in the economy and financial markets. The value of the Fund changes as the asset values of the Underlying Funds go up or down. The value of your shares will fluctuate and may be worth more or less than the original cost. The timing of your investment may also affect performance.

**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 investments in certain types of securities and the use of certain of these investment practices. 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. The Fund may be exposed to these risks directly or indirectly through investments in one or more Underlying Fund(s). The Fund is exposed to most of the principal risks indirectly through investments by the Underlying Funds, and in some cases only through such investments. Unless stated otherwise, in the risk disclosures below, descriptions of investments or activities by "the Fund" and related risks refer to investments or activities by the Fund or by an Underlying Fund, as the case may be. Similarly, a reference to "the Investment Adviser" or to "the Sub-Adviser" is to the entity responsible for the investments in question, whether by the Fund or by an Underlying Fund.

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 or an Underlying 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 or an Underlying Fund's principal investment strategies.

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For more information about these and other types of securities and investment techniques that may be used by the Fund, see the SAI, and for more information about the Underlying Funds, please see "Key Information About the Underlying Funds" or refer to the Underlying Fund's current prospectus as of this date.

**Affiliated Underlying Funds:** The Sub-Adviser's selection of Underlying Funds presents conflicts of interest. The net management fee revenue received or costs incurred by the Sub-Adviser and its affiliates will vary depending on the Underlying Funds it selects for the Fund, and the Sub-Adviser will have an incentive to select the Underlying Funds (whether or not affiliated with the Sub-Adviser) that will result in the greatest net management fee revenue or lowest costs to the Sub-Adviser and its affiliates, even if that results in increased expenses and potentially less favorable investment performance for the Fund. The Sub-Adviser may prefer to invest in an affiliated Underlying Fund over an unaffiliated Underlying Fund because the investment may be beneficial to the Sub-Adviser in managing the affiliated Underlying Fund by helping the affiliated Underlying Fund achieve economies of scale or by enhancing cash flows to the affiliated Underlying Fund. For similar reasons, the Sub-Adviser may have an incentive to delay or decide against the sale of interests held by the Fund in affiliated Underlying Funds, and the Sub-Adviser may implement Underlying Fund changes in a manner intended to minimize the disruptive effects and added costs of those changes to affiliated Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower fees or have achieved better historical investment performance than the comparable affiliated Underlying Funds.

**Asset Allocation:** Investment performance depends on the manager's skill in allocating assets among the asset classes in which the Fund invests and in choosing investments within those asset classes. There is a risk that the manager may allocate assets or investments to or within an asset class that underperforms compared to other asset classes or investments.

**Bank Instruments:** Bank instruments include certificates of deposit, fixed time deposits, bankers' acceptances, and other debt and deposit-type obligations issued by banks. Changes in economic, regulatory, or political conditions, or other events that affect the banking industry may have an adverse effect on bank instruments or banking institutions that serve as counterparties in transactions with the Fund.

**Borrowing:** Borrowing creates leverage, which may increase expenses and increase the impact of the Fund's other risks. Borrowing may exaggerate any increase or decrease in the Fund's net asset value causing the Fund to be more volatile than a fund that does not borrow. Borrowing for investment purposes is considered to be speculative and may result in losses to the Fund.

**Cash/Cash Equivalents:** Investments in cash or cash equivalents may lower returns and result in potential lost opportunities to participate in market appreciation which could negatively impact the Fund's performance and ability to achieve its investment objective.

**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.

**Concentration (Index):** To the extent that an Underlying Fund's index " concentrates, " as that term is defined in the 1940 Act, in the securities of a particular industry or group of industries, the Underlying Fund may allocate its investments to approximately the same extent as the index. As a result, an Underlying Fund may be more sensitive to financial, economic, business, political, regulatory, and other developments and conditions, including natural or other disasters, affecting issuers in a particular industry or group of industries, and if securities of such industry or group of industries fall out of favor, the Underlying Fund could underperform, or be more volatile than, a fund that is more broadly invested across industries.

**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 fixed-income 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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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 fixed - income 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.

**Credit Default Swaps:** The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a credit default swap is generally obligated to pay the seller an upfront or a periodic stream of payments over the term of the contract until a credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the "par value" (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount if the swap is cash settled. As a seller of a credit default swap, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the full notional value of the swap. Credit default swaps are particularly subject to counterparty, credit, valuation, liquidity, and leveraging risks and the risk that the swap may not correlate with its reference obligation as expected. Certain standardized credit default swaps are subject to mandatory central clearing. 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 new kinds of costs and risks. In addition, credit default swaps expose the Fund to the risk of improper valuation.

**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 United States 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 new regulation of the derivatives market, including clearing, margin, reporting, and registration requirements. The European Union (and other countries outside of the European Union, including the United Kingdom) has implemented similar requirements, which may affect the Fund when it enters into a derivatives transaction with a counterparty organized in that country or otherwise subject to that country's derivatives regulations. Because these requirements are relatively new and evolving (and some of the rules are not yet final), their ultimate impact remains

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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 new kinds of costs and risks.

**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, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments.

**Environmental, Social, and Governance (Fixed Income):** 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 obligations of an issuer 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 obligations of issuers that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may choose not to invest in obligations of issuers that compare favorably to obligations of other issuers on the basis of ESG factors. It is possible that the Fund will have less exposure to obligations of certain issuers 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, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments.

**Environmental, Social, and Governance (Funds-of-Funds):** The Sub-Adviser's consideration of ESG factors in selecting Underlying Funds for investment by the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund's assets that will be allocated to Underlying Funds on the basis of ESG factors, and the Sub-Adviser may choose to select Underlying Funds on the basis of factors or considerations other than ESG factors. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that an Underlying Fund selected by the Sub-Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential Underlying Fund, and such an Underlying Fund may, in fact, underperform other potential Underlying Funds.

**Environmental, Social, and Governance (Multi-Manager):** The Investment Adviser's consideration of ESG factors in selecting sub-advisers for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund's assets that will be allocated to sub-advisers that consider ESG factors as part of their investment processes, and the Investment Adviser may choose to select sub-advisers that do not consider ESG factors as part of their investment processes. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that a sub-adviser selected by the Investment Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential sub-adviser, and such a sub-adviser may, in fact, underperform other potential sub-advisers.

**Floating Rate Loans:** In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan (which can include certain bank loans), the Fund will experience a reduction in its income and a decline in the market value of such floating rate loan. If a floating rate loan is held by the Fund through another financial institution, or the Fund relies upon another financial institution to administer the loan, the receipt of scheduled interest or principal payments may be subject to the credit risk of such financial institution. Investors in floating rate loans may not be afforded the protections of the anti-fraud provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, because loans may not be considered "securities" under such laws. Additionally, the value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the borrower's obligations under the loan, and such collateral may be difficult to liquidate. No active trading market may exist for

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many floating rate loans and many floating rate loans are subject to restrictions on resale. Transactions in loans typically settle on a delayed basis and may take longer than 7 days to settle. As a result, the Fund may not receive the proceeds from a sale of a floating rate loan for a significant period of time. Delay in the receipts of settlement proceeds may impair the ability of the Fund to meet its redemption obligations, and may limit the ability of the Fund to repay debt, pay dividends, or to take advantage of new investment opportunities.

**Focused Investing (Index):** To the extent that an Underlying Fund's benchmark or other index is substantially composed of securities in a particular industry, sector, market segment, or geographic area, the Underlying Fund may allocate its investments to approximately the same extent as the index as part of its investment strategy. As a result, an Underlying Fund may be more sensitive to financial, economic, business, political, regulatory, and other developments and conditions, including natural or other disasters, affecting issuers in a particular industry, sector, market segment, or geographic area in which the Underlying Fund focuses its investments, and if securities of such industry, sector, market segment, or geographic area fall out of favor, the Underlying Fund could underperform, or be more volatile than, a fund that has greater diversification.

&nbsp;&nbsp;&nbsp;&nbsp;• **Industrials Sector:** Companies involved in the industrials sector include those whose businesses are dominated by one of the following activities: the manufacture and distribution of capital goods, including aerospace and defense, construction, engineering and building products, electrical equipment, and industrial machinery; the provision of commercial services and supplies, including printing, employment, environmental, and office services; and the provision of transportation services, including airlines, couriers, marine, road and rail, and transportation infrastructure. Companies involved in the industrials sector are affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability, and general economic conditions, among other factors.

&nbsp;&nbsp;&nbsp;&nbsp;• **Materials Sector:** Companies involved in the materials sector includes companies in the following industry groups: forestry and paper, chemicals, industrial metals, and mining. Investments in companies involved in the materials sector may be adversely impacted by changes in commodity prices or exchange rates, depletion of resources, over-production, litigation, and government regulations, among other factors. The chemicals industry may be significantly affected by intense competition, product obsolescence, raw materials prices, and government regulation, and may be subject to risks associated with the production, handling, disposal of hazardous components, and litigation and claims arising out of environmental contamination.

&nbsp;&nbsp;&nbsp;&nbsp;• **Technology Sector:** Investments in companies involved in the technology sector are subject to significant competitive pressures, such as aggressive pricing of products or services, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments, evolving industry standards, changing customer demands, and the potential for limited earnings and/or falling profit margins. The failure of a company to adapt to such changes could have a material adverse effect on the company's business, results of operations, and financial condition. These companies also face the risks that new services, equipment, or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the values of their securities. Many companies involved in the technology sector have limited operating histories, and prices of these companies' securities historically have been more volatile than those of many other companies' securities, especially over the short term.

**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 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

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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 to distribute 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, 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. 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. In March 2017, the United Kingdom ("UK") formally notified the European Council of its intention to leave the EU and on January 31, 2020 withdrew from the EU (commonly known as "Brexit"). On December 30, 2020, the UK voted in favor of the UK-EU Trade and Cooperation Agreement. The agreement governs the new relationship between the UK and the EU with respect to trading goods and services but critical aspects of the relationship remain unresolved and subject to further negotiation and agreement. Brexit has resulted in volatility in European and global markets and could have negative long-term impacts on financial markets in the UK and throughout Europe. There is considerable uncertainty about the potential consequences of Brexit and how the financial markets will react. As this process unfolds, markets may be further disrupted. Given the size and importance of the UK's economy, uncertainty about its legal, political, and economic relationship with the remaining member states of the EU may continue to be a source of instability. 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.

**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.

**High-Yield Securities:** Lower-quality securities (including securities that have fallen below investment grade and are classified as "junk bonds" or "high-yield securities") have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and their issuers' long-term ability to make payments is considered speculative. Prices of lower-quality bonds or other fixed-income instruments are also more volatile, are more sensitive to negative news about the economy or the issuer, and have greater liquidity risk and price volatility.

**Index Strategy (Funds-of-Funds):** An Underlying Fund (or a portion of the Underlying Fund) that seeks to track an index's performance and does not use defensive strategies or attempt to reduce its exposure to poor performing securities in an index may underperform the overall market (each, an "Underlying Index Fund"). To the extent an Underlying

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Index Fund's investments track its target index, such Underlying Index Fund may underperform other funds that invest more broadly. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Fund. The correlation between an Underlying Index Fund's performance and index performance may be affected by the timing of purchases and redemptions of the Underlying Index Fund's shares. The correlation between an Underlying Index Fund's performance and index performance will be reduced by the Underlying Index Fund's expenses and could be reduced by the timing of purchases and redemptions of the Underlying Index Fund's shares. In addition, an Underlying Index Fund's actual holdings might not match the index and an Underlying Index Fund's effective exposure to index securities at any given time may not precisely correlate. When deciding between Underlying Index Funds benchmarked to the same index, the manager may not select the Underlying Index Fund with the lowest expenses. If the Fund invests in an Underlying Index Fund with higher expenses, the Fund's performance would be lower than if the Fund had invested in an Underlying Index Fund with comparable performance but lower expenses (although any expense limitation arrangements in place at the time might have the effect of limiting or eliminating the amount of that underperformance).

**Interest Rate:** A rise in market interest rates generally results in a fall in the value of bonds and other fixed-income instruments; conversely, values generally rise as market interest rates fall. 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 fixed-income instrument to a change in interest rate. As of the date of this Prospectus, the U.S. is experiencing a rising market interest rate environment, which may increase the Fund's exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. To the extent that the Fund invests in fixed-income 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 fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential future changes in government policy may affect 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 fixed-income and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose fixed-income 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 model may not adequately take into account existing or unforeseen market factors or the interplay between such factors. Proprietary 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 models. Funds that are actively managed, in whole or in part, according to a quantitative investment model 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. Mistakes in the construction and implementation of the investment models (including, for example, data problems and/or software issues) may create errors or limitations that might go undetected or are discovered only after the errors or limitations have negatively impacted performance. There is no guarantee that the use of these investment models will result in effective investment decisions for the Fund.

**Interest in Loans:** The value and the income streams of interests in loans (including participation interests in lease financings and assignments in secured variable or floating rate loans) will decline if borrowers delay payments or fail to pay altogether. A significant rise in market interest rates could increase this risk. Although loans may be fully collateralized when purchased, such collateral may become illiquid or decline in value.

**Investing through Bond Connect:** Chinese fixed-income instruments trade on the China Interbank Bond Market (the "CIBM") and may be purchased through a market access program, known as "Bond Connect," that is designed to, among other things, enable foreign (non-U.S.) investment in the People's Republic of China. There are significant risks inherent in investing in Chinese fixed-income instruments, similar to the risks of investing in fixed-income instruments in other emerging markets. The prices of fixed-income instruments traded on the CIBM may fluctuate significantly due

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to low trading volume and potential lack of liquidity. The rules to access fixed-income 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.

The Chinese economy is generally considered an emerging and volatile market. Although China has experienced a relatively stable political environment in recent years, there is no guarantee that such stability will be maintained in the future. Political, regulatory and diplomatic events, such as the U.S.-China "trade war" that intensified in 2018, could have an adverse effect on the Chinese or Hong Kong economies and on investments made through Bond Connect.

**Investing through Stock Connect:** 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") may be purchased directly or indirectly 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.

The Chinese economy is generally considered an emerging and volatile market. Significant portions of the Chinese securities markets may become rapidly illiquid because Chinese issuers have the ability to suspend the trading of their equity securities under certain circumstances, and have shown a willingness to exercise that option in response to market volatility, epidemics, pandemics, adverse economic, market or political events, and other events. In addition, there may be restrictions on investments in Chinese companies. For example, on November 12, 2020, the President of the United States signed an Executive Order prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. government as "Communist Chinese military companies." The list of such companies can change from time to time, and as a result of forced selling or inability to participate in an investment the Investment Adviser/Sub-Adviser otherwise believes is attractive, the Fund may incur losses.

Many Chinese companies use a structure known as a variable interest entity (a "VIE") to address Chinese restrictions on direct foreign investment in Chinese companies operating in certain sectors. The Fund's investment exposure to VIEs may pose additional risks because the Fund's investment is not made directly in the VIE (the actual Chinese operating company), but rather in a holding company domiciled outside of China (a "Holding Company") whose interests in the business of the underlying Chinese operating company (the VIE) are established through contracts rather than through equity ownership. The VIE (which the Fund is restricted from owning under Chinese law) is generally owned by Chinese nationals, and the Holding Company (in which the Fund invests) holds only contractual rights (rather than equity ownership) relating to the VIE, typically including a contractual claim on the VIE's profits. Shares of the Holding Company, in turn, are traded on exchanges outside of China and are available to non-Chinese investors such as the Fund. While the VIE structure is a longstanding practice in China, until recently, such arrangements had not been formally recognized under Chinese law. However, in late 2021, the Chinese government signaled its interest in implementing filing requirement rules that would both affirm the legality of VIE structures and regulate them. How these filing requirements will operate in practice, and what will be required for approval, remains unclear. While there is optimism that these actions will reduce uncertainty over Chinese actions on VIEs, there is also caution given how unresolved the process is. Until these rules are finalized, and potentially afterwards depending on how they are implemented, there remains significant uncertainty associated with VIE investments. There is a risk that the Chinese government may cease to tolerate VIE structures at any time or impose new restrictions on the structure, in each case either generally or with respect to specific issuers. In such a scenario, the Chinese operating company could be subject to penalties, including revocation of its business and operating license, or the Holding Company could forfeit its interest in the business of the Chinese operating company. Further, in case of a dispute between the Holding Company investors and the Chinese owners of the VIE, the Holding Company's contractual claims with respect to the VIE may be unenforceable in China, thus limiting the remedies and rights of Holding Company investors such as the Fund. Control over a VIE may also be jeopardized if a natural person who holds the equity interest in the VIE breaches the terms of the contractual arrangements, is subject to legal proceedings, or if any physical instruments or property of the VIE, such as seals, business registration certificates, financial data and licensing arrangements (sometimes referred to as "chops"), are used without authorization. In the event of such an occurrence, the Fund, as a foreign investor, may have little or no legal recourse. Such legal

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uncertainty may be exploited against the interests of the Holding Company investors such as the Fund. The Fund will typically have little or no ability to influence the VIE through proxy voting or other means because it is not a VIE owner/shareholder. Foreign (non-U.S.) companies listed on stock exchanges in the United States, including companies using the VIE structure, could also face delisting or other ramifications for failure to meet the expectations and/or requirements of the SEC, the Public Company Accounting Oversight Board, or other U.S. regulators. Any of these risks could reduce the liquidity and value of the Fund's investments in Holding Companies or render them valueless.

**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.

**London Inter-Bank Offered Rate:** The obligations of the parties under many financial arrangements, such as fixed-income instruments (including senior loans) and derivatives, may be determined based, in whole or in part, on the London Inter-Bank Offered Rate ("LIBOR"). In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in many major currencies, including for example, the Secured Overnight Funding Rate ("SOFR") for U.S. dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement market. SOFR is published in various forms, including as a daily, compounded, and forward-looking term rate. The discontinuance of LIBOR and the adoption/implementation of alternative rates pose a number of risks, including, among others, whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties' existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on the Fund's existing investments, including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of the Fund; and the risk of general market disruption during the transition period. Markets relying on alternative rates are developing slowly and may offer limited liquidity. The general unavailability of LIBOR and the transition away from LIBOR to alternative rates could have a substantial adverse impact on the performance of the Fund.

**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 fixed-income 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

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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, 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 has resulted, and may continue to result, 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. 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. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. Those 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.

**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.

**Mortgage- and/or Asset-Backed Securities:** Defaults on, or low credit quality or liquidity of, the underlying assets of the asset-backed (including mortgage-backed) securities may impair the value of these securities and result in losses. There may be limitations on the enforceability of any security interest or collateral granted with respect to those underlying assets, and the value of collateral may not satisfy the obligation upon default. These securities also present a higher degree of prepayment and extension risk and interest rate risk than do other types of fixed-income instruments. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed securities. The value of longer-term securities generally changes more in response to changes in market interest rates than shorter-term securities.

These securities may be affected significantly by government regulation, market interest rates, market perception of the creditworthiness of an issuer servicer, and loan-to-value ratio of the underlying assets. During an economic downturn, the mortgages, commercial or consumer loans, trade or credit card receivables, installment purchase obligations, leases, or other debt obligations underlying an asset-backed security may experience an increase in defaults as borrowers experience difficulties in repaying their loans which may cause the valuation of such securities to be more volatile and may reduce the value of such securities. These risks are particularly heightened for investments in asset-backed securities that contain sub-prime loans, which are loans made to borrowers with weakened credit histories and often have higher default rates.

**Municipal Obligations:** The municipal securities market is volatile and can be affected significantly by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. Among other risks, investments in municipal securities are subject to the risk that an issuer may delay payment, restructure its debt, or refuse to pay interest or repay principal on its debt. Municipal revenue obligations may be backed by the revenues generated from a specific project or facility and include industrial development bonds and private activity bonds. Private activity and industrial development bonds are dependent on the ability of the facility's user to meet its financial obligations and the value of any real or personal property pledged as security for such payment. Many municipal securities are issued to finance projects relating to education, health care, transportation, and utilities. Conditions in those sectors may affect the overall municipal securities market. In addition, municipal securities backed by current or anticipated revenues from a specific project or specific asset may be adversely affected by the discontinuance of the taxation

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supporting the project or asset or the inability to collect revenues from the project or asset. If an issuer of a municipal security does not comply with applicable tax requirements for tax-exempt status, interest from the security may become taxable, and the security could decline in value.

**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 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.

**Prepayment and Extension:** Many types of fixed-income instruments are subject to prepayment and extension risk. Prepayment risk is the risk that the issuer of a fixed-income instrument will pay back the principal earlier than expected. This risk is heightened in a falling market interest rate environment. Prepayment may expose the Fund to a lower rate of return upon reinvestment of principal. Also, if a fixed-income instrument subject to prepayment has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a fixed-income instrument will pay back the principal later than expected. This risk is heightened in a rising market interest rate environment. This may negatively affect performance, as the value of the fixed-income instrument decreases when principal payments are made later than expected. Additionally, the Fund may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates.

**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.

**Restricted Securities:** Securities that are not registered for sale to the public under the Securities Act of 1933, as amended, are referred to as "restricted securities." These 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, and often, these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these 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

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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 investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

**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.

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.

**Sovereign Debt:** Sovereign debt is issued or guaranteed by foreign (non-U.S.) government entities. Investments in sovereign debt are subject to the risk that a government entity may delay payment, restructure its debt, or refuse to pay interest or repay principal on its sovereign debt due to cash flow problems, insufficient foreign currency reserves, political considerations, social changes, the relative size of its debt position to its economy, or its failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a government entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting amounts owed on sovereign debt that a government does not pay.

**Underlying Funds:** Because the Fund invests primarily in Underlying Funds, the investment performance of the Fund is directly related to the investment performance of the Underlying Funds in which it invests. When the Fund invests in an Underlying Fund, it is exposed indirectly to the risks of a direct investment in the Underlying Fund. If the Fund invests a significant portion of its assets in a single Underlying Fund, it may be more susceptible to risks associated with that Underlying Fund and its investments than if it invested in a broader range of Underlying Funds. It is possible that more than one Underlying Fund will hold securities of the same issuers, thereby increasing the Fund's indirect exposure to those issuers. It also is possible that one Underlying Fund may be selling a particular security when another is buying it, producing little or no change in exposure but generating transaction costs and/or resulting in realization of gains with no economic benefit. There can be no assurance that the investment objective of any Underlying Fund will be achieved. In addition, the Fund's shareholders will indirectly bear their proportionate share of the Underlying Funds' fees and expenses, in addition to the fees and expenses of the Fund itself.

**U.S. Government Securities and Obligations:** U.S. government securities are obligations of, or guaranteed by, the U.S. government, its agencies, or government-sponsored enterprises. U.S. government securities are subject to market risk and interest rate risk, and may be subject to varying degrees of credit risk. Some U.S. government securities are backed by the full faith and credit of the U.S. government and are guaranteed as to both principal and interest by the U.S. Treasury. These include direct obligations of the U.S. Treasury such as U.S. Treasury notes, bills, and bonds, as well as indirect obligations including certain securities of the Government National Mortgage Association, the Small Business Administration, and the Farmers Home Administration, among others. Other U.S. government securities are not direct obligations of the U.S. Treasury, but rather are backed by the ability to borrow directly from the U.S. Treasury, including certain securities of the Federal Financing Bank, the Federal Home Loan Bank, and the U.S. Postal Service. Other U.S. government securities are backed solely by the credit of the agency or instrumentality itself and are neither guaranteed nor insured by the U.S. government and, therefore, involve greater risk. These include securities issued by the Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation, and the Federal Farm Credit Bank,

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among others. Consequently, the investor must look principally to the agency issuing or guaranteeing the obligation for ultimate repayment. No assurance can be given that the U.S. government would provide financial support to such agencies if it is not obligated to do so by law. The impact of greater governmental scrutiny into the operations of certain agencies and government-sponsored enterprises may adversely affect the value of securities issued by these entities. U.S. government securities may be subject to price declines due to changing market interest rates. 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, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. government-sponsored entity is negatively impacted by legislative or regulatory action (or lack thereof), is unable to meet its obligations, or its creditworthiness declines, the performance of the Fund that holds securities of the entity will be adversely impacted.

**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.

**When-Issued, Delayed Delivery and Forward Commitment Transactions:** When-issued, delayed delivery and forward commitment transactions involve the risk that the security the Fund buys will lose value prior to its delivery. These transactions 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. There also is the risk that the security will not be issued or that the other party will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price.

**Zero-Coupon Bonds and Pay-in-Kind Securities:** Zero-coupon bonds and pay-in-kind securities may be subject to greater fluctuations in price due to market interest rate changes than conventional interest-bearing securities. The Fund may have to pay out the imputed income on zero-coupon bonds without receiving the actual cash currency, resulting in a loss.

**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 fixed-income 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 fixed-income 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%.

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**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's portfolio 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. Inflation has recently increased, and it cannot be predicted whether it may decline.

**Investment by Other Funds:** Certain funds-of-funds, including some Voya mutual funds, may be allowed to invest in the Underlying Funds. In some cases, an Underlying Fund may serve as a primary or significant investment vehicle for a fund-of-funds. If investments by these other funds result in large inflows of cash to or outflows of cash from the Underlying Fund, the Underlying 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. Certain investments by funds-of-funds in an Underlying Fund may limit the ability of the Underlying Fund to invest in other investment companies, including private funds. The risks described above will be greater to the extent that one or a few shareholders own a significant portion of the Underlying Fund.

**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.

**Manager:** The Fund, and each Underlying 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 apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these will produce the desired results. The loss of their services could have an adverse impact on the Investment Adviser's or Sub-Adviser's ability to achieve the investment objectives.

**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 or 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. 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 has been and will in the future be 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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**KEY INFORMATION ABOUT THE UNDERLYING FUNDS**

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The Fund seeks to meet its investment objectives by allocating its assets among Underlying Funds. The information set out below is excerpted from an Underlying Fund's current prospectus as of this date and provides a brief description of the Underlying Fund. It is intended to provide investors some idea of the types of Underlying Funds in which the Fund invests.

The Fund may or may not invest in each of the Underlying Funds listed below, and the Fund may invest in Underlying Funds not listed below. The amount of the Fund's assets invested in any particular Underlying Fund will change from time to time, and it is impossible to predict the extent to which the Fund may be invested in any particular Underlying Fund or Underlying Funds at any time.

The Investment Adviser and Voya Investments Distributor, LLC (the "Distributor") (together "Voya") have implemented fee waivers and expense limitations for various classes of shares of some of the Underlying Funds in which the Fund may invest. The effect of those fee waivers and expense limitations is to reduce the total net expense ratios of certain of those share classes to a level below those of other share classes. The Fund may not be eligible to invest in the lowest expense share classes of the Underlying Funds. As a result, the Fund will incur Acquired Fund Fees and Expenses at rates higher than will certain other funds-of-funds that are sponsored by Voya and that invest in the same Underlying Funds. The determination as to the Fund's eligibility for investment in a lower-cost share class will generally be based on, among other factors, an assessment of the desirability of offering a relatively low-priced share class in certain sales channels or through certain products and any anticipated direct or indirect financial benefit to the Fund, a fund-of-funds investing in that share class, or Voya.

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**Underlying Fund: Voya Corporate Leaders**<sup>®</sup> **100 Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Voya Investment Management Co. LLC

The fund seeks to outperform the S&P 500<sup>®</sup> Index. Under normal market conditions, the fund invests primarily in equity securities of issuers included in the S&P 100 Index.

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**Underlying Fund: Voya Global Bond Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Voya Investment Management Co. LLC

The fund seeks to maximize total return through a combination of current income and capital appreciation. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in bonds of issuers in a number of different countries, which may include the United States.

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**Underlying Fund: Voya GNMA Income Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Voya Investment Management Co. LLC

The fund seeks a high level of current income consistent with liquidity and safety of principal through investment primarily in Government National Mortgage Association mortgage-backed securities (also known as GNMA Certificates) that are guaranteed as to the timely payment of principal and interest by the U.S. government. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in GNMA Certificates.

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**Underlying Fund: Voya High Yield Bond Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Voya Investment Management Co. LLC

The fund seeks to provide investors with a high level of current income and total return. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in a diversified portfolio of high-yield (high risk) bonds commonly known as "junk bonds."

------

**KEY INFORMATION ABOUT THE UNDERLYING FUNDS *(continued)***

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**Underlying Fund: Voya Investment Grade Credit Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Voya Investment Management Co. LLC

The fund seeks to maximize total return. Total return is a combination of income and capital appreciation. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in investment-grade fixed-income securities.

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**Underlying Fund: Voya Large-Cap Growth Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Voya Investment Management Co. LLC

The fund seeks long-term capital appreciation. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in common stocks of large-capitalization companies. The fund is non-diversified, which means that it may invest a significant portion of its assets in a single issuer.

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**Underlying Fund: Voya Mid Cap Research Enhanced Index Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Voya Investment Management Co. LLC

The fund seeks long-term capital growth. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in securities of mid-capitalization companies included in the S&P MidCap 400<sup>®</sup> Index.

------

**Underlying Fund: Voya Multi-Manager Emerging Markets Equity Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Delaware Investments Fund Advisers, Van Eck Associates Corporation, and Voya Investment Management Co. LLC

The fund seeks long-term capital appreciation. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of issuers in emerging markets.

------

**Underlying Fund: Voya Multi-Manager International Factors Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** PanAgora Asset Management, Inc. and Voya Investment Management Co. LLC

The fund seeks long-term growth of capital. Under normal market conditions, the fund invests at least 65% of its total assets in equity securities of companies located in a number of different countries other than the United States.

------

**Underlying Fund: Voya Small Company Fund** 

**Investment Adviser:** Voya Investments, LLC

**Sub-Adviser(s):** Voya Investment Management Co. LLC

The fund seeks growth of capital primarily through investment in a diversified portfolio of common stock of companies with smaller market capitalizations. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in common stocks of small-capitalization companies.

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**KEY INFORMATION ABOUT THE UNDERLYING FUNDS *(continued)***

------

**Unaffiliated Underlying Funds**

**Underlying Fund: iShares**<sup>®</sup> **Global REIT ETF** 

**Investment Adviser: BlackRock Fund Advisors** 

**Sub-Adviser(s):** N/A

The fund seeks to track the investment results of an index composed of global real estate equities in developed and emerging markets. The fund seeks to track the investment results of the FTSE EPRA Nareit Global REITs Index, which is designed to track the performance of publicly-listed real estate investment trusts (or their local equivalents) in both developed and emerging markets.

------

**PORTFOLIO HOLDINGS INFORMATION**

------

A description of the Fund's policies and procedures regarding the release of portfolio holdings information is available in the Fund's SAI. Portfolio holdings information can be reviewed online at www.voyainvestments.com.

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**MANAGEMENT OF THE FUND**

------

**The 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 office is located at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258. As of December 31, 2022, Voya Investments managed approximately $73.2 billion in assets.

**Management Fee** 

The Investment Adviser receives an annual fee for its services to the Fund. The fee is payable in monthly installments based on the average daily net assets of the Fund.

The Investment Adviser is responsible for all of its own costs, including costs of the personnel required to carry out its duties.

The following table shows the aggregate annual management fee paid by the Fund for the most recent fiscal year as a percentage of the Fund's average daily net assets.

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

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| | |
|:---|:---|
|  | **Management Fee** |
| Voya Global Perspectives<sup>®</sup> Fund | 0.22% |

---

For information regarding the basis for the Board's approval of the investment advisory and investment sub-advisory relationships, please refer to the Fund's unaudited semi-annual shareholder report which will cover the six-month period ending April 30, 2023.

**The Sub-Adviser and Portfolio Manager**

The Investment Adviser has engaged a sub-adviser to provide the day-to-day management of the Fund's portfolio. The Sub-Adviser is an affiliate of the Investment Adviser.

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 of the Fund the responsibility for asset allocation amongst the Underlying Funds, 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. 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 the appointment of a new sub-adviser may be accompanied by a change to the name of the Fund and a change to the investment strategies of the Fund.

A sub-advisory agreement can be terminated by the Investment Adviser, the Board, or the Sub-Adviser, provided that the conditions of such termination, as set forth in the agreement, are met. In addition, the sub-advisory agreement may be terminated by the Fund's shareholders. In the event a sub-advisory agreement is terminated, the Sub-Adviser 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 is an indirect subsidiary of Voya Financial, Inc. and is an affiliate of the 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 office is located at 230 Park Avenue, New York, New York 10169. As of December 31, 2022, Voya IM managed approximately $321 billion in assets.

**Individual Portfolio Manager**

The following individual is responsible for the day-to-day management of the Fund.

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

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Sub-Adviser** | **Fund** | **Recent Professional Experience** |
| Douglas Coté, CFA | Voya IM | Voya Global Perspectives<sup>®</sup> Fund | Mr. Coté, Senior Portfolio Manager, and Head of <br> Global Perspectives, is part of the Voya Multi-Asset <br> Strategies and Solutions Group. He is the founder <br> and portfolio manager of the Voya Global <br> Perspectives Funds and managed portfolios, a group <br> of global tactical asset allocation strategies. Mr. <br> Coté rejoined Voya IM in 2010 having previously <br> worked there from 1994 through 2006, primarily as <br> a senior portfolio manager in Enhanced Core <br> Equities, responsible for large-cap, mid-cap, and <br> small-cap institutional and retail funds. From 2007 <br> through 2009, he was a managing partner and chief <br> investment officer of a hedge fund.<br>|

---

**Additional Information Regarding the Portfolio Manager** 

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

**The 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 office is located at 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

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

------

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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**CLASSES OF SHARES**

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**Choosing a Share Class**

When choosing between classes, you should carefully consider: (1) how long you plan to hold shares of the Fund; (2) the amount of your investment; (3) the expenses you will pay for each class, including ongoing annual expenses along with the initial sales charge or the contingent deferred sales charges ("CDSC"); and (4) whether you qualify for any sales charge discounts. Please review the disclosure about all of the available share classes carefully. Before investing, you should discuss with your financial intermediary which share class may be right for you.

The table below summarizes the features of the classes of shares available through this Prospectus. Fund charges may vary so you should review the Fund's fee table included in the summary section of this Prospectus as well as the section entitled "Sales Charges" in this Prospectus.

**Summary of primary differences among share classes:**

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

---

| | |
|:---|:---|
| **Class A** |  |
| Initial Sales Charge | &nbsp;&nbsp;&nbsp; Up to 5.75% (reduced for purchases of $50,000 or more and <br> eliminated for purchases of $1 million or more)<br>|
| Contingent Deferred Sales Charge | &nbsp;&nbsp;&nbsp; None (except that with respect to purchases of $1 million or <br> more for which the initial sales charge was waived, a charge of <br> 1.00% applies to redemptions made within 18 months)<sup>1</sup> <br>|
| Distribution and/or Shareholder Services (12b-1) Fees | 0.25% annually |
| Purchase Maximum |  |
| Minimum Initial Purchase/Minimum Account Size | $1,000 ($250 for IRAs)/$1,000 ($250 for IRAs) |
| Minimum Subsequent Purchases | None (At least $100/month for pre-authorized investment plan) |
| Minimum Initial Account Balance for Systematic Exchange <br> Privilege<br>| $5000 |
| Conversion |  |

---

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

---

| | |
|:---|:---|
| **Class C** |  |
| Initial Sales Charge |  |
| Contingent Deferred Sales Charge | &nbsp;&nbsp;&nbsp; 1.00% if the shares are sold within one year from the date of <br> purchase<br>|
| Distribution and/or Shareholder Services (12b-1) Fees | 1.00% annually |
| Purchase Maximum | $1000000 |
| Minimum Initial Purchase/Minimum Account Size | $1,000 ($250 for IRAs)/$1,000 ($250 for IRAs) |
| Minimum Subsequent Purchases | None (At least $100/month for pre-authorized investment plan) |
| Minimum Initial Account Balance for Systematic Exchange <br> Privilege<br>| $5000 |
| Conversion | &nbsp;&nbsp;&nbsp; Automatic conversion to Class A shares at net asset value <br> (without the imposition of a sales charge) after 8 years<br>|

---

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

---

| | |
|:---|:---|
| **Class I** |  |
| Initial Sales Charge |  |
| Contingent Deferred Sales Charge |  |
| Distribution and/or Shareholder Services (12b-1) Fees |  |
| Purchase Maximum |  |
| Minimum Initial Purchase<sup>2</sup>/Minimum Account Size | $250,000/$250,000 |
| Minimum Subsequent Purchases | None (At least $100/month for pre-authorized investment plan) |
| Minimum Initial Account Balance for Systematic Exchange <br> Privilege<br>|  |
| Conversion |  |

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**CLASSES OF SHARES *(continued)***

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

---

| | |
|:---|:---|
| **Class R** |  |
| Initial Sales Charge |  |
| Contingent Deferred Sales Charge |  |
| Distribution and/or Shareholder Services (12b-1) Fees | 0.50% annually |
| Purchase Maximum |  |
| Minimum Initial Purchase/Minimum Account Size | None/None |
| Minimum Subsequent Purchases |  |
| Minimum Initial Account Balance for Systematic Exchange <br> Privilege<br>|  |
| Conversion |  |

---

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

---

| | |
|:---|:---|
| **Class W** |  |
| Initial Sales Charge |  |
| Contingent Deferred Sales Charge |  |
| Distribution and/or Shareholder Services (12b-1) Fees |  |
| Purchase Maximum |  |
| Minimum Initial Purchase/Minimum Account Size | $1,000/$1,000 |
| Minimum Subsequent Purchases | None (At least $100/month for pre-authorized investment plan) |
| Minimum Initial Account Balance for Systematic Exchange <br> Privilege<br>|  |
| Conversion |  |

---

A contingent deferred sales charge applies to shares purchased without an initial sales charge, as part of an investment of $1,000,000 or more, and redeemed within 18 months of purchase.

For Class I shares, there is no minimum initial investment requirement for: (i) qualified retirement plans or other defined contribution plans and defined benefit plans that invest in the Voya funds through omnibus arrangements; (ii) employees of Voya IM who are eligible to participate in "notional" bonus programs sponsored by Voya IM; or (iii) (a) investors transacting in Class I shares through brokerage platforms that invest in the Voya funds' Class I shares through omnibus accounts and have agreements with the Distributor to offer such shares and (b) such brokerage platforms' omnibus accounts.

Please refer to the minimum investments table on page 41 for additional information.

The relative impact of the initial sales charge, if applicable, and ongoing annual expenses will depend on the length of time a share is held. Higher distribution fees mean a higher expense ratio, so Class C shares pay correspondingly lower dividends and may have a lower net asset value ("NAV") than Class A shares.

Because the Fund may not be able to identify an individual investor's trading activities when investing through omnibus account arrangements, you and/or your financial intermediary are responsible for ensuring that your investment in Class C shares does not exceed $1,000,000. The Fund cannot ensure that it will identify purchase orders that would cause your investment in Class C shares to exceed the maximum allowed amount. When investing through such arrangements, you and/or your financial intermediary should be diligent in determining that you have selected the appropriate share class for you.

You and/or your financial intermediary should also take care to assure that you are receiving any sales charge reductions or other benefits to which you may be entitled. As an example, as is discussed below, you may be able to reduce a Class A sales charge payable by aggregating purchases to achieve breakpoint discounts. The Fund uses the net amount invested when determining whether a shareholder has reached the required investment amount in order to be eligible for a breakpoint discount. In order to ensure that you are receiving any applicable sales charge reduction, it may be necessary for you to inform the Fund or your financial intermediary of the existence of other accounts that may be eligible to be aggregated. The SAI discusses specific classes of investors who may be eligible for a reduced sales charge. In addition, investors investing in the Fund through an intermediary should consult Appendix A to this Prospectus, which includes information regarding financial intermediary specific sales charges and related discount policies that apply to purchases through certain specified intermediaries. Before investing you should discuss which share class may be right for you with your financial intermediary.

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**CLASSES OF SHARES *(continued)***

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**Distribution and Service (12b-1) Fees** 

The Fund pays fees to the Distributor on an ongoing basis as compensation for the services the Distributor provides and the expenses it bears in connection with the sale and distribution of Fund shares ("distribution fees") and/or in connection with personal services rendered to Fund shareholders and the maintenance of shareholder accounts ("service fees"). These payments are made pursuant to distribution and/or shareholder servicing plans adopted by the Fund pursuant to Rule 12b-1 of the 1940 Act ("12b-1 Plan"). Because these distribution and service fees are paid on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

The Fund has adopted a 12b-1 Plan for at least one of the following share classes: Class A, Class C, and Class R shares. The following table lists the maximum annual rates at which the distribution and/or servicing fees may be paid under a 12b-1 Plan (calculated as a percentage of the Fund's average daily net assets attributable to the particular class of shares):

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

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| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** |
| Voya Global Perspectives<sup>®</sup> Fund | 0.25% | 1.00% | 0.50% |

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**SALES CHARGES**

------

The Fund makes available in a clear and prominent format, free of charge, on its website, (www.voyainvestments.com), information regarding applicable sales loads, reduced sales charges (*i.e*., breakpoint discounts), sales load waivers, eligibility minimums and purchases of the Fund's shares. The website includes hyperlinks that facilitate access to the information.

**Class A Shares** 

This section includes important information about sales charges and sales charge reduction programs available to investors in the Fund's Class A shares and describes the information or records you may need to provide to the Distributor or your financial intermediary in order to be eligible for sales charge reduction programs.

Unless you are eligible for a waiver, the public offering price you pay when you buy Class A shares is the NAV of the shares at the time of purchase, plus an initial sales charge. The initial sales charge varies depending on the size of your purchase, as set forth in the following tables. No sales charge is imposed when Class A shares are issued to you pursuant to the automatic reinvestment of income dividends or capital gains distributions. For investors investing in Class A shares through a financial intermediary, it is the responsibility of the financial intermediary to ensure that the investor obtains the proper breakpoint discount, if any.

Because the offering price is calculated to two decimal places, the dollar amount of the sales charge as a percentage of the offering price and your net amount invested for any particular purchase of Fund shares may be higher or lower depending on whether downward or upward rounding was required during the calculation process.

Class A shares are sold subject to the following sales charge:

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

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| | | |
|:---|:---|:---|
| **Your Investment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **As a % of** <br>**the offering price**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **As a % of net** <br>**asset value**<br>|
| Less than $50,000 | 5.75 | 6.10 |
| $50000 - $99999 | 4.50 | 4.71 |
| $100000 - $249999 | 3.50 | 3.63 |
| $250000 - $499999 | 2.50 | 2.56 |
| $500000 - $999999 | 2.00 | 2.04 |
| $1,000,000 and over<sup>1</sup> <br>| N/A | N/A |

---

See CDSC - Class A Shares below.

Shareholders that purchased funds that were a part of the Lexington family of funds or the Aetna family of funds prior to February 2, 1998, at the time of purchase, are not subject to sales charges for the life of their account on purchases made directly with the Fund. Former Class C shareholders that were converted to Class A shares are not subject to a sales charge for the life of their account on purchases made directly with the Fund.

**CDSC - Class A Shares** 

**Investments of $1,000,000 or More.** There is no front-end sales charge if you purchase Class A shares in an amount of $1,000,000 or more. However, these shares will be subject to a 1.00% CDSC if they are redeemed within 18 months of purchase.

**Class C Shares** 

Unless you are eligible for a waiver, if you sell your Class C shares within the time periods specified below, you will pay a CDSC according to the following schedules. It is the responsibility of your financial intermediary to ensure that you are credited with the proper holding period for the shares redeemed.

Class C shares are offered at their NAV per share without any initial sales charge. However, you may be charged a CDSC on shares that you sell within a certain period of time after you bought them. The amount of the CDSC is based on the lesser of the NAV of the shares at the time of purchase or redemption. The CDSCs are as follows:

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

---

| | |
|:---|:---|
| **Years after purchase** | **CDSC on shares being sold** |
| 1st year | 1.00% |
| After 1st year |  |

---

To keep your CDSC as low as possible, each time you place a request to redeem shares, the Fund will first redeem shares in your account that are not subject to a CDSC and then will sell shares that have the lowest CDSC.

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**SALES CHARGES *(continued)***

------

There is no CDSC on shares acquired through the reinvestment of dividends and capital gains distributions.

**CDSC on Exchange into Voya Credit Income Fund (formerly, Voya Senior Income Fund)** 

You are not required to pay an applicable CDSC upon an exchange from the Fund described in this Prospectus into Voya Credit Income Fund. However, if you exchange into Voya Credit Income Fund and subsequently offer your common shares for repurchase by Voya Credit Income Fund, the Fund's CDSC will apply. After an exchange into Voya Credit Income Fund, the time period for application of the CDSC will be calculated based on the first date you acquired your shares.

**Reduced or Waived Front-End Sales Charges or CDSC** 

The sales charge and CDSC waiver categories described in this section do not apply to customers purchasing shares of the Fund through any of the financial intermediaries specified in Appendix A to this Prospectus (each a "Specified Intermediary"). In all instances, it is the investor's responsibility to notify the Fund or the investor's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts.

**Different financial intermediaries may apply different sales charge or CDSC waivers. Please refer to Appendix A for the sales charge or CDSC waivers that are applicable to each Specified Intermediary.** 

Investors in the Fund could reduce or eliminate sales charges applicable to the purchase of Class A shares through utilization of the Letter of Intent, Rights of Accumulation, or Combination Privilege. These programs are summarized below and are described in greater detail in the SAI.

You may reduce the initial sales charge on a purchase of Class A shares of the Fund by combining multiple purchases to take advantage of the breakpoints in the sales charge schedules. You may do this by:

&nbsp;&nbsp;&nbsp;&nbsp;• **Letter of Intent**—lets you purchase shares over a 13-month period and pay the same sales charge as if the shares had all been purchased at once;

&nbsp;&nbsp;&nbsp;&nbsp;• **Rights of Accumulation**—lets you add the value of shares of any open-end Voya mutual fund (excluding Voya Government Money Market Fund) you already own to the amount of your next purchase for purposes of calculating the sales charge; or

&nbsp;&nbsp;&nbsp;&nbsp;• **Combination Privilege**—shares held by investors in the Voya mutual funds which impose a CDSC may be combined with Class A shares for a reduced sales charge.

In addition, certain investors may be eligible for special purchases of Class A shares at NAV. This may be done by:

&nbsp;&nbsp;&nbsp;&nbsp;• **Reinstatement Privilege**—If you sell Class A shares of the Fund (or shares of other Voya mutual funds managed by the Adviser) and reinvest any of the proceeds in Class A shares of another Voya mutual fund within 90 days. For additional information regarding the reinstatement privilege, contact a Shareholder Services Representative or see the SAI; or

&nbsp;&nbsp;&nbsp;&nbsp;• **Purchases by Certain Accounts**—Class A shares may be purchased at NAV by certain fee-based programs offered through selected registered investment advisers, broker-dealers, and other financial intermediaries. Class A shares may also be purchased at NAV by shareholders that purchase the Fund through a financial intermediary that offers our Class A shares uniformly on a "no load" (or reduced load) basis to you and all similarly situated customers of the intermediary in accordance with the intermediary's prescribed fee schedule for purchases of fund shares, including by shareholders that purchase shares through a financial intermediary that has entered into an agreement with the Distributor to offer shares to self-directed investment brokerage accounts that may or may not charge a transaction fee to its customers.

See the Account Application or the SAI for additional information regarding the reduction of Class A shares' charges, or contact your financial intermediary or a Shareholder Services Representative for more information.

**Required Shareholder Information and Records.** In order for investors in Class A shares of the Fund to take advantage of sales charge reductions, an investor or his/her financial intermediary must notify the Distributor that the investor qualifies for such reduction. If the Distributor is not notified that the investor is eligible for these reductions, the Distributor will be unable to ensure that the reduction is applied to the investor's account. An investor may have to provide certain information or records, including account statements, to his/her financial intermediary or to the Distributor to verify the investor's eligibility for breakpoint privileges or other sales charge waivers.

------

**SALES CHARGES *(continued)***

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**CDSC Waivers.** If you notify the Fund's transfer agent, BNY Mellon Investment Servicing (US) Inc. (the "Transfer Agent"), at the time of redemption, the CDSC for Class A and Class C shares will be waived in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;• Redemptions following the death or permanent disability of a shareholder if made within one year of death or the initial determination of permanent disability. The waiver is available only for shares held at the time of death or initial determination of permanent disability.

&nbsp;&nbsp;&nbsp;&nbsp;• Redemptions for Class C shares, pursuant to a Systematic Withdrawal Plan, up to a maximum of 12% per year of a shareholder's account value based on the value of the account at the time the plan is established and annually thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;• Mandatory distributions from "employee benefit plans" or an individual retirement account ("IRA").

&nbsp;&nbsp;&nbsp;&nbsp;• Reinvestment of dividends and capital gains distributions.

In addition, the CDSC will be waived on the redemption of shares held through an intermediary if the intermediary has entered into an agreement with the Distributor to waive the CDSC. If you think you may be eligible for a CDSC waiver, contact your financial intermediary or a Shareholder Services Representative.

**Reinstatement Privilege.** If you sell Class A or Class C shares of the Fund you may be eligible for a full or prorated credit of the CDSC paid on the sale when you make an investment up to the amount redeemed in the same share class within 90 days of the eligible sale. Reinstated Class C shares will retain their original cost and purchase date for purposes of the CDSC. This privilege can be used only once per calendar year. If you want to use the Reinstatement Privilege, contact your financial intermediary or a Shareholder Services Representative, or see the SAI for more information. An investor may be asked to provide information or records, including account statements, regarding shares of the Fund held in all of the investor's accounts held directly with the Trust or through a financial intermediary; any account of the investor at another financial intermediary; and accounts of related parties of the investor, such as members of the same family or household, at any financial intermediary.

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**HOW SHARES ARE PRICED**

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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 an independent 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 waive minimum investment amounts. Waiver of the minimum investment amount can increase operating expenses of the Fund. The Fund and the Distributor reserve the right to liquidate sufficient shares to recover annual transfer agent fees or to close your account and redeem your shares should you fail to maintain your account value minimum.

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

**Class A and Class C Shares** 

Class A and Class C shares may be purchased and sold by contacting any financial intermediary (who may impose transaction charges in addition to those described in this Prospectus) authorized to sell Fund shares. You may purchase additional shares in various ways, including through your financial adviser and by mail, telephone, on-line, and bank wire.

A shareholder's Class C shares will automatically convert to Class A shares at net asset value (without the imposition of a sales charge) on the second calendar day of the following month in which the 8th anniversary of the issuance of the Class C shares occurs, together with a *pro rata* portion of all Class C shares representing dividends and other distributions paid in additional Class C shares.

**Class I Shares** 

Class I shares may be purchased without a sales charge by: (1) qualified retirement plans such as 401(a), 401(k), or other defined contribution plans and defined benefit plans; (2) 529 college savings plans; (3) insurance companies and foundations investing for their own account; (4) wrap programs offered by broker-dealers and financial institutions; (5) accounts of, or managed by, trust departments; (6) individuals whose accounts are managed by an investment adviser representative; (7) employees of Voya IM who are eligible to participate in "notional" bonus programs sponsored by Voya IM; (8) retirement plans affiliated with Voya Financial, Inc.; (9) Voya Financial, Inc. affiliates for purposes of corporate cash management; (10) other registered investment companies; and (11) (a) investors purchasing Class I shares through brokerage platforms that invest in the Voya funds' Class I shares through omnibus accounts and have agreements with the Distributor to offer such shares and (b) such brokerage platforms' omnibus accounts. An investor transacting in Class I shares on such brokerage platforms may be required to pay a commission and/or other forms of compensation to the broker.

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

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**Class R Shares** 

Class R shares may be purchased without a sales charge. Class R shares of the Fund are continuously offered to qualified retirement plans ("Retirement Plans") including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans, IRAs, Simplified Employee Pension Plans ("SEPs"), and other accounts or plans whereby Class R shares are held on the books of the Fund through omnibus accounts (either at the plan level or the level of the plan administrator). Purchases and redemptions of shares may be made only by eligible Retirement Plans for the purpose of funding qualified retirement plans. Please refer to the plan document for information on how to direct investments in, or redemptions from, an investment option corresponding to the Fund and any fees that may apply.

The administrator of a Retirement Plan or employee benefits office can provide participants with detailed information on how to participate in the plan and how to elect the Fund as an investment option, alter the amounts contributed to the plan, or reallocate contributions. Eligible Retirement Plans generally may open an account and purchase Class R shares by contacting any broker-dealer or other financial intermediary ("Financial Service Firm") authorized to sell Class R shares of the Fund. Additional shares may be purchased through a Retirement Plan's administrator or recordkeeper. Financial Service Firms may provide or arrange for the provision of some or all of the shareholder servicing and account maintenance services required by Retirement Plan accounts and their plan participants including, without limitation, transfers of registration and dividend payee changes. Financial Service Firms may also perform other functions, including generating confirmation statements, and may arrange with plan administrators for other investment or administrative services.

Financial Service Firms may independently establish and charge Retirement Plans and plan participants transaction fees and/or other additional amounts for such services, which may change over time. Similarly, Retirement Plans may charge plan participants for certain expenses. These fees and additional amounts could reduce the investment return in Class R shares of the Fund.

**Class W Shares** 

Class W shares may be purchased without a sales charge by: (1) qualified retirement plans such as 401(a), 401(k), or other defined contribution plans and defined benefit plans; (2) insurance companies and foundations investing for their own account; (3) wrap programs offered by broker-dealers and financial institutions; (4) accounts of, or managed by, trust departments; (5) individuals whose accounts are managed by an investment adviser representative; (6) retirement plans affiliated with Voya Financial, Inc.; (7) Voya Financial, Inc. affiliates for purposes of corporate cash management; and (8) by other Voya mutual funds in the Voya family of funds.

In addition, Class W shares are available to the following persons through direct investment (not through broker-dealers that are not approved by Voya) into a Voya mutual fund or through a Voya approved broker-dealer (currently, Voya Financial Advisors, Inc.): (1) current and retired officers and directors/trustees of the Voya mutual funds; (2) current and retired officers, directors, and full-time employees of Voya Investments, LLC, Directed Services LLC; any Voya mutual fund's sub-adviser; Voya Investments Distributor, LLC; and any of their affiliates; (3) family members of the foregoing persons (defined as current spouse, children, parents, grandparents, grandchildren, uncles, aunts, siblings, nephews, nieces, step-relations, relations at-law, and cousins); (4) any trust, pension, profit-sharing, or other benefit plan for such persons (including family members); (5) discretionary advisory accounts of Voya Investments, LLC, Directed Services LLC, any Voya mutual fund's sub-adviser, or Voya Investments Distributor, LLC; and (6) qualifying investments made through Voya promotional programs as determined by Voya Investments Distributor, LLC.

**Retirement Plans** 

The Fund has available prototype qualified retirement plans for corporations and self-employed individuals. The Fund also has available prototype IRA, Roth IRA and Simple IRA plans (for both individuals and employers), Simplified Employee Pension Plans and Pension and Profit Sharing Plans. BNY Mellon Investment Servicing Trust Company acts as the custodian under these plans. For further information, contact a Shareholder Services Representative at 1-800-992-0180. BNY Mellon Investment Servicing Trust Company currently receives a $12 custodial fee annually for the maintenance of each such account.

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

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Make your investment using the purchase minimum guidelines in the following table.

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

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| | | | |
|:---|:---|:---|:---|
| **Minimum Investments** | **Class** | **Initial Purchase** | **Subsequent Purchases** |
| Non-retirement accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A/C/W <br>I<sup>1</sup> <br>R<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1,000 <br>$250,000 <br>No minimum<br>| No minimum |
| Retirement accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A/C <br>I<sup>1</sup> <br>R <br>W<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $250 <br>$250,000 <br>No minimum <br>$1,000<br>| No minimum |
| Pre-authorized investment plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A/C/W <br>I<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1000 <br>$250000<br>| At least $100/month |
| Certain omnibus accounts | A/C | $250 | No minimum |

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For Class I shares, there is no minimum initial investment requirement for: (i) qualified retirement plans or other defined contribution plans and defined benefit plans that invest in the Voya funds through omnibus arrangements; (ii) employees of Voya IM who are eligible to participate in "notional" bonus programs sponsored by Voya IM; or (iii) (a) investors transacting in Class I shares through brokerage platforms that invest in the Voya funds' Class I shares through omnibus accounts and have agreements with the Distributor to offer such shares and (b) such brokerage platforms' omnibus accounts.

Make your investment using the methods outlined in the following table. If you are a participant in a qualified retirement plan, you should make purchases through your plan administrator or sponsor, who is responsible for transmitting orders.

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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<br> 15253-4480<br>| &nbsp;&nbsp; Wire the funds in the same manner described <br> under "Opening an Account."<br>|

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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.

If you are a participant in a qualified retirement plan, you should make redemptions through your plan administrator or sponsor, who is responsible for transmitting orders.

&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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**Systematic Withdrawal Plan (available only for those share classes referenced below)** 

You may elect to make periodic withdrawals from your account on a regular basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A and Class C** 

&nbsp;&nbsp;&nbsp;&nbsp;• Your account must have a current value of at least $10,000.

&nbsp;&nbsp;&nbsp;&nbsp;• Minimum withdrawal amount is $100.

&nbsp;&nbsp;&nbsp;&nbsp;• You may choose from monthly, quarterly, semi-annual or annual payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I and Class W** 

&nbsp;&nbsp;&nbsp;&nbsp;• Your account must have a current value of at least $250,000 or $1,000 for Class I and Class W shares, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;• Minimum withdrawal amount is $1,000.

&nbsp;&nbsp;&nbsp;&nbsp;• You may choose from monthly, quarterly, semi-annual or annual payments.

For additional information, contact a Shareholder Services Representative or refer to the Account Application or the SAI.

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

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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 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. The Fund may distribute non-cash assets in any case where it has determined, in its sole discretion, that it is advisable and in the best interests of the Fund. By way of example, where the redemption might be expected to have an unfavorable tax effect on the Fund, cases arising during a period of deteriorating market conditions or market stress, cases arising when a significant portion of the Fund's portfolio is comprised of less-liquid and/or illiquid securities, or in the case of a very large redemption that could adversely affect Fund operations. 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. A shareholder may incur brokerage costs in converting such assets to cash.

**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 exchanges and 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.

**Small Accounts** 

Due to the relatively high cost of handling small investments, the Fund reserves the right, upon 30 days' prior written notice, to redeem at NAV (less any applicable deferred sales charge), the shares of any shareholder whose account (except for IRAs) has a total value that is less than the Fund's minimum. Before the Fund redeems such shares and sends the proceeds to the shareholder, it will notify the shareholder that the value of the shares in the account is

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

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less than the minimum amount allowed and will allow the shareholder 30 days to make an additional investment in an amount that will increase the value of the account to the minimum before the redemption is processed. Your account will not be closed if its drop in value is due to Fund performance.

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**HOW TO EXCHANGE SHARES**

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**Exchanges Between Voya Mutual Funds** 

You may exchange shares of the Fund for shares of the same class of any other Voya mutual fund, except for Voya Corporate Leaders<sup>®</sup> Trust Fund, without paying any additional sales charge, if you otherwise meet the eligibility requirements of the class of shares of the Voya mutual fund to be received in the exchange. If you purchase Class A shares of Voya Government Money Market Fund and did not pay a sales charge, you must pay the applicable sales charge on an exchange into Class A shares of another Voya mutual fund.

If you exchange shares of the Fund that are subject to a CDSC into shares of another Voya mutual fund that are subject to a CDSC, the CDSC will continue to apply to your new shares at the same CDSC rate that was applicable to your original shares. Your new shares will continue to age for CDSC purposes from the date that the original shares were purchased.

**Exchanges Between Classes of the Fund** 

You may exchange Class C and Class W shares for Class I shares within the Fund, or you may exchange Class A shares and Class I shares for any other class within the Fund, if you otherwise meet the eligibility requirements of the class of shares to be received in the exchange, or you may exchange Class C shares for Class A shares within the Fund, except that: (1) you may not exchange shares that are subject to a CDSC until the CDSC period has expired, unless the Distributor approves the exchange and determines that no CDSC is payable in connection with the exchange; (2) you may not exchange Class A shares for Class W shares unless you acquired the Class A shares through a Voya approved broker-dealer (currently, Voya Financial Advisors, Inc.); and (3) you may not exchange Class C shares for Class A shares unless your intermediary has agreed to waive its right to receive the front-end sales charge that otherwise would be applicable to the Class A shares. Class C shares will automatically convert to Class A shares of the same Fund after they have been held for 8 years.

All exchanges within the Fund are subject to the discretion of the Distributor to permit or reject such exchanges. Shareholders generally should not recognize gain or loss for U.S. federal income tax purposes from an exchange between classes of shares within the Fund provided that the transaction is undertaken and processed, with respect to any shareholder, as a direct exchange transaction. Shareholders should consult their tax advisors as to the federal, state, local, and non-U.S. tax consequences of an exchange between classes of shares within the Fund.

Exchanges between classes of shares within the Fund are not subject to the frequent trading and market timing policies of Voya mutual funds.

**Additional Information About Exchanges** 

Fees and expenses differ among Voya mutual funds and among share classes of the same fund. Please read the prospectus for the Voya mutual fund and share class you are interested in prior to exchanging into that Voya mutual fund or share class. Contact your financial intermediary or consult your plan documents for additional information.

An exchange of shares of the Fund for shares of another Voya mutual fund is treated as a sale and purchase of shares and may result in the recognition of a gain or loss for federal and state income tax purposes. For exchanges between Voya mutual funds, you should consult your own tax advisor for advice about the particular federal, state, and local tax consequences to you of the exchange. The total value of shares being exchanged must at least equal the minimum investment requirement of the Voya mutual fund into which they are being exchanged.

If you exchange into Voya Credit Income Fund, your ability to sell or liquidate your investment will be limited. Voya Credit Income Fund is a closed-end interval fund and does not redeem its shares on a daily basis. It is not expected that a secondary market for Voya Credit Income Fund's shares will develop, so you will not be able to sell them through a broker or other investment professional. To provide a measure of liquidity, Voya Credit Income Fund will normally make monthly repurchase offers for not less than 5% of its outstanding common shares. If more than 5% of Voya Credit Income Fund's common shares are tendered, you may not be able to completely liquidate your holdings in any one month. You also would not have liquidity between these monthly repurchase dates. Investors exercising the exchange privilege into Voya Credit Income Fund should carefully review the prospectus of that fund. Investors may obtain a copy of the Voya Credit Income Fund prospectus or any other Voya mutual fund prospectus by calling 1-800-992-0180 or by going to www.voyainvestments.com.

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**HOW TO EXCHANGE SHARES *(continued)***

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In addition to the Fund available in this Prospectus, the Distributor offers many other funds. Shareholders exercising the exchange privilege with any other Voya mutual fund should carefully review the prospectus of that fund before exchanging their shares. Investors may obtain a copy of a prospectus of any Voya mutual fund not discussed in this Prospectus by calling 1-800-992-0180 or by going to www.voyainvestments.com.

You will automatically have the ability to request an exchange between Voya mutual funds by calling a Shareholder Services Representative unless you mark the box on the Account Application that indicates that you do not wish to have the telephone exchange privilege. The Fund may change or cancel its exchange policies at any time, upon 60 days' prior notice to shareholders.

**Systematic Exchange Privilege** 

Subject to the information and limitations outlined above, you may elect to have a specified dollar amount of shares systematically exchanged, monthly, quarterly, semi-annually, or annually from your account to an identically registered account in the same class of any other open-end Voya mutual fund, except for Voya Corporate Leaders<sup>®</sup> Trust Fund. This exchange privilege may be modified at any time or terminated upon 60 days' prior written notice to shareholders.

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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 whether directly or by exchange, 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, whether directly or by exchange; 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.

Because some Underlying Funds invest in foreign (non-U.S.) securities, they 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 an Underlying 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 the Underlying Fund's current NAV, investors may attempt to take advantage of anticipated price movements in securities held by the Underlying Funds based on such pricing discrepancies. This is often referred to as "price arbitrage." Such price arbitrage opportunities may also occur in Underlying Funds which do not invest in foreign (non-U.S.) securities. For example, if trading in a security held by an Underlying Fund is halted and does not resume prior to the time the Underlying Fund calculates its NAV such "stale pricing" presents an opportunity for investors to take advantage of the pricing discrepancy. Similarly, Underlying Funds that hold thinly-traded securities, such as certain small-capitalization securities, may be exposed to varying levels of pricing arbitrage. The Underlying Funds have adopted fair valuation policies and procedures intended to reduce the Underlying Funds' exposure to price arbitrage, stale pricing and other potential pricing discrepancies. However, to the extent that an Underlying Fund does not immediately reflect these changes in market conditions, short-term trading may dilute the value of the Underlying Funds' 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. In general, shareholders may make exchanges among their accounts with Voya mutual funds once every 30 days. However, the Fund prohibits frequent trading. The Fund has defined frequent trading as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Any shareholder or financial adviser initiated exchanges among all their accounts with the Fund within 30 calendar days of a previous exchange. All exchanges occurring on the same day for all accounts (individual, IRA, 401(k), etc.) beneficially owned by the same shareholder will be treated as a single transaction for purposes of this policy;

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

&nbsp;&nbsp;&nbsp;&nbsp;• Trades initiated by financial advisers, among multiple shareholder accounts, that in the aggregate are deemed harmful or excessive.

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

&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;• Purchases and sales of funds that affirmatively permit short-term trading;

&nbsp;&nbsp;&nbsp;&nbsp;• Rebalancing to facilitate fund-of-fund arrangements or the Fund's systematic exchange privileges;

&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales initiated by Voya mutual funds; and

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

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

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Please note that while money market funds permit short-term trading, an exchange between a money market fund and another fund that does not permit short-term trading will count as an exchange for purposes of this policy.

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

&nbsp;&nbsp;&nbsp;&nbsp;• Upon the first violation of this policy in a calendar year, purchase and exchange privileges shall be suspended for 90 days. For example, if an exchange is initiated on February 1st, and a second exchange is initiated on February 15th, trading privileges shall be suspended for 90 days from February 1st.

&nbsp;&nbsp;&nbsp;&nbsp;• Upon a second violation in a calendar year, purchase and exchange privileges shall be suspended for 180 days.

&nbsp;&nbsp;&nbsp;&nbsp;• No purchases or exchanges will be permitted in the account and all related accounts bearing the same Tax ID or equivalent identifier.

On the next Business Day following the end of the 90 or 180 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. 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:

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

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Advisor Group, Inc.; Ameriprise Financial Services, LLC; Broadridge Business Process Outsourcing, LLC; Cetera Financial Holdings, Inc.; Charles Schwab & Co. Inc.; Directed Services LLC; E\*trade Securities, LLC; Fidelity Distributors Company LLC; J.P. Morgan Securities, LLC; LPL Financial, LLC; Merrill Lynch, Pierce, Fenner & Smith Inc.; Mid Atlantic Financial Management, Inc.; Morgan Stanley; National Financial Services, LLC; Pershing, LLC; Prudential Insurance Company of America; Raymond James & Associates, Inc.; RBC Capital Markets, LLC; ReliaStar Life Insurance Company of New York; TD Ameritrade Clearing, Inc.; UBS Financial Services, Inc.; USI Securities, Inc.; Voya Financial Advisors, 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.

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**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

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**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. 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 federal tax regulations, the Fund may also pay an additional capital gains distribution.

**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.

**Taxes** 

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. Circumstances among investors may vary, so you are encouraged to discuss an investment in the Fund with your tax advisor.

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 federal income taxes and may also be subject to state or local taxes. For mutual funds generally, 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 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 net capital gains, provided that the shareholder meets certain holding period and other requirements with respect to its shares.

Selling or exchanging 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 an ordinary redemption of shares or an exchange of shares between two mutual funds. Any such capital gain or loss will generally be long term if the shares sold or exchanged were held for more than one year; otherwise, such gain or loss will be short term. Any capital loss incurred on the sale or exchange 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 sale, redemption or exchange 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.

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

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

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 that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds certain threshold amounts.

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

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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.

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 sale or exchange 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.

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 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.

If more than 50% in value of the Fund's total assets at the close of its taxable year consists of stock or securities of foreign corporations, or if at least 50% of the value of the Fund's total assets at the close of each quarter of its taxable year is represented by interests in other regulated investment companies, the Fund may elect (the "Foreign Election") to "pass through" to its shareholders the amount of foreign income and similar foreign taxes paid or deemed paid by it. If the Fund so elects, each of its shareholders would be required to include in gross income, even though not actually received, its *pro rata* share of such foreign taxes paid or deemed paid by the Fund, but would be treated as having paid its *pro rata* share of such foreign taxes and would therefore be allowed to either deduct such amount in computing taxable income or use such amount (subject to various limitations) as a foreign tax credit against federal income tax (but not both). It is anticipated that the Fund will qualify to make the Foreign Election; however, the Fund cannot be certain that it will be eligible to make such an election or that you will be eligible for the foreign tax credit.

Because most of the Fund's investments are shares of Underlying Funds, the tax treatment of the Fund's gains, losses, and distributions may differ from the tax treatment that would apply if either the Fund invested directly in the types of securities held by the Underlying Funds or the Fund shareholders invested directly in the Underlying Funds. As a result, you may receive taxable distributions earlier and recognize higher amounts of capital gain or ordinary income than you otherwise would.

**Cost Basis Reporting.** The Internal Revenue Service requires mutual fund companies and brokers to report on Form 1099-B the cost basis on the sale or exchange 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.

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**ACCOUNT POLICIES**

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**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 www.voyainvestments.com or via a touch tone 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 www.voyainvestments.com, 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.

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**INDEX DESCRIPTIONS**

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The S&P 500<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. It includes 500 leading companies and captures approximately 80% coverage of available market capitalization.

The S&P Target Risk Growth Index is designed to measure the performance of equity allocations, while seeking to provide limited fixed income exposure to diversify risk.

The S&P 500<sup>®</sup> Index is a product of S&P Dow Jones Indices LLC ("SPDJI"), and has been licensed for use by Voya Services Company and certain affiliates ("Voya"). S&P<sup>®</sup> and S&P 500<sup>®</sup> are trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Voya.

Voya's investment products (the "Products") based in whole or in part on the S&P 500<sup>®</sup> Index (the "Index") are not sponsored, endorsed, sold or promoted by SPDJI, S&P, Dow Jones or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Products or any member of the public regarding the advisability of investing in the Products or purchasing securities generally or the ability of the Index to track general market performance. S&P Dow Jones Indices' only relationship to Voya with respect to the Products is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500<sup>®</sup> Index is determined, composed and calculated by S&P Dow Jones Indices without regard to Voya or the Products. S&P Dow Jones Indices have no obligation to take the needs of Voya or the owners of the Products into consideration in determining, composing or calculating the Index. S&P Dow Jones Indices are not responsible for and have not participated in the determination of the prices, and amount of the Products or the timing of the issuance or sale of the Products or in the determination or calculation of the equation by which the Products are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices have no obligation or liability in connection with the administration or marketing of the Products. There is no assurance that investment products based on the Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY VOYA, OWNERS OF THE PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND VOYA, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

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**FINANCIAL HIGHLIGHTS**

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The financial highlights table is intended to help you understand the Fund's financial performance for the periods shown. Certain information reflects the financial results for a single share. The total returns in the table represent the rate of return that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and/or distributions). The information for the fiscal years ended October 31, 2020, October 31, 2021, and October 31, 2022 has been audited by Ernst & Young LLP, whose report, along with the Fund's financial statements, is included in the Fund's Annual Report, which is available upon request. The information for the prior fiscal years or periods was audited by a different independent public accounting firm.

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**FINANCIAL HIGHLIGHTS *(continued)***

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

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

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (loss)** <br>**from** <br>**investment** <br>**operations** | **Income (loss)** <br>**from** <br>**investment** <br>**operations** |  | **Less distributions** | **Less distributions** | **Less distributions** |  |  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental** <br>**data** | **Supplemental** <br>**data** |
|  | Net asset value, beginning <br>of year or period | Net investment income (loss) | Net realized and unrealized <br>gain (loss) | Total from investment <br>operations | From net investment income | From net realized gains | From return of capital | Total distributions | Payments from distribution settlement/affiliate | Net asset value, end of year or period | **Total Return**<sup>(1)</sup> | Expenses before <br>reductions/additions<sup>(2)(3)</sup> <br>| Expenses, net of fee waivers <br>and/or recoupments, if any<sup>(2)(3)</sup> <br>| Expenses net of all <br>reductions/additions<sup>(2)(3)</sup> <br>| Net investment income <br>(loss)<sup>(2)(3)</sup> <br>| Net assets, end of year or period | Portfolio turnover rate |
| Year or Period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | **(%)** | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Global Perspectives**<sup>®</sup> **Fund** | **Voya Global Perspectives**<sup>®</sup> **Fund** | **Voya Global Perspectives**<sup>®</sup> **Fund** | **Voya Global Perspectives**<sup>®</sup> **Fund** | **Voya Global Perspectives**<sup>®</sup> **Fund** | **Voya Global Perspectives**<sup>®</sup> **Fund** | **Voya Global Perspectives**<sup>®</sup> **Fund** | **Voya Global Perspectives**<sup>®</sup> **Fund** | **Voya Global Perspectives**<sup>®</sup> **Fund** | **Voya Global Perspectives**<sup>®</sup> **Fund** | **Voya Global Perspectives**<sup>®</sup> **Fund** | **Voya Global Perspectives**<sup>®</sup> **Fund** | **Voya Global Perspectives**<sup>®</sup> **Fund** | **Voya Global Perspectives**<sup>®</sup> **Fund** | **Voya Global Perspectives**<sup>®</sup> **Fund** | **Voya Global Perspectives**<sup>®</sup> **Fund** | **Voya Global Perspectives**<sup>®</sup> **Fund** | **Voya Global Perspectives**<sup>®</sup> **Fund** |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 13.12 | 0.16<sup>•</sup> | (2.73) | (2.57) | 0.68 | 0.82 |  | 1.50 |  | 9.05 | **(22.13)** | 0.67 | 0.58 | 0.58 | 1.52 | 75154 | 46 |
| 10-31-21 | 11.99 | 0.11<sup>•</sup> <br>| 1.47 | 1.58 | 0.34 | 0.11 |  | 0.45 |  | 13.12 | **13.34** | 0.64 | 0.61 | 0.61 | 0.89 | 88148 | 56 |
| 10-31-20 | 11.44 | 0.28 | 0.81 | 1.09 | 0.28 | 0.26 |  | 0.54 |  | 11.99 | **9.84** | 0.73 | 0.58 | 0.58 | 2.53 | 37945 | 112 |
| 10-31-19 | 11.04 | 0.21<sup>•</sup> <br>| 0.94 | 1.15 | 0.32 | 0.43 |  | 0.75 |  | 11.44 | **11.37** | 0.75 | 0.53 | 0.53 | 1.93 | 12657 | 36 |
| 10-31-18 | 11.81 | 0.23 | (0.56) | (0.33) | 0.37 | 0.07 |  | 0.44 |  | 11.04 | **(2.99)** | 0.73 | 0.48 | 0.48 | 2.06 | 6991 | 23 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 12.93 | 0.09<sup>•</sup> | (2.71) | (2.62) | 0.58 | 0.82 |  | 1.40 |  | 8.91 | **(22.72)** | 1.42 | 1.33 | 1.33 | 0.83 | 2549 | 46 |
| 10-31-21 | 11.82 | 0.04<sup>•</sup> <br>| 1.42 | 1.46 | 0.24 | 0.11 |  | 0.35 |  | 12.93 | **12.44** | 1.39 | 1.36 | 1.36 | 0.29 | 4738 | 56 |
| 10-31-20 | 11.25 | 0.25 | 0.75 | 1.00 | 0.17 | 0.26 |  | 0.43 |  | 11.82 | **9.14** | 1.48 | 1.33 | 1.33 | 2.10 | 4189 | 112 |
| 10-31-19 | 10.87 | 0.14<sup>•</sup> <br>| 0.90 | 1.04 | 0.23 | 0.43 |  | 0.66 |  | 11.25 | **10.40** | 1.50 | 1.28 | 1.28 | 1.31 | 4564 | 36 |
| 10-31-18 | 11.63 | 0.14 | (0.54) | (0.40) | 0.29 | 0.07 |  | 0.36 |  | 10.87 | **(3.65)** | 1.48 | 1.23 | 1.23 | 1.30 | 5112 | 23 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 13.19 | 0.20<sup>•</sup> | (2.75) | (2.55) | 0.71 | 0.82 |  | 1.53 |  | 9.11 | **(21.91)** | 0.40 | 0.33 | 0.33 | 1.87 | 5657 | 46 |
| 10-31-21 | 12.04 | 0.15<sup>•</sup> <br>| 1.47 | 1.62 | 0.36 | 0.11 |  | 0.47 |  | 13.19 | **13.62** | 0.37 | 0.36 | 0.36 | 1.13 | 10265 | 56 |
| 10-31-20 | 11.47 | 0.35<sup>•</sup> <br>| 0.77 | 1.12 | 0.29 | 0.26 |  | 0.55 |  | 12.04 | **10.15** | 0.46 | 0.33 | 0.33 | 3.07 | 4536 | 112 |
| 10-31-19 | 11.08 | 0.27 | 0.90 | 1.17 | 0.35 | 0.43 |  | 0.78 |  | 11.47 | **11.58** | 0.51 | 0.28 | 0.28 | 2.29 | 3628 | 36 |
| 10-31-18 | 11.85 | 0.25<sup>•</sup> <br>| (0.55) | (0.30) | 0.40 | 0.07 |  | 0.47 |  | 11.08 | **(2.72)** | 0.49 | 0.23 | 0.23 | 2.14 | 3270 | 23 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 13.08 | 0.14<sup>•</sup> | (2.73) | (2.59) | 0.64 | 0.82 |  | 1.46 |  | 9.03 | **(22.32)** | 0.92 | 0.83 | 0.83 | 1.32 | 16864 | 46 |
| 10-31-21 | 11.94 | 0.10<sup>•</sup> <br>| 1.44 | 1.54 | 0.29 | 0.11 |  | 0.40 |  | 13.08 | **13.06** | 0.89 | 0.86 | 0.86 | 0.80 | 25350 | 56 |
| 10-31-20 | 11.37 | 0.31 | 0.75 | 1.06 | 0.23 | 0.26 |  | 0.49 |  | 11.94 | **9.67** | 0.98 | 0.83 | 0.83 | 2.59 | 24073 | 112 |
| 10-31-19 | 10.99 | 0.20 | 0.90 | 1.10 | 0.29 | 0.43 |  | 0.72 |  | 11.37 | **10.94** | 1.00 | 0.78 | 0.78 | 1.78 | 24978 | 36 |
| 10-31-18 | 11.75 | 0.21<sup>•</sup> <br>| (0.56) | (0.35) | 0.34 | 0.07 |  | 0.41 |  | 10.99 | **(3.14)** | 0.98 | 0.73 | 0.73 | 1.77 | 24776 | 23 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10-31-22 | 13.21 | 0.19<sup>•</sup> | (2.76) | (2.57) | 0.69 | 0.82 |  | 1.51 |  | 9.13 | **(21.96)** | 0.42 | 0.33 | 0.33 | 1.81 | 13922 | 46 |
| 10-31-21 | 12.06 | 0.17<sup>•</sup> <br>| 1.45 | 1.62 | 0.36 | 0.11 |  | 0.47 |  | 13.21 | **13.58** | 0.39 | 0.36 | 0.36 | 1.29 | 19264 | 56 |
| 10-31-20 | 11.49 | 0.33<sup>•</sup> <br>| 0.79 | 1.12 | 0.29 | 0.26 |  | 0.55 |  | 12.06 | **10.13** | 0.48 | 0.33 | 0.33 | 2.85 | 32837 | 112 |
| 10-31-19 | 11.10 | 0.24<sup>•</sup> <br>| 0.93 | 1.17 | 0.35 | 0.43 |  | 0.78 |  | 11.49 | **11.55** | 0.50 | 0.28 | 0.28 | 2.17 | 18878 | 36 |
| 10-31-18 | 11.86 | 0.22<sup>•</sup> <br>| (0.51) | (0.29) | 0.40 | 0.07 |  | 0.47 |  | 11.10 | **(2.65)** | 0.48 | 0.23 | 0.23 | 1.90 | 11844 | 23 |

---

See Accompanying Notes to Financial Highlights

------

**ACCOMPANYING NOTES TO FINANCIAL HIGHLIGHTS**

------

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

(1) Total return is calculated assuming reinvestment of all dividends, capital gain distributions, and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable.

(2) Ratios reflect operating expenses of the Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by the Fund. Net investment income (loss) is net of all such additions or reductions.

(3) Ratios do not include expenses of Underlying Funds.

• Calculated using average number of shares outstanding throughout the year or period.

------

**APPENDIX A**

------

**Financial Intermediary Specific Sales Charge Waiver and Related Discount Policy Information** 

As described in the Prospectus, Class A shares may be subject to an initial sales charge and both Class A and Class C shares may charge a CDSC. Certain financial intermediaries may impose different initial sales charges or waive the initial sales charge or CDSC in certain circumstances. This Appendix details the variations in sales charge waivers by financial intermediary. You should consult your financial representative for assistance in determining whether you may qualify for a particular sales charge waiver.

**AMERIPRISE FINANCIAL** 

**Class A Shares Front-End Sales Charge Waivers Available at Ameriprise Financial:** 

*The following information applies to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial:* 

Shareholders purchasing Fund shares through an Ameriprise Financial brokerage account are eligible for the following front-end sales charge waivers and discounts, which may differ from those disclosed elsewhere in this Fund's prospectus or SAI:

&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family).

&nbsp;&nbsp;&nbsp;&nbsp;• Shares exchanged from Class C shares of the same fund in the month of or following the 7-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply.

&nbsp;&nbsp;&nbsp;&nbsp;• Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).

**ROBERT W. BAIRD & CO. INC. ("BAIRD")** 

Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-End Sales Charge Waivers on Class A shares Available at Baird** 

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by employees and registered representatives of Baird or its affiliates and their family members as designated by Baird.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions from another Voya fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement).

------

**APPENDIX A *(continued)***

------

&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 shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares of the Fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird.

&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

**CDSC Waivers on Class A and C shares Available at Baird** 

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold due to death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares bought due to returns of excess contributions from an IRA Account.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72 as described in the Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Baird fees but only if the transaction is initiated by Baird.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

**Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations** 

&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in this Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund assets held by accounts within the purchaser's household at Baird. Eligible fund assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets.

&nbsp;&nbsp;&nbsp;&nbsp;• Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of fund shares through Baird, over a 13-month period of time.

**D.A. DAVIDSON & CO. ("D.A. DAVIDSON")** 

Shareholders purchasing Fund shares, including existing Fund shareholders, through a D.A. Davidson &. Co. ("D.A. Davidson") platform or account, or through an introducing broker-dealer or independent registered investment advisor for which D.A. Davidson provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the Fund's SAI.

**Front-End Sales Charge Waivers on Class A Shares available at D.A. Davidson** 

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

&nbsp;&nbsp;&nbsp;&nbsp;• Employees and registered representatives of D.A. Davidson or its affiliates and their family members as designated by D.A. Davidson.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement).

&nbsp;&nbsp;&nbsp;&nbsp;• A shareholder in the Fund's Class C Shares will have their shares converted at net asset value to Class A Shares (or the appropriate share class) of the Fund after 6 years from the date of first purchase of the Class C shares and if the shares are no longer subject to a CDSC and the conversion is consistent with D.A. Davidson's policies and procedures.

**CDSC Waivers on Class A and Class C Shares available at D.A. Davidson** 

&nbsp;&nbsp;&nbsp;&nbsp;• Death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the Fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Return of excess contributions from an IRA account.

------

**APPENDIX A *(continued)***

------

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

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA or other qualifying retirement accounts pursuant to the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

**Front-end sales charge discounts available at D.A. Davidson: breakpoints, rights of accumulation and/or letters of intent** 

&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in this Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at D.A. Davidson. Eligible fund family assets not held at D.A. Davidson may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

&nbsp;&nbsp;&nbsp;&nbsp;• Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at D.A. Davidson may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**EDWARD D. JONES & CO., L.P. ("EDWARD JONES")** 

**Policies Regarding Transactions Through Edward Jones** 

*The following information has been provided by Edward Jones:* 

The following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information ("SAI") or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Voya funds and Voya 529 Plans or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

**Breakpoints** 

&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the Prospectus.

*Rights of Accumulation ("ROA")* 

&nbsp;&nbsp;&nbsp;&nbsp;• The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and assets held in group retirement plans) of the Voya funds and Voya 529 Plans held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;• The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

&nbsp;&nbsp;&nbsp;&nbsp;• ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

*Letter of Intent ("LOI")* 

------

**APPENDIX A *(continued)***

------

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

&nbsp;&nbsp;&nbsp;&nbsp;• Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

&nbsp;&nbsp;&nbsp;&nbsp;• If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

**Sales Charge Waivers** 

Sales charges are waived for the following shareholders and in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;• Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased in an Edward Jones fee-based program.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

**Contingent Deferred Sales Charge ("CDSC") Waivers** 

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;• The death or disability of the shareholder

&nbsp;&nbsp;&nbsp;&nbsp;• Systematic withdrawals with up to 10% per year of the account value

&nbsp;&nbsp;&nbsp;&nbsp;• Return of excess contributions from an Individual Retirement Account (IRA)

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones

&nbsp;&nbsp;&nbsp;&nbsp;• Shares exchanged in an Edward Jones fee-based program

&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through NAV reinstatement

&nbsp;&nbsp;&nbsp;&nbsp;• Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

**Other Important Information Regarding Transactions Through Edward Jones** 

Minimum Purchase Amounts

&nbsp;&nbsp;&nbsp;&nbsp;• Initial purchase minimum: $250

------

**APPENDIX A *(continued)***

------

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

&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent purchase minimum: none

Minimum Balances

&nbsp;&nbsp;&nbsp;&nbsp;• Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ A fee-based account held on an Edward Jones platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ A 529 account held on an Edward Jones platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ An account with an active systematic investment plan or LOI

Exchanging Share Classes

&nbsp;&nbsp;&nbsp;&nbsp;• At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares.

**E\*TRADE FRONT-END SALES CHARGE WAIVER** 

Shareholders purchasing Fund shares through an E\*TRADE brokerage account will be eligible for a waiver of the front-end sales charge with respect to Class A shares (or the equivalent). This includes shares purchased through the reinvestment of dividends and capital gains distributions.

**JANNEY MONTGOMERY SCOTT LLC** 

Shareholders purchasing Fund shares through a Janney Montgomery Scott LLC ("Janney") account will be eligible only for the following load waivers (front-end sales charge waivers and CDSC, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund's Prospectus or SAI.

**Front-end sales charge waivers on Class A shares available at Janney** 

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).

&nbsp;&nbsp;&nbsp;&nbsp;• Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same Fund pursuant to Janney's policies and procedures.

**Sales charge waivers on Class A and C shares available at Janney** 

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold upon the death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased in connection with a return of excess contributions from an IRA account.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in a Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

**Front-end load discounts available at Janney: breakpoints, and/or rights of accumulation** 

&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in a Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

**MERRILL LYNCH** 

------

**APPENDIX A *(continued)***

------

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load ("CDSC") waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify the Fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. **For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive these waivers or discounts.** 

\*\*\*\*\*

Shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund's Prospectus or SAI.

**Front-end Sales Charge Waivers on Class A Shares available at Merrill Lynch** 

&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents)

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through a Merrill Lynch-affiliated investment advisory program

&nbsp;&nbsp;&nbsp;&nbsp;• Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch's platform

&nbsp;&nbsp;&nbsp;&nbsp;• Shares of Funds purchased through the Merrill Edge Self-Directed platform (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other Fund within the fund family)

&nbsp;&nbsp;&nbsp;&nbsp;• Shares exchanged from Class C shares (i.e. level load) pursuant to Merrill Lynch's policies relating to sales load discounts and waivers

&nbsp;&nbsp;&nbsp;&nbsp;• Employees and registered representatives of Merrill Lynch or its affiliates and their family members

&nbsp;&nbsp;&nbsp;&nbsp;• Trustees of the Fund, and employees of the Adviser or any of its affiliates, as described in the Fund's Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;• Eligible shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch's account maintenance fees are not eligible for reinstatement.

**CDSC Waivers on Class A and Class C Shares available at Merrill Lynch** 

&nbsp;&nbsp;&nbsp;&nbsp;• Death or disability of the shareholder

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;• Return of excess contributions from an IRA Account

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement

------

**APPENDIX A *(continued)***

------

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

&nbsp;&nbsp;&nbsp;&nbsp;• Shares held in retirement brokerage accounts that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to Class A and Class C shares only). Shares received through an exchange due to the holdings moving from Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers.

**Front-End Load Discounts available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent** 

&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in the Fund's Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;• ROA, which entitle shareholders to breakpoint discounts, as described in the Fund's Prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser's household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial adviser about such assets

&nbsp;&nbsp;&nbsp;&nbsp;• Letters of Intent ("LOI"), which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

**MORGAN STANLEY WEALTH MANAGEMENT** 

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management** 

&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement plans (*e.g.*, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

&nbsp;&nbsp;&nbsp;&nbsp;• Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through a Morgan Stanley self-directed brokerage account.

&nbsp;&nbsp;&nbsp;&nbsp;• Class C (*i.e.*, level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program – Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a frontend or deferred sales charge.

**OPPENHEIMER & CO. ("OPCO")** 

Shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund's Prospectus or SAI.

**Front-end Sales Load Waivers on Class A Shares available at OPCO** 

&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by or through a 529 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through an OPCO affiliated investment advisory program.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased form the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same amount, and (3) redeemed shares were subject to a front-end or deferred sales load (known as "Rights of Restatement").

------

**APPENDIX A *(continued)***

------

&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 shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund after 5 years from the date of first purchase of the Class C shares and if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO.

&nbsp;&nbsp;&nbsp;&nbsp;• Employees and registered representatives of OPCO or its affiliates and their family members.

&nbsp;&nbsp;&nbsp;&nbsp;• Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in the Fund's Prospectus.

**CDSC Waivers on A and C Shares available at OPCO** 

&nbsp;&nbsp;&nbsp;&nbsp;• Death or disability of the shareholder

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;• Return of excess contributions from an IRA Account

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund's Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement

**Front-end load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent** 

&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in the Fund's Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;• ROA which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

**RAYMOND JAMES & ASSOCIATES, INC., RAYMOND JAMES FINANCIAL SERVICES, INC. and each entity's affiliates ("RAYMOND JAMES")** 

Shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-end sales load waivers on Class A shares available at Raymond James** 

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased in an investment advisory program.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

&nbsp;&nbsp;&nbsp;&nbsp;• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

&nbsp;&nbsp;&nbsp;&nbsp;• A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

**CDSC Waivers on Classes A and C shares available at Raymond James** 

&nbsp;&nbsp;&nbsp;&nbsp;• Death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Return of excess contributions from an IRA Account.

------

**APPENDIX A *(continued)***

------

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

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

**Front-end load discounts available at Raymond James: breakpoints, rights of accumulation, and /or letters of intent** 

&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in this Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

&nbsp;&nbsp;&nbsp;&nbsp;• Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**STIFEL, NICOLAUS & COMPANY, INCORPORATED ("STIFEL")** 

The following information applies to shareholders purchasing Class C shares of a Fund through a Stifel platform or account or who own Class C shares for which Stifel or an affiliate is the broker-dealer of record. This information may differ from information about Class C shares disclosed elsewhere in this Fund's Prospectus or SAI.

Class C Conversion to Class A; Class A Shares Front-End Sales Waiver Available at Stifel:

&nbsp;&nbsp;&nbsp;&nbsp;• A Class C shareholder of a Fund will have such shareholder's Class C shares converted at net asset value to Class A shares of that Fund in accordance with Stifel's policies and procedures. Stifel has informed the Fund that its policies and procedures currently provide for such a conversion following the seventh (7th) anniversary of the shareholder's purchase of the Class C shares.

------

&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** 

In the Fund's annual shareholder report, you will find a discussion of the recent market conditions and principal investment strategies that significantly affected the Fund's performance during the applicable reporting period, the Fund's financial statements and the independent registered public accounting firm's report.

**STATEMENT OF ADDITIONAL INFORMATION** 

The SAI contains more detailed 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, the SAI, or other Fund information.

To make shareholder inquiries contact:

**Voya Investment Management** 

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258-2034

**1-800-992-0180** 

or visit our website at **www.voyainvestments.com**

Reports and other information about the Fund is available on the EDGAR Database on the SEC's Internet website at **http://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 Mutual Funds** | **811-07428** |
| Voya Global Perspectives<sup>®</sup> Fund | Voya Global Perspectives<sup>®</sup> Fund |

---

---

| | | |
|:---|:---|:---|
| &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. |

---

167171(0223-022823)

![](img26f218563.gif)

------

**STATEMENT OF ADDITIONAL INFORMATION** 

February 28, 2023

**Voya Mutual Funds**

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258-2034

1-800-992-0180

**Voya Global Bond Fund**

Class/Ticker: **A**/INGBX; **C**/IGBCX; **I**/IGBIX; **R**/IGBRX; **R6**/IGBZX; **W**/IGBWX

**Voya Global High Dividend Low Volatility Fund**

Class/Ticker: **A**/NAWGX; **C**/NAWCX; **I**/NAWIX; **R6**/VGHRX; **W**/IGVWX

**Voya International High Dividend Low Volatility Fund**

Class/Ticker: **A**/VGLAX; **I**/VGLIX; **R6**/VGLRX

**Voya Multi-Manager Emerging Markets Equity Fund**

Class/Ticker: **A**/IEMHX; **C**/IEMJX; **I**/IEMGX; **P**/VMEPX; **P3**/VPMEX; **R**/IEMKX; **W**/IEMLX

**Voya Multi-Manager International Equity Fund**

Class/Ticker: **I**/IIGIX

**Voya Multi-Manager International Factors Fund**

Class/Ticker: **I**/IICFX; **W**/IICWX

**Voya Multi-Manager International Small Cap Fund**

Class/Ticker: **A**/NTKLX; **C**/NARCX; **I**/NAPIX; **R6/**VVJFX; **W**/ISCWX

This Statement of Additional Information ("SAI") contains additional information about each fund listed above. This SAI is not a prospectus and should be read in conjunction with the Prospectus dated February 28, 2023, as supplemented or revised from time to time. Each fund's financial statements for the fiscal year ended October 31, 2022, including the independent registered public accounting firm's report thereon found in each fund's most recent [annual report to shareholders](https://www.sec.gov/Archives/edgar/data/895430/000110465922131174/tm2229602d5_ncsr.htm), are incorporated into this SAI by reference. Each fund's Prospectus and annual or unaudited semi-annual shareholder reports 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.

------

The Voya Multi-Manager Emerging Markets Equity Fund and Voya Multi-Manager International Factors Fund are not sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") (the "Licensor Party") and the Licensor Party does not make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of its indices and/or the figure at which an index stands at any particular time on any particular day or otherwise. The indices are compiled and calculated by FTSE. The Licensor Party shall not be liable (whether in negligence or otherwise) to any person for any error in an Index and the Licensor Party shall not be under any obligation to advise any person of any error therein. FTSE<sup>®</sup>, FT-SE<sup>®</sup>, Footsie<sup>®</sup>, FTSE4Good<sup>®</sup> and techMARK<sup>®</sup> are trademarks of the Exchange and FT and are used by FTSE under license. All-World<sup>®</sup>, All-Share<sup>®</sup> and All-Small<sup>®</sup> are trademarks of FTSE.

The S&P 500<sup>®</sup> Index is a product of S&P Dow Jones Indices LLC ("SPDJI"), and has been licensed for use by Voya Services Company and certain affiliates ("Voya"). S&P<sup>®</sup> and S&P 500<sup>®</sup> are trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Voya.

Voya's investment products (the "Products") based in whole or in part on the S&P 500<sup>®</sup> Index (the "Index") are not sponsored, endorsed, sold or promoted by SPDJI, S&P, Dow Jones or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Products or any member of the public regarding the advisability of investing in the Products or purchasing securities generally or the ability of the Index to track general market performance. S&P Dow Jones Indices' only relationship to Voya with respect to the Products is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500<sup>®</sup> Index is determined, composed and calculated by S&P Dow Jones Indices without regard to Voya or the Products. S&P Dow Jones Indices have no obligation to take the needs of Voya or the owners of the Products into consideration in determining, composing or calculating the Index. S&P Dow Jones Indices are not responsible for and have not participated in the determination of the prices, and amount of the Products or the timing of the issuance or sale of the Products or in the determination or calculation of the equation by which the Products are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices have no obligation or liability in connection with the administration or marketing of the Products. There is no assurance that investment products based on the Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY VOYA, OWNERS OF THE PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND VOYA, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

------

**Table of Contents** 

---

| | |
|:---|:---|
| **[INTRODUCTION AND GLOSSARY](#xx_b457f844-d66e-4338-9b3f-4e34df55c55f_1)** | 1 |
| **[HISTORY OF](#xx_b457f844-d66e-4338-9b3f-4e34df55c55f_2)[the Trust](#xx_b457f844-d66e-4338-9b3f-4e34df55c55f_2)**  | 2 |
| **[SUPPLEMENTAL DESCRIPTION OF](#xx_b457f844-d66e-4338-9b3f-4e34df55c55f_2)[Fund](#xx_b457f844-d66e-4338-9b3f-4e34df55c55f_2)[INVESTMENTS AND RISKS](#xx_b457f844-d66e-4338-9b3f-4e34df55c55f_2)** | 2 |
| **[PORTFOLIO TURNOVER](#xx_b457f844-d66e-4338-9b3f-4e34df55c55f_41)** | 41 |
| **[FUNDAMENTAL AND NON-FUNDAMENTAL INVESTMENT RESTRICTIONS](#xx_b457f844-d66e-4338-9b3f-4e34df55c55f_42)** | 42 |
| **[DISCLOSURE OF](#xx_b457f844-d66e-4338-9b3f-4e34df55c55f_50)[each Fund's PORTFOLIO SECURITIES](#xx_b457f844-d66e-4338-9b3f-4e34df55c55f_50)** | 50 |
| **[MANAGEMENT OF](#xx_a888370d-98b2-44a9-bc80-65e15662e023_1)[the Trust](#xx_a888370d-98b2-44a9-bc80-65e15662e023_1)** | 52 |
| **[CODE OF ETHICS](#xx_88bd677b-09dd-4351-8d02-2969c998341a_8)** | 64 |
| **[PRINCIPAL SHAREHOLDERS AND CONTROL PERSONS](#xx_88bd677b-09dd-4351-8d02-2969c998341a_8)** | 64 |
| **[PROXY VOTING PROCEDURES AND GUIDELINES](#xx_88bd677b-09dd-4351-8d02-2969c998341a_15)** | 71 |
| **[INVESTMENT ADVISER](#xx_88bd677b-09dd-4351-8d02-2969c998341a_15)** | 71 |
| **[EXPENSES](#xx_88bd677b-09dd-4351-8d02-2969c998341a_19)** | 75 |
| **[EXPENSE LIMITATIONS](#xx_88bd677b-09dd-4351-8d02-2969c998341a_19)** | 75 |
| **[NET FUND FEES WAIVED, REIMBURSED, OR RECOUPED](#xx_88bd677b-09dd-4351-8d02-2969c998341a_19)** | 75 |
| **[SUB-ADVISER](#xx_88bd677b-09dd-4351-8d02-2969c998341a_20)** | 76 |
| **[PRINCIPAL UNDERWRITER](#xx_fd690fef-e615-4e42-b20f-7850a0f8f59f_14)** | 91 |
| **[DISTRIBUTION AND SERVICING PLANS](#xx_fd690fef-e615-4e42-b20f-7850a0f8f59f_19)** | 96 |
| **[OTHER SERVICE PROVIDERS](#xx_fd690fef-e615-4e42-b20f-7850a0f8f59f_22)** | 99 |
| **[PORTFOLIO TRANSACTIONS](#xx_fd690fef-e615-4e42-b20f-7850a0f8f59f_23)** | 100 |
| **[ADDITIONAL INFORMATION ABOUT](#xx_fd690fef-e615-4e42-b20f-7850a0f8f59f_26)[Voya Mutual Funds](#xx_fd690fef-e615-4e42-b20f-7850a0f8f59f_26)** | 103 |
| **[PURCHASE, EXCHANGE, AND REDEMPTION OF SHARES](#xx_fd690fef-e615-4e42-b20f-7850a0f8f59f_27)** | 104 |
| **[TAX CONSIDERATIONS](#xx_fd690fef-e615-4e42-b20f-7850a0f8f59f_33)** | 110 |
| **[FINANCIAL STATEMENTS](#xx_fd690fef-e615-4e42-b20f-7850a0f8f59f_43)** | 120 |
| **[APPENDIX A – DESCRIPTION OF CREDIT RATINGS](#xx_3128a8b0-a588-4f17-a97e-c3777c0c45e7_1)** | A-1 |
| **[APPENDIX B – PROXY VOTING PROCEDURES AND GUIDELINES](#xx_204f2752-b91f-4e0f-9ff9-f6cc6fcd7ad2_1)** | B-1 |

---

------

**INTRODUCTION AND GLOSSARY**

This SAI is designed to elaborate upon information contained in each 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 each 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 each Fund, as described herein

**ETF**: Exchange-Traded Fund

**EU**: European Union

**Expense Limitation Agreement**: The Expense Limitation Agreement(s) for each 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 each Fund**: October 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 each Fund

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

**Investment Management Agreement**: The Investment Management Agreement for each 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 each 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

**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 each Fund, as described herein

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

**Trust**: Voya Mutual Funds

**Underlying Funds**: Unless otherwise stated, other mutual funds or ETFs in which each 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 Mutual Funds, an open-end management investment company that is registered under the 1940 Act, was organized as a Delaware statutory trust in 1992. On May 1, 2014, the name of the Trust changed from "ING Mutual Funds" to "Voya Mutual Funds."

**Fund Name Changes During the Past Five Years**

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Former Name** | **Date of Change** |
| &nbsp;&nbsp; Voya Global High <br> Dividend Low Volatility <br> Fund<br>| Voya Global Equity Fund | February 28, 2020 |
| &nbsp;&nbsp; Voya International High <br> Dividend Low Volatility <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global High Dividend Low <br> Volatility Fund<br>| May 1, 2018 |

---

**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.

Each Fund is classified as a "diversified" fund as that term is defined under the 1940 Act. In addition, each Fund has a fundamental policy against concentration.

**Investments, Investment Strategies, and Risks** 

------

The table on the following pages identifies various securities and investment techniques used by the Investment Adviser or Sub-Adviser in managing a Fund and provides a more detailed description of those securities and techniques along with the risks associated with them. A Fund may use any or all of these techniques at any one time, and the fact that a Fund may use a technique does not mean that the technique will be used. A Fund's transactions in a particular type of security or use of a particular technique is subject to limitations imposed by the Fund's investment objective, policies, and restrictions described in that Fund's Prospectus and/or in this SAI, as well as federal securities laws. There can be no assurance that a Fund will achieve its investment objective. Each Fund's investment objective, policies, investment strategies, and practices are non-fundamental unless otherwise indicated. A more detailed description of the securities and investment techniques, as well as the risks associated with those securities and investment techniques a Fund utilizes is set forth below. The descriptions of the securities and investment techniques in this section supplement the discussion of principal investment strategies contained in each Fund's Prospectus. Where a particular type of security or investment technique is not discussed in a Fund's Prospectus, that security or investment technique is not a principal investment strategy and the Fund will not invest more than 5% of its assets in such security or investment technique.

Please refer to the fundamental and non-fundamental investment restrictions following the description of securities and investment techniques for more information on any applicable limitations.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class/Investment Technique** | **Voya Global** <br> **Bond Fund**<br>| **Voya Global** <br> **High Dividend** <br> **Low Volatility** <br> **Fund**<br>| **Voya** <br> **International** <br> **High Dividend** <br> **Low Volatility** <br> **Fund**<br>| **Voya** <br> **Multi-Manager** <br> **Emerging** <br> **Markets** <br> **Equity Fund**<br>|
| **Equity Securities** |  |  |  |  |
| Commodities |  |  |  |  |
| Common Stocks | X | X | X | X |
| Convertible Securities | X | X | X | X |
| Initial Public Offerings | X | X | X | X |
| Master Limited Partnerships |  |  |  |  |
| Other Investment Companies and Pooled Investment Vehicles | X | X | X | X |
| Preferred Stocks | X | X | X | X |
| Private Investments in Public Companies |  |  |  |  |
| Real Estate Securities and Real Estate Investment Trusts | X | X | X | X |
| Small- and Mid-Capitalization Issuers | X | X | X | X |
| Special Purpose Acquisition Companies |  | X | X | X |
| Special Situation Issuers |  |  |  |  |
| Trust Preferred Securities |  |  |  |  |
| **Fixed-Income Instruments** |  |  |  |  |
| Asset-Backed Securities | X | X | X | X |
| Bank Instruments | X | X | X | X |
| Commercial Paper | X | X | X | X |
| Corporate Fixed-Income Instruments | X | X | X | X |
| Credit-Linked Notes | X | X | X | X |
| Custodial Receipts and Trust Certificates |  |  |  |  |
| Delayed Funding Loans and Revolving Credit Facilities |  |  |  |  |
| Event-Linked Bonds |  |  |  |  |
| Floating or Variable Rate Instruments | X | X | X | X |
| Guaranteed Investment Contracts | X | X | X | X |
| High-Yield Securities | X | X | X | X |
| Inflation-Indexed Bonds | X |  |  |  |
| Inverse Floating Rate Securities | X |  |  |  |
| Mortgage-Related Securities | X | X | X | X |
| Municipal Securities | X | X | X | X |
| Senior and Other Bank Loans | X |  |  |  |
| U.S. Government Securities and Obligations | X | X | X | X |
| Zero-Coupon, Deferred Interest and Pay-in-Kind Bonds | X | X | X | X |
| **Foreign Investments** |  |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class/Investment Technique** | **Voya Global** <br> **Bond Fund**<br>| **Voya Global** <br> **High Dividend** <br> **Low Volatility** <br> **Fund**<br>| **Voya** <br> **International** <br> **High Dividend** <br> **Low Volatility** <br> **Fund**<br>| **Voya** <br> **Multi-Manager** <br> **Emerging** <br> **Markets** <br> **Equity Fund**<br>|
| Depositary Receipts | X | X | X | X |
| Emerging Market Investments | X | X | X | X |
| Eurodollar and Yankee Dollar Instruments | X | X | X | X |
| Foreign Currencies | X | X | X | X |
| Sovereign Debt | X | X | X | X |
| Supranational Entities | X | X | X | X |
| **Derivative Instruments** |  |  |  |  |
| Forward Commitments | X | X | X | X |
| Futures Contracts | X | X | X | X |
| Hybrid Instruments | X | X | X | X |
| Options | X | X | X | X |
| Participatory Notes |  |  |  | X |
| Rights and Warrants | X | X | X | X |
| Swap Transactions and Options on Swap Transactions | X | X | X | X |
| **Other Investment Techniques** |  |  |  |  |
| Borrowing | X | X | X | X |
| Illiquid Securities | X | X | X | X |
| Participation on Creditors Committees |  |  |  |  |
| Repurchase Agreements | X | X | X | X |
| Restricted Securities | X | X | X | X |
| Reverse Repurchase Agreements and Dollar Roll Transactions | X | X | X | X |
| Securities Lending | X | X | X | X |
| Short Sales | X | X | X | X |
| To Be Announced Sale Commitments | X | X | X | X |
| When-Issued Securities and Delayed Delivery Transactions | X | X | X | X |

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

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| | | | |
|:---|:---|:---|:---|
| **Asset Class/Investment Technique** | **Voya** <br> **Multi-Manager** <br> **International** <br> **Equity Fund**<br>| **Voya** <br> **Multi-Manager** <br> **International** <br> **Factors Fund**<br>| **Voya** <br> **Multi-Manager** <br> **International** <br> **Small Cap** <br> **Fund**<br>|
| **Equity Securities** |  |  |  |
| Commodities |  |  |  |
| Common Stocks | X | X | X |
| Convertible Securities | X | X | X |
| Initial Public Offerings | X | X | X |
| Master Limited Partnerships |  |  |  |
| Other Investment Companies and Pooled Investment Vehicles | X | X | X |
| Preferred Stocks | X | X | X |
| Private Investments in Public Companies |  |  |  |
| Real Estate Securities and Real Estate Investment Trusts | X | X | X |
| Small- and Mid-Capitalization Issuers | X | X | X |
| Special Purpose Acquisition Companies | X | X | X |
| Special Situation Issuers |  |  |  |
| Trust Preferred Securities |  |  |  |
| **Fixed-Income Instruments** |  |  |  |
| Asset-Backed Securities | X | X | X  |

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| | | | |
|:---|:---|:---|:---|
| **Asset Class/Investment Technique** | **Voya** <br> **Multi-Manager** <br> **International** <br> **Equity Fund**<br>| **Voya** <br> **Multi-Manager** <br> **International** <br> **Factors Fund**<br>| **Voya** <br> **Multi-Manager** <br> **International** <br> **Small Cap** <br> **Fund**<br>|
| Bank Instruments | X | X | X |
| Commercial Paper | X | X | X |
| Corporate Fixed-Income Instruments | X | X | X |
| Credit-Linked Notes | X | X |  |
| Custodial Receipts and Trust Certificates |  |  |  |
| Delayed Funding Loans and Revolving Credit Facilities |  |  |  |
| Event-Linked Bonds |  |  |  |
| Floating or Variable Rate Instruments | X | X | X |
| Guaranteed Investment Contracts | X | X |  |
| High-Yield Securities | X | X |  |
| Inflation-Indexed Bonds |  |  |  |
| Inverse Floating Rate Securities |  |  |  |
| Mortgage-Related Securities | X | X | X |
| Municipal Securities | X | X | X |
| Senior and Other Bank Loans |  |  |  |
| U.S. Government Securities and Obligations | X | X | X |
| Zero-Coupon, Deferred Interest and Pay-in-Kind Bonds | X | X | X |
| **Foreign Investments** |  |  |  |
| Depositary Receipts | X | X | X |
| Emerging Market Investments | X | X | X |
| Eurodollar and Yankee Dollar Instruments | X | X | X |
| Foreign Currencies | X | X | X |
| Sovereign Debt | X | X | X |
| Supranational Entities | X | X | X |
| **Derivative Instruments** |  |  |  |
| Forward Commitments | X | X | X |
| Futures Contracts | X | X | X |
| Hybrid Instruments | X | X | X |
| Options | X | X | X |
| Participatory Notes |  |  |  |
| Rights and Warrants | X | X | X |
| Swap Transactions and Options on Swap Transactions | X | X | X |
| **Other Investment Techniques** |  |  |  |
| Borrowing | X | X | X |
| Illiquid Securities | X | X | X |
| Participation on Creditors Committees |  |  |  |
| Repurchase Agreements | X | X | X |
| Restricted Securities | X | X | X |
| Reverse Repurchase Agreements and Dollar Roll Transactions | X | X | X |
| Securities Lending | X | X | X |
| Short Sales | X | X | X |
| To Be Announced Sale Commitments | X | X | X |
| When-Issued Securities and Delayed Delivery Transactions | X | X | X |

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**EQUITY SECURITIES**

**Commodities:** Commodities include equity securities of "hard assets companies" and derivative securities and instruments whose value is linked to the price of a commodity or a commodity index. The term "hard assets companies" includes companies that directly or indirectly (whether through supplier relationship, servicing agreements or otherwise) primarily derive their revenue or profit from exploration, development, production, distribution or facilitation of processes relating to precious metals (including gold), base and industrial metals, energy, natural resources and other commodities. Commodities values may be highly volatile, and may decline rapidly and without warning. The values of commodity issuers will typically be substantially affected by changes in the values of their underlying commodities. Securities of commodity issuers may experience greater price fluctuations than the relevant hard asset. In periods of rising hard asset prices, such securities may rise at a faster rate and, conversely, in times of falling commodity prices, such securities may suffer a greater price decline. Some hard asset issuers may be subject to the risks generally associated with extraction of natural resources, such as fire, drought, increased regulatory and environmental costs, and others. Because many commodity issuers have significant operations in many countries worldwide (including emerging markets), their securities may be more exposed than those of other issuers to unstable political, social and economic conditions, including expropriation and disruption of licenses or operations.

**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 fixed-income 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 hybrid securities that combine the investment characteristics of fixed-income instruments and common stocks. Convertible securities typically consist of fixed-income 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 fixed-income instruments with warrants or common stock attached and derivatives combining the features of fixed-income 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 fixed-income instruments and equity securities. In a corporation's capital structure, convertible securities are senior to common stock but are usually subordinated to senior fixed-income 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 fixed-income 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 fixed-income 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 fixed-income 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 fixed-income 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.

**Contingent Convertible Securities ("CoCos"):** CoCos are a form of hybrid fixed-income 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 fixed-income instruments and equity securities. 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 fixed-income instrument to being the holder of an equity instrument, hence worsening the holder's standing in a bankruptcy proceeding.

**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 taxable 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.

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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. A Fund will not necessarily participate in an IPO in which other mutual funds or accounts managed by the Investment Adviser or Sub-Adviser participate.

**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 an intention to qualify as a regulated investment company under the Code, and any such investments may adversely affect the ability of an investment company to so qualify.

**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 a 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 a 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 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 a 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 fixed-income 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.

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SEC Rule 12d1-4 under the 1940 Act, which became effective on January 19, 2021 (with a compliance date of January 19, 2022), is designed to streamline and enhance the regulatory framework for funds of funds arrangements. Rule 12d1-4 permits acquiring funds to invest in the securities of other registered investment companies beyond certain statutory limits, subject to certain conditions. In connection with this rule, the SEC rescinded Rule 12d1-2 under the 1940 Act and most fund of funds exemptive orders, effective January 19, 2022.

<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 a 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 a 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 a Fund invests in Private Funds that utilize leverage, a 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 a 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. Private Funds are not registered under the 1940 Act and, consequently, 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 a Fund to calculate its NAV accurately.

**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 fixed-income 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 fixed-income instruments and other debt. For this reason, the value of preferred stock will usually react more strongly than fixed-income 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

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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 from, environmental problems; 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. To the extent that assets underlying a 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 a Fund in securities of issuers providing mortgage servicing will be subject to the risks associated with refinancing and their impact on servicing rights.

In addition, if a 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 a 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.

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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.

**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.

**Special Purpose Acquisition Companies:** A 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. 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 a Fund's ability to meet its investment objective.

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 a 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 a 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. Only a thinly traded market for shares of or interests in a SPAC may develop, leaving a 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.

**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.

**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 fixed-income instruments issued by the financial institution. The financial institution uses the proceeds from the sale of the subordinated fixed-income instruments to increase its capital while the trust receives periodic interest payments from the financial institution for holding the subordinated fixed-income 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 fixed-income

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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 fixed-income 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 fixed-income instruments. Trust preferred securities may be issued in reliance on Rule 144A under the 1933 Act 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.

**FIXED-INCOME INSTRUMENTS**

**Asset-Backed Securities:** Asset-backed securities are securities backed by home equity loans, installment sale contracts, credit card receivables or other assets. 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 fixed-income instruments, like that of traditional fixed-income instruments, typically increases when interest rates fall and decreases when interest rates rise. However, these asset-backed securities differ from traditional fixed-income instruments because of their potential for prepayment. 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 fixed-income 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.

<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 fixed-income 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

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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 fixed-income 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 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 fixed-income 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 LIBOR. 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.

**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, as amended ("Section 4(a)(2) paper"). Section 4(a)(2) paper is restricted as to disposition under the 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.

**Corporate Fixed-Income Instruments:** Corporate fixed-income instruments are long and short-term fixed-income instruments typically issued by businesses to finance their operations. Corporate fixed-income instruments are issued by public or private issuers, as distinct from fixed-income instruments issued by a government or its agencies. The issuer of a corporate fixed-income 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 fixed-income 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

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loans. Corporate fixed-income 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 fixed-income instruments, as well as the range of creditworthiness of issuers, corporate fixed-income instruments can have widely varying risk/return profiles.

Corporate fixed-income 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 fixed-income instrument is unable to pay interest or repay principal when it is due. Some corporate fixed-income 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 fixed-income instruments. The credit risk of a particular issuer's fixed-income instrument may vary based on its priority for repayment. For example, higher-ranking (senior) fixed-income instruments have a higher priority than lower ranking (subordinated) fixed-income instruments. This means that the issuer might not make payments on subordinated fixed-income instruments while continuing to make payments on senior fixed-income instruments. In addition, in the event of bankruptcy, holders of higher-ranking senior fixed-income instruments may receive amounts otherwise payable to the holders of more junior securities. The market value of corporate fixed-income instruments may be expected to rise and fall inversely with interest rates generally. In general, corporate fixed income instruments with longer terms tend to fall more in value when interest rates rise than corporate fixed income instruments with shorter terms. The value of a corporate fixed-income 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 fixed-income 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 fixed-income 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 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

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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 a Sub-Adviser in accordance with procedures established by the Board will at times be segregated, in an amount sufficient to meet such commitments.

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.

**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 fixed-income 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 fixed-income 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 fixed-income instruments. Thus, investing in variable and floating rate instruments generally allows less potential for capital appreciation and depreciation than investing in comparable fixed-income instruments.

**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 a 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 fixed-income 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 fixed-income 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 fixed-income 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 fixed-income 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.

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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 fixed-income instruments may not be registered under the 1933 Act, and, unless so registered, a Fund will not be able to sell such high-yield fixed-income instruments except pursuant to an exemption from registration under the 1933 Act. This may further limit a Fund's ability to sell high-yield fixed-income 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.

**Inflation-Indexed Bonds:** Inflation-indexed bonds are fixed-income 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 each 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.

**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

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considerably more volatile than the value of other fixed-income 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.

**LIBOR:** The obligations of the parties under many financial arrangements, such as fixed-income instruments (including senior loans) and derivatives, may be determined based in whole or in part on LIBOR. In 2017, the United Kingdom ("UK") Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies, including for example, SOFR for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement market. SOFR is published in various forms including as a daily, compounded and forward-looking term rate. Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including, among others, whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties' existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on a Fund's existing investments, including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of a Fund; and the risk of general market disruption during the period of the conversion. Markets relying on new, non-LIBOR rates are developing slowly, and may offer limited liquidity. In addition, the transition process away from LIBOR may involve increased volatility or illiquidity in markets for instruments that currently rely on LIBOR. The transition may also result in a reduction in the value of certain LIBOR-based investments held by a Fund or reduce the effectiveness of related transactions such as hedges. The effect of any changes to or discontinuation of LIBOR on a Fund's existing investments and obligations will vary depending on, among other things, (1) existing fallback provisions in individual contracts and (2) whether, how, and when industry participants develop and widely adopt new reference rates and fallbacks for both legacy and new products or instruments. The general unavailability of LIBOR and the transition away from LIBOR to other rates could have a substantial adverse impact on the performance of a Fund.

**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 fixed-income 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, 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 fixed-income 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 be experienced 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

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bankruptcy. Due 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 fixed-income 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 fixed-income instruments and less like adjustable rate fixed-income instruments and are subject to the risks associated with fixed-income 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 mortgage credit for residential housing. It 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.

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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 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 each Fund. For example, third parties may seek to withhold proceeds due to holders of the mortgage-related securities, including each Fund, to cover legal or related costs. Any such action could result in losses to each 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.

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 "Stripped Mortgage-Backed Securities" or "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 fixed-income 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 fixed-income 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 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 fixed-income 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 fixed-income instruments, and this may affect a 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 a 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 federal income tax exemption for interest on fixed-income instruments issued by states and their political subdivisions. 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.

**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). A 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, a 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 a 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 a 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 the LIBOR. For example, if LIBOR 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 LIBOR 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.

<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.

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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 a 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, a Fund would incur certain costs and delays in realizing payment or could suffer a loss of principal or interest. In this event, a 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 a 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 a Fund for its activities as agent. Instead, lenders will be required to look to the borrower for recourse.

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

<u>Additional Costs</u> 

When a Fund purchases a Senior Loan in the primary market, it may share in a fee paid to the original lender. When a 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.

A 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> 

A 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. A 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, a 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 a Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, a 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, a 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 a 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 a 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.

Because assignments are arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by a 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, a 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 a Fund's ability to dispose of particular assignments or participations when necessary to meet redemption of fund shares, to meet a 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 a Fund to value these assets for purposes of calculating its NAV.

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<u>Additional Information on Loans</u> 

The loans in which a 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, a Fund may have an obligation to make additional loans upon demand by the borrower. A 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 a 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. A 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 a Fund. Prepayment should, however, allow a Fund to reinvest in a new loan and would require a 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 a 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 a Fund will not have a material adverse impact on the yield of the portfolio.

<u>Bridge Loans</u> 

A 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. A 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 a Fund may invest or to which a 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, a 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.

**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.

The events surrounding the U.S. federal government debt ceiling and any resulting agreement could adversely affect a Fund. On August 5, 2011, S&P lowered its long-term sovereign credit rating on the United States. The downgrade by S&P 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

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generally and could result in significant adverse impacts on a Fund or issuers of securities held by a 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 a 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.

**Zero-Coupon, Deferred Interest and Pay-in-Kind Bonds:** Zero-coupon and deferred interest bonds are fixed-income 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 fixed-income 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.

**FOREIGN 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 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 other economic and trade sanctions, entering or exiting trade or other intergovernmental agreements, confiscatory taxation, political of 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 a 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 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.

**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.

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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 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.

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.

**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 fixed-income 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 fixed-income instruments, similar to the risks of other fixed-income instruments markets in emerging markets. The prices of fixed-income instruments traded on the CIBM may fluctuate significantly due to low trading volume and potential lack of liquidity. The rules to access fixed-income instruments that trade on the CIBM through Bond Connect are relatively new and subject to change, which may adversely affect a 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 a 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 a Fund. CIBM does not support all trading strategies (such as short selling) and investments in Chinese fixed-income 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 fixed-income 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")). A Fund's ownership interest in these Chinese fixed-income instruments will not be reflected directly in book entry with CSDCC or SCH and will instead only be reflected on the books of a Fund's Hong Kong sub-custodian. Therefore, a 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 fixed-income instruments are held could expose a Fund to the credit risk of the relevant securities depositories and a Fund's Hong Kong sub-custodian. While a 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 fixed-income instruments acquired through Bond Connect generally may not be sold, purchased or otherwise transferred other than through Bond Connect in accordance with applicable rules.

A Fund's investments in Chinese fixed-income 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. A 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 fixed-income 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 a Fund, which may negatively affect investment returns for shareholders.

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<u>Investing through Stock Connect</u>: A 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, a 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 a 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 a 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 through Stock Connect will be rejected. A 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 a 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 a 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.

**Europe:** 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 European Monetary Union and, in the latter case, the reversion of those countries to their national currencies. Defaults by Economic Monetary Union member countries on sovereign debt, as well as any future discussions about exits from the European Monetary Union, may negatively affect a 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. In March 2017, the UK formally notified the European Council of its intention to leave the EU and on January 31, 2020 withdrew from the EU (commonly known as "Brexit"), when the UK entered into an 11-month transition period during which the UK remained part of the EU single market and customs union, the laws of which govern the economic, trade and security relations between the UK and EU. 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 agreement. The agreement governs the new relationship between the UK and the EU with respect to trading goods and services, but critical aspects of the relationship remain unresolved and subject to further negotiation and agreement. Brexit has resulted in volatility in European and global markets and could have negative long-term impacts on financial markets in the UK and throughout Europe. There is considerable uncertainty about the potential consequences of Brexit and how the financial markets will react. As this process unfolds, markets may be further disrupted. Given the size and importance of the UK's economy, uncertainty about its legal, political and economic relationship with the remaining member states of the EU may continue to be a source of instability.

**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 securities.

**Foreign 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 European Monetary Union (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.

**Sovereign Debt:** Investments in fixed-income 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

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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 fixed-income 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.

**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.

**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, 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.

**Derivatives Regulation.** 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 some other countries have implemented similar requirements, which will affect derivatives transactions with a counterparty organized in, or otherwise subject to, the EU's or other country's derivatives regulations. Clearing rules and other new 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 the new 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 new kinds of costs and risks. For example, in the event of a counterparty's (or its affiliate's) insolvency, a 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").

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Additionally, U.S. regulators, the EU, the UK, and certain other jurisdictions have adopted minimum margin and capital requirements for uncleared derivatives transactions. It is expected that these regulations will have 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 may 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 recently 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 a 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 a 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.

**Exclusions of the Investment Adviser from commodity pool operator definition.** With respect to each Fund, the Investment Adviser has claimed relief from the requirement to register as a "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 each 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.

The terms of the CPO exclusion require each Fund, among other things, to adhere to certain limits on its investments in "commodity interests." Commodity interests include commodity futures, commodity options, and 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 each Fund in the same manner as it would in the absence of CPO exclusion requirements. Each Fund is not intended as a vehicle for trading in the commodity futures, commodity options, or swaps markets. The CFTC has neither reviewed nor approved the Investment Adviser's reliance on these exclusions, or each Fund, its investment strategies, or this SAI.

**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 a 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 a 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, a 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, a 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.

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**Futures Contracts:** A financial 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 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 indicator. The buyer of a futures contract enters into an agreement to purchase the underlying indicator 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 indicator on the settlement date and is said to be "short" the contract.

The purchaser or seller of a futures contract is not required to deliver or pay for the underlying indicator 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.

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 indicators underlying the futures positions it holds.

Futures can be held until their delivery 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 future 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 a 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 index of fixed-income instruments at the beginning and at the end of the contract period; or (ii) a specified amount of a particular fixed-income 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 fixed-income instruments or generally to adjust the duration and interest rate sensitivity of an investment portfolio. For example, if a 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 fixed-income instruments. Such a sale would have much the same effect as selling some of the long-term bonds

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in a Fund's portfolio. If interest rates did increase, the value of the fixed-income 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 a 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 delivery of a specified amount of gold at a specified date, time, and price. If a Fund purchases a gold futures contract, it becomes obligated to take delivery and pay for the gold from the seller in accordance with the terms of the contract. If a Fund sells a gold futures contract, it becomes obligated to make delivery of the gold to the purchaser in accordance with the terms of the contract.

<u>Foreign Currency Futures</u>: Currency futures contracts are similar to deliverable currency forward contracts (described above), except that they are traded on exchanges (and have margin requirements) and are standardized as to contract size and delivery date. Most currency futures call for payment of delivery in U.S. dollars. A foreign currency futures contract is a standardized exchange-traded contract for the future delivery 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 New York Mercantile Exchange, and have margin requirements.

At the maturity of a futures contract, a 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 secondary market in such contracts. There is no assurance that a secondary 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, a Fund would continue to be required to make daily cash payments of variation margin.

<u>Margin Payments</u>: If a 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 small 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 a 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 a Fund sells a futures contract and the price of the underlying asset rises above the delivery price, the Fund's position declines in value. A Fund then pays the broker a variation margin payment generally equal to the difference between the delivery price of the futures contract and the market price of the underlying asset. Conversely, if the price of the underlying asset falls below the delivery price of the contract, a Fund's futures position increases in value. The broker then must make a variation margin payment generally equal to the difference between the delivery price of the futures contract and the market price of the underlying asset. If an exchange raises margin rates, a Fund would have to provide additional capital to cover the higher margin rates which could require closing out other positions earlier than anticipated.

If a 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. 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 exercise 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.

A 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.

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<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 a 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 securities 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 interest rates and market movements correctly. It is possible that, where a 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, a 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 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 secondary market. It is not certain that this market will develop or continue to exist for a particular futures contract or option. A Fund's futures commission merchant may limit a Fund's ability to invest in certain futures contracts. Such restrictions may adversely affect a Fund's performance and its ability to achieve its investment objective.

The CFTC and U.S. 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, starting January 1, 2023, federal position limits apply to swaps that are economically equivalent to futures contracts that are subject to CFTC set speculative limits. 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. Thus, even if a Fund's holding does not exceed applicable position limits, it is possible that some or all of the 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 a Fund. A violation of position limits could also lead to regulatory action materially adverse to a Fund's investment strategy.

**Hybrid Instruments:** A hybrid instrument may be a fixed-income 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, fixed-income 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, a 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, a 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 a 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 a 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 fixed-income 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

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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 fixed-income 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. A 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 commodity futures, options, and 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, a Fund may purchase a non-convertible fixed-income 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, a 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 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 fixed-income 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.

**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).

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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, a 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 a 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, a 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 a 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 fixed-income 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.

If a Fund is the writer of a cleared option, the Fund is required to deposit initial margin. Additional variation margin may also be required. If a 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 a 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 a Fund to reduce foreign currency risk using such options.

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<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.

**Participatory Notes:** 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, a 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.

**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 fixed-income instruments.

Equity-linked warrants are purchased from a broker, who in turn is expected to purchase shares in the local market. If a 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, a 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 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 a 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 a Fund's ability to exercise the warrants at such time, or in such quantities, as the Fund would otherwise wish to do.

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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 securities, to foreign risk and currency risk.

**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 a 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 attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A 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 fixed-income 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 fixed-income 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 a 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 a 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 a 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 a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund's

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portfolio through the Fund's indirect long exposure to the issuer or securities on which the swap is written. If a 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.

A portfolio 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 portfolio 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 a 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 a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement.

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, a 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 a Fund's interest. A 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, a 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 a 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 new 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 a 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 a Fund than bilateral arrangements, for example, by requiring that a 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 a Fund, the clearing house or the clearing member through

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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 a Fund to pursue its investment strategy.

Also, in the event of a counterparty's (or its affiliate's) insolvency, the possibility exists that a 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 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 a 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 a Fund in connection with its derivatives transactions and, therefore, make derivatives transactions more expensive.

The U.S. Congress, various exchanges and regulatory and self-regulatory authorities have undertaken reviews of derivatives trading in recent periods. Among the actions that have been taken or proposed to be taken are new position limits and reporting requirements, and new or more stringent daily price fluctuation limits for futures and options transactions. Additional measures are under active consideration and as a result there may be further actions that adversely affect the regulation of instruments in which a Fund may invest. It is possible that these or similar measures could potentially limit or completely restrict the ability of a Fund to use these instruments as a part of its investment strategy. Limits or restrictions applicable to the counterparties with which a Fund may engage in derivative transactions could also prevent the Fund from using these instruments.

<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).

**OTHER INVESTMENT TECHNIQUES**

**Borrowing:** Borrowing will result in leveraging of a 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 a 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. A 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 a 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, a 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, a 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.

A 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. A Fund will generally not treat such transactions as borrowings of money.

**Illiquid Securities:** Illiquid investment means any investment that a 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. A 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 a Fund to adopt a liquidity risk management program to assess and manage its liquidity risk. Under its program, a 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 a Fund's investments.

**Participation on Creditor Committees:** A 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 a Fund. Such participation may incur additional expenses such as legal fees and may make a 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 a Fund to potential liabilities under the federal bankruptcy laws or other laws governing the rights of creditors and debtors.

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**Repurchase Agreements:** A repurchase agreement is a contract under which a 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, a 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, a 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 a 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 ability to perform their obligations under the repurchase agreements.

**Restricted Securities**: A Fund may invest in securities that are legally restricted as to resale (such as those issued in private placements). These investments may include securities governed by Rule 144A under the 1933 Act ("Rule 144A") and securities that are offered in reliance on Section 4(a)(2) of the 1933 Act and restricted as to their resale. A 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 a Fund to repurchase the same securities at a later date at a fixed price. During the reverse repurchase agreement period, a 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.

**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. A 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 federal dividends received deduction in the hands of corporate shareholders. The Investment Adviser expects generally to follow the practice of causing a 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 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

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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 a 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, a Fund may incur losses that exceed the amount it earned on lending the security. The Lending Agent will indemnify a 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 a Fund in connection with the securities lending program.

**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 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. Short sales of forward commitments and derivatives do not involve borrowing a security. These types of short sales may include futures, options, contracts for differences, forward contracts on financial instruments and options such as contracts, credit-linked instruments, and swap contracts.

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, including short positions on such securities acquired through swaps.

**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.

Recently proposed 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.

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**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.

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 a 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 a 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.

**OTHER RISKS**

**Cyber Security Issues:** The Voya family of funds, and their service providers, may be prone to operational and information security risks resulting from cyber-attacks. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber security breaches. Cyber-attacks affecting a Fund or its service providers may adversely impact a Fund. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact a Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential business information, impede trading, subject a Fund to regulatory fines or financial losses and/or cause reputational damage. A Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which a Fund may invest, which could result in material adverse consequences for such issuers and may cause a Fund's investment in such companies to lose value. In addition, substantial costs may be incurred in order to prevent any cyber-attacks in the future. While each 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, a Fund cannot control the cyber security plans and systems put in place by service providers to a Fund, and such third party service providers may have limited indemnification obligations to the Investment Adviser or a Fund, each of whom could be negatively impacted as a result. A Fund and its shareholders could be negatively impacted as a result. Similar types of operational and technology risks are also present for issuers of securities or other instruments in which a Fund invests, which could result in material adverse consequences for such issuers, and may cause a Fund's investments to lose value. In addition, cyber-attacks involving a Fund's counterparty could affect such counterparty's ability to meet its obligations to a Fund, which may result in losses to a 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 a Fund being, among other things, unable to buy or sell certain securities or unable to accurately price its investments.

**Qualified Financial Contracts:** A 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 a Fund or certain of the covered counterparty's affiliates were to become subject to certain insolvency proceedings, a 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 a Fund's credit and counterparty risks.

**TEMPORARY DEFENSIVE STRATEGIES**

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

**PORTFOLIO TURNOVER**

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

Each 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

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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. A 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 a Fund's shareholders. High portfolio turnover may result in the realization of substantial capital gains.

Each Fund's historical turnover rates are included in the Financial Highlights table(s) in the Prospectus.

To the extent each Fund invests in affiliated Underlying Funds, the discussion above relating to investment decisions made by the Investment Adviser or a Sub-Adviser with respect to each Fund also includes investment decisions made by the Investment Adviser or a sub-adviser with respect to those Underlying Funds.

**FUNDAMENTAL AND NON-FUNDAMENTAL INVESTMENT RESTRICTIONS**

Unless otherwise noted, whenever an investment policy or limitation states a maximum percentage of a 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 a Fund's investment policies and limitations.

Unless otherwise stated, if a 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 a 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.

**FUNDAMENTAL INVESTMENT RESTRICTIONS** 

Each 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.

**Voya Global Bond Fund** 

As a matter of fundamental policy, the Fund may not:

1. purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. government, any state or territory of the United States, or any of their agencies, instrumentalities or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund;

2. borrow money, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations thereunder and any exemptive relief obtained by the Fund;

3. make loans, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations and any exemptive relief obtained by the Fund. For the purposes of this limitation, entering into repurchase agreements, lending securities and acquiring debt securities are not deemed to be making of loans;

4. underwrite any issue of securities within the meaning of the 1933 Act except when it might technically be deemed to be an underwriter either: (i) in connection with the disposition of a Fund security; or (ii) in connection with the purchase of securities directly from the issuer thereof in accordance with its investment objective. This restriction shall not limit the Fund's ability to invest in securities issued by other registered management investment companies;

5. purchase or sell real estate, except that the Fund may: (i) acquire or lease office space for its own use; (ii) invest in securities of issuers that invest in real estate or interests therein; (iii) invest in mortgage-related securities and other securities that are secured by real estate or interests therein; or (iv) hold and sell real estate acquired by the Fund as a result of the ownership of securities;

6. issue senior securities except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund;

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7. purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities). This limitation does not apply to foreign currency transactions, including, without limitation, forward currency contracts; or

8. purchase securities of any issuer if, as a result, with respect to 75% of the Fund's total assets, more than 5% of the value of its total assets would be invested in the securities of any one issuer or the Fund's ownership would be more than 10% of the outstanding voting securities of any issuer, provided that this restriction does not limit the Fund's investments in securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, or investments in securities of other investment companies.

With respect to fundamental policy number (1), for sovereign debt, each sovereign country is treated as a separate industry.

**Voya Global High Dividend Low Volatility Fund** 

As a matter of fundamental policy, the Fund may not:

1. invest in securities of any one issuer if more than 5% of the market value of its total assets would be invested in the securities of such issuer, except that up to 25% of the Fund's total assets may be invested without regard to this restriction and the Fund will be permitted to invest all or a portion of its assets in another diversified, open end management investment company with substantially the same investment objective, policies and restrictions as the Fund. This restriction also does not apply to investments by the Fund in securities of the U.S. government or any of its agencies and instrumentalities;

2. purchase more than 10% of the outstanding voting securities, or of any class of securities, of any one issuer, or purchase the securities of any issuer for the purpose of exercising control or management, except that the Fund will be permitted to invest all or a portion of its assets in another diversified, open end management investment company with substantially the same investment objective, policies, and restrictions as the Fund;

3. invest 25% or more of the market value of its total assets in the securities of issuers in any one particular industry, except that a Fund will be permitted to invest all or a portion of its assets in another diversified, open end management investment company with substantially the same investment objective, policies and restrictions as the Fund. This restriction does not apply to investments by a Fund in securities of the U.S. government or its agencies and instrumentalities or to investments by Voya Government Money Market Fund (not included in this SAI) in obligations of domestic branches of U.S. banks and U.S. branches of foreign banks which are subject to the same regulation as U.S. banks;

4. purchase or sell real estate. However, the Fund may invest in securities secured by, or issued by companies that invest in, real estate or interests in real estate;

5. make loans of money, except that the Fund may purchase publicly distributed debt instruments and certificates of deposit and enter into repurchase agreements. The Fund reserves the authority to make loans of its portfolio securities in an aggregate amount not exceeding 30% of the value of its total assets;

6. borrow money on a secured or unsecured basis, except for temporary, extraordinary or emergency purposes or for the clearance of transactions in amounts not exceeding 20% of the value of its total assets at the time of the borrowing, provided that, pursuant to the 1940 Act, the Fund may borrow money if the borrowing is made from a bank or banks and only to the extent that the value of the Fund's total assets, less its liabilities other than borrowings, is equal to at least 300% of all borrowings (including proposed borrowings), and provided, further that the borrowing may be made only for temporary, extraordinary or emergency purposes or for the clearance of transactions in amounts not exceeding 20% of the value of the Fund's total assets at the time of the borrowing. If such asset coverage of 300% is not maintained, the Fund will take prompt action to reduce its borrowings as required by applicable law;

7. pledge or in any way transfer as security for indebtedness any securities owned or held by it, except to secure indebtedness permitted by restriction 6 above. This restriction shall not prohibit the Fund from engaging in options, futures, and foreign currency transactions, and shall not apply to Voya Government Money Market Fund (not included in this SAI);

8. underwrite securities of other issuers, except insofar as it may be deemed an underwriter under the 1933 Act in selling portfolio securities;

9. invest more than 15% of the value of its net assets in securities that at the time of purchase are illiquid;

10. purchase securities on margin, except for initial and variation margin on options and futures contracts, and except that the Fund may obtain such short term credit as may be necessary for the clearance of purchases and sales of securities;

11. invest in securities of other investment companies, except: (i) that the Fund will be permitted to invest all or a portion of its assets in another diversified, open end management investment company with substantially the same investment objective, policies and restrictions as the Fund; (ii) in compliance with the 1940 Act and applicable state securities laws; or (iii) as part of a merger, consolidation, acquisition or reorganization involving the Fund;

12. issue senior securities, except that the Fund may borrow money as permitted by restrictions 5 and 6 above. This restriction shall not prohibit the Fund from engaging in short sales, options, futures, and foreign currency transactions;

13. enter into transactions for the purpose of arbitrage, or invest in commodities and commodities contracts, except that a Fund may invest in stock index, currency and financial futures contracts and related options in accordance with any rules of the CFTC; or

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14. purchase or write options on securities, except for hedging purposes and then only if: (i) aggregate premiums on call options purchased by a Fund do not exceed 5% of its net assets; (ii) aggregate premiums on put options purchased by the Fund do not exceed 5% of its net assets; (iii) not more than 25% of the Fund's net assets would be hedged; and (iv) not more than 25% of the Fund's net assets are used as cover for options written by the Fund.

For purposes of fundamental policy number (5), the Trust considers the restriction to prohibit the Fund from entering into instruments that have the character of a loan, *i.e*., instruments that are negotiated on a case-by-case basis between a lender and a borrower. The Trust considers the phrase "publicly distributed debt instruments" in that investment restriction to include, among other things, registered debt securities and unregistered debt securities that are offered pursuant to Rule 144A under the 1933 Act. As a result, the Fund may invest in such securities. Further, the Trust does not consider investment policy number (5) to prevent the Fund from investing in investment companies that invest in loans.

**Voya International High Dividend Low Volatility Fund** 

As a matter of fundamental policy, the Fund will not:

1. purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. government, or tax exempt securities issued by any state or territory of the United States, or any of their agencies, instrumentalities, or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund;

2. purchase securities of any issuer if, as a result, with respect to 75% of the Fund's total assets, more than 5% of the value of its total assets would be invested in the securities of any one issuer or the Fund's ownership would be more than 10% of the outstanding voting securities of any issuer, provided that this restriction does not limit the Fund's investments in securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, or investments in securities of other investment companies;

3. borrow money, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations thereunder and any exemptive relief obtained by the Fund;

4. make loans, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations and any exemptive relief obtained by the Fund. For the purposes of this limitation, entering into repurchase agreements, lending securities and acquiring debt securities are not deemed to be making of loans;

5. underwrite any issue of securities within the meaning of the 1933 Act except when it might technically be deemed to be an underwriter either: (i) in connection with the disposition of a portfolio security; or (ii) in connection with the purchase of securities directly from the issuer thereof in accordance with its investment objective. This restriction shall not limit the Fund's ability to invest in securities issued by other registered management investment companies;

6. purchase or sell real estate, except that the Fund may: (i) acquire or lease office space for its own use, (ii) invest in securities of issuers that invest in real estate or interests therein; (iii) invest in mortgage-related securities and other securities that are secured by real estate or interests therein; or (iv) hold and sell real estate acquired by the Fund as a result of the ownership of securities;

7. issue senior securities except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund; or

8. purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities). This limitation does not apply to foreign currency transactions, including, without limitation, forward currency contracts.

**Voya Multi-Manager Emerging Markets Equity Fund** 

As a matter of fundamental policy, the Fund may not:

1. purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. government, or tax-exempt securities issued by any state or territory of the United States, or tax-exempt securities issued by any of their agencies, instrumentalities or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund;

2. purchase securities of any issuer if, as a result, with respect to 75% of the Fund's total assets, more than 5% of the value of its total assets would be invested in the securities of any one issuer or the Fund's ownership would be more than 10% of the outstanding voting securities of any issuer, provided that this restriction does not limit the Fund's investments in securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, or investments in securities of other investment companies;

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3. borrow money, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations thereunder and any exemptive relief obtained by the Fund;

4. make loans, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations and any exemptive relief obtained by the Fund;

5. underwrite any issue of securities within the meaning of the 1933 Act except when it might technically be deemed to be an underwriter either: (i) in connection with the disposition of a portfolio security; or (ii) in connection with the purchase of securities directly from the issuer thereof in accordance with its investment objective. This restriction shall not limit the Fund's ability to invest in securities issued by other registered management investment companies;

6. purchase or sell real estate, except that the Fund may: (i) acquire or lease office space for its own use; (ii) invest in securities of issuers that invest in real estate or interests therein; (iii) invest in mortgage-related securities and other securities that are secured by real estate or interests therein; or (iv) hold and sell real estate acquired by the Fund as a result of the ownership of securities;

7. issue senior securities except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund; or

8. purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities). This limitation does not apply to foreign currency transactions, including, without limitation, forward currency contracts.

**Voya Multi-Manager International Equity Fund** 

As a matter of fundamental policy, the Fund may not:

1. purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. government, any state or territory of the United States, or any of their agencies, instrumentalities or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund;

2. purchase securities of any issuer if, as a result, with respect to 75% of the Fund's total assets, more than 5% of the value of its total assets would be invested in the securities of any one issuer or the Fund's ownership would be more than 10% of the outstanding voting securities of any issuer, provided that this restriction does not limit the Fund's investments in securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, or investments in securities of other investment companies;

3. borrow money, except to the extent permitted under the 1940 Act, including the rules, regulations, and interpretations, thereunder and any exemptive relief obtained by the Fund;

4. make loans, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations and any exemptive relief obtained by the Fund. For the purposes of this limitation, entering into repurchase agreements, lending securities and acquiring debt securities are not deemed to be making of loans;

5. underwrite any issue of securities within the meaning of the 1933 Act except when it might technically be deemed to be an underwriter either: (i) in connection with the disposition of a portfolio security; or (ii) in connection with the purchase of securities directly from the issuer thereof in accordance with its investment objective. This restriction shall not limit the Fund's ability to invest in securities issued by other registered management investment companies;

6. purchase or sell real estate, except that the Fund may: (i) acquire or lease office space for its own use; (ii) invest in securities of issuers that invest in real estate or interests therein; (iii) invest in mortgage-related securities and other securities that are secured by real estate or interests therein; or (iv) hold and sell real estate acquired by the Fund as a result of the ownership of securities;

7. issue senior securities except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund; or

8. purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities). This limitation does not apply to foreign currency transactions, including, without limitation, forward currency contracts.

With respect to paragraph 1 above, the obligations issued by any state or territory of the United States include tax exempt securities issued by any state or territory, or any of their agencies, instrumentalities, or political subdivisions.

**Voya Multi-Manager International Factors Fund** 

As a matter of fundamental policy, the Fund may not:

1. purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no

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limitation with respect to obligations issued or guaranteed by the U.S. government, any state or territory of the United States, or any of their agencies, instrumentalities or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund;

2. purchase securities of any issuer if, as a result, with respect to 75% of the Fund's total assets, more than 5% of the value of its total assets would be invested in the securities of any one issuer or the Fund's ownership would be more than 10% of the outstanding voting securities of any issuer, provided that this restriction does not limit the Fund's investments in securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, or investments in securities of other investment companies;

3. borrow money, except to the extent permitted under the 1940 Act, including the rules, regulations, and interpretations thereunder and any exemptive relief obtained by the Fund;

4. make loans, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations and any exemptive relief obtained by the Fund. For the purposes of this limitation, entering into repurchase agreements, lending securities and acquiring debt securities are not deemed to be making of loans;

5. underwrite any issue of securities within the meaning of the 1933 Act except when it might technically be deemed to be an underwriter either: (i) in connection with the disposition of a portfolio security; or (ii) in connection with the purchase of securities directly from the issuer thereof in accordance with its investment objective. This restriction shall not limit the Fund's ability to invest in securities issued by other registered management investment companies;

6. purchase or sell real estate, except that the Fund may: (i) acquire or lease office space for its own use; (ii) invest in securities of issuers that invest in real estate or interests therein; (iii) invest in mortgage-related securities and other securities that are secured by real estate or interests therein; or (iv) hold and sell real estate acquired by the Fund as a result of the ownership of securities;

7. issue senior securities except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund; or

8. purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities). This limitation does not apply to foreign currency transactions, including, without limitation, forward currency contracts.

**Voya Multi-Manager International Small Cap Fund** 

As a matter of fundamental policy, the Fund may not:

1. invest in securities of any one issuer if more than 5% of the market value of its total assets would be invested in the securities of such issuer, except that up to 25% of the Fund's total assets may be invested without regard to this restriction and the Fund will be permitted to invest all or a portion of its assets in another diversified, open end management investment company with substantially the same investment objective, policies and restrictions as the Fund. This restriction also does not apply to investments by the Fund in securities of the U.S. government or any of its agencies and instrumentalities;

2. purchase more than 10% of the outstanding voting securities, or of any class of securities, of any one issuer, or purchase the securities of any issuer for the purpose of exercising control or management, except that the Fund will be permitted to invest all or a portion of its assets in another diversified, open end management investment company with substantially the same investment objective, policies and restrictions as the Fund;

3. invest 25% or more of the market value of its total assets in the securities of issuers in any one particular industry, except that the Fund will be permitted to invest all or a portion of its assets in another diversified, open end management investment company with substantially the same investment objective, policies and restrictions as the Fund. This restriction does not apply to investments by the Fund in securities of the U.S. government or its agencies and instrumentalities or to investments by the Voya Government Money Market Fund (not included in this SAI) in obligations of domestic branches of U.S. banks and U.S. branches of foreign banks which are subject to the same regulation as U.S. banks;

4. purchase or sell real estate. However, the Fund may invest in securities secured by, or issued by companies that invest in, real estate or interests in real estate;

5. make loans of money, except that the Fund may purchase publicly distributed debt instruments and certificates of deposit and enter into repurchase agreements. The Fund reserves the authority to make loans of its portfolio securities in an aggregate amount not exceeding 30% of the value of its total assets;

6. borrow money on a secured or unsecured basis, except for temporary, extraordinary or emergency purposes or for the clearance of transactions in amounts not exceeding 20% of the value of its total assets at the time of the borrowing, provided that, pursuant to the 1940 Act, the Fund may borrow money if the borrowing is made from a bank or banks and only to the extent that the value of the Fund's total assets, less its liabilities other than borrowings, is equal to at least 300% of all borrowings (including proposed borrowings), and provided, further that the borrowing may be made only for temporary, extraordinary or emergency purposes or for the clearance of transactions in amounts not exceeding 20% of the value of the Fund's total assets at the time of the borrowing. If such asset coverage of 300% is not maintained, the Fund will take prompt action to reduce its borrowings as required by applicable law;

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7. pledge or in any way transfer as security for indebtedness any securities owned or held by it, except to secure indebtedness permitted by restriction 6 above. This restriction shall not prohibit the Fund from engaging in options, futures and foreign currency transactions, and shall not apply to the Voya Government Money Market Fund (not included in this SAI);

8. underwrite securities of other issuers, except insofar as it may be deemed an underwriter under the 1933 Act in selling portfolio securities;

9. invest more than 15% of the value of its net assets in securities that at the time of purchase are illiquid;

10. purchase securities on margin, except for initial and variation margin on options and futures contracts, and except that the Fund may obtain such short term credit as may be necessary for the clearance of purchases and sales of securities;

11. invest in securities of other investment companies except: (i) that the Fund will be permitted to invest all or a portion of its assets in another diversified, open end management investment company with substantially the same investment objective, policies and restrictions as the Fund; (ii) in compliance with the 1940 Act and applicable state securities laws; or (iii) as part of a merger, consolidation, acquisition or reorganization involving the Fund;

12. issue senior securities, except that the Fund may borrow money as permitted by restrictions 5 and 6 above. This restriction shall not prohibit the Fund from engaging in short sales, options, futures, and foreign currency transactions;

13. enter into transactions for the purpose of arbitrage, or invest in commodities and commodities contracts, except that the Fund may invest in stock index, currency and financial futures contracts and related options in accordance with any rules of the CFTC; or

14. purchase or write options on securities, except for hedging purposes and then only if: (i) aggregate premiums on call options purchased by the Fund do not exceed 5% of its net assets; (ii) aggregate premiums on put options purchased by the Fund do not exceed 5% of its net assets; (iii) not more than 25% of the Fund's net assets would be hedged; and (iv) not more than 25% of the Fund's net assets are used as cover for options written by the Fund.

For purposes of fundamental policy number (5), the Trust considers the restriction to prohibit the Fund from entering into instruments that have the character of a loan, *i.e*., instruments that are negotiated on a case-by-case basis between a lender and a borrower. The Trust considers the phrase "publicly distributed debt instruments" in that investment restriction to include, among other things, registered debt securities and unregistered debt securities that are offered pursuant to Rule 144A under the 1933 Act. As a result, the Fund may invest in such securities. Further, the Trust does not consider investment policy number (5) to prevent the Fund from investing in investment companies that invest in loans.

**NON-FUNDAMENTAL INVESTMENT RESTRICTIONS** 

The Board has adopted the following non-fundamental investment restrictions, which may be changed by a vote of each Fund's Board and without shareholder vote.

**Voya Global Bond Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund will not make short sales of securities or maintain a short position if to do so could create liabilities or require collateral deposits and segregation of assets aggregating more than 25% of the Fund's total assets, taken at market value.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund has a non-fundamental policy to invest at least 80% of its net assets (plus borrowings for investment purposes) in bonds of issuers in a number of different countries, which may include the United States. An Underlying Fund's investments in bonds or its investments in derivatives and synthetic instruments that have economic characteristics similar to the above investments may be counted toward satisfaction of the 80% policy.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's investments in fixed-time deposits subject to withdrawal penalties and maturing in more than 7 days may not exceed 15% of the net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• No more than 15% of the Fund's net assets may be comprised, in the aggregate, of assets that are: (i) subject to material legal restrictions on repatriation; or (ii) invested in illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund will only enter into futures contracts and options on futures which are standardized and traded on a U.S. or foreign exchange, board of trade, or similar entity, or quoted on an automated quotation system.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may invest in futures contracts and options on futures contracts for hedging purposes. The Fund may not buy or sell futures contracts or options on futures if the margin deposits and premiums exceed 5% of the market value of the Fund's assets.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may only invest in synthetic convertibles with respect to companies whose corporate debt securities are rated "A" or higher by Moody's or "A" or higher by S&P and will not invest more than 15% of its net assets in such synthetic securities and other illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may borrow up to 33 <sup>1</sup>∕3% of its total assets for temporary or emergency purposes or for leverage, provided that asset coverage of 300% is maintained.

&nbsp;&nbsp;&nbsp;&nbsp;• In order to generate additional income, the Fund may lend portfolio securities in an amount up to 33 <sup>1</sup>∕3% of total Fund assets to broker-dealers, major banks, or other recognized domestic institutional borrowers of securities deemed to be creditworthy by the Investment Adviser or Sub-Adviser. No lending may be made with any companies affiliated with the Investment Adviser or a Sub-Adviser.

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&nbsp;&nbsp;&nbsp;&nbsp;• The Fund will not engage in when-issued, forward commitment, or delayed delivery securities transactions for speculation purposes, but only in furtherance of its investment objectives. The Fund will not purchase these securities if more than 15% of the Fund's total assets would be segregated to cover such securities.

**Voya Global High Dividend Low Volatility Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may only invest in fixed-income securities (which must be of high quality and short duration) for temporary and defensive or cash management purposes.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may invest in certificates of deposit (interest bearing time deposits) issued by savings banks or savings and loan associations that have capital surplus and undivided profits in excess of $100 million, based on latest publishing reports, or less than $100 million if the principal amount of such obligations is fully insured by the U.S. government.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund will not invest more than 15% of the total value of its assets in high-yield bond (securities rated below BBB by S&P or Baa3 by Moody's or, if unrated, considered by the Investment Adviser of comparable quality).

&nbsp;&nbsp;&nbsp;&nbsp;• No more than 15% of the Fund's net assets may be comprised, in the aggregate, of assets that are: (i) subject to material legal restrictions on repatriation; or (ii) invested in illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;• Other than for temporary and defensive or cash management purposes, the Fund may invest up to 10% of its net assets in securities of supranational agencies. These securities are not considered government securities and are not supported directly or indirectly by the U.S. government.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may invest in futures contracts and options on futures contracts for hedging purposes. The Fund may not buy or sell futures contracts or options on futures if the margin deposits and premiums exceed 5% of the market value of the Fund's assets.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may only invest in forward currency options for the purposes of hedging.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund will not enter into a swap agreement with any single party if the net amount owed or to be received under existing contracts with that party would exceed 5% of the Fund's total assets.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may only invest in synthetic convertibles with respect to companies whose corporate debt securities are rated "A" or higher by Moody's or "A" or higher by S&P and will not invest more than 15% of its net assets in such synthetic securities and other illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may borrow up to 20% of its total assets for temporary, extraordinary or emergency purposes, provided that asset coverage of 300% is maintained.

&nbsp;&nbsp;&nbsp;&nbsp;• In order to generate additional income, the Fund may lend portfolio securities in an amount up to 30% of total Fund assets to broker-dealers, major banks, or other recognized domestic institutional borrowers of securities deemed to be creditworthy by the Investment Adviser or Sub-Adviser. No lending may be made with any companies affiliated with the Investment Adviser or a Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may make short sales of ETFs for the purposes of hedging.

**Voya International High Dividend Low Volatility Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;• No more than 15% of the Fund's net assets may be comprised, in the aggregate, of assets that are: (i) subject to material legal restrictions on repatriation; or (ii) invested in illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;• In order to generate additional income, the Fund may lend portfolio securities in an amount up to 33 <sup>1</sup>∕3% of total Fund assets to broker-dealers, major banks, or other recognized domestic institutional borrowers of securities deemed to be creditworthy by the Investment Adviser or Sub-Adviser. No lending may be made with any companies affiliated with the Investment Adviser or a Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund will not engage in when-issued, forward commitment, or delayed delivery securities transactions for speculation purposes, but only in furtherance of its investment objectives.

**Voya Multi-Manager Emerging Markets Equity Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's investments in fixed-time deposits subject to withdrawal penalties and maturing in more than 7 days may not exceed 15% of the net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• No more than 15% of the Fund's net assets may be comprised, in the aggregate, of assets that are: (i) subject to material legal restrictions on repatriation; or (ii) invested in illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund will only enter into futures contracts and options on futures which are standardized and traded on a U.S. or foreign exchange, board of trade, or similar entity, or quoted on an automated quotation system.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may invest in futures contracts and options on futures contracts for hedging purposes. Generally, no more than 25% of the Fund's assets may be hedged. The Fund may not buy or sell futures contracts or options on futures if the margin deposits and premiums exceed 5% of the market value of the Fund's assets.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may only invest in synthetic convertibles with respect to companies whose corporate debt securities are rated "A" or higher by Moody's or "A" or higher by S&P and will not invest more than 15% of its net assets in such synthetic securities and other illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;• In order to generate additional income, the Fund may lend portfolio securities in an amount up to 33 <sup>1</sup>∕3% of total Fund assets to broker-dealers, major banks, or other recognized domestic institutional borrowers of securities deemed to be creditworthy by the Investment Adviser or Sub-Adviser. No lending may be made with any companies affiliated with the Investment Adviser or a Sub-Adviser.

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&nbsp;&nbsp;&nbsp;&nbsp;• The Fund will not engage in when-issued, forward commitment, or delayed delivery securities transactions for speculation purposes, but only in furtherance of its investment objectives. The Fund will not purchase these securities if more than 15% of the Fund's total assets would be segregated to cover such securities.

**Voya Multi-Manager International Equity Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's investments in fixed-time deposits subject to withdrawal penalties and maturing in more than 7 days may not exceed 15% of the net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• No more than 15% of the Fund's net assets may be comprised, in the aggregate, of assets that are: (i) subject to material legal restrictions on repatriation; or (ii) invested in illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund will only enter into futures contracts and options on futures which are standardized and traded on a U.S. or foreign exchange, board of trade, or similar entity, or quoted on an automated quotation system.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may invest in futures contracts and options on futures contracts for hedging purposes. Generally, no more than 25% of the Fund's assets may be hedged. The Fund may not buy or sell futures contracts or options on futures if the margin deposits and premiums exceed 5% of the market value of the Fund's assets.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may only invest in synthetic convertibles with respect to companies whose corporate debt securities are rated "A" or higher by Moody's or "A" or higher by S&P and will not invest more than 15% of its net assets in such synthetic securities and other illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may enter into repurchase agreements with respect to any portfolio securities the Fund may acquire consistent with its investment objectives and policies, but it intends to enter into repurchase agreements only with respect to obligations of the U.S. government or its agencies and instrumentalities, to meet anticipated redemptions or pending investments or reinvestment of Fund assets into portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund will not enter into repurchase agreements maturing in more than seven days if the aggregate of such repurchase agreements and all other illiquid securities when taken together would exceed 15% of the total assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• In order to generate additional income, the Fund may lend portfolio securities in an amount up to 33 <sup>1</sup>∕3% of total Fund assets to broker-dealers, major banks, or other recognized domestic institutional borrowers of securities deemed to be creditworthy by the Investment Adviser or Sub-Adviser. No lending may be made with any companies affiliated with the Investment Adviser or a Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund will not engage in when-issued, forward commitment, or delayed delivery securities transactions for speculation purposes, but only in furtherance of its investment objectives. The Fund will not purchase these securities if more than 15% of the Fund's total assets would be segregated to cover such securities.

**Voya Multi-Manager International Factors Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's investments in fixed-time deposits subject to withdrawal penalties and maturing in more than 7 days may not exceed 15% of the net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• No more than 15% of the Fund's net assets may be comprised, in the aggregate, of assets that are: (i) subject to material legal restrictions on repatriation; or (ii) invested in illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund will only enter into futures contracts and options on futures which are standardized and traded on a U.S. or foreign exchange, board of trade, or similar entity, or quoted on an automated quotation system.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may invest in futures contracts and options on futures contracts for hedging purposes. The Fund may not buy or sell futures contracts or options on futures if the margin deposits and premiums exceed 5% of the market value of the Fund's assets.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may only invest in synthetic convertibles with respect to companies whose corporate debt securities are rated "A" or higher by Moody's or "A" or higher by S&P and will not invest more than 15% of its net assets in such synthetic securities and other illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may enter into repurchase agreements with respect to any portfolio securities the Fund may acquire consistent with its investment objectives and policies, but it intends to enter into repurchase agreements only with respect to obligations of the U.S. government or its agencies and instrumentalities, to meet anticipated redemptions or pending investments or reinvestment of Fund assets into portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund will not enter into repurchase agreements maturing in more than seven days if the aggregate of such repurchase agreements and all other illiquid securities when taken together would exceed 15% of the total assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• In order to generate additional income, the Fund may lend portfolio securities in an amount up to 33 <sup>1</sup>∕3% of total Fund assets to broker-dealers, major banks, or other recognized domestic institutional borrowers of securities deemed to be creditworthy by the Investment Adviser or Sub-Adviser. No lending may be made with any companies affiliated with the Investment Adviser or a Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund will not engage in when-issued, forward commitment, or delayed delivery securities transactions for speculation purposes, but only in furtherance of its investment objectives. The Fund will not purchase these securities if more than 15% of the Fund's total assets would be segregated to cover such securities.

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**Voya Multi-Manager International Small Cap Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's investments in fixed-time deposits subject to withdrawal penalties and maturing in more than 7 days may not exceed 15% of the net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• No more than 15% of the Fund's net assets may be comprised, in the aggregate, of assets that are: (i) subject to material legal restrictions on repatriation; or (ii) invested in illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund will only enter into futures contracts and options on futures which are standardized and traded on a U.S. or foreign exchange, board of trade, or similar entity, or quoted on an automated quotation system.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may invest in futures contracts and options on futures contracts for hedging purposes. Generally, no more than 25% of the Fund's assets may be hedged. The Fund may not buy or sell futures contracts or options on futures if the margin deposits and premiums exceed 5% of the market value of the Fund's assets.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may write covered call options and purchase put and call options on securities and stock indices for hedging purposes. Put and call index warrants are limited to 5% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may only invest in synthetic convertibles with respect to companies whose corporate debt securities are rated "A" or higher by Moody's or "A" or higher by S&P and will not invest more than 15% of its net assets in such synthetic securities and other illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may borrow up to 20% of its total assets for temporary, extraordinary or emergency purposes, provided that asset coverage of 300% is maintained.

&nbsp;&nbsp;&nbsp;&nbsp;• In order to generate additional income, the Fund may lend portfolio securities in an amount up to 30% of total Fund assets to broker-dealers, major banks, or other recognized domestic institutional borrowers of securities deemed to be creditworthy by the Investment Adviser or Sub-Adviser. No lending may be made with any companies affiliated with the Investment Adviser or a Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund will not engage in when-issued, forward commitment, or delayed delivery securities transactions for speculation purposes, but only in furtherance of its investment objectives. The Fund will not purchase these securities if more than 15% of the Fund's total assets would be segregated to cover such securities.

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

Each Fund is required to file its complete portfolio holdings schedule with the SEC on a quarterly basis. This schedule is filed with each Fund's annual and semi-annual shareholder reports on Form N-CSR for the second and fourth fiscal quarters and on Form NPORT-P for the first and third fiscal quarters. Each Fund's NPORT-P is available on the SEC's website at www.sec.gov and may be obtained, free of charge, by contacting a Fund at the address and phone number on the cover of this SAI or by visiting our website at www.voyainvestments.com.

In addition, each Fund (except Voya Multi-Manager Emerging Markets Equity Fund and Voya Multi-Manager International Small Cap Fund) posts its portfolio holdings schedule on Voya's website on a monthly basis and makes it available on the 15<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.

Voya Multi-Manager Emerging Markets Equity 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 is as of the last day of the previous calendar month.

Voya Multi-Manager International Small Cap Fund posts its portfolio holdings schedule on Voya's website on a calendar-quarter basis and makes it available on the 30<sup>th</sup> calendar day following the end of the previous calendar quarter, or as soon thereafter as practicable. The portfolio holdings is as of the last day of the previous calendar quarter.

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

Each Fund also compiles a list of its ten largest ("Top Ten") holdings and/or its Top Ten largest 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 each Fund's shares, and most third parties may receive each Fund's annual or semi-annual shareholder reports, or view them on Voya's website, along with each 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, each Fund may provide its complete portfolio holdings to certain unaffiliated third parties and affiliates when a Fund has a legitimate business purpose for doing so. Unless otherwise noted below, each 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, a Fund's disclosure of its portfolio holdings may include disclosure:

&nbsp;&nbsp;&nbsp;&nbsp;• to a 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;

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

&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 a Fund;

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

&nbsp;&nbsp;&nbsp;&nbsp;• to service providers, on a daily basis, in connection with their providing services benefiting a 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;

&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 a 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, a 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. A 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 a Fund until public disclosure by the Fund.

In addition to the situations discussed above, disclosure of a 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 Funds (each an "Authorized Party") pursuant to the Board's procedures. In each such case, the Authorized Party would determine whether the proposed disclosure of a 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 a Fund's shareholders, on the one hand, and those of the Fund's Investment Adviser, Principal Underwriter or any affiliated person of a 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 a 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 State of Delaware.

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

Set forth in the table below is information about each Trustee of each 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> 85258-2034 <br>| &nbsp;&nbsp;&nbsp;&nbsp; Chairperson<br>Trustee<br>| &nbsp;&nbsp;&nbsp;&nbsp; January 2020 – <br> Present <br> November 2007 – <br> Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; President, Glantuam Partners, <br> LLC, a business consulting firm <br> (January 2009 – Present).<br>| 138 | &nbsp;&nbsp;&nbsp;&nbsp; RSR Partners, Inc. (2016 – <br> Present).<br>|
| &nbsp;&nbsp; **John V. Boyer**<br>(1953)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; January 2005 – <br> Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Retired. Formerly, President and <br> Chief Executive Officer, Bechtler <br> Arts Foundation, an arts and <br> education foundation (January <br> 2008 – December 2019).<br>| 138 | None. |
| &nbsp;&nbsp; **Patricia W. Chadwick**<br>(1948)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; January 2006 – <br> Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Consultant and President, <br> Ravengate Partners LLC, a <br> consulting firm that provides <br> advice regarding financial <br> markets and the global economy <br> (January 2000 – Present).<br>| 138 | &nbsp;&nbsp;&nbsp;&nbsp; The Royce Funds (22 funds) <br> (December 2009 – Present); and <br> AMICA Mutual Insurance <br> Company (1992 – Present).<br>|
| &nbsp;&nbsp; **Martin J. Gavin**<br>(1950)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; August 2015 – <br> Present<br>| Retired. | 138 | 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; **Joseph E. Obermeyer**<br>(1957)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| Trustee | May 2013 – Present | &nbsp;&nbsp;&nbsp;&nbsp; President, Obermeyer & <br> Associates, Inc., a provider of <br> financial and economic <br> consulting services (November <br> 1999 – Present).<br>| 138 | None. |
| &nbsp;&nbsp; **Sheryl K. Pressler**<br>(1950)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; January 2006 – <br> Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Consultant (May 2001 – <br> Present).<br>| 138 | &nbsp;&nbsp;&nbsp;&nbsp; Centerra Gold Inc. (May 2008 – <br> Present).<br>|
| &nbsp;&nbsp; **Christopher P.** <br> **Sullivan**<br>(1954)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; October 2015 – <br> Present<br>| Retired. | 138 | None. |

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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 each 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 Balanced Portfolio, Inc.; Voya Credit Income Fund; Voya Emerging Markets High Dividend Equity 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 Strategic Allocation Portfolios, Inc.; 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 January 31, 2023.

**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 Year of** <br> **Birth**<br>| &nbsp;&nbsp; **Position(s) Held with** <br> **the Trust**<br>| &nbsp;&nbsp; **Term of Office and Length** <br> **of Time Served**<sup>1</sup> <br>| **Principal Occupation(s) During the Past 5 Years** |
| &nbsp;&nbsp; **Andy Simonoff**<br>(1973)<br>5780 Powers Ferry Rd. NW<br> Atlanta, GA 30327 <br>| &nbsp;&nbsp; President and Chief <br> Executive Officer<br>| January 2023 – Present | &nbsp;&nbsp; Director, President, and Chief Executive Officer, Voya Funds Services, LLC, Voya Capital, <br> LLC, and Voya Investments, LLC (January 2023 – Present); Managing Director, Chief <br> Strategy and Transformation Officer, Voya Investment Management (January 2020 – <br> Present). Formerly, Managing Director, Head of Business Management, Voya Investment <br> Management (March 2019 – January 2020); Managing Director, Head of Business <br> Management, Fixed Income, Voya Investment Management (November 2015 – March <br> 2019).<br>|
| &nbsp;&nbsp; **Jonathan Nash**<br>(1967)<br>230 Park Avenue<br> New York, NY 10169 <br>| &nbsp;&nbsp; Executive Vice <br> President <br>Chief Investment <br> Risk Officer<br>| March 2020 – Present | &nbsp;&nbsp; Executive Vice President and Chief Investment Risk Officer, Voya Investments, LLC (March <br> 2020 – Present); Senior Vice President, Investment Risk Management, Voya Investment <br> Management (March 2017 – Present). Formerly, Vice President, Voya Investments, LLC <br> (September 2018 – March 2020); Consultant, DA Capital LLC (January 2016 – March <br> 2017).<br>|
| &nbsp;&nbsp; **James M. Fink**<br>(1958)<br>5780 Powers Ferry Rd. NW<br> Atlanta, GA 30327 <br>| &nbsp;&nbsp; Executive Vice <br> President<br>| March 2018 – Present | &nbsp;&nbsp; Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Managing <br> Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March <br> 2018 – Present); Chief Administrative Officer, Voya Investment Management (September <br> 2017 – Present). Formerly, Managing Director, Operations, Voya Investment Management <br> (March 1999 – September 2017).<br>|
| &nbsp;&nbsp; **Steven Hartstein**<br>(1963)<br>230 Park Avenue<br> New York, NY 10169 <br>| &nbsp;&nbsp; Chief Compliance <br> Officer<br>| December 2022 – Present | &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 Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| &nbsp;&nbsp; Senior Vice <br> President, <br> Chief/Principal <br> Financial Officer and <br> Assistant Secretary<br>| March 2005 – Present | &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 Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| &nbsp;&nbsp; Senior Vice <br> President<br>| November 2003 – Present | Senior Vice President, Voya Investments, LLC (September 2003 – Present). |
| &nbsp;&nbsp; **Sara M. Donaldson**<br>(1959)<br>7337 East Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| &nbsp;&nbsp; Senior Vice <br> President<br>| June 2022 – Present | &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>|
| &nbsp;&nbsp; **Andrew K. Schlueter**<br>(1976)<br>7337 East Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| &nbsp;&nbsp; Senior Vice <br> President<br>| June 2022 – Present | &nbsp;&nbsp; Senior Vice President, Head of Mutual Fund Operations, Voya Investment Management <br> (March 2022 – Present); Vice President, Voya Investments Distributor, LLC (April 2018 – <br> Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March <br> 2018 – Present). Formerly, Vice President, Head of Mutual Fund Operations, Voya <br> Investment Management (February 2018 – February 2022); Vice President, Voya <br> Investment Management (March 2014 – February 2018). <br>|

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name, Address and Year of** <br> **Birth**<br>| &nbsp;&nbsp; **Position(s) Held with** <br> **the Trust**<br>| &nbsp;&nbsp; **Term of Office and Length** <br> **of Time Served**<sup>1</sup><br>| **Principal Occupation(s) During the Past 5 Years** |
| &nbsp;&nbsp; **Robert Terris**<br>(1970)<br>5780 Powers Ferry Rd. NW<br> Atlanta, GA 30327 <br>| &nbsp;&nbsp; Senior Vice <br> President<br>| May 2006 – Present | &nbsp;&nbsp; Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior <br> Vice President, Head of Investment Services, Voya Investments, LLC (April 2018 – <br> Present); Senior Vice President, Head of Investment Services, Voya Funds Services, LLC <br> (March 2006 – Present). Formerly, Senior Vice President, Head of Division Operations, <br> Voya Investments, LLC (October 2015 – April 2018).<br>|
| &nbsp;&nbsp; **Joanne F. Osberg**<br>(1982)<br>7337 East Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| &nbsp;&nbsp; Vice President<br>Secretary<br>| &nbsp;&nbsp; September 2020 – Present<br>September 2020 – Present<br>| &nbsp;&nbsp; Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal <br> Department (September 2020 – Present). Formerly, Vice President and Counsel, Voya <br> Investment Management – Mutual Fund Legal Department (January 2013 – September <br> 2020).<br>|
| &nbsp;&nbsp; **Fred Bedoya**<br>(1973)<br>7337 East Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| &nbsp;&nbsp; Vice President, <br> Principal Accounting <br> Officer and Treasurer<br>| September 2012 – Present | &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 Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| Vice President | May 1999 – Present | &nbsp;&nbsp; Vice President Voya Investments, LLC (August 1997 – Present); and Vice President, <br> Voya Funds Services, LLC (November 1995 – Present).<br>|
| &nbsp;&nbsp; **Jason Kadavy**<br>(1976)<br>7337 East Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| Vice President | September 2012 – Present | &nbsp;&nbsp; Vice President, Voya Investments, LLC (October 2015 – Present); Vice President, <br> Voya Funds Services, LLC (July 2007 – Present).<br>|
| &nbsp;&nbsp; **Erica McKenna**<br>(1972)<br>7337 East Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034<br>| Vice President | June 2022 – Present | &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>|
| &nbsp;&nbsp; **Craig Wheeler**<br>(1969)<br>7337 East Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| Vice President | May 2013 – Present | Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present).  |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name, Address and Year of** <br> **Birth**<br>| &nbsp;&nbsp; **Position(s) Held with** <br> **the Trust**<br>| &nbsp;&nbsp; **Term of Office and Length** <br> **of Time Served**<sup>1</sup><br>| **Principal Occupation(s) During the Past 5 Years** |
| &nbsp;&nbsp; **Nicholas C.D. Ward**<br>(1993)<br>7337 East Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| &nbsp;&nbsp; Assistant Vice <br> President and <br> Assistant Secretary<br>| June 2022 – Present | &nbsp;&nbsp; Counsel, Voya Investment Management – Mutual Fund Legal Department (November 2021 <br> – Present). Formerly, Associate, Dechert LLP (October 2018 – November 2021).<br>|
| &nbsp;&nbsp; **Gizachew Wubishet**<br>(1976)<br>7337 East Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| &nbsp;&nbsp; Assistant Vice <br> President and <br> Assistant Secretary<br>| June 2022 – Present | &nbsp;&nbsp; Assistant Vice President and Counsel, Voya Investment Management – Mutual Fund Legal <br> Department (May 2019 – Present). Formerly, Attorney, Ropes & Gray LLP (October 2011 – <br> April 2019).<br>|
| &nbsp;&nbsp; **Monia Piacenti**<br>(1976)<br>One Orange Way<br> Windsor, CT 06095 <br>| &nbsp;&nbsp; Anti-Money <br> Laundering Officer<br>| June 2018 – Present | &nbsp;&nbsp; Compliance Consultant, Voya Financial, Inc. (January 2019 – Present); Anti-Money <br> Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management, and <br> Voya Investment Management Trust Co. (June 2018 – Present). Formerly, Senior <br> Compliance Officer, Voya Investment Management (December 2009 – December 2018).<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 each 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 each 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 each 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 each Fund, and review each Fund's investment performance.

**The Board Leadership Structure and Related Matters** 

The Board is comprised of seven (7) members, all of whom are independent or disinterested persons, which means that they are not "interested persons" of each Fund as defined in Section 2(a)(19) of the 1940 Act (the "Independent Trustees").

The Trust is one of 20 registered investment companies (with a total of approximately 138 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 Colleen D. Baldwin, 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. Ms. Baldwin 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. Seven (7) of these regular meetings consist of sessions held over a two- or three-day period, and one (1) of these meetings consists of a one-day session. In addition, during the course of a year, the Board and many of its Committees typically hold special meetings by telephone 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 three (3) Independent Trustees. The following Trustees currently serve as members of the Audit Committee: Ms. Baldwin and Messrs. Gavin and Obermeyer. 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 October 31, 2022.

***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: Mses. Chadwick and Pressler and Messrs. Boyer and Sullivan. 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 seven (7) meetings during the fiscal year ended October 31, 2022. The Audit Committee and Compliance Committee sometimes meet jointly to consider matters that are reviewed by both Committees. The Committees

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held two (2) such additional joint meeting during the fiscal year ended October 31, 2022.

***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 each 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 seven (7) 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 October 31, 2022.

***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. Each Fund is monitored by the IRCs, as indicated below. Each committee is described below.

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| | | |
|:---|:---|:---|
| **Fund** | **IRC E** | **IRC F** |
| Voya Global Bond Fund |  | X |
| Voya Global High Dividend Low Volatility Fund | X |  |
| Voya International High Dividend Low Volatility Fund | X |  |
| Voya Multi-Manager Emerging Markets Equity Fund | X |  |
| Voya Multi-Manager International Equity Fund |  | X |
| Voya Multi-Manager International Factors Fund |  | X |
| Voya Multi-Manager International Small Cap Fund | X |  |

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The IRC E currently consists of three (3) Independent Trustees. The following Trustees serve as members of the IRC E: Ms. Chadwick and Messrs. Boyer and Obermeyer. Ms. Chadwick 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 October 31, 2022.

The IRC F currently consists of four (4) Independent Trustees. The following Trustees serve as members of the IRC F: Mses. Baldwin and Pressler and Messrs. Gavin and Sullivan. 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 October 31, 2022.

***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 85258-2034. Any such shareholder nomination should include at least the following information as to each individual proposed for nomination

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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.

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 seven (7) of the Independent Trustees of the Board. Mr. Obermeyer 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 three (3) meetings during the fiscal year ended October 31, 2022.

**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 each Fund. In this connection, the Board has been advised that it is not practicable to identify all of the risks that may impact each 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 each 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 each 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 each Fund. In addition, many service providers to each Fund have adopted their own policies, procedures, and controls designed to address particular risks to each 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 each 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 each 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

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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**

*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 also has served as the Chairperson of the Trust's Board of Trustees since January 1, 2020 and, prior to that, as the Chairperson of the Trust's IRC E from 2014 through 2019. Prior to that, she served as the Chairperson of the Trust's Nominating and Governance Committee from 2009 through 2014. Ms. Baldwin has been an Advisory Board member of RSR Partners, Inc. since 2016 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 Trust's Board of Trustees from 2014 through 2019. Prior to that, he served as the Chairperson of the Trust's IRC F since 2006 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.

*Patricia W. Chadwick* 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 IRC E since January 1, 2020 and, prior to that, as the Chairperson of the Trust's former Joint IRC from 2018 through 2019. Prior to that, she served as the Chairperson of the Trust's IRC F since January 23, 2014. Since 2000, Ms. Chadwick has been the Founder and President of Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy. She also is a director of The Royce Funds (since 2009) and AMICA Mutual Insurance Company (since 1992). Previously, she served in senior roles at several major financial services firms where her duties included the management of corporate pension funds, endowments, and foundations, as well as management responsibilities for an asset management business. Ms. Chadwick holds a B.A. from Boston University and is a Chartered Financial Analyst.

*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 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.

*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 also has served as the Chairperson of the Trust's Nominating and Governance Committee since January 1, 2018 and, prior to that, as the Chairperson of the Trust's former Joint IRC from 2014 through 2017. Mr. Obermeyer is the founder and President of Obermeyer & Associates, Inc., a provider of financial and economic consulting services since 1999. 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 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 on the Board of Centerra Gold since May 2008. 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 (May 2002 – May 2013), and Director of Retirement Funds Management (1981-1994) of McDonnell Douglas Corporation (aircraft manufacturer). Ms. Pressler holds a B.A. from Webster University and an M.B.A. from Washington University.

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*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.

**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 ("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 this Policy.

Investment in mutual funds of the Voya family of funds by the Trustees pursuant to this 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 each 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, 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Dollar Range of Equity Securities in each Fund as of December 31, 2022** | **Dollar Range of Equity Securities in each Fund as of December 31, 2022** | **Dollar Range of Equity Securities in each Fund as of December 31, 2022** | **Dollar Range of Equity Securities in each Fund as of December 31, 2022** |
| **Fund** | **Colleen D. Baldwin** | **John V. Boyer** | **Patricia W. Chadwick** | **Martin J. Gavin** |
| Voya Global Bond Fund | $10001-$50000<sup>1</sup> |  |  |  |
| Voya Global High Dividend <br> Low Volatility Fund<br>|  |  |  |  |
| Voya International High <br> Dividend Low Volatility Fund<br>| $50001-$100000<sup>1</sup> |  |  |  |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| $50001-$100000<sup>1</sup> |  |  | $50001-$100000<sup>1</sup> |
| Voya Multi-Manager <br> International Equity Fund<br>|  | $10001-$50000 |  |  |
| Voya Multi-Manager <br> International Factors Fund<br>|  |  |  |  |
| Voya Multi-Manager <br> International Small Cap Fund<br>|  |  |  |  |
| 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>1</sup> | Over $100,000<sup>1</sup> | Over $100,000 | Over $100,000<sup>1</sup> |

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Dollar Range of Equity Securities in each Fund as of December 31, 2022** | **Dollar Range of Equity Securities in each Fund as of December 31, 2022** | **Dollar Range of Equity Securities in each Fund as of December 31, 2022** |
| **Fund** | **Joseph E. Obermeyer** | **Sheryl K. Pressler** | **Christopher P. Sullivan** |
| Voya Global Bond Fund | None | None | None  |

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Dollar Range of Equity Securities in each Fund as of December 31, 2022** | **Dollar Range of Equity Securities in each Fund as of December 31, 2022** | **Dollar Range of Equity Securities in each Fund as of December 31, 2022** |
| **Fund** | **Joseph E. Obermeyer** | **Sheryl K. Pressler** | **Christopher P. Sullivan** |
| Voya Global High Dividend <br> Low Volatility Fund<br>|  |  |  |
| Voya International High <br> Dividend Low Volatility Fund<br>|  |  |  |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Over $100,000<sup>1</sup> | $10001-$50000<sup>1</sup> |  |
| Voya Multi-Manager <br> International Equity Fund<br>|  |  |  |
| Voya Multi-Manager <br> International Factors Fund<br>|  | Over $100,000<sup>1</sup> |  |
| Voya Multi-Manager <br> International Small Cap Fund<br>|  |  |  |
| 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>1</sup> | Over $100,000<sup>1</sup> | Over $100,000 |

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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 each Fund's 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 each Fund (not including registered investment companies) as of December 31, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Trustee** | &nbsp;&nbsp; **Name of Owners** <br> **and Relationship to** <br> **Trustee**<br>| **Company** | **Title of Class** | **Value of Securities** | **Percentage of Class** |
| **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 |
| **Patricia W. Chadwick** | N/A | N/A | N/A | N/A | N/A |
| **Martin J. Gavin** | 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 |

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**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.

Effective January 1, 2023, each 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) Ms. Baldwin, as the Chairperson of the Board, receives an additional annual retainer of $100,000; (iii) Mses. Chadwick and Pressler and Messrs. Boyer, Gavin, Obermeyer, and Sullivan, as the Chairpersons of Committees of the Board, each receives an additional annual retainer of $30,000, $65,000, $30,000, $30,000, $30,000 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.

Prior to January 1, 2023, each Fund paid 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 $250,000; (ii) Ms. Baldwin, as the Chairperson of the Board, received an additional annual retainer of $100,000; (iii) Mses. Chadwick and Pressler and Messrs. Boyer, Gavin, Obermeyer, and Sullivan, as the Chairpersons of Committees of the Board, each received an additional annual retainer of $30,000, $65,000, $30,000, $30,000, $30,000 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 have designated other special meetings as subject to an attendance fee in the amount of $5,000 for in-person meetings and $2,500 for special telephonic meetings.

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The *pro rata* share paid by each Fund is based on each 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.

**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 each Fund's Investment Adviser regarding compensation of Trustees by each Fund and other funds managed by the Investment Adviser and its affiliates for the fiscal year ended October 31, 2022. 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.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate Compensation** | **Aggregate Compensation** | **Aggregate Compensation** | **Aggregate Compensation** |
| **Fund** | **Colleen D. Baldwin** | **John V. Boyer** | **Patricia W. Chadwick** | **Martin J. Gavin** |
| Voya Global Bond Fund | $1502.31 | $1258.05 | $1258.05 | $1258.05 |
| Voya Global High Dividend <br> Low Volatility Fund<br>| $1182.86 | $989.98 | $989.98 | $989.98 |
| Voya International High <br> Dividend Low Volatility Fund<br>| $44.63 | $37.35 | $37.35 | $37.35 |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| $1966.36 | $1646.24 | $1646.24 | $1646.24 |
| Voya Multi-Manager <br> International Equity Fund<br>| $2076.25 | $1738.66 | $1738.66 | $1738.66 |
| Voya Multi-Manager <br> International Factors Fund<br>| $1905.93 | $1594.75 | $1594.75 | $1594.75 |
| Voya Multi-Manager <br> International Small Cap Fund<br>| $908.34 | $760.04 | $760.04 | $760.04 |
| Pension or Retirement <br> Benefits Accrued as Part of <br> Fund Expenses<sup>2</sup> <br>| N/A | $0 | $0 | N/A |
| Estimated Annual Benefits <br> Upon Retirement<sup>3</sup> <br>| N/A | $400000.00 | $113333.00 | N/A |
| Total Compensation from the <br> Fund and the Voya family of <br> funds Paid to Trustees<br>| $430000.00 | $360000.00 | $360000.00 | $360000.00 |

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Aggregate Compensation** | **Aggregate Compensation** | **Aggregate Compensation** |
| **Fund** | **Joseph E. Obermeyer** | **Sheryl K. Pressler** | **Christopher P. Sullivan** |
| Voya Global Bond Fund | $1258.05 | $1380.18 | $1258.05 |
| Voya Global High Dividend <br> Low Volatility Fund<br>| $989.98 | $1086.42 | $989.98 |
| Voya International High <br> Dividend Low Volatility Fund<br>| $37.35 | $40.99 | $37.35 |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| $1646.24 | $1806.30 | $1646.24 |
| Voya Multi-Manager <br> International Equity Fund<br>| $1738.66 | $1907.45 | $1738.66  |

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Aggregate Compensation** | **Aggregate Compensation** | **Aggregate Compensation** |
| **Fund** | **Joseph E. Obermeyer** | **Sheryl K. Pressler** | **Christopher P. Sullivan** |
| Voya Multi-Manager <br> International Factors Fund<br>| $1594.75 | $1750.34 | $1594.75 |
| Voya Multi-Manager <br> International Small Cap Fund<br>| $760.04 | $834.19 | $760.04 |
| Pension or Retirement <br> Benefits Accrued as Part of <br> Fund Expenses<sup>2</sup> <br>| N/A | $0.00 | N/A |
| Estimated Annual Benefits <br> Upon Retirement<sup>3</sup> <br>| N/A | $113333.00 | N/A |
| Total Compensation from the <br> Fund and the Voya family of <br> funds Paid to Trustees<br>| $360000.00<sup>1</sup> | $395000.00<sup>1</sup> | $360000.00 |

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During the fiscal year ended October 31, 2022, Mr. Obermeyer and Ms. Pressler deferred $36,000 and $70,000, respectively, of their compensation from the Voya family of funds.

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.

**CODE OF ETHICS**

Each 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 each Fund. The Code of Ethics is intended to prohibit fraud against each 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 each 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 all 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.

The following may be deemed control persons of certain Funds:

Voya Investment Trust Co. and Voya Investment Management Co. LLC, are Delaware limited liability companies, and are indirect subsidiaries of Voya Financial, Inc.

**Trustee and Officer Holdings** 

As of February 3, 2023, the Trustees and officers of the Trust as a group owned less than 1% of any class of each Fund's outstanding shares.

**Principal Shareholders** 

As of February 3, 2023, to the best knowledge of management, no person owned beneficially or of-record 5% or more of the outstanding shares of any class of a Fund or 5% or more of the outstanding shares of a Fund addressed herein, except as set forth in the table below. The Trust has no knowledge as to whether all or any portion of shares owned of-record are also owned beneficially.

No information is shown for a Fund or class that had not commenced operations as of February 3, 2023.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Fund** | **Class** | **Name and Address** | **Percentage** <br>**of Class**<br>| **Percentage** <br>**of Fund**<br>|
| Voya Global Bond Fund | Class A | Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-00001<br>| 5.39% | 19.58% |
| Voya Global Bond Fund | Class A | MLPF & S For the Sole Benefit of the Customers<br> Attn: Fund Administration<br> 4800 Deer Lake Dr East 3rd FL<br> Jacksonville, FL 32246-6484<br>| 5.42% | 0.53% |
| Voya Global Bond Fund | Class A | Morgan Stanley<br> For the Exclusive Benefit of its Customers<br> 1 New York Plaza FL 39<br> New York, NY 10004-1901<br>| 5.40% | 1.09%  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Fund** | **Class** | **Name and Address** | **Percentage**<br> **of Class**<br>| **Percentage**<br> **of Fund**<br>|
| Voya Global Bond Fund | Class A | Voya Institutional Trust Company<br> 1 Orange Way<br> Windsor, CT 06095-4773<br>| 41.54% | 6.33% |
| Voya Global Bond Fund | Class C | UBS WM USA<br> SPEC CDY A/C EXL BEN Customers of UBSFSI<br> 1000 Harbor Blvd<br> Weehawken, NJ 07086<br>| 14.37% | 0.74% |
| Voya Global Bond Fund | Class C | Wells Fargo Clearing SVCS LLC<br> 2801 Market Street<br> Saint Louis, MO 63103<br>| 9.82% | 0.70% |
| Voya Global Bond Fund | Class C | Raymond James<br> Omnibus for Mutual Funds House Account<br> Attn: Courtney Waller<br> 880 Carillon Parkway<br> St. Petersburg, FL 33716<br>| 52.69% | 0.40% |
| Voya Global Bond Fund | Class I | PIMS/Prudential Retirement<br> As Nominee for the TTEE/Cust<br> Spectrum Health System 403(B)<br> 100 Michigan Street, N.E.<br> Attn: Retirement Benefits, Mail COD<br> Grand Rapids, MI 49503<br>| 41.36% | 17.66% |
| Voya Global Bond Fund | Class I | Capinco C/O US Bank NA<br> 1555 N. Rivercenter Drive Ste. 302<br> Milwaukee, WI 53212<br>| 7.07% | 2.88% |
| Voya Global Bond Fund | Class R | Voya Institutional Trust Company<br> 1 Orange Way<br> Windsor, CT 06095-4773<br>| 93.31% | 6.33% |
| Voya Global Bond Fund | Class R6 | Voya Global Multi-Asset Fund<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 10.17% | 2.99% |
| Voya Global Bond Fund | Class R6 | Voya Solution Income Portfolio<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 7.57% | 2.23% |
| Voya Global Bond Fund | Class R6 | Voya Solution 2025 Portfolio<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 16.90% | 4.97% |
| Voya Global Bond Fund | Class R6 | Voya Global Diversified Payment Fund<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 24.62% | 7.25% |
| Voya Global Bond Fund | Class R6 | Voya Global Perspectives<sup>®</sup> Fund<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 14.04% | 4.13% |
| Voya Global Bond Fund | Class R6 | Voya Global Perspectives<sup>®</sup> Portfolio<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 8.47% | 2.49% |
| Voya Global Bond Fund | Class W | Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-00001<br>| 97.49% | 19.58% |
| Voya Global High Dividend <br> Low Volatility Fund<br>| Class A | National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd FL 5<br> Jersey City, NJ 07310-2010<br>| 8.23% | 7.65% |
| Voya Global High Dividend <br> Low Volatility Fund<br>| Class A | Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-00001<br>| 5.11% | 4.97%  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Fund** | **Class** | **Name and Address** | **Percentage**<br> **of Class**<br>| **Percentage**<br> **of Fund**<br>|
| Voya Global High Dividend <br> Low Volatility Fund<br>| Class A | MLPF & S For the Sole Benefit of the Customers<br> Attn: Fund Administration<br> 4800 Deer Lake Dr East 3rd FL<br> Jacksonville, FL 32246-6484<br>| 13.15% | 10.85% |
| Voya Global High Dividend <br> Low Volatility Fund<br>| Class A | Morgan Stanley<br> For the Exclusive Benefit of its Customers<br> 1 New York Plaza FL 12<br> New York, NY 10004-1901<br>| 10.10% | 13.25% |
| Voya Global High Dividend <br> Low Volatility Fund<br>| Class A | Morgan Stanley<br> For the Exclusive Benefit of its Customers<br> 1 New York Plaza 39th Floor<br> New York, NY 10004<br>| 5.50% | 13.25% |
| Voya Global High Dividend <br> Low Volatility Fund<br>| Class A | Wells Fargo Clearing SVCS LLC<br> 2801 Market Street<br> Saint Louis, MO 63103<br>| 7.30% | 8.87% |
| Voya Global High Dividend <br> Low Volatility Fund<br>| Class C | UBS WM USA<br> SPEC CDY A/C EXL BEN Customers of UBSFSI<br> 1000 Harbor Blvd<br> Weehawken, NJ 07086<br>| 6.46% | 7.29% |
| Voya Global High Dividend <br> Low Volatility Fund<br>| Class C | Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-00001<br>| 11.80% | 4.97% |
| Voya Global High Dividend <br> Low Volatility Fund<br>| Class C | Morgan Stanley<br> For the Exclusive Benefit of its Customers<br> 1 New York Plaza FL 12<br> New York, NY 10004-1901<br>| 5.23% | 13.25% |
| Voya Global High Dividend <br> Low Volatility Fund<br>| Class C | Wells Fargo Clearing SVCS LLC<br> 2801 Market Street<br> Saint Louis, MO 63103<br>| 11.78% | 8.87% |
| Voya Global High Dividend <br> Low Volatility Fund<br>| Class C | BNYM I S Trust Co. Customer Rollover IRA<br> Ernest Glasgow<br> 766 N. Cambridge St.<br> Orange, CA 92867-6842<br>| 16.73% | 0.31% |
| Voya Global High Dividend <br> Low Volatility Fund<br>| Class C | Raymond James<br> Omnibus for Mutual Funds House Account<br> Attn: Courtney Waller<br> 880 Carillon Parkway<br> St. Petersburg, FL 33716<br>| 5.72% | 3.02% |
| Voya Global High Dividend <br> Low Volatility Fund<br>| Class C | LPL Financial<br> Omnibus Customer Account<br> Attn: Lindsay O'Toole<br> 4707 Executive Dr<br> San Diego, CA 92121<br>| 9.78% | 2.75% |
| Voya Global High Dividend <br> Low Volatility Fund<br>| Class I | UBS WM USA<br> SPEC CDY A/C EXL BEN Customers of UBSFSI<br> 1000 Harbor Blvd<br> Weehawken, NJ 07086<br>| 17.85% | 7.29% |
| Voya Global High Dividend <br> Low Volatility Fund<br>| Class I | Wells Fargo Clearing SVCS LLC<br> 2801 Market Street<br> Saint Louis, MO 63103<br>| 16.10% | 8.87% |
| Voya Global High Dividend <br> Low Volatility Fund<br>| Class I | Natixis Paris SA<br> Attn: Gizachew Wubishet<br> C/O Voya investment Management<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 42.38% | 7.59% |
| Voya Global High Dividend <br> Low Volatility Fund<br>| Class R6 | Pershing LLC<br> PO Box 2052<br> Jersey City, NJ 07303<br>| 12.68% | 4.97%  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Fund** | **Class** | **Name and Address** | **Percentage**<br> **of Class**<br>| **Percentage**<br> **of Fund**<br>|
| Voya Global High Dividend <br> Low Volatility Fund<br>| Class R6 | JPMorgan Securities LLC<br> For the Exclusive Benefit of Our Customers<br> 4 Chase Metrotech Center<br> Brooklyn, NY 11245<br>| 82.71% | 0.81% |
| Voya Global High Dividend <br> Low Volatility Fund<br>| Class W | National Financial Services LLC<br> FBO Our Customers<br> Attn: Mutual Fund Department<br> 499 Washington Blvd 4th FL<br> Jersey City, NJ 07310-2010<br>| 29.46% | 7.65% |
| Voya Global High Dividend <br> Low Volatility Fund<br>| Class W | Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-00001<br>| 17.33% | 4.97% |
| Voya Global High Dividend <br> Low Volatility Fund<br>| Class W | Oppenheimer & Co Inc. FBO<br> FBO Dennis R Prenston Rlvr IRA Preference<br> 15 Prospect Dr.<br> Brookfield CT, 06804<br>| 5.13% | 0.83% |
| Voya Global High Dividend <br> Low Volatility Fund<br>| Class W | LPL Financial<br> Omnibus Customer Account<br> Attn: Lindsay O'Toole<br> 4707 Executive Dr<br> San Diego, CA 92121<br>| 9.38% | 2.75% |
| Voya International High <br> Dividend Low Volatility Fund<br>| Class A | Voya Investment Management Co LLC<br> Attn: Robby Presser<br> 230 Park Ave 13th FL<br> New York, NY 10169<br>| 95.02% | 96.01% |
| Voya International High <br> Dividend Low Volatility Fund<br>| Class I | Voya Investment Management Co LLC<br> Attn: Robby Presser<br> 230 Park Ave 13th FL<br> New York, NY 10169<br>| 97.50% | 96.01% |
| Voya International High <br> Dividend Low Volatility Fund<br>| Class R6 | Voya Investment Management Co LLC<br> Attn: Robby Presser<br> 230 Park Ave 13th FL<br> New York, NY 10169<br>| 11.27% | 96.01% |
| Voya International High <br> Dividend Low Volatility Fund<br>| Class R6 | Voya Institutional Trust Company<br> 1 Orange Way<br> Windsor, CT 06095-4773<br>| 86.12% | 0.25% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class A | Charles Schwab & Co Inc.<br> Special Custody Account FBO Customers<br> Attn: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4122<br>| 15.70% | 0.71% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class C | Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-00001<br>| 7.47% | 8.65% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class C | JPMorgan Securities LLC<br> For the Exclusive Benefit of Our Customers<br> 4 Chase Metrotech Center<br> Brooklyn, NY 11245<br>| 20.56% | 0.18% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class C | Vanguard Brokerage Services<br> PO Box 982901<br> El Paso, TX 79998-2901<br>| 9.20% | 0.03% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class C | BNYM I S Trust Co. Cust Simple IRA<br> FBO Arun Nagappan<br> 10811 Second Street<br> Fairfax, VA 22030-4707<br>| 9.89% | 0.00% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class C | BNYM I S Trust Co. Cust IRA FBO <br> Ahmad N Aqqad<br> Attn Lamina Of Vail<br> 1 Willowbridge Rd Ste 1<br> Vail CO, 81657<br>| 6.50% | 0.00%  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Fund** | **Class** | **Name and Address** | **Percentage**<br> **of Class**<br>| **Percentage**<br> **of Fund**<br>|
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class C | BNYM I S Trust Co Cust Sep IRA<br> FBO Ayrianne P. Parks<br> 1346 Monroe St. NE<br> Washington, DC 20017-2509<br>| 8.96% | 0.00% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class I | Voya Solution 2025 Portfolio<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 10.50% | 5.24% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class I | Voya Solution 2035 Portfolio<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 14.73% | 7.35% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class I | Voya Solution 2045 Portfolio<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 13.37% | 6.67% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class I | Voya Global Diversified Payment Fund<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 5.21% | 2.60% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class I | Voya Solution Moderately Aggressive Portfolio<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 8.08% | 4.03% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class I | Voya Global Perspectives<sup>®</sup> Fund<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 5.23% | 2.61% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class P | Voya Investment Trust Co.<br> FBO Voya Target Solution 2045 Trust Fund<br> One Orange Way<br> Windsor, CT 06095<br>| 17.80% | 35.46% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class P | Voya Investment Trust Co.<br> FBO Voya Target Solution 2035 Trust Fund<br> One Orange Way<br> Windsor, CT 06095<br>| 15.89% | 35.46% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class P | Voya Investment Trust Co.<br> FBO Voya Target Solution 2040 Trust Fund<br> One Orange Way<br> Windsor, CT 06095<br>| 14.56% | 35.46% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class P | Voya Investment Trust Co.<br> FBO Voya Target Solution 2050 Trust Fund<br> One Orange Way<br> Windsor, CT 06095<br>| 13.95% | 35.46% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class P | Voya Investment Trust Co.<br> FBO Voya Target Solution 2030 Trust Fund<br> One Orange Way<br> Windsor, CT 06095<br>| 11.98% | 35.46% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class P | Voya Investment Trust Co.<br> FBO Voya Target Solution 2055 Trust Fund<br> One Orange Way<br> Windsor, CT 06095<br>| 10.59% | 35.46% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class P | Voya Investment Trust Co.<br> FBO Voya Target Solution 2055 Trust Fund<br> One Orange Way<br> Windsor, CT 06095<br>| 6.80% | 35.46% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class P | Voya Investment Trust Co.<br> FBO Voya Target Solution 2060 Trust Fund<br> One Orange Way<br> Windsor, CT 06095<br>| 5.35% | 35.46%  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Fund** | **Class** | **Name and Address** | **Percentage**<br> **of Class**<br>| **Percentage**<br> **of Fund**<br>|
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class P3 | Voya Target Retirement 2025 Fund<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 13.37% | 0.31% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class P3 | Voya Target Retirement 2030 Fund<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 16.63% | 0.38% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class P3 | Voya Target Retirement 2035 Fund<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 16.68% | 0.38% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class P3 | Voya Target Retirement 2040 Fund<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 12.67% | 0.29% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class P3 | Voya Target Retirement 2045 Fund<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 13.11% | 0.30% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class P3 | Voya Target Retirement 2050 Fund<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 9.62% | 0.22% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class P3 | Voya Target Retirement 2055 Fund<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 7.62% | 0.17% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class R | Ascensus Trust Company<br> FBO Energy Management Specialists, Inc.<br> PO Box 10758<br> Fargo, ND 58106<br>| 41.03% | 0.01% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class R | Ascensus Trust Company<br> FBO Greenberg Enterprises Retirement Pl<br> PO Box 10758<br> Fargo, ND 58106<br>| 18.56% | 0.01% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class R | Ascensus Trust Company<br> FBO Dulin Automotive Simple IRA Plan 5<br> PO Box 10758<br> Fargo, ND 58106<br>| 15.72% | 0.01% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class R | PAI Trust Company FBO<br> Tucker Corp 401(k) P/S Plan<br> 1300 Enterprise Dr. <br> De Pere, WI 541150000<br>| 20.28% | 0.00% |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Class W | Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-00001<br>| 96.38% | 8.65% |
| Voya Multi-Manager <br> International Equity Fund<br>| Class I | Voya Solution 2025 Portfolio<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 5.63% | 5.63% |
| Voya Multi-Manager <br> International Equity Fund<br>| Class I | Voya Solution 2035 Portfolio<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 9.90% | 9.90% |
| Voya Multi-Manager <br> International Equity Fund<br>| Class I | Voya Solution 2045 Portfolio<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 11.55% | 11.55%  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Fund** | **Class** | **Name and Address** | **Percentage**<br> **of Class**<br>| **Percentage**<br> **of Fund**<br>|
| Voya Multi-Manager <br> International Equity Fund<br>| Class I | Voya Global Diversified Payment Fund<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 5.67% | 5.67% |
| Voya Multi-Manager <br> International Equity Fund<br>| Class I | Tomorrow's Scholar 529 Plan FBO<br> Voya 529 Age 5-8 Option<br> C/O Voya Investment Management LLC <br> Attn Voya operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 5.02% | 27.27% |
| Voya Multi-Manager <br> International Factors Fund<br>| Class I | Voya Solution 2025 Portfolio<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 7.67% | 6.80% |
| Voya Multi-Manager <br> International Factors Fund<br>| Class I | Voya Solution 2035 Portfolio<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 12.59% | 11.17% |
| Voya Multi-Manager <br> International Factors Fund<br>| Class I | Voya Solution 2045 Portfolio<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 12.59% | 11.17% |
| Voya Multi-Manager <br> International Factors Fund<br>| Class I | Voya Global Diversified Payment Fund<br> Attn: Voya Operations<br> 7337 E Doubletree Ranch Rd, Ste 100<br> Scottsdale, AZ 85258<br>| 11.00% | 9.75% |
| Voya Multi-Manager <br> International Factors Fund<br>| Class I | Voya Solutions Moderately Aggressive Portfolio<br> Attn Voya Operations<br> 7337 E Doubletree Ranch Rd<br> Scottsdale, AZ 85258-2034<br>| 5.91% | 5.24% |
| Voya Multi-Manager <br> International Factors Fund<br>| Class W | Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-00001<br>| 98.19% | 11.14% |
| Voya Multi-Manager <br> International Small Cap Fund<br>| Class A | National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd FL 5<br> Jersey City, NJ 07310-2010<br>| 8.43% | 21.15% |
| Voya Multi-Manager <br> International Small Cap Fund<br>| Class A | Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-00001<br>| 6.12% | 2.76% |
| Voya Multi-Manager <br> International Small Cap Fund<br>| Class A | MLPF & S For the Sole Benefit of the Customers<br> Attn: Fund Administration<br> 4800 Deer Lake Dr East 3rd FL<br> Jacksonville, FL 32246-6484<br>| 5.97% | 2.49% |
| Voya Multi-Manager <br> International Small Cap Fund<br>| Class A | Wells Fargo Clearing SVCS LLC<br> 2801 Market Street<br> Saint Louis, MO 63103<br>| 5.57% | 3.25% |
| Voya Multi-Manager <br> International Small Cap Fund<br>| Class A | Voya Institutional Trust Company<br> 1 Orange Way<br> Windsor, CT 06095-4773<br>| 17.53% | 4.47% |
| Voya Multi-Manager <br> International Small Cap Fund<br>| Class A | Charles Schwab & Co Inc.<br> Clearing Account FBO Customers<br> Attn: Mutual Funds<br> 101 Montgomery St.<br> San Francisco, CA 94105<br>| 9.94% | 18.14% |
| Voya Multi-Manager <br> International Small Cap Fund<br>| Class C | Wells Fargo Clearing SVCS LLC<br> 2801 Market Street<br> Saint Louis, MO 63103<br>| 5.27% | 3.25% |
| Voya Multi-Manager <br> International Small Cap Fund<br>| Class C | Centennial Bank Trust<br> PO Box 7514<br> Jonesboro, AR 72403<br>| 65.88% | 0.82%  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Fund** | **Class** | **Name and Address** | **Percentage**<br> **of Class**<br>| **Percentage**<br> **of Fund**<br>|
| Voya Multi-Manager <br> International Small Cap Fund<br>| Class C | Centennial Bank Trust<br> PO Box 7514<br> Jonesboro, AR 72403<br>| 7.07% | 0.82% |
| Voya Multi-Manager <br> International Small Cap Fund<br>| Class I | National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd FL 5<br> Jersey City, NJ 07310-2010<br>| 18.28% | 21.15% |
| Voya Multi-Manager <br> International Small Cap Fund<br>| Class I | RBC Capital Markets LLC<br> Mutual Fund Omnibus Processing<br> Attn Mutual Fund OPS Manager<br> 250 Nicollet Mall Suite 1400<br> Minneapolis, MN 55401-1931<br>| 9.47% | 6.82% |
| Voya Multi-Manager <br> International Small Cap Fund<br>| Class I | American Enterprise INV SVCS<br> 707 2nd Ave South<br> Minneapolis, MN 55402<br>| 12.53% | 8.76% |
| Voya Multi-Manager <br> International Small Cap Fund<br>| Class I | Charles Schwab & Co Inc.<br> Special Custody Account FBO Customers<br> Attn: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4122<br>| 21.37% | 18.14% |
| Voya Multi-Manager <br> International Small Cap Fund<br>| Class I | LPL Financial<br> Omnibus Customer Account<br> Attn: Lindsay O'Toole<br> 4707 Executive Dr<br> San Diego, CA 92121<br>| 11.45% | 8.52% |
| Voya Multi-Manager <br> International Small Cap Fund<br>| Class W | National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> 499 Washington Blvd FL 4<br> Jersey City, NJ 0731<br>| 75.45% | 21.15% |
| Voya Multi-Manager <br> International Small Cap Fund<br>| Class W | Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-00001<br>| 5.57% | 2.76% |
| Voya Multi-Manager <br> International Small Cap Fund<br>| Class W | Charles Schwab & Co Inc.<br> Special Custody Account FBO Customers<br> Attn: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4122<br>| 7.51% | 18.14% |

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**PROXY VOTING PROCEDURES AND GUIDELINES**

The Board has adopted proxy voting procedures and guidelines to govern the voting of proxies relating to each Fund's portfolio securities. The proxy voting procedures and guidelines delegate to the Investment Adviser the authority to vote proxies relating to portfolio securities, and provide a method for responding to potential conflicts of interest. In delegating voting authority to the Investment Adviser, the Board has also approved the Investment Adviser's proxy voting procedures, which require the Investment Adviser to vote proxies in accordance with each Fund's proxy voting procedures and guidelines. An independent proxy voting service has been retained to assist in the voting of Fund proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. In addition, the Compliance Committee oversees the implementation of each Fund's proxy voting procedures and guidelines. A copy of the proxy voting procedures and guidelines of each Fund, including procedures of the Investment Adviser, is attached hereto as Appendix B. No later than August 31st of each year, information regarding how each Fund voted proxies relating to portfolio securities for the one-year period ending June 30th is available online without charge at www.voyainvestments.com or by accessing the SEC's EDGAR database at www.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, each 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 each 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.

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**Investment Management Agreement** 

The Investment Adviser serves pursuant to an Investment Management Agreement between the Investment Adviser and the Trust on behalf of each 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 each Fund. In addition, the Investment Adviser provides administrative services reasonably necessary for the ordinary operation of each 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 each Fund and provides advice and guidance to each Fund's Board; (ii) provides the Board with any periodic or special reviews or reporting it requests, including any reports regarding a Sub-Adviser and its investment performance; (iii) oversees management of each Fund's investments and portfolio composition including supervising any Sub-Adviser with respect to the services that such 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 any Sub-Adviser with respect to the investment objectives and policies of each 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 each 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 each 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 a Sub-Adviser; (xii) identifies potential successors to or replacements of a 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 each Fund's assets and the purchase and sale of portfolio securities for one or more Funds in the event that at any time no sub-adviser is engaged to manage the assets of such Fund.

In addition, the Investment Adviser assists in managing and supervising all aspects of the general day-to-day business activities and operations of each Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance, and related services. The Investment Adviser also reviews each 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 each Fund.

**Limitation of Liability** 

The Investment Adviser is not subject to liability to each 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 each 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 a particular Fund at any time without penalty by: (i) the vote of the Board; (ii) the vote of a majority of each Fund's outstanding voting securities (as defined in Section 2(a)(42) of the 1940 Act) of that Fund; 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 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.

As compensation for its services, each Fund pays the Investment Adviser, expressed as an annual rate, a fee equal to the following as a percentage of each Fund's average daily net assets. The fee is accrued daily and paid monthly. The following table should be read in conjunction with the section below entitled "Management Fee Waivers."

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

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| | |
|:---|:---|
| **Fund** | **Annual Management Fee** |
| Voya Global Bond Fund | 0.50% of the Fund's average daily net assets.  |

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| | |
|:---|:---|
| **Fund** | **Annual Management Fee** |
| Voya Global High Dividend Low <br> Volatility Fund<br>| 0.50% of the Fund's average daily net assets. |
| Voya International High Dividend <br> Low Volatility Fund<br>| 0.50% of the Fund's average daily net assets. |
| Voya Multi-Manager Emerging <br> Markets Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Actively Managed Assets</u> <br>1.10% of the Fund's average daily net assets <br><u>Passively Managed Assets</u> <br>0.70% of the Fund's average daily net assets<br>|
| Voya Multi-Manager International <br> Equity Fund<br>| 0.85% of the Fund's average daily net assets. |
| Voya Multi-Manager International <br> Factors Fund<br>| 0.65% of the Fund's average daily net assets. |
| Voya Multi-Manager International <br> Small Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% on the first $500 million of the Fund's average daily net assets; <br>0.95% on the next $500 million of the Fund's average daily net assets; and <br>0.90% of the Fund's average daily net assets in excess of $1 billion.<br>|

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**Management Fee Waivers** 

The Investment Adviser is contractually obligated to waive the management fee for Class P shares of Voya Multi-Manager Emerging Markets Equity Fund through March 1, 2024. Termination or modification of this obligation requires approval by the Board.

The Investment Adviser is contractually obligated to waive 0.01% of the management fee for Voya Multi-Manager International Factors Fund through March 1, 2024. Termination of modification of this obligation requires approval by the Board.

**Total Investment Management Fees Paid by each Fund** 

During the past three fiscal years, each Fund paid the following investment management fees to the Investment Adviser or its affiliates.

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

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **October 31,** | **October 31,** | **October 31,** |
|  | 2022 | 2021 | 2020 |
| Voya Global Bond Fund | $1690805.00 | $2043222.00 | $1525915.00 |
| Voya Global High Dividend Low Volatility Fund | $1389446.00 | $1438300.00 | $1136272.00 |
| Voya International High Dividend Low Volatility Fund | $52223.00 | $53067.00 | $45222.00 |
| Voya Multi-Manager Emerging Markets Equity Fund | $4450757.00 | $5395263.00 | $4070852.00 |
| Voya Multi-Manager International Equity Fund | $3980309.00 | $4992107.00 | $4759696.00 |
| Voya Multi-Manager International Factors Fund | $2892550.00 | $3065469.00 | $2972157.00 |
| Voya Multi-Manager International Small Cap Fund | $2163366.00 | $1820647.00 | $1406003.00 |

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**Portfolio Management**

**Voya Multi-Manager Emerging Markets Equity Fund, Voya Multi-Manager International Equity Fund, Voya Multi-Manager International Factors Fund, and Voya Multi-Manager International Small Cap Fund**

*Other Accounts Managed* 

The following table sets forth the number of accounts and total assets in the accounts managed by the portfolio manager as of October 31, 2022:

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered Investment Companies** | **Registered Investment Companies** | **Other Pooled Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets** | **Total Assets** | **Number of Accounts** | **Total Assets** |
| Paul Zemsky, CFA | 52 | $16484997714<br>14<sup>1</sup> | $4334009343 | 0 | $0 |

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One of these accounts with total assets of $655,903,611 has performance-based advisory fees.

*Potential Material Conflicts of Interest* 

A portfolio manager may be subject to potential conflicts of interest because the portfolio manager is responsible for other accounts in addition to the Funds. 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.

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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 Funds. 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 a 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 Funds.

*Compensation* 

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.

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 each 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 each 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.

*Ownership of Securities* 

The following tables show the dollar range of equity securities of each Fund beneficially owned by the portfolio manager as of October 31, 2022, including investments by his/her immediate family members and amounts invested through retirement and deferred compensation plans:

**Voya Multi-Manager Emerging Markets Equity Fund**

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

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| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Owned** |
| Paul Zemsky, CFA | None |

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**Voya Multi-Manager International Equity Fund**

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

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| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Owned** |
| Paul Zemsky, CFA | $1–$10000 |

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**Voya Multi-Manager International Factors Fund**

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

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| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Owned** |
| Paul Zemsky, CFA | $1–$10000 |

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**Voya Multi-Manager International Small Cap Fund**

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

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| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Owned** |
| Paul Zemsky, CFA | None |

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**EXPENSES**

Each Fund's assets may decrease or increase during its fiscal year and each Fund's operating expense ratios may correspondingly increase or decrease.

In addition to the management fee and other fees described previously, each 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 each Fund are generally allocated to each Fund, and each class of each Fund, in proportion to its *pro rata* average net assets, provided that expenses that are specific to a class of a Fund may be charged directly to that class in accordance with the Trust's Multiple Class Plan(s) pursuant to Rule 18f-3. However, any Rule 12b-1 Plan fees for each class of shares are charged proportionately only to the outstanding shares of that class.

Certain operating expenses shared by several Funds are generally 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), each 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 each 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.

**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 each 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 a 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 such as litigation and expenses of the CCO and CIRO, other expenses not incurred in the ordinary course of each Fund's business, and expenses of any counsel or other persons or services retained by the Independent Trustees. Leverage expenses shall mean fees, costs, and expenses incurred in connection with 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). Acquired Fund Fees and Expenses are not covered by any expense limitation agreement.

If an expense limitation is subject to recoupment (as indicated in the Prospectus), the Investment Adviser, Distributor, or Sub-Adviser, as applicable, may recoup any expenses reimbursed within 36 months of the waiver or reimbursement and the amount of the recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time of the waiver or reimbursement; or (ii) the expense limitation in effect at the time of recoupment. Reimbursement for fees waived or expenses assumed will only apply to amounts waived or expenses assumed after the effective date of the expense limitation.

**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, Sub-Adviser, and Distributor for the last three fiscal years.

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

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **October 31,** | **October 31,** | **October 31,** |
|  | 2022 | 2021 | 2020 |
| Voya Global Bond Fund | ($248919.00) | ($223667.00) | ($196844.00) |
| Voya Global High Dividend Low Volatility Fund | ($351645.00) | ($404971.00) | ($379505.00) |
| Voya International High Dividend Low Volatility Fund | ($120599.00) | ($115155.00) | ($101379.00) |
| Voya Multi-Manager Emerging Markets Equity Fund | ($1958393.00) | ($1782806.00) | ($664184.00) |
| Voya Multi-Manager International Equity Fund | ($221700.00) | ($215897.00) | ($180696.00) |
| Voya Multi-Manager International Factors Fund | ($527742.00) | ($375455.00) | ($281482.00) |
| Voya Multi-Manager International Small Cap Fund | ($145300.00) | ($127959.00) | ($198021.00) |

---

**SUB-ADVISER**

The Investment Adviser has engaged the services of one or more Sub-Advisers to provide sub-advisory services to each Fund and, pursuant to a Sub-Advisory Agreement, has delegated certain management responsibilities to a Sub-Adviser. The Investment Adviser monitors and evaluates the performance of any Sub-Adviser.

A Sub-Adviser provides, subject to the supervision of the Board and the Investment Adviser, a continuous investment program for each Fund and determines the composition of the assets of each 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** 

A Sub-Adviser is not subject to liability to a 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.

**Sub-Advisory Fees** 

The Sub-Adviser receives compensation from the Investment Adviser at the annual rate of a specified percentage of each 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. This table should be read in conjunction with the section below entitled "Aggregation."

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Sub-Adviser** | **Annual Sub-Advisory Fee** |
| Voya Global Bond Fund | Voya IM | 0.18% of the Fund's average daily net assets. |
| Voya Global High Dividend Low <br> Volatility Fund<br>| Voya IM | 0.23% of the Fund's average daily net assets. |
| Voya International High Dividend Low <br> Volatility Fund<br>| Voya IM | 0.23% of the Fund's average daily net assets. |
| Voya Multi-Manager Emerging <br> Markets Equity Fund<br>| Delaware Investments Fund Advisers ("DIFA") | For information on the Fund's annual <br> sub-advisory fee rate, please see the paragraph <br> immediately following this table.<br>|
|  | Van Eck Associates Corporation ("VanEck") |  |
|  | Voya IM |  |
| Voya Multi-Manager International <br> Equity Fund<br>| Baillie Gifford Overseas Limited ("BG Overseas") | For information on the Fund's annual <br> sub-advisory fee rate, please see the paragraph <br> immediately following this table. <br>|

---

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Sub-Adviser** | **Annual Sub-Advisory Fee** |
|  | Polaris Capital Management, LLC ("Polaris") |  |
|  | Wellington Management Company LLP <br> ("Wellington Management")<br>|  |
| Voya Multi-Manager International <br> Factors Fund<br>| PanAgora Asset Management, Inc. ("PanAgora") | For information on the Fund's annual <br> sub-advisory fee rate, please see the paragraph <br> immediately following this table.<br>|
|  | Voya IM |  |
| Voya Multi-Manager International <br> Small Cap Fund<br>| Acadian Asset Management LLC ("Acadian") | For information on the Fund's annual <br> sub-advisory fee rate, please see the paragraph <br> immediately following this table.<br>|
|  | Victory Capital Management Inc. ("Victory <br> Capital")<br>|  |

---

**Aggregation** 

With respect to the annual sub-advisory fee rate for Voya Multi-Manager Emerging Markets Equity Fund, the Investment Adviser paid DIFA, VanEck and Voya IM aggregate sub-advisory fees of $2,042,808.47 which represented approximately 0.45% of the Fund's average daily net assets for the fiscal year ended October 31, 2022. For purposes of calculating the annual sub-advisory fees, the assets of Voya Multi-Manager Emerging Markets Equity Fund are aggregated with the assets of Voya VACS Series EME Fund. The accrued sub-advisory fees paid and percentage reflect the fee schedules in effect during that period.

With respect to the annual sub-advisory fee rate for Voya Multi-Manager International Equity Fund, the Investment Adviser paid BG Overseas, Polaris, and Wellington Management aggregate sub-advisory fees of $3,204,308.41 which represented approximately 0.68% of the Fund's average daily net assets for the fiscal year ended October 31, 2022. The accrued sub-advisory fees paid and percentage reflect the fee schedules in effect during that period.

With respect to the annual sub-advisory fee rate for Voya Multi-Manager International Factors Fund, the Investment Adviser paid PanAgora and Voya IM aggregate sub-advisory fees of $1,420,187.34 which represented approximately 0.32% of the Fund's average daily net assets for the fiscal year ended October 31, 2022. The accrued sub-advisory fees paid and percentage reflect the fee schedules in effect during that period.

With respect to the annual sub-advisory fee rate for Voya Multi-Manager International Small Cap Fund, the Investment Adviser paid Acadian and Victory Capital aggregate sub-advisory fees of $1,065,215.86 which represented approximately 0.49% of the Fund's average daily net assets for the fiscal year ended October 31, 2022. The accrued sub-advisory fees paid and percentage reflect the fee schedules in effect during that period.

**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.

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **October 31,** | **October 31,** | **October 31,** |
|  | 2022 | 2021 | 2020 |
| Voya Global Bond Fund | $608691.33 | $735561.41 | $549329.40 |
| Voya Global High Dividend Low Volatility Fund | $639146.83 | $661619.26 | $142788.47 |
| Voya International High Dividend Low Volatility Fund | $24022.49 | $24410.73 | $20802.08 |
| Voya Multi-Manager Emerging Markets Equity Fund | $2042808.47 | $2460579.84 | $1889636.14 |
| Voya Multi-Manager International Equity Fund | $3204308.41 | $2956053.82 | $2704150.87 |
| Voya Multi-Manager International Factors Fund | $1420187.34 | $1489499.19 | $1438383.09 |
| Voya Multi-Manager International Small Cap Fund | $1065215.86 | $898584.48 | $692099.80 |

---

**Portfolio Management** 

------

**Voya Global Bond Fund, Voya Global High Dividend Low Volatility Fund, and Voya International High Dividend Low Volatility Fund**

Sub-Advised by Voya IM

*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 October 31, 2022:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered Investment Companies** | **Registered Investment Companies** | **Other Pooled Investment Vehicles** | **Other Pooled Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** |
| Sean Banai, CFA | 6 | $12605257828 | 107 | $5485087405 | 60<sup>1</sup> | $17823742865 |
| &nbsp;&nbsp; Vincent Costa, <br> CFA<br>| 22 | $9117902414 | 31 | $683196224 | 16 | $817014314 |
| Peg DiOrio, CFA | 13 | $3594132888 | 0 | $0 | 10 | $500376976 |
| &nbsp;&nbsp; Brian Timberlake, <br> Ph.D., CFA<br>| 4 | $2588564472 | 2 | $34997 | 4<sup>1</sup> | $1451561833 |
| Steve Wetter | 26 | $22723378811 | 2 | $390037038 | 3 | $441291882 |
| Kai Yee Wong | 21 | $21748775362 | 0 | $0 | 5 | $447349647 |

---

One of these accounts with total assets of $239,498,270 has a performance-based advisory fee.

*Potential Material Conflicts of Interest* 

A portfolio manager may be subject to potential conflicts of interest because the portfolio manager is responsible for other accounts in addition to the Funds. 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 Funds. 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 a 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 Funds.

*Compensation* 

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.

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 each 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 each 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 Funds, Voya IM has defined the following indices as the benchmark indices for the investment team:

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Portfolio Manager** | **Benchmark** |
| Voya Global Bond Fund | Sean Banai, CFA and Brian Timberlake, Ph.D., <br> CFA<br>| Bloomberg Global Aggregate Index |
| Voya Global High Dividend Low <br> Volatility Fund<br>| Vincent Costa, CFA; Peg DiOrio, CFA; Steve <br> Wetter; and Kai Yee Wong<br>| MSCI World Value Index |
| Voya International High Dividend Low <br> Volatility Fund<br>| Vincent Costa, CFA; Peg DiOrio, CFA; Steve <br> Wetter; and Kai Yee Wong<br>| MSCI EAFE<sup>®</sup> Value Index |

---

*Ownership of Securities* 

The following tables show the dollar range of equity securities of the Funds beneficially owned by each portfolio manager as of October 31, 2022, including investments by his/her immediate family members and amounts invested through retirement and deferred compensation plans:

**Voya Global Bond Fund**

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

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Owned** |
| Sean Banai, CFA |  |
| Brian Timberlake, Ph.D., CFA | $10001 - $50000 |

---

**Voya Global High Dividend Low Volatility Fund**

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

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Owned** |
| Vincent Costa, CFA | $10001-$50000 |
| Peg DiOrio, CFA | $10001-$50000 |
| Steve Wetter | $100001-$500000 |
| Kai Yee Wong |  |

---

**Voya International High Dividend Low Volatility Fund**

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

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Owned** |
| Vincent Costa, CFA | $10001-$50000 |
| Peg DiOrio, CFA |  |
| Steve Wetter |  |
| Kai Yee Wong |  |

---

In addition to the investments shown in the tables above, certain portfolio managers may be required to defer a portion of their compensation into an account that tracks the performance of investment options, including certain Voya mutual funds, chosen by the portfolio managers as part of their participation in Voya's deferred compensation plan and other targeted compensation programs. This deferral will not cause any purchase or sale of Fund shares, but the NAV of the Fund shares will be used as a measurement mechanism for determining the cash amount to be paid under any vesting provisions when the portfolio manager realizes his/her compensation.

------

The information below shows how much a portfolio manager has allocated to an investment option that tracks the performance of the Fund he/she manages. The portfolio managers may have allocated a portion of their deferral to another investment option which tracks the performance of a fund that they do not manage. Only the amount that a portfolio manager has allocated to an investment option that tracks the performance of Funds that he/she manages is shown below as of October 31, 2022:

**Voya Global Bond Fund**

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

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Allocated Under Deferred Compensation** |
| Sean Banai, CFA | $50001-$100000 |
| Brian Timberlake, Ph.D., CFA | $100001-$500000 |

---

**Voya Global High Dividend Low Volatility Fund**

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

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Allocated Under Deferred Compensation** |
| Vincent Costa, CFA | $100001-$500000 |
| Peg DiOrio, CFA | $10001-$50000 |
| Steve Wetter | $10001-$50000 |
| Kai Yee Wong | $1-$10000 |

---

**Voya Multi-Manager Emerging Markets Equity Fund**

Sub-Advised by DIFA, VanEck, and Voya IM

DIFA

*Other Accounts Managed* 

The following table sets forth the number of accounts and total assets in the accounts managed by the portfolio manager as of October 31, 2022:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered Investment Companies** | **Registered Investment Companies** | **Other Pooled Investment Vehicles** | **Other Pooled Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** |
| Liu-Er Chen, CFA | 6 | $5715538953 | 3 | $623552778 | 4 | $518746854 |

---

*Potential Material Conflicts of Interest* 

Individual portfolio managers may perform investment management services for other funds or accounts similar to those provided to the Fund, and the investment action for such other fund or account and the Fund may differ. For example, an account or fund may be selling a security, while another account or fund may be purchasing or holding the same security. As a result, transactions executed for one fund or account may adversely affect the value of securities held by another fund, account or the Fund. Additionally, the management of multiple other funds or accounts and the Fund may give rise to potential conflicts of interest, as a portfolio manager must allocate time and effort to multiple other funds or accounts and the Fund. A portfolio manager may discover an investment opportunity that may be suitable for more than one account or fund. The investment opportunity may be limited, however, so that all funds or accounts for which the investment would be suitable may not be able to participate. DIFA has adopted procedures designed to allocate investments fairly across multiple funds or accounts.

A portfolio manager's management of personal accounts also may present certain conflicts of interest. While DIFA's code of ethics is designed to address these potential conflicts, there is no guarantee that it will do so.

*Compensation* 

The portfolio manager's compensation consists of the following:

<u>Base Salary</u> – Each named portfolio manager receives a fixed base salary. Salaries are determined by a comparison to industry data prepared by third parties to ensure that portfolio manager salaries are in line with salaries paid at peer investment advisory firms.

<u>Bonus</u> – The portfolio manager is eligible to receive an annual cash bonus. The bonus pool is determined by the revenues associated with the products the portfolio manager manages. DIFA keeps a percentage of the revenues and the remaining percentage of revenues (minus appropriate expenses associated with relevant product and the investment management team) creates the "bonus pool" for the product. Various members of the team have the ability to earn a percentage of the bonus pool with the most senior contributor generally having the largest share. The pool is allotted based on subjective factors (50%) and objective factors (50%). The primary objective factor is the one-, three- and five-year performance of the funds managed relative to the performance of the appropriate Broadridge Financial Solutions, Inc. (formerly, Lipper, Inc.) peer groups and the performance of institutional composites relative to the appropriate indices. Three- and five-year performance are weighted more heavily and there is no objective award for a fund whose performance falls below the 50th percentile for a given time period.

Individual allocations of the bonus pool are based on individual performance measurements, both objective and subjective, as determined by senior management.

------

Portfolio managers participate in retention programs, including the Macquarie Asset Management Public Investments Notional Investment Plan and the Macquarie Group Employee Retained Equity Plan, for alignment of interest purposes.

<u>Macquarie Asset Management Public Investments Notional Investment Plan</u> - A portion of a portfolio manager's retained profit share may be notionally exposed to the return of certain funds within the Macquarie Asset Management Funds pursuant to the terms of the Macquarie Asset Management Public Investments Notional Investment Plan. The retained amount will vest in equal tranches over a period ranging from four to five years after the date of the investment (depending on the level of employee).

<u>Macquarie Group Employee Retained Equity Plan</u> – A portion of a portfolio manager's retained profit share may be invested in the Macquarie Group Employee Retained Equity Plan ("MEREP"), which is used to deliver remuneration in the form of Macquarie Group Limited ("Macquarie") equity. The main type of award currently being offered under the MEREP is units comprising a beneficial interest in a Macquarie share held in a trust for the employee, subject to the vesting and forfeiture provisions of the MEREP. Subject to vesting conditions, vesting and release of the shares occurs in equal tranches over a period ranging from four to five years after the date of the investment (depending on the level of employee).

<u>Other Compensation</u> – Portfolio managers may also participate in benefit plans and programs available generally to all similarly situated employees.

*Ownership of Securities* 

The following table shows the dollar range of equity securities of the Fund beneficially owned by the portfolio manager as of October 31, 2022, including investments by his/her immediate family members and amounts invested through retirement and deferred compensation plans:

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

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Owned** |
| Liu-Er Chen, CFA | None |

---

VanEck

*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 October 31, 2022:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered Investment Companies** | **Registered Investment Companies** | **Other Pooled Investment Vehicles** | **Other Pooled Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** |
| David A. Semple | 4 | $1109161534 | 2 | $122227057 | 2 | $34504357 |
| Angus Shillington | 4 | $1109161534 | 2 | $122227057 | 2 | $34504357 |

---

*Potential Material Conflicts of Interest* 

VanEck (and its principals, affiliates or employees) may serve as an investment adviser to other client accounts and conduct investment activities for their own accounts. Such "Other Clients" may have investment objectives or may implement investment strategies similar to those of the Fund. When VanEck implements investment strategies for Other Clients that are similar or directly contrary to the positions taken by the Fund, the prices of the Fund's securities may be negatively affected. For example, when purchase or sales orders for the Fund are aggregated with those of other funds managed by VanEck and/or Other Clients and allocated among them, the price that the Fund pays or receives may be more in the case of a purchase or less in a sale than if VanEck served as Sub-Adviser to only the Fund. When Other Clients are selling a security that the Fund owns, the price of that security may decline as a result of the sales. The compensation that VanEck receives from Other Clients may be higher than the compensation paid by the Adviser to VanEck. VanEck does not believe that its activities materially disadvantage the Fund. VanEck has implemented procedures to monitor trading across the Fund and its Other Clients. Furthermore, VanEck may recommend the Fund purchase securities of issues to which it, or its affiliate, acts as adviser, manager, sponsor, distributor, marketing agent, or in another capacity and for which it receives advisory or other fees. While this practice may create conflicts of interest, VanEck has adopted procedures to minimize such conflicts.

*Compensation Structure of Portfolio Managers* 

VanEck's portfolio managers are paid a fixed base salary and a bonus. The bonus is based upon the quality of investment analysis and management of the funds for which they serve as portfolio manager. Portfolio managers who oversee accounts with significantly different fee structures are generally compensated by discretionary bonus rather than a set formula to help reduce potential conflicts of interest. At times, VanEck and affiliates manage accounts with incentive fees.

VanEck's portfolio managers may serve as portfolio managers to other clients. Such "Other Clients" may have investment objectives or may implement investment strategies similar to those of the Fund. When the portfolio managers implement investment strategies for Other Clients that are similar or directly contrary to the positions taken by the Fund, the prices of the Fund's securities may be negatively affected. The compensation that the Fund's portfolio manager receives for managing Other Client accounts may be higher than the compensation the portfolio manager receives for managing the Fund. The portfolio managers do not believe that their activities materially disadvantage the Fund. VanEck has implemented procedures to monitor trading across the Fund and its Other Clients.

*Ownership of Securities* 

------

The following table shows the dollar range of equity securities of the Fund beneficially owned by each portfolio manager as of October 31, 2022, including investments by his/her immediate family members and amounts invested through retirement and deferred compensation plans:

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

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Owned** |
| David A. Semple | None |
| Angus Shillington | None |

---

Voya IM

*Other Accounts Managed* 

The following tables set forth the number of accounts and total assets in the accounts managed by each portfolio manager as of October 31, 2022:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered Investment Companies** | **Registered Investment Companies** | **Other Pooled Investment Vehicles** | **Other Pooled Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** |
| Steve Wetter | 26 | $22723378811 | 2 | $390037038 | 3 | $441291882 |
| Kai Yee Wong | 21 | $21748775362 | 0 | $0 | 5 | $447349647 |

---

*Potential Material Conflicts of Interest* 

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* 

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.

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;

---

| | | |
|:---|:---|:---|
| **Fund** | **Portfolio Manager** | **Benchmark** |
| Voya Multi-Manager Emerging <br> Markets Equity Fund<br>| Steve Wetter and Kai Yee Wong | MSCI Emerging Markets Index<sup>SM</sup> <br>|

---

*Ownership of Securities* 

The following table shows the dollar range of equity securities of the Fund beneficially owned by each portfolio manager as of October 31, 2022, including investments by his/her immediate family members and amounts invested through retirement and deferred compensation plans:

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

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Owned** |
| Steve Wetter | None |
| Kai Yee Wong | None |

---

**Voya Multi-Manager International Equity Fund**

Sub-Advised by BG Overseas, Polaris, and Wellington Management

BG Overseas

*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 October 31, 2022:

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered Investment Companies** | **Registered Investment Companies** | **Other Pooled Investment Vehicles** | **Other Pooled Investment Vehicles** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** | **Total Assets** |
| Iain Campbell | 5 | $4069413198 | 4 | $387589574<br>37<sup>1</sup> <br>| $7940192001 |
| &nbsp;&nbsp; Sophie Earnshaw, <br> CFA<br>| 8 | $4426295756 | 11 | $2097619588<br>44<sup>2</sup> <br>| $13766648142 |
| Joe Faraday, CFA | 5 | $4069413198 | 3 | $243715441<br>35<sup>1</sup> <br>| $7878739309 |
| Milena Mileva | 5 | $4069413198 | 8 | $1423708740<br>41<sup>1</sup> <br>| $9363792632 |
| Stephen Paice | 5 | $4069413198 | 7 | $1660612099<br>37<sup>1</sup> <br>| $8041741727 |

---

Two of these accounts with total assets of $300,978,926 have a performance-based advisory fee.

Three of these accounts with total assets of $2,460,846,845 have a performance-based advisory fee.

*Potential Material Conflicts of Interest* 

BG Overseas has a duty to act in the best interests of its clients and to treat them fairly when providing investment services to them. From time to time, there may be situations that give rise to a conflict of interest. A conflict can arise between the interests of BG Overseas, its partners and employees, and the interests of a client of BG Overseas. A conflict of interest can also arise between the interests of one client of BG Overseas and another client. In such circumstances BG Overseas has put in place effective organizational and administrative arrangements to ensure that reasonable steps are taken to prevent the conflict giving rise to a material risk of damage to the interests of its clients.

BG Overseas maintains a conflicts policy which forms part of its group compliance manual. Along with this policy, BG Overseas maintains a firm-wide conflicts matrix which identifies conflicts and potential conflicts of interest that exist within the firm, and the procedures and controls that have been adopted to manage these conflicts.

------

Once a conflict has been identified, BG Overseas must determine whether it may result in a material risk of damage to the interests of its clients and must specify procedures to be followed and measures to be adopted in order to manage the conflict.

The compliance committee is responsible for the oversight of this policy and the conflicts matrix. Any emerging conflicts of interest are considered by BG Overseas's compliance committee on a quarterly basis and a sub-group of the committee has also been established to consider any material or emerging conflicts of interest on an *ad-hoc* basis as required. A conflicts of interest assessment is conducted annually and reviewed by the compliance committee. The conflicts of interest assessment includes monitoring the effectiveness of controls established to mitigate the risk of a conflicts of interest causing material damage to the interests of BG Overseas's clients.

This process ensures that senior management within BG Overseas are engaged in the conflicts identification and management process with a view to ensuring the risks arising from conflicts are appropriately and effectively mitigated.

The day-to-day maintenance of the policy is the responsibility of BG Overseas's compliance department. Each partner and employee has a responsibility for the identification of conflicts through adherence to the firm's code of ethics manual.

*Compensation* 

BG Overseas's compensation package is oriented towards rewarding long-term contributions to both investment performance and the business overall.

Baillie Gifford's partners' are the sole owners of the firm and share directly in its profits. In this respect, the compensation and incentive package of senior executives is directly related to both performance and client satisfaction. The prospect of becoming a partner is a strong incentive to BG Overseas's younger professionals. There is no set criteria for an employee to become a partner - individuals are invited to join the partnership as a result of proven ability and their ongoing contribution to the success of the firm. Partners' equity ownership is determined by the joint senior partners. Baillie Gifford actively looks to move its most qualified people along the partnership track.

Partner remuneration comprises a fixed base salary and a share of the partnership profits. The profit share is calculated as a percentage of total partnership profits based on seniority, role within BG Overseas and length of service. The basis of the profit share is detailed in the BG Overseas Partnership Agreement. The main staff benefits, such as pension benefits, are not available to partners, who therefore provide for benefits from their own personal funds.

The remuneration for non-partner Investment Managers (Portfolio Managers and Researchers) at BG Overseas has three key elements: (i) base salary; (ii) an Annual Performance Award; and (iii) a Long-Term Profit Award. In addition, portfolio managers are eligible for the standard retirement benefits and health and welfare benefits available to all BG Overseas employees.

The Annual Performance Award ("APA") for non-partner Investment Managers is determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• 80% of the APA arrangement is determined by the investment performance of the investment team, the Portfolio Construction Groups ("PCGs"), or a combination of both that the individual has been part of, over the specified investment time horizon, reflecting BG Overseas's emphasis on long term investing; and

&nbsp;&nbsp;&nbsp;&nbsp;• 20% of the APA arrangement is determined by the firms Net Promoter Score, emphasizing the importance of client service and the role all staff play in this.

Within the firm each Investment Team and the PCG have pre-determined performance targets. These targets, along with the relevant portfolios being measured, are established and agreed with each Head of Department following consultation with the Remuneration Committee and the Investment Leadership Groups. The Long-Term Profit Award (LTPA) element delivers a share of the firm's profitability to each member of staff. The level of award each individual receives is determined by their role and contribution to the long-term performance of the firm.

All Investment Managers defer between 20% and 40% of their total annual variable remuneration (both APA and LTPA elements). Awards deferred are held for a period of three years and are invested in a range of funds managed by BG Overseas that broadly reflect the firm's investment policy.

*Ownership of Securities* 

The following table shows the dollar range of equity securities of the Fund beneficially owned by each portfolio manager as of October 31, 2022, including investments by his/her immediate family members and amounts invested through retirement and deferred compensation plans:

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

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Owned** |
| Iain Campbell | None |
| Sophie Earnshaw, CFA | None |
| Joe Faraday, CFA | None |
| Milena Mileva | None |
| Stephen Paice | None |

---

------

Polaris

*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 October 31, 2022:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered Investment Companies** | **Registered Investment Companies** | **Other Pooled Investment Vehicles** | **Other Pooled Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** |
| Bernard R. Horn, Jr. | 7 | $5265891760 | 7 | $1514117628 | 26 | $5143265625 |
| &nbsp;&nbsp; Sumanta Biswas, <br> CFA<br>| 7 | $5265891760 | 7 | $1514117628 | 26 | $5143265625 |
| Jason Crawshaw | 7 | $5265891760 | 7 | $1514117628 | 26 | $5143265625 |
| Bin Xiao, CFA | 7 | $5265891760 | 7 | $1514117628 | 26 | $5143265625 |

---

*Potential Material Conflicts of Interest* 

It is possible that conflicts of interest may arise in connection with a portfolio manager's management of the Fund's investments on the one hand and the investments of other accounts for which the portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the Fund and other accounts he or she advises. In addition, due to differences in the investment strategies or restrictions between the Fund and the other accounts, a portfolio manager may take action with respect to another account that differs from the action taken with respect to the Fund. Whenever conflicts of interest arise, a portfolio manager will endeavor to exercise his or her discretion in a manner that he or she believes is equitable to all interested persons.

*Compensation* 

All cash flow earned by the firm is distributed to personnel annually in the form of a salary, bonus, retirement plan contribution or equity compensation. Cash flow of the firm is a direct function of the amount of assets under management. At the senior level, bonus ranges from 0 percent to unlimited upside since base salary is kept at a minimum. The typical bonus range is more than 75 percent of base. At the junior level the bonus currently represents 0 percent to 50 percent of base. Overall compensation is based on annual firm profits which are a function of assets under management, and therefore, performance. There is no formal split between specific performance targets and subjective criteria.

*Ownership of Securities* 

The following table shows the dollar range of equity securities of the Fund beneficially owned by each portfolio manager as of October 31, 2022, including investments by his/her immediate family members and amounts invested through retirement and deferred compensation plans:

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

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Owned** |
| Bernard R. Horn, Jr. | None |
| Sumanta Biswas, CFA | None |
| Jason Crawshaw | None |
| Bin Xiao, CFA | None |

---

Wellington 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 October 31, 2022:

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered Investment Companies** | **Registered Investment Companies** | **Other Pooled Investment Vehicles** | **Other Pooled Investment Vehicles** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** | **Total Assets** |
| &nbsp;&nbsp; Nicolas M. <br> Choumenkovitch<br>| 3 | $4349602587 | 9<sup>1</sup> <br>| $2744799487<br>19<sup>2</sup> <br>| $6814599066 |
| &nbsp;&nbsp; Tara Connolly <br> Stilwell, CFA<br>| 4 | $4508776701 | 14 | $4797917023<br>11<sup>3</sup> <br>| $3062778753 |

---

One of these accounts with total assets of $55,519 has a performance-based advisory fee.

Two of these accounts with total assets of $886,213,901 have performance-based advisory fees.

One of these accounts with total assets of $631,041,726 has a performance-based advisory fees.

*Potential Material Conflicts of Interest* 

------

Individual investment professionals at Wellington Management manage multiple accounts for multiple clients. These accounts may include mutual funds, separate accounts (assets managed on behalf of institutions such as pension funds, insurance companies, foundations, or separately managed account programs sponsored by financial intermediaries), bank common trust accounts, and hedge funds. The Fund's portfolio manager(s) listed in the prospectus who are primarily responsible for the day-to-day management of the Fund generally manage accounts in several different investment styles. These accounts may have investment objectives, strategies, time horizons, tax considerations, and risk profiles that differ from those of the Fund. A portfolio manager makes investment decisions for each account, including the Fund, based on the investment objectives, policies, practices, benchmarks, cash flows, tax, and other relevant investment considerations applicable to that account. Consequently, a portfolio manager may purchase or sell securities, including IPOs, for one account and not another account, and the performance of securities purchased for one account may vary from the performance of securities purchased for other accounts. Alternatively, these accounts may be managed in a similar fashion to the Fund and thus the accounts may have similar, and in some cases nearly identical, objectives, strategies and/or holdings to that of the Fund.

A portfolio manager or other investment professionals at Wellington Management may place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of the Fund, or make investment decisions that are similar to those made for the Fund, both of which have the potential to adversely impact the Fund depending on market conditions. For example, an investment professional may purchase a security in one account while appropriately selling that same security in another account. Similarly, a portfolio manager may purchase the same security for the Fund and one or more other accounts at or about the same time. In those instances the other accounts will have access to their respective holdings prior to the public disclosure of the Fund's holdings. In addition, some of these accounts have fee structures, including performance fees, which are or have the potential to be higher, in some cases significantly higher, than the fees Wellington Management receives for managing the Fund. A portfolio manager also manages accounts which pay performance allocations to Wellington Management or its affiliates. Because incentive payments paid by Wellington Management to a portfolio manager are tied to revenues earned by Wellington Management and, where noted, to the performance achieved by the manager in each account, the incentives associated with any given account may be significantly higher or lower than those associated with other accounts managed by a given portfolio manager. Finally, a portfolio manager may hold shares or investments in the other pooled investment vehicles and/or other accounts identified above.

Wellington Management's goal is to meet its fiduciary obligation to treat all clients fairly and provide high-quality investment services to all of its clients. Wellington Management has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, which it believes address the conflicts associated with managing multiple accounts for multiple clients. In addition, Wellington Management monitors a variety of areas, including compliance with primary account guidelines, the allocation of IPOs, and compliance with the firm's Code of Ethics, and places additional investment restrictions on investment professionals who manage hedge funds and certain other accounts. Furthermore, senior investment and business personnel at Wellington Management periodically review the performance of Wellington Management's investment professionals. Although Wellington Management does not track the time an investment professional spends on a single account, Wellington Management does periodically assess whether an investment professional has adequate time and resources to effectively manage the investment professional's various client mandates.

*Compensation* 

Wellington Management receives a fee based on the assets under management of the Fund as set forth in the Investment Sub-advisory Agreement between Wellington Management and the Adviser on behalf of the Fund. Wellington Management pays its investment professionals out of its total revenues, including the advisory fees earned with respect to the Fund. The following information is as of the fiscal year ended October 31, 2022.

Wellington Management's compensation structure is designed to attract and retain high-caliber investment professionals necessary to deliver high-quality investment management services to its clients. Wellington Management's compensation of the Fund's managers listed in the prospectus who are primarily responsible for the day-to-day management of the Fund, includes a base salary and incentive components. The base salary for each portfolio manager who is a partner (a "Partner") of Wellington Management Group LLP, the ultimate holding company of Wellington Management, is generally a fixed amount that is determined by the managing partners of Wellington Management Group LLP. Each portfolio manager is eligible to receive an incentive payment based on the revenues earned by Wellington Management from the Fund managed by the portfolio manager and generally each other account managed by such portfolio manager. Each portfolio manager's incentive payment relating to the Fund is linked to the gross pre-tax performance of the portion of the Fund managed by the portfolio manager compared to the benchmark index and/or peer group identified below over one-, three-, and five-year periods, with an emphasis on five-year results. Wellington Management applies similar incentive compensation structures (although the benchmarks or peer groups, time periods and rates may differ) to other accounts managed by a portfolio manager, including accounts with performance fees.

Portfolio-based incentives across all accounts managed by an investment professional can, and typically do, represent a significant portion of an investment professional's overall compensation; incentive compensation varies significantly by individual and can vary significantly from year to year. Each portfolio manager may also be eligible for bonus payments based on their overall contribution to Wellington Management's business operations. Senior management at Wellington Management may reward individuals as it deems appropriate based on other factors. Each Partner is eligible to participate in a Partner-funded tax qualified retirement plan, the contributions to which are made pursuant to an actuarial formula.

Mr. Choumenkovitch and Ms. Stilwell are Partners.

For the Fund, Wellington Management has defined the following index as the benchmark index for the investment team:

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

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Portfolio Manager** | **Benchmark** |
| Voya Multi-Manager International <br> Equity Fund<br>| Nicolas M. Choumenkovitch and Tara Connolly <br> Stilwell, CFA<br>| MSCI ACWI ex USA Index<sup>SM</sup> <br>|

---

*Ownership of Securities* 

The following table shows the dollar range of equity securities of the Fund beneficially owned by each portfolio manager as of October 31, 2022, including investments by his/her immediate family members and amounts invested through retirement and deferred compensation plans:

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

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Owned** |
| Nicolas M. Choumenkovitch | $100001-$500000 |
| Tara Connolly Stilwell, CFA |  |

---

**Voya Multi-Manager International Factors Fund**

Sub-Advised by PanAgora and Voya IM

PanAgora

*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 October 31, 2022:

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered Investment Companies** | **Registered Investment Companies** | **Other Pooled Investment Vehicles** | **Other Pooled Investment Vehicles** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** | **Total Assets** |
| Jaime Lee, PhD | 0 | $0 | 7 | $3402429833<br>20<sup>1</sup> <br>| $3737608406 |
| George Mussalli, CFA | 1 | $32651334 | 11 | $9329028643<br>55<sup>2</sup> <br>| $7400339095 |

---

Four of these accounts with total assets of $2,093,657,977 have performance-based advisory fees.

Eight of these accounts with total assets of $2,993,489,547 have performance-based advisory fees.

*Potential Material Conflicts of Interest* 

The portfolio managers' management of other accounts may give rise to potential conflicts of interest in connection with their management of the Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts include retirement plans and separately managed accounts, as well as incubated accounts. The other accounts might have similar investment objectives as the Fund, or hold, purchase or sell securities that are eligible to be held, purchased or sold by the Fund. While the portfolio managers' management of other accounts may give rise to the following potential conflicts of interest, PanAgora does not believe that the conflicts, if any, are material or, to the extent any such conflicts are material, PanAgora believes that it has designed policies and procedures to manage those conflicts in an appropriate way.

A potential conflict of interest may arise as a result of the portfolio managers' day-to-day management of the Fund. Because of their positions with the Fund, the portfolio managers know the size, timing and possible market impact of the Fund's trades. It is theoretically possible that the portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of the Fund. However, PanAgora has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

A potential conflict of interest may arise as a result of the portfolio managers' management of the Fund, and other accounts, which, in theory, may allow them to allocate investment opportunities in a way that favors other accounts over the Fund. This conflict of interest may be exacerbated to the extent that PanAgora or the portfolio managers receive, or expect to receive, greater compensation from their management of the other accounts than the Fund. Notwithstanding this theoretical conflict of interest, it is PanAgora's policy to manage each account based on its investment objectives and related restrictions and, as discussed above, PanAgora has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time and in a manner consistent with each account's investment objectives and related restrictions. For example, while the portfolio managers may buy for other accounts securities that differ in identity or quantity from securities bought for the Fund, such securities might not be suitable for the Fund given its investment objective and related restrictions.

*Compensation* 

The Investment Adviser pays PanAgora a fee based on the assets under management of the Fund as set forth in an investment sub-advisory agreement between PanAgora and the Adviser. PanAgora pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Fund. The following information relates to the period ended October 31, 2022.

All investment professionals receive industry competitive salaries (based on an annual benchmarking study) and have the potential to be rewarded with meaningful performance-based annual bonuses. All employees of the firm are evaluated by comparing their performance against tailored and specific objectives. These goals are developed and monitored through the cooperation of employees and their immediate

------

supervisors. Portfolio managers have specific goals regarding the investment performance of the accounts they manage and not revenue associated with these accounts. Long-term investment performance is typically assessed based on performance over multiple time periods against competitors or, for certain strategies, against other relevant investment benchmarks. Actual incentive compensation may be higher or lower than the target, based on individual, group, and subjective performance, and also reflect the performance of PanAgora as a firm. Such targets are reviewed each year to adjust for changes in responsibility and market conditions.

In addition, certain PanAgora employees own non-voting interests in PanAgora via PanAgora's management equity plan. Assuming all employee stock and options are issued and exercised, up to 20% of the economic interests in PanAgora can be owned, in the aggregate, by PanAgora employees. To ensure the retention benefit of the plan, the ownership is subject to a vesting schedule. The ownership is primarily shared by members of the senior management team as well as senior investment and research professionals.

*Ownership of Securities* 

The following table shows the dollar range of equity securities of the Fund beneficially owned by each portfolio manager as of October 31, 2022, including investments by his/her immediate family members and amounts invested through retirement and deferred compensation plans:

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

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Owned** |
| Jaime Lee, PhD | None |
| George Mussalli, CFA | None |

---

Voya IM

*Other Accounts Managed* 

The following tables set forth the number of accounts and total assets in the accounts managed by each portfolio manager as of October 31, 2022:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered Investment Companies** | **Registered Investment Companies** | **Other Pooled Investment Vehicles** | **Other Pooled Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** |
| Steve Wetter | 26 | $22723378811 | 2 | $390037038 | 3 | $441291882 |
| Kai Yee Wong | 21 | $21748775362 | 0 | $0 | 5 | $447349647 |

---

*Potential Material Conflicts of Interest* 

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* 

------

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.

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;

---

| | | |
|:---|:---|:---|
| **Fund** | **Portfolio Manager** | **Benchmark** |
| Voya Multi-Manager International <br> Factors Fund<br>| Steve Wetter and Kai Yee Wong | MSCI EAFE<sup>®</sup> Index |

---

*Ownership of Securities* 

The following table shows the dollar range of equity securities of the Fund beneficially owned by each portfolio manager as of October 31, 2022, including investments by his/her immediate family members and amounts invested through retirement and deferred compensation plans:

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

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Owned** |
| Steve Wetter | None |
| Kai Yee Wong | None |

---

**Voya Multi-Manager International Small Cap Fund**

Sub-Advised by Acadian and Victory Capital

Acadian

*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 October 31, 2022:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered Investment Companies** | **Registered Investment Companies** | **Other Pooled Investment Vehicles** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets** | **Total Assets** | **Total Assets** |
| &nbsp;&nbsp; Brendan O. <br> Bradley, Ph.D.<br>| 15 | $7719000000<br>84<sup>1</sup> | $22181000000<br>199<sup>2</sup> | $54262000000 |
| &nbsp;&nbsp; Ryan D. <br> Taliaferro, Ph.D.<br>| 15 | $7719000000<br>84<sup>1</sup> | $22181000000<br>199<sup>2</sup> | $54262000000 |

---

Thirteen of these accounts with total assets of $1,672,000,000 have performance-based advisory fees.

Twenty-two of these accounts with total assets of $8,067,000,000 have performance-based advisory fees.

------

For all equity products offered by the firm, including the subject strategy, Acadian manages a single process that is custom-tailored to the objectives of its clients. The professionals shown above function as part of an investment team of 23 portfolio managers, all of whom are responsible for working with the dedicated research team to develop and apply quantitative techniques to evaluate securities and markets and for final quality-control review of portfolios to ensure mandate compliance. The data shown for these managers reflect firm-level numbers of accounts and assets under management, segregated by investment vehicle type. Not reflected: $802 million in model advisory contracts where Acadian does not have trading authority.

Acadian has been appointed as adviser or sub-adviser to numerous public and private funds domiciled in the U.S. and abroad. Acadian is not an investment company and does not directly offer mutual funds. The asset data shown under "Registered Investment Companies" reflects Advisory and sub-advisory relationships with U.S. registered investment companies offering funds to retail investors. The asset data shown under "Other Pooled Investment Vehicles" reflects a combination of; 1) Delaware-based private funds where Acadian has been appointed adviser or sub-adviser and 2) Non-U.S.-based funds where Acadian has been appointed adviser or sub-adviser.

*Potential Material Conflicts of Interest* 

A conflict of interest may arise as a result of a portfolio manager being responsible for multiple accounts, including the Fund, which may have different investment guidelines and objectives. In addition to the Fund, these accounts may include other mutual funds managed on an advisory or sub-advisory basis, separate account, and collective trust accounts. An investment opportunity may be suitable for the Fund as well as for any of the other managed accounts. However, the investment may not be available in sufficient quantity for all of the accounts to participate fully. In addition, there may be limited opportunity to sell an investment held by the Fund and the other accounts. The other accounts may have similar investment objectives or strategies as the Fund, they may track the same benchmarks or indices as the Fund tracks, and they may sell securities that are eligible to be held, sold or purchased by the Fund. A portfolio manager may be responsible for accounts that have different advisory fee schedules, which may create the incentive for the portfolio manager to favor one account over another in terms of access to investment opportunities. A portfolio manager may also manage accounts whose investment objectives and policies differ from those of the Fund, which may cause the portfolio manager to effect trading in one account that may have an adverse effect on the value of the holdings within another account, including the Fund.

To address and manage these potential conflicts of interest, Acadian has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of its clients is treated on a fair and equitable basis. Such policies and procedures include, but are not limited to, trade allocation and trade aggregation policies, portfolio manager assignment practices and oversight by investment management and the Compliance Team.

*Compensation* 

Compensation structure varies among professionals, although the basic package involves a generous base salary, strong bonus potential, profit sharing potential, various fringe benefits, and, among the majority of senior investment professionals and certain other key employees, equity ownership in the firm as part of the Acadian Key Employee Limited Partnership.

Compensation is highly incentive-driven, with Acadian paying up to and sometimes in excess of 100% of base pay for performance bonuses. Bonuses are tied directly to the individual's contribution and performance during the year, with members of the investment team evaluated on such factors as their contributions to the investment process, account retention, portfolio performance, asset growth, and overall firm performance. Since portfolio management is a team approach, investment team members' compensation is not linked to the performance of specific accounts but rather to the individual's overall contribution to the success of the team and the firm's profitability.

*Ownership of Securities* 

The following table shows the dollar range of equity securities of the Fund beneficially owned by each portfolio manager as of October 31, 2022, including investments by his/her immediate family members and amounts invested through retirement and deferred compensation plans:

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

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Owned** |
| Brendan O. Bradley, Ph.D. | None |
| Ryan D. Taliaferro, Ph.D. | None |

---

Victory Capital

*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 October 31, 2022:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered Investment Companies** | **Registered Investment Companies** | **Other Pooled Investment Vehicles** | **Other Pooled Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** |
| John W. Evers, CFA | 4<sup>1</sup> <br>| $2733091108 | 2 | $552192680 | 4 | $567903465 |
| Daniel B. LeVan, CFA | 3 | $2668207065 | 2 | $552192680 | 4 | $567903465 |

---

One of these accounts with total assets of $64,884,043 has a performance-based advisory fee.

*Potential Material Conflicts of Interest* 

------

Victory Capital's portfolio managers are often responsible for managing one or more mutual funds as well as other accounts, such as separate accounts, and other pooled investment vehicles, such as collective trust funds or unregistered hedge funds. A portfolio manager may manage other accounts which have materially higher fee arrangements than the Fund and may, in the future, manage other accounts which have a performance-based fee. A portfolio manager also may make personal investments in accounts they manage or support. The side-by-side management of the Fund along with other accounts may raise potential conflicts of interest by incenting a portfolio manager to direct a disproportionate amount of: (1) their attention; (2) limited investment opportunities, such as less liquid securities or initial public offerings; and/or (3) desirable trade allocations, to such other accounts. In addition, to assist in the investment decision-making process for its clients, including the Fund, Victory Capital may use brokerage commissions generated from securities transactions to obtain research and/or brokerage services from broker-dealers. Thus, Victory Capital may have an incentive to select a broker that provides research through the use of brokerage, rather than paying for execution only. Certain other trading practices, such as cross-trading between the funds or between the Fund and another account, also may raise conflict of interest issues. Victory Capital has adopted numerous compliance policies and procedures, including a Code of Ethics and brokerage and trade allocation policies and procedures, which seek to address the conflicts associated with managing multiple accounts for multiple clients. In addition, Victory Capital has a designated Chief Compliance Officer (selected in accordance with the federal securities laws) and compliance staff whose activities are focused on monitoring the activities of Victory Capital's investment franchises and employees in order to detect and address potential and actual conflicts of interest. However, there can be no assurance that Victory Capital's compliance program will achieve its intended result.

*Compensation* 

Victory Capital has designed the structure of its portfolio managers' compensation to (1) align portfolio managers' interests with those of Victory Capital's clients with an emphasis on long-term, risk-adjusted investment performance, (2) help Victory Capital attract and retain high-quality investment professionals, and (3) contribute to Victory Capital's overall financial success.

Each of the portfolio managers receives a base salary plus an annual incentive bonus for managing the Fund, separate accounts, other investment companies, pooled investment vehicles and other accounts (including any accounts for which Victory Capital receives a performance fee) (together, "Accounts"). A portfolio manager's base salary is dependent on the manager's level of experience and expertise. Victory Capital monitors each manager's base salary relative to salaries paid for similar positions with peer firms by reviewing data provided by various independent third-party consultants that specialize in competitive salary information. Such data, however, is not considered to be a definitive benchmark.

Each of the investment franchises employed by Victory Capital may earn incentive compensation based on a percentage of Victory Capital's revenue attributable to fees paid by Accounts managed by the team. The chief investment officer or senior member of each team, in coordination with Victory Capital, determines the allocation of the incentive compensation earned by the team among the team's portfolio managers by establishing a "target" incentive for each portfolio manager based on the manager's level of experience and expertise in the manager's investment style. Individual performance is based on objectives established annually using performance metrics such as portfolio structure and positioning, research, stock selection, asset growth, client retention, presentation skills, marketing to prospective clients and contribution to Victory Capital's philosophy and values, such as leadership, risk management and teamwork. The annual incentive bonus also factors in individual investment performance of each portfolio manager's portfolio or client accounts relative to a selected peer group(s). The overall performance results for a manager are based on the composite performance of all Accounts managed by that manager on a combination of one, three and five year rolling performance periods as compared to the performance information of a peer group of similarly-managed competitors.

Victory Capital's portfolio managers may participate in the equity ownership plan of Victory Capital's parent company. There is an ongoing annual equity pool granted to certain employees based on their contribution to the firm. Eligibility for participation in these incentive programs depends on the manager's performance and seniority.

*Ownership of Securities* 

The following table shows the dollar range of equity securities of the Fund beneficially owned by each portfolio manager as of October 31, 2022, including investments by his/her immediate family members and amounts invested through retirement and deferred compensation plans:

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

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Owned** |
| John W. Evers, CFA | None |
| Daniel B. LeVan, CFA | None |

---

**PRINCIPAL UNDERWRITER**

Pursuant to the Distribution Agreement, the Distributor, an indirect subsidiary of Voya Financial, Inc., serves as principal underwriter and distributor for each Fund. The Distributor's principal office is located at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034. Shares of each Fund are offered on a continuous basis. As principal underwriter, the Distributor has agreed to use its best efforts to distribute the shares of each 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, but may be compensated or reimbursed for all or a portion of such expenses to the extent permitted under a Rule 12b-1 Plan.

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 each 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.

**Commissions and Compensation Received by the Principal Underwriter** 

The following table shows all commissions and other compensation received by each Principal Underwriter, who is an affiliated person of each Fund or an affiliated person of that affiliated person, directly or indirectly, from each Fund during the most recent fiscal year.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 Global Bond Fund | Voya Investments <br> Distributor, LLC<br>| $134.23 | $7.88 | $906.91 |  |
| Voya Global High Dividend <br> Low Volatility Fund<br>| Voya Investments <br> Distributor, LLC<br>| $7907.50 | $257.21 | $62339.69 |  |
| Voya International High <br> Dividend Low Volatility Fund<br>| Voya Investments <br> Distributor, LLC<br>| $112.89 |  | $659.91 |  |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| Voya Investments <br> Distributor, LLC<br>| $284.21 | $2.14 | $2419.02 |  |
| Voya Multi-Manager <br> International Equity Fund<br>| Voya Investments <br> Distributor, LLC<br>|  |  |  |  |
| Voya Multi-Manager <br> International Factors Fund<br>| Voya Investments <br> Distributor, LLC<br>|  |  |  |  |
| Voya Multi-Manager <br> International Small Cap Fund<br>| Voya Investments <br> Distributor, LLC<br>| $802.82 | $2285.39 | $22727.47 |  |

---

**Sales Commissions and Dealer Reallowances – Class A Shares** 

In connection with the sale of Class A shares of each Fund, the Distributor may pay authorized dealers of record a sales commission as a percentage of the purchase price. At the discretion of the Distributor, all sales charges may at times be re-allowed to an authorized dealer. If 90% or more of the sales commission is re-allowed, such authorized dealer may be deemed to be an "underwriter" as that term is defined under the 1933 Act. The sales charge retained by the Distributor and the commissions re-allowed to selling dealers are not a fund expense and have no effect on a Fund's NAV.

In connection with the sale of Class A shares, the Distributor will re-allow to authorized dealers of record from the sales charge on such sales the following amounts:

**All Funds except Voya Global Bond Fund** 

---

| | |
|:---|:---|
|  | **Dealers' Reallowance as a Percentage of Offering Price** |
| **Amount of Transaction** | **Class A** |
| $0 to $49,999 | 4.75% |
| $50,000 to $99,999 | 4.00% |
| $100,000 to $249,999 | 3.00% |
| $250,000 to $499,999 | 2.25% |
| $500,000 to $999,999 | 2.00% |
| $1 million and over | See below |

---

**Voya Global Bond Fund** 

---

| | |
|:---|:---|
|  | **Dealers' Reallowance as a Percentage of Offering Price** |
| **Amount of Transaction** | **Class A** |
| $0 to $99,999 | 2.00%  |

---

------

---

| | |
|:---|:---|
|  | **Dealers' Reallowance as a Percentage of Offering Price** |
| **Amount of Transaction** | **Class A** |
| $100,000 to $499,999 | 1.50% |
| $500,000 and over | See below |

---

The Distributor may pay to authorized dealers out of its own assets commissions on shares sold in Class A shares, at NAV, which at the time of investment would have been subject to the imposition of a CDSC if redeemed. There is no sales charge on purchases of $1,000,000 or more ($500,000 or more for Voya Global Bond Fund) of Class A shares. However, such purchases may be subject to a CDSC, as disclosed in the Prospectus. The Distributor will pay authorized dealers of record commissions at the rate of 1.00% on purchases of $1,000,000 or more ($500,000 or more for Voya Global Bond Fund) of Class A shares that are subject to a CDSC.

In connection with qualified retirement plans that invest $1,000,000 or more in Class A shares of a Fund ($500,000 for Voya Global Bond Fund), the Distributor will pay dealer compensation of 1.00% of the purchase price of the shares to the dealer from its own resources at the time of the initial investment.

**Dealer Reallowances – Class C Shares** 

For purchases of Class C shares subject to a CDSC, the Distributor may pay out of its own assets, a commission of 1.00% of the amount invested of each Fund.

**Sales Charges Received by the Distributor** 

The following table shows the sales charges received by the Distributor in connection with the sale of shares during the last three fiscal years. "N/A" in the table indicates that, as the Fund or class was not in operation during the fiscal year or such information is not yet available, no information is shown.

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

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| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class C** |
| **Fund** | **Sales Charges before Dealer** <br> **Reallowance**<br>| **Sales Charges after Dealer** <br> **Reallowance**<br>| **Deferred Sales Charges** |
| **2022** | **2022** | **2022** | **2022** |
| Voya Global Bond Fund | $140.00 |  | $8.00 |
| Voya Global High Dividend <br> Low Volatility Fund<br>| $8176.00 |  | $208.00 |
| Voya International High <br> Dividend Low Volatility Fund<br>| $114.00 |  |  |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| $297.00 |  | $7.00 |
| Voya Multi-Manager <br> International Equity Fund<br>|  |  |  |
| Voya Multi-Manager <br> International Small Cap Fund<br>| $851.00 | $1165.00 | $48.00 |
| **2021** | **2021** | **2021** | **2021** |
| Voya Global Bond Fund | $547.00 | $25.00 | $100.00 |
| Voya Global High Dividend <br> Low Volatility Fund<br>| $2509.00 |  | $125.00 |
| Voya International High <br> Dividend Low Volatility Fund<br>| $176.00 |  |  |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| $356.00 | $6.00 |  |
| Voya Multi-Manager <br> International Equity Fund<br>|  |  |  |
| Voya Multi-Manager <br> International Small Cap Fund<br>| $4257.00 | $32.00 |  |
| **2020** | **2020** | **2020** | **2020** |
| Voya Global Bond Fund | $537.00 | $9.00 | $12.00 |
| Voya Global High Dividend <br> Low Volatility Fund<br>| $1262.00 | $47.00 | $26.00 |
| Voya International High <br> Dividend Low Volatility Fund<br>| $328.00 | $3913.00 |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class C** |
| **Fund** | **Sales Charges before Dealer** <br> **Reallowance**<br>| **Sales Charges after Dealer** <br> **Reallowance**<br>| **Deferred Sales Charges** |
| Voya Multi-Manager <br> Emerging Markets Equity <br> Fund<br>| $460.00 | $30.00 | $20.00 |
| Voya Multi-Manager <br> International Equity Fund<br>|  |  |  |
| Voya Multi-Manager <br> International Small Cap Fund<br>| $1458.00 | $29.00 | $20.00 |

---

**Payments to Financial Intermediaries** 

The Investment Adviser or the Distributor, out of its own resources and without additional cost to a Fund or its shareholders, may provide additional cash or non-cash compensation to financial intermediaries selling shares of a Fund, including affiliates of the Investment Adviser and the Distributor. These amounts are in addition to the distribution payments made by a 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 a Fund's shares held by the broker-dealer's customers; or (2) 0.30% of the value of a 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, 2023, the Distributor and/or the Investment Adviser had agreed to make additional payments as described above to the following broker-dealers or their affiliates:

---

| | |
|:---|:---|
| ADP Broker-Dealer, Inc. | Advisor Group, Inc. |
| Ameriprise Financial Services, Inc. | Ascensus, LLC |
| Benefits Plans Administrative <br> Services, Inc.<br>| Benefit Trust Company |
| BlackRock Advisors, LLC | Broadridge Business Process Outsourcing, LLC |
| Cetera Advisors Networks LLC | Cetera Financial Holdings, Inc |
| Cetera Investment Services LLC | Cetera Financial Specialists LLC |
| CUSO Financial Services, L.P. | Charles Schwab & Co., Inc. |
| Edward Jones | E\*trade Securities, LLC  |

---

------

---

| | |
|:---|:---|
| First Security Benefit Life Insurance <br> Company<br>| Fidelity Distributors Company, LLC |
| FSC Securities Corporation | GWFS Equities, Inc. |
| Goldman Sachs and Co. LLC | Janney Montgomery Scott LLC |
| John Hancock Trust Company, LLC | J.P. Morgan Securities LLC |
| Lincoln Investment | Lincoln Financial Securities Corp |
| Lincoln Financial Advisors Corp | Lincoln Retirement Services Company, LLC |
| LPL Financial, LLC | Massachusetts Mutual Life Insurance Co. |
| MML Distributors, LLC | Merrill Lynch, Pierce, Fenner & Smith, Inc. |
| Metlife Securities, Inc. | Mid Atlantic Financial Management, Inc. |
| Morgan Stanley | Nationwide Financial Services, Inc. |
| National Financial Services, LLC | Newport Retirement Services, Inc. |
| NY Life Annuity Insurance Co. | Pershing, LLC |
| PNC Bank N.A. | Principal Life Insurance Company |
| Prudential Insurance Co. of America | Raymond James & Associates, Inc. |
| Raymond James Financial Services, <br> Inc.<br>| Reliance Trust Company |
| RBC Capital Markets, LLC | Royal Alliance Associates, Inc. |
| SagePoint Financial, Inc. | Securities America, Inc. |
| Security Benefit Life Insurance <br> Company<br>| Standard Insurance Company |
| Stifel, Nicolaus & Company, Inc. | Symetra Securities, Inc. |
| T.Rowe Price Retirement Plan <br> Services, Inc.<br>| TD Ameritrade Clearing, Inc. |
| TD Ameritrade Trust Company | TIAA-CREF Life Insurance Company |
| TransAmerica Retirement Solutions <br> Corporation<br>| Triad Advisors, LLC |
| US Bank N.A. | UBS Financial Services, Inc. |
| Vanguard Marketing Corporation | VALIC Retirement Services Company |
| Vanguard Group, Inc. | Wells Fargo Clearing Services, LLC |
| Wells Fargo Bank, NA | Woodbury Financial Services, Inc. |

---

**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 a 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, Inc.; Banc of America Investment Services, Inc.; Banc of America Securities LLC; Charles Schwab & Co. Inc.; Chase Investment Services; Cetera Advisors LLC; Cetera Advisor Networks LLC; Cetera Financial Specialists LLC; Cetera Investment Advisers LLC; Cetera Investment Services LLC; Deutsche Bank Securities, Inc.; Edward Jones; FSC Securities Corporation; Fidelity Brokerage Services, Inc.; HSBC Securities (USA) Inc.; Janney Montgomery Scott Inc.; LPL Financial, LLC; Merrill, Lynch, Pierce, Fenner & Smith, Inc.; Morgan Keegan; Morgan Stanley Smith Barney; Morgan Stanley Wealth Management; Oppenheimer & Co., Inc.; Raymond James Financial Services, Inc.; RBC Capital Markets; Royal Alliance Associates, Inc.; Sagepoint Financial, Inc.; UBS Financial Services, Inc.; USAA Investment Management Co.; Voya Financial Advisors, Inc.; Wells Fargo Bank; Wells Fargo Bank N.A.; Wells Fargo Clearing Services, LLC; and Woodbury Financial Services, Inc.

**Payments Under the Rule 12b-1 Plans** 

Under the Rule 12b-1 Plans, ongoing payments will generally be made on a monthly basis to authorized dealers for both distribution and shareholder servicing at rates that are based on the average daily net assets of shares that are registered in the name of that authorized dealer as nominee or held in a shareholder account that designates that authorized dealer as the dealer of record. Rights to these ongoing payments generally begin to accrue in the 13th month following the purchase of a share class subject to a Rule 12b-1 Plan. The Distributor may, in its discretion, pay such financial intermediary Rule 12b-1 fees prior to the 13th month following the purchase of such shares.

**DISTRIBUTION AND SERVICING PLANS**

One or more of the Funds has adopted one or more Distribution and/or Distribution and Service Plans pursuant to Rule 12b-1 (each, a "Rule 12b-1 Plan" and together, the "Rule 12b-1 Plans"). Certain share classes may pay a combined distribution and shareholder service fee.

Under the Plan, the Distributor may be entitled to a payment each month in connection with the offering, sale, and shareholder servicing of shares as a percentage of the average daily net assets attributable to each class of shares. Each Fund intends to operate the Rule 12b-1 Plan in accordance with its terms and FINRA rules concerning sales charges. The table below reflects the Plan for each Fund. Certain share classes do not pay distribution or shareholder service fees and are not included in the table.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Type of Plan** | **Distribution Fee** | **Shareholder**<br> **Service Fee**<br>| **Combined**<br> **Distribution and**<br> **Shareholder**<br> **Service Fee**<br>|
| **Voya Global Bond Fund** | **Voya Global Bond Fund** |  |  |  |
| **Class A** | &nbsp;&nbsp; Distribution and<br> Service Plan<br>| N/A | N/A | 0.25%\* |
| **Class C** | &nbsp;&nbsp; Distribution and<br> Service Plan<br>| 0.75% | 0.25% | N/A |
| **Class R** | &nbsp;&nbsp; Distribution and<br> Service Plan<br>| 0.25% | 0.25% | N/A |
| **Voya Global High Dividend Low Volatility Fund** | **Voya Global High Dividend Low Volatility Fund** |  |  |  |
| **Class A** | &nbsp;&nbsp; Distribution and<br> Service Plan<br>| N/A | N/A | 0.25%\* |
| **Class C** | &nbsp;&nbsp; Distribution and<br> Service Plan<br>| 0.75% | 0.25% | N/A |
| **Voya International High Dividend Low Volatility Fund** | **Voya International High Dividend Low Volatility Fund** |  |  |  |
| **Class A** | &nbsp;&nbsp; Distribution and<br> Service Plan<br>| N/A | N/A | 0.25%\* |
| **Voya Multi-Manager Emerging Markets Equity Fund** | **Voya Multi-Manager Emerging Markets Equity Fund** |  |  |  |
| **Class A** | &nbsp;&nbsp; Distribution and<br> Service Plan<br>| N/A | N/A | 0.25%\* |
| **Class C** | &nbsp;&nbsp; Distribution and<br> Service Plan<br>| 0.75% | 0.25% | N/A |
| **Class R** | &nbsp;&nbsp; Distribution and<br> Service Plan<br>| 0.25% | 0.25% | N/A  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Type of Plan** | **Distribution Fee** | **Shareholder**<br> **Service Fee**<br>| **Combined**<br> **Distribution and**<br> **Shareholder**<br> **Service Fee**<br>|
| **Voya Multi-Manager International Small Cap Fund** | **Voya Multi-Manager International Small Cap Fund** |  |  |  |
| **Class A** | &nbsp;&nbsp; Distribution and<br> Service Plan<br>| N/A | N/A | 0.25%\* |
| **Class C** | &nbsp;&nbsp; Distribution and<br> Service Plan<br>| 0.75% | 0.25% | N/A |

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\*

Of this amount, up to 0.10% on an annualized basis of the average daily net assets of the Fund's Class A shares may be paid with respect to distribution services.

**Services Provided for the Distribution Fee** 

The distribution fee for a specific class may be used to cover the expenses of the Distributor primarily intended to result in the sale of that class of shares, including payments to securities dealers for selling shares of the Fund (which may include the principal underwriter itself) and other financial institutions and organizations to obtain various distribution related and/or administrative services for that Fund.

Distribution fees may be paid to cover expenses incurred in promoting the sale of that class of shares including, among other things (i) promotional activities; (ii) preparation and distribution of advertising materials and sales literature; (iii) personnel costs and overhead of the Distributor; (iv) the costs of printing and distributing to prospective investors the prospectuses and statements of additional information (and supplements thereto) and reports for other than existing shareholders; (v) payments to dealers and others that provide shareholder services (including the processing of new shareholder applications and serving as a primary source of information to customers in providing information and answering questions concerning each Fund and their transactions in each Fund); and (vi) costs of administering the Rule 12b-1 Plans.

**Services Provided for the Shareholder Service Fee** 

The shareholder service fees may be used to pay securities dealers (including the Distributor) and other financial institutions, plan administrators and organizations for services including, but not limited to: (i) acting as the shareholder of record; (ii) processing purchase and redemption orders; (iii) maintaining participant account records; (iv) answering participant questions regarding each Fund; (v) facilitation of the tabulation of shareholder votes in the event of a meeting of Fund shareholders; (vi) the conveyance of information relating to shares purchased and redeemed and share balances to each Fund and to service providers; (vii) provision of support services including providing information about each Fund; and (viii) provision of other services as may be agreed upon from time to time.

**Initial Board Approval, Continuation, Termination and Amendments to the Rule 12b-1 Plan** 

In approving the Rule 12b-1 Plans the Trustees, including a majority of the Independent Trustees who have no direct or indirect financial interest in the operation of the Rule 12b-1 Plans or any agreements relating to the Rule 12b-1 Plans (the "Rule 12b-1 Trustees"), concluded that there is a reasonable likelihood that the Rule 12b-1 Plans would benefit each Fund and each respective class of shareholders.

The Rule 12b-1 Plans continue from year to year, provided such continuance is approved annually by vote of a majority of the Board, including a majority of the Rule 12b-1 Trustees. The Rule 12b-1 Plan for a particular class may be terminated at any time, without penalty, by vote of a majority of the Rule 12b-1 Trustees or by a majority of the outstanding shares of the applicable class of the Fund.

Each Rule 12b-1 Plan may not be amended to increase materially the amount spent for distribution expenses as to a Fund without approval by a majority of the outstanding shares of the applicable class of the Fund, and all material amendments to a Rule 12b-1 Plan must be approved by a vote of the majority of the Board, including a majority of the Rule 12b-1 Trustees, cast in person at a meeting called for the purpose of voting on any such amendment.

**Further Information About the Rule 12b-1 Plan** 

The Distributor is required to report in writing to the Board at least quarterly on the amounts and purpose of any payment made under the Rule 12b-1 Plans and any related agreements, as well as to furnish the Board with such other information as may reasonably be requested in order to enable the Board to make an informed determination whether a Plan should be continued. The terms and provisions of the Rule 12b-1 Plans relating to required reports, term and approval are consistent with the requirements of Rule 12b-1.

Each Rule 12b-1 Plan is a compensation plan. This means that the Distributor will receive payment without regard to the actual distribution expenses it incurs. In the event a Plan is terminated in accordance with its terms, the obligations of a Fund to make payments to the Distributor pursuant to the Rule 12b-1 Plan will cease and the Fund will not be required to make any payment for expenses incurred after the date the Rule 12b-1 Plan terminates.

The Rule 12b-1 Plans were adopted because of the anticipated benefits to each Fund. These anticipated benefits include increased promotion and distribution of each Fund's shares, and enhancement in each Fund's ability to maintain accounts and improve asset retention and increased stability of assets for each Fund.

**Total Distribution Expenses** 

The following table sets forth the total distribution expenses incurred by the Distributor for the costs of promotion and distribution with respect to each class of shares for each Fund for the most recent fiscal year. "N/A" in the table indicates that, as the Fund or class was not in operation during the fiscal year or such information is not yet available, no information is shown.

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class** | **Advertising** | **Printing** | **Salaries & Commissions** | **Broker Servicing** | **Miscellaneous** | **Total** |
| Voya Global Bond Fund | A | $156.94 | $2981.87 | $65062.24 | $87469.38 | $26514.97 | $182185.40 |
|  | C | $8.36 | $158.85 | $3230.58 | $12001.31 | $3117.19 | $18516.29 |
|  | I | $205.53 | $3905.06 | $64281.54 | $6041.29 | $18388.46 | $92821.88 |
|  | R | $29.90 | $568.16 | $12157.51 | $30138.67 | $1361.72 | $44255.97 |
|  | R6 | $205.53 | $3905.06 | $29485.83 | $6041.29 | $2742.31 | $42380.02 |
|  | W | $526.88 | $10010.74 | $218411.07 | $51437.27 | $82828.77 | $363214.72 |
| &nbsp;&nbsp; Voya Global High Dividend Low <br> Volatility Fund<br>| A | $1028.76 | $19546.47 | $398361.42 | $585998.49 | $221987.97 | $1226923.11 |
|  | C | $22.61 | $429.60 | $8717.59 | $37251.29 | $9187.06 | $55608.14 |
|  | I | $205.53 | $3905.06 | $31192.50 | $6041.29 | $34574.22 | $75918.60 |
|  | R6 | $205.53 | $3905.06 | $23070.83 | $6041.29 | $2742.31 | $35965.02 |
|  | W | $20.38 | $387.15 | $7288.88 | $1876.40 | $3854.12 | $13426.93 |
| &nbsp;&nbsp; Voya International High <br> Dividend Low Volatility Fund<br>| A | $23.00 | $436.94 | $38451.70 | $10475.66 | $4633.50 | $54020.80 |
|  | I | $205.53 | $3905.06 | $23065.20 | $6041.29 | $2746.89 | $35963.97 |
|  | R6 | $205.53 | $3905.06 | $23083.51 | $6041.29 | $2742.31 | $35977.70 |
| &nbsp;&nbsp; Voya Multi-Manager Emerging <br> Markets Equity Fund<br>| A | $93.21 | $1770.98 | $30123.76 | $36708.52 | $12623.75 | $81320.22 |
|  | C | $1.13 | $21.51 | $375.48 | $2077.52 | $845.49 | $3321.13 |
|  | I | $205.53 | $3905.06 | $34968.47 | $6041.29 | $4662.69 | $49783.04 |
|  | P | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
|  | P3 | $58.53 | $1112.06 | $16834.19 | $4276.54 | $2030.47 | $24311.80 |
|  | R | $0.43 | $8.21 | $132.32 | $173.03 | $12.87 | $326.85 |
|  | W | $436.70 | $8297.35 | $149673.15 | $33859.36 | $50755.37 | $243021.93 |
| &nbsp;&nbsp; Voya Multi-Manager <br> International Equity Fund<br>| I | $205.53 | $3905.06 | $47665.37 | $6041.29 | $2985.50 | $60802.76 |
| &nbsp;&nbsp; Voya Multi-Manager <br> International Factors Fund<br>| I | $205.53 | $3905.06 | $34252.78 | $6041.29 | $3359.03 | $47763.69 |
|  | W | $281.84 | $5354.95 | $75081.51 | $17171.62 | $45507.19 | $143397.11 |
| &nbsp;&nbsp; Voya Multi-Manager <br> International Small Cap Fund<br>| A | $356.24 | $6768.57 | $156736.86 | $162044.88 | $54241.03 | $380147.57 |
|  | C | $28.37 | $539.10 | $12460.56 | $26294.77 | $4528.54 | $43851.34 |
|  | I | $205.53 | $3905.06 | $188998.87 | $6041.29 | $75893.32 | $275044.07 |
|  | R6 | N/A | N/A | N/A | N/A | N/A | N/A |
|  | W | $197.33 | $3749.33 | $82127.83 | $20236.53 | $36459.62 | $142770.65 |

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**Total Distribution and Shareholder Services Fees Paid:** 

The following table sets forth the total distribution and shareholder services fees paid by each Fund to the Distributor under the Plans for the last three fiscal years.

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

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **October 31,** | **October 31,** | **October 31,** |
|  | 2022 | 2021 | 2020 |
| Voya Global Bond Fund | $111158.00 | $161059.00 | $174722.00 |
| Voya Global High Dividend Low Volatility Fund | $592901.00 | $614518.00 | $547589.00 |
| Voya International High Dividend Low Volatility Fund | $13292.00 | $13396.00 | $11344.00 |
| Voya Multi-Manager Emerging Markets Equity Fund | $49184.00 | $70825.00 | $65646.00 |
| Voya Multi-Manager International Equity Fund |  |  |  |
| Voya Multi-Manager International Factors Fund |  |  |  |
| Voya Multi-Manager International Small Cap Fund | $163453.00 | $167463.00 | $139067.00 |

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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 each Fund.

The custodian's responsibilities include safekeeping and controlling each Fund's cash and securities, handling the receipt and delivery of securities, and collecting interest and dividends on each Fund's investments. The custodian does not participate in determining the investment policies of a Fund, in deciding which securities are purchased or sold by the Fund or in the declaration of dividends and distributions. A 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 each 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 each Fund. Its principal office is located at 301 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 a 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 a Fund at loan termination.

The following table provides the dollar amounts of income and fees/compensation related to the securities lending activities of each 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.

&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 Global Bond Fund | $21177.02 | $1127.84 | $14102.72 | ($5478.16) | $8624.56 |  | $15230.56 | $11424.62  |

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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>|
| &nbsp;&nbsp; Voya Global High Dividend Low Volatility <br> Fund<br>| $8214.99 | $119.15 | $7055.87 | ($169.56) | $6886.31 |  | $7175.02 | $1209.53 |
| &nbsp;&nbsp; Voya International High Dividend Low <br> Volatility Fund<br>| $285.81 | $23.21 | $111.82 | ($86.43) | $25.39 |  | $135.13 | $237.11 |
| &nbsp;&nbsp; Voya Multi-Manager Emerging Markets <br> Equity Fund<br>| $30276.29 | $3936.44 | $19156.70 | ($32643.24) | ($13486.54) |  | $23093.14 | $39826.39 |
| &nbsp;&nbsp; Voya Multi-Manager International Equity <br> Fund<br>| $5074.20 | $297.73 | $2236.86 | ($473.19) | $1763.67 |  | $2534.59 | $3012.80 |
| &nbsp;&nbsp; Voya Multi-Manager International Factors <br> Fund<br>| $46104.69 | $8628.99 | $37282.32 | ($87081.72) | ($49799.40) |  | $45911.31 | $87275.10 |
| &nbsp;&nbsp; Voya Multi-Manager International Small <br> Cap Fund<br>| $14852.00 | $1944.52 | $7416.51 | ($14189.93) | ($6773.42) |  | $9361.03 | $19680.90 |

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**PORTFOLIO TRANSACTIONS**

The Investment Adviser or a Sub-Adviser for each Fund places orders for the purchase and sale of investment securities for each 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 a Sub-Adviser resigns or the Investment Adviser otherwise assumes day to day management of a Fund pursuant to its Investment Management Agreement with each 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 securities exchanges commissions are fixed. Securities traded in the OTC markets (such as fixed-income 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 a 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 a Sub-Adviser may also place trades using an ECN or ATS.

**How the Investment Adviser or a Sub Adviser Selects Broker-Dealers** 

The Investment Adviser and the Sub-Adviser(s) have a duty to seek to obtain best execution of each 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 a 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 a

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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 each Fund's orders, the Investment Adviser or a Sub-Adviser may select broker-dealers that participate in commission recapture programs that have been established for the benefit of each Fund. Under these programs, the participating broker-dealers will return to each 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** 

In selecting broker-dealers to execute a trade for each Fund, the Investment Adviser or a 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 a Sub-Adviser may cause a Fund to pay a broker-dealer a commission for effecting a securities transaction for a 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 a Fund's commission dollars to pay for brokerage and research services provided to the Investment Adviser or a Sub-Adviser is sometimes referred to as "soft dollars." Section 28(e) is sometimes referred to as a "safe harbor," because it permits this practice, subject to a number of restrictions, including the Investment Adviser or a 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 a 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 a 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 a 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 a Fund.

*Benefits to the Investment Adviser or a Sub-Adviser*– Research products and services provided to the Investment Adviser or a Sub-Adviser by broker-dealers that effect securities transactions for a 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 a Sub-Adviser in connection with each Fund. Some of these products and services are also available to the Investment Adviser or a 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 a Sub-Adviser for services provided to each Fund. The Investment Adviser's or a 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 a Sub-Adviser subject to MiFID II will cause a 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 a Sub-Adviser** 

Portfolio transactions may be executed by brokers affiliated with Voya Financial, Inc., the Investment Adviser, or a 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 a Fund is subject to rules adopted by the SEC and FINRA. Under these rules, the Investment Adviser or a Sub-Adviser may not consider a broker's promotional or sales efforts on behalf of a Fund when selecting a broker-dealer for portfolio transactions, and neither a Fund nor the Investment Adviser or Sub-Adviser may enter

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into an agreement under which a Fund directs brokerage transactions (or revenue generated from such transactions) to a broker-dealer to pay for distribution of Fund shares. Each Fund has adopted policies and procedures, approved by the Board, that are designed to attain compliance with these prohibitions.

**Principal Trades and Research** 

Purchases of securities for each 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 a 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 Fixed-Income Instruments** 

Purchases and sales of fixed-income 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. Each Fund may also purchase such instruments in underwritten offerings and will, on occasion, purchase instruments directly from the issuer. Generally, fixed-income instruments are traded on a net basis and do not involve brokerage commissions. The cost of executing fixed-income instruments transactions consists primarily of dealer spreads and underwriting commissions.

In purchasing and selling fixed-income instruments, it is the policy of each 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 a Sub-Adviser generally seeks reasonably competitive spreads or commissions, each Fund will not necessarily pay the lowest spread or commission available.

**Transition Management** 

Changes in sub-advisers, investment personnel and reorganizations of a Fund may result in the sale of a significant portion or even all of a Fund's portfolio securities. This type of change generally will increase trading costs and the portfolio turnover for the affected Fund. Each Fund, the Investment Adviser, or a Sub-Adviser may engage a broker-dealer to provide transition management services in connection with a change in the sub-adviser, reorganization, or other changes.

**Allocation of Trades** 

Some securities considered for investment by a Fund may also be appropriate for other clients served by that Fund's Investment Adviser or Sub-Adviser. If the purchase or sale of securities consistent with the investment policies of a 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 Fund's 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 a Fund participated are subject to periodic review by the Board. To the extent a 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, a 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 following table sets forth brokerage commissions paid by each Fund for the last three fiscal years. An increase or decrease in commissions is due to a corresponding increase or decrease in each Fund's trading activity.

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

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **October 31,** | **October 31,** | **October 31,** |
|  | 2022 | 2021 | 2020 |
| Voya Global Bond Fund | $14967.03 | $29568.37 | $23017.23 |
| Voya Global High Dividend Low Volatility Fund | $238380.05 | $196573.79 | $182342.17 |
| Voya International High Dividend Low Volatility Fund | $13789.17 | $9252.99 | $9143.61 |
| Voya Multi-Manager Emerging Markets Equity Fund | $476875.17 | $661977.06 | $486298.11 |
| Voya Multi-Manager International Equity Fund | $295194.79 | $365725.90 | $438282.84 |
| Voya Multi-Manager International Factors Fund | $472781.29 | $343859.32 | $379927.56 |
| Voya Multi-Manager International Small Cap Fund | $215519.30 | $168090.03 | $151215.99 |

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**Affiliated Brokerage Commissions** 

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For the last three fiscal years, each Fund did not use affiliated brokers to execute portfolio transactions.

**Securities of Regular Broker-Dealers** 

During the most recent fiscal year, each Fund acquired securities of its regular broker-dealers (as defined in Rule 10b-1 under the 1940 Act) or their parent companies as follows:

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

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| | | |
|:---|:---|:---|
| **Fund** | **Security Description** | **Market Value** |
| Voya Global Bond Fund |  |  |
| Voya Global High Dividend Low Volatility Fund | Morgan Stanley | $675930.42 |
|  | Royal Bank of Canada | $1217430.10 |
|  | Wells Fargo | $386316.00 |
| Voya International High Dividend Low <br> Volatility Fund<br>|  |  |
| Voya Multi-Manager Emerging Markets Equity <br> Fund<br>| Banco Santander | $1463189.92 |
| Voya Multi-Manager International Equity Fund | HSBC | $2312169.07 |
|  | TD Bank | 2562676.24 |
| Voya Multi-Manager International Factors <br> Fund<br>| HSBC | $500376.19 |
|  | Nomura Group | $314192.91 |
|  | UBS | $897456.65 |

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**ADDITIONAL INFORMATION ABOUT Voya Mutual Funds**

**Description of the Shares of Beneficial Interest** 

Voya Mutual Funds ("VMF") may issue unlimited shares of beneficial interest in VMF without par value. The shares may be issued in one or more series and each series may consist of one or more classes. VMF has eleven series, which are authorized to issue multiple classes of shares. Such classes are designated Class A, Class C, Class I, Class P, Class P3, Class R, Class R6, and Class W. All series and/or classes of VMF may not be discussed in this SAI.

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 VMF. 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 VMF 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.

Under the Declaration of Trust, the Trustees have the power and authority to reclassify, reorganize, recapitalize or convert any issued shares or any series or classes thereof into one or more series or classes of shares without obtaining the prior authorization, or vote, of shareholders.

**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, VMF may suspend the right of redemption as allowed by the SEC or federal securities laws. Pursuant to the Declaration of Trust, the Trustees have the right to redeem shares of shareholders: (i) who do not satisfy minimum investment thresholds set forth in the prospectus from time to time; or (ii) if the Trustees determine that failure to redeem may have materially adverse consequences to VMF, any series or to the shareholders of VMF or any series thereof. There are no restrictions on the transfer of shares in the Declaration of Trust.

**Material Obligations and Liabilities of Owning Shares** 

VMF is organized as a statutory trust under the Delaware Statutory Trust Act. Under the Delaware Statutory Trust Act, shareholders have the same limitation on personal liability extended to shareholders of private corporations under Delaware law. All shares issued by VMF are fully paid and nonassessable.

**Dividend Rights** 

The shareholders of a series are entitled to receive dividends or other distributions declared for the series. Distributions will be paid pro rata to all shareholders of a series or class according to the number of shares held by shareholders on the record date.

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**Voting Rights and Shareholder Meetings** 

Pursuant to the Declaration of Trust, shareholders have the power to vote, under certain circumstances, on: (1) the election or removal of trustees; (2) the approval of certain advisory contracts; (3) the termination and incorporation of VMF, (4) any merger, consolidation or sale of all, or substantially all, of VMF's assets; and (5) 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 VMF with the U.S. Securities and Exchange Commission 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 subclassification of a fund, to approve the distribution plan under Rule 12b-1, and to terminate the independent public accountant.

VMF is not required to hold shareholder meetings annually, but a meeting of shareholders may be called by the Board, at the request in writing of the holders of not less than 10% of the outstanding voting shares of VMF, 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 VMF. All shares of classes and series vote together as one class, except with respect to any matter that affects only the interests of a particular series or class, or as required by Delaware law or the 1940 Act.

**Liquidation Rights** 

In the event of liquidation, the shareholders of a series or class are entitled to receive, as a liquidating distribution, the excess of the assets belonging to the liquidating series or class over the liabilities belonging to such series or class of shares.

**Inspection of Records** 

The records of VMF shall be open to inspection by shareholders during normal business hours and for any purpose not harmful to VMF.

**Preemptive Rights** 

There are no preemptive rights associated with the series' shares.

**Conversion Rights** 

The conversion features and exchange privileges are described in the Prospectus and in the section of the SAI entitled "Purchase, Exchange, and Redemption of Shares."

**Sinking Fund Provisions** 

VMF has no sinking fund provision.

**PURCHASE, EXCHANGE, AND REDEMPTION OF SHARES**

An investor may purchase, redeem, or exchange shares of each Fund utilizing the methods, and subject to the restrictions, described in the Prospectus.

**Purchases** 

Shares of each Fund are offered at the NAV (plus any applicable sales charge) 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 a 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 a Fund. The Transfer Agent, the Distributor or a 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 a Fund or its agents several hours after the time of the acceptance and pricing.

**Pre-Authorized Investment Plan** 

As discussed in the Prospectus, the Voya family of funds provides a Pre-Authorized Investment Plan for certain share classes for the convenience of investors who wish to purchase shares of a Fund on a regular basis. The Pre-Authorized Investment Plan may be terminated without penalty at any time by the investor or a Fund. The minimum investment requirements may be waived by a Fund for purchases made pursuant to: (i) employer-administered payroll deduction plans; (ii) profit-sharing, pension, or individual or any employee retirement plans; or (iii) purchases made in connection with plans providing for periodic investments in Fund shares.

**Subscriptions-in-Kind** 

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Certain investors may purchase shares of a 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 a Fund consistent with the Fund's investment policies and restrictions. These transactions only will be effected if the Investment Adviser or a Sub-Adviser intends to retain the security in the Fund as an investment. Assets so purchased by a 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. Each Fund reserves the right to amend or terminate this practice at any time.

**Born to Save™ Program** 

Under the Voya Born-to-Save™ promotion, an affiliate of Voya Investments Distributor, LLC will pay $500 to fund a mutual fund account for each baby born in the United States on a specified date whose parents or legal guardian seek to participate in the program within 60 days' after the newborn's birth and meet the conditions of the program, such as: agreeing to act as UTMA Custodian; providing documentation to establish the date of birth, social security number of the newborn and parent/legal guardian; and completing a mutual fund application. The $500, which is taxable to participants in the Voya Born-to-Save™ program, will be invested in the Class W shares of Voya Global Diversified Payment Fund at NAV. Participants in the Voya Born-to-Save™ program will be permitted to exchange these Class W shares of Voya Global Diversified Payment Fund into Class W shares of other Voya funds and/or redeem all or a portion of their shares from Voya Global Diversified Payment Fund. Please visit www.voya.com/BornToSave for additional information.

**Self-Employed and Corporate Retirement Plans** 

For self-employed individuals and corporate investors that wish to purchase shares of a Fund, there is available through each Fund, a Prototype Plan and Custody Agreement. The Custody Agreement provides that BNY Mellon Investment Servicing Trust Company, Wilmington, DE, will act as Custodian under the Prototype Plan, and will furnish custodial services for an annual maintenance fee of $12.00 for each participant, with no other charges. (This fee is in addition to the normal custodial charges paid by each Fund.) The annual contract maintenance fee may be waived from time to time. For further details, including the right to appoint a successor Custodian, see the Plan and Custody Agreement. Employers who wish to use shares of a Fund under a custodianship with another bank or trust company must make individual arrangements with that institution.

**Individual Retirement Accounts** 

Investors having earned income are eligible to purchase shares of a Fund under an IRA pursuant to Section 408 of the Code. An individual who creates an IRA may contribute annually certain dollar amounts of earned income and an additional amount if there is a non-working spouse. Simple IRA plans that employers may establish on behalf of their employees are also available. Also available are Roth IRA plans that enable employed and self-employed individuals to make non-deductible contributions and, under certain circumstances, effect tax-free withdrawals. Copies of a model Custodial Account Agreement are available from the Distributor. BNY Mellon Investment Servicing Trust Company, Wilmington, DE, will act as the Custodian under this model Agreement, for which it will charge the investor an annual fee of $12.00 for maintaining the Account (this fee is in addition to the normal custodial charges paid by each Fund). Full details on the IRA are contained in an IRS required disclosure statement, and the Custodian will not open an IRA until seven (7) days after the investor has received this statement from the Fund. An IRA using shares of a Fund may also be used by employers who have adopted a Simplified Employee Pension Plan.

Purchases of Fund shares by Section 403(b) of the Code plans and other retirement plans are also available. Section 403(b) plans are generally arrangements by a public school organization or a charitable, educational, or scientific organization which employees are permitted to take advantage of the federal income tax deferral benefits provided for in Section 403(b) of the Code. It is advisable for an investor considering the funding of any retirement plan to consult with an attorney or to obtain advice from a competent retirement plan consultant.

**Special Purchases at NAV – Class A Shares** 

Class A shares of each Fund may be purchased at NAV, without a sales charge, by certain investors. The financial intermediary or the investor must notify the Distributor that the investor qualifies for such waiver. If the Distributor is not notified that the investor is eligible for any sales charge waiver, the Distributor will be unable to ensure that the waiver is applied to the investor's account. An investor may have to provide certain information or records, including account statements, to his/her financial intermediary or to the Distributor to verify the investor's eligibility for front-end sales charge waivers.

It is possible that a broker-dealer may not be able to offer one or more of these waiver categories. If this situation occurs, it is possible that the investor would need to invest directly through Voya in order to take advantage of the waiver. Each Fund may terminate or amend the terms of these sales charge waivers at any time. The following will be permitted to purchase Class A shares of each Fund at NAV. In addition to the following, investors investing in a Fund through an intermediary should consult Appendix A to the Fund's Prospectus, which includes information regarding financial intermediary specific sales charges and related discount policies that apply to purchases through certain specified intermediaries.

1)

Current, retired or former officers, trustees, directors or employees (including members of their immediate families) of Voya Financial, Inc., registered investment companies in the Voya family of funds and their affiliates purchasing shares for their own accounts. Immediate family members include: Parents; Spouse (as recognized under local law); Siblings; Children; Grandparents; Aunts/Uncles; Nieces/Nephews; Cousins; Dependents; Parents-in-law; Brothers-in-law; and Sisters-in-law.

2)

Affiliated and non-affiliated Insurance companies (including separate accounts) that have entered into a selling agreement with Voya Financial, Inc. and purchase shares directly from the Distributor.

3)

Registered investment advisors, trust companies and bank trust departments investing on their own behalf or on behalf of their clients.

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4)

The current employees (including registered representatives), and their immediate family members, of broker-dealers and financial institutions that have entered into an agreement with the Distributor (or otherwise having an arrangement with a broker-dealer or financial institution with respect to sales of Fund shares).

5)

Investments made by accounts that are part of certain qualified fee-based programs ("wrap accounts").

6)

The movement of shares from qualified employee benefit plans provided that the movement of shares involves an in-kind transfer of Class A shares.

"Qualified employee benefit plans" are those created under section 401(a), 401(k), 457 and 403(b), and qualified deferred compensation plans that have a plan level or omnibus account maintained with a Voya fund and transacts directly with that Voya fund or through a third-party administrator or record keeper that has an agreement in place with the Voya family of funds.

7)

For investors purchasing Class A shares with proceeds from the following sources: Redemptions from any fund from the Voya family of funds if you: (a) originally paid a front-end sales charge on the shares; and (b) reinvest the money within 90 days of the redemption date. This waiver is subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;• This privilege may only be used once per year; and

&nbsp;&nbsp;&nbsp;&nbsp;• The amount that may be reinvested is limited to an amount up to the redemption proceeds; and

&nbsp;&nbsp;&nbsp;&nbsp;• Written or electronic order for the purchase of shares may be received by the Transfer Agent from the financial intermediary or the shareholder (or be postmarked) within 90 days after the date of redemption; and

&nbsp;&nbsp;&nbsp;&nbsp;• Purchases may be handled by a securities dealer who may charge a fee; and

&nbsp;&nbsp;&nbsp;&nbsp;• Payment may accompany the request and the purchase will be made at the then current NAV of a Fund.

If investors realize a gain on the transaction, it is taxable and any reinvestment will not alter any applicable federal capital gains tax (except that some or all of the sales charge may be disallowed as an addition to the basis of the shares sold and added to the basis of the subsequent purchased shares). If investors realize a loss on the transaction, some or all of the loss may not be allowed as a tax deduction depending on the amount reinvested. However, this disallowance is added to the tax basis of the shares acquired upon the reinvestment.

8)

Shareholders of Adviser Class at the time these shares were re-designated as Class A shares if purchased directly with a Fund.

9)

Former Class M shareholders if purchased directly with a Fund.

10)

Any charitable organization that has determined that a Fund is a legally permissible investment and is prohibited by applicable investment law from paying a sales charge or commission and purchases shares directly from the Distributor.

11)

Any state, county, or city or any instrumentality, department authority or agency thereof that has determined that a Fund is a legally permissible investment and is prohibited by applicable investment law from paying a sales charge or commission and purchases shares directly from the Distributor.

12)

Additional purchases of a Fund by former Class O shareholders that exchanged their shares for Class A shares of that Fund.

**Letters of Intent and Rights of Accumulation – Class A Shares** 

An investor may immediately qualify for a reduced sales charge on a purchase of Class A shares by completing the Letter of Intent section of the Shareholder Application (the "Letter of Intent"). By completing the Letter of Intent, the investor expresses an intention to invest, during the next 13 months, a specified amount which, if made at one time, would qualify for the reduced sales charge. At any time within ninety (90) days after the first investment which the investor wants to qualify for the reduced sales charge, a signed Shareholder Application, with the Letter of Intent section completed, may be filed with the applicable Fund(s). After the Letter of Intent is filed, each additional investment made will be entitled to the sales charge applicable to the level of investment indicated on the Letter of Intent as described above. Sales charge reductions based upon purchases in more than one investment will be effective only after notification to the Distributor that the investment qualifies for a discount. The shareholder's holdings in the Voya family of funds acquired within ninety (90) days before the Letter of Intent is filed will be counted towards completion of the Letter of Intent, but will not be entitled to a retroactive downward adjustment of sales charge until the Letter of Intent is fulfilled. Any redemptions made by the shareholder during the 13-month period will be subtracted from the amount of the purchases for purposes of determining whether the terms of the Letter of Intent have been completed. If the Letter of Intent is not completed within the 13-month period, there will be an upward adjustment of the sales charge as specified below, depending upon the amount actually purchased (less redemption) during the period.

An investor acknowledges and agrees to the following provisions by completing the Letter of Intent section of the Shareholder Application. A minimum initial investment equal to 25% of the intended total investment is required. An amount equal to the maximum sales charge, as stated in the Prospectus, will be held in escrow at Voya funds, in the form of shares in the investor's name to assure that the full applicable sales charge will be paid if the intended purchase is not completed. The shares in escrow will be included in the total shares owned as reflected on the purchaser's monthly statement; income and capital gain distributions on the escrowed shares will be paid directly by the investor. The escrow shares will not be available for redemption by the investor until the Letter of Intent has been completed or the higher sales charge paid. When the total purchases, less redemptions, equal the amount specified under the Letter of Intent, the shares in escrow will be released. If the total purchases, less redemptions, exceed the amount specified under the Letter of Intent and is an amount which would qualify for a further quantity discount, a retroactive price adjustment will be made by the Distributor and the dealer with whom purchases were made pursuant to the Letter of Intent (to reflect such further quantity discount) on purchases made

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within ninety (90) days before, and on those made after filing the Letter of Intent. The resulting difference in offering price will be applied to the purchase of additional shares at the applicable offering price. If the total purchases, less redemptions, are less than the amount specified under the Letter of Intent, the investor will remit to the Distributor an amount equal to the difference in dollar amount of sales charge actually paid and the amount of sales charge which would have applied to the aggregate purchases if the total of such purchases had been made at a single account in the name of the investor or to the investor's order. If within ten (10) days after written request such difference in sales charge is not paid, the redemption of an appropriate number of shares in escrow to realize such difference will be made. If the proceeds from a total redemption are inadequate, the investor will be liable to the Distributor for the difference. In the event of a total redemption of the account prior to fulfillment of the Letter of Intent, the additional sales charge due will be deducted from the proceeds of the redemption and the balance will be forwarded to the investor. By completing the Letter of Intent section of the Shareholder Application, an investor grants to the Distributor a security interest in the shares in escrow and agrees to irrevocably appoint the Distributor as his or her attorney-in-fact with full power of substitution to surrender for redemption, any or all escrowed shares for the purpose of paying any additional sales charge due and authorizes the Transfer Agent or sub-transfer agent to receive and redeem shares and pay the proceeds as directed by the Distributor. The investor or the securities dealer must inform the Transfer Agent or the Distributor that the Letter of Intent is in effect each time a purchase is made.

If, at any time prior to or after completion of the Letter of Intent, the investor wishes to cancel the Letter of Intent, the investor must notify the Distributor in writing. If, prior to the completion of the Letter of Intent, the investor requests the Distributor to liquidate all shares held by the investor, the Letter of Intent will be terminated automatically. Under either of these situations, the total purchased may be less than the amount specified in the Letter of Intent. If so, the Distributor will redeem shares, at NAV, to remit to the Distributor and the appropriate authorized dealer an amount equal to the difference between the dollar amount of the sales charge actually paid and the amount of the sales charge that would have been paid on the total purchases if made at one time.

The value of shares of a Fund plus shares of the other open-end funds distributed by the Distributor can be combined with a current purchase to determine the reduced sales charge and applicable offering price of the current purchase. The reduced sales charge applies to quantity purchases made at one time or on a cumulative basis over any period of time by: (i) an investor; (ii) the investor's spouse and children under the age of majority; (iii) the investor's custodian accounts for the benefit of a child under the Uniform Gift to Minors Act; (iv) a trustee or other fiduciary of a single trust estate or a single fiduciary account (including a pension, profit-sharing, and/or other employee benefit plan qualified under Section 401 of the Code) by trust companies' registered investment advisers, banks, and bank trust departments for accounts over which they exercise exclusive investment discretionary authority and which are held in a fiduciary, agency, advisory, custodial, or similar capacity.

The reduced sales charge also applies on a non-cumulative basis, to purchases made at one time by the customers of a single dealer, in excess of $1 million. The Letter of Intent option may be modified or discontinued at any time.

Shares of each Fund purchased and owned of record or beneficially by a corporation, including employees of a single employer (or affiliates thereof), including shares held by its employees under one or more retirement plans, can be combined with a current purchase to determine the reduced sales charge and applicable offering price of the current purchase, provided these transactions are not prohibited by one or more provisions of the Employee Retirement Income Security Act or the Code. Individuals and employees should consult with their tax advisers concerning the tax rules applicable to retirement plans before investing.

For the purposes of Rights of Accumulation and the Letter of Intent Privilege, shares held by investors in the Voya family of funds which impose a CDSC may be combined with Class A shares for a reduced sales charge but will not affect any CDSC which may be imposed upon the redemption of shares of a Fund which imposes a CDSC.

**CDSCs** 

Purchases of certain share classes may be subject to a CDSC, as described in the Prospectus. Shareholders will be charged a CDSC if certain of those shares are redeemed within the applicable time period as stated in the Prospectus.

No CDSC is imposed on the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Shares that are no longer subject to the applicable holding period;

&nbsp;&nbsp;&nbsp;&nbsp;• Redemption of shares purchased through reinvestment of dividends or capital gain distributions; or

&nbsp;&nbsp;&nbsp;&nbsp;• Shares that were exchanged for shares of another fund managed by the Investment Adviser provided that the shares acquired in such exchange and subsequent exchanges will continue to remain subject to the CDSC, if applicable, until the applicable holding period expires.

The CDSC will be waived for:

&nbsp;&nbsp;&nbsp;&nbsp;• Redemptions following the death or disability of the shareholder or beneficial owner if the redemption is made within one year of death or initial determination of permanent disability;

&nbsp;&nbsp;&nbsp;&nbsp;• Total or partial redemptions of shares owned by an individual or an individual in joint tenancy (with rights of survivorship) but only for redemptions of shares held at the time of death or initial determination of permanent disability;

&nbsp;&nbsp;&nbsp;&nbsp;• Redemptions pursuant to a Systematic Withdrawal Plan provided that such redemptions:

o

are limited annually to no more than 12% of the original account value and

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o

annually thereafter, provided all dividends and distributions are reinvested and the total redemptions do not exceed 12% annually; and

&nbsp;&nbsp;&nbsp;&nbsp;• Total or partial redemption of shares in connection with any mandatory distribution from a tax-advantaged retirement plan or an IRA. This waiver does not apply in the case of a tax-free rollover or transfer of assets, other than the one following a separation from services, except that a CDSC or redemption fee may be waived in certain circumstances involving redemptions in connection with a distribution from a qualified employer retirement plan in connection with termination of employment or termination of the employer's plan and the transfer to another employer's plan or to an IRA.

A shareholder must notify a Fund either directly or through the Distributor at the time of redemption that the shareholder is entitled to a waiver of the CDSC or redemption fee. The waiver will then be granted subject to confirmation of the shareholder's entitlement. The CDSC or redemption fee, which may be imposed on a Class A shares purchase of $1 million or more, will also be waived for registered investment advisers, trust companies and bank trust departments investing on their own behalf or on behalf of their clients. These waivers may be changed at any time.

**Reinstatement Privilege** 

If you sell Class A or Class C shares of a Fund, you may be eligible for a full or prorated credit of the CDSC paid on the sale when you make an investment up to the amount redeemed in the same share class within ninety (90) days of the eligible sale. Reinstated Class C shares will retain their original cost and purchase date for purposes of the CDSC. This privilege can be used only once per calendar year. To exercise this privilege, the order for the purchase of shares must be received or be postmarked within ninety (90) days after the date of redemption. This privilege can be used only once per calendar year. If a loss is incurred on the redemption and the reinstatement privilege is used, some or all of the loss may not be allowed as a tax deduction.

**Redemptions** 

Redemption proceeds normally will be paid within seven days following receipt of instructions in proper form, except that each 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 a Fund of securities owned by it is not reasonably practicable; or (b) it is not reasonably practical for a 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 a 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** 

Each Fund intends to pay in cash for all shares redeemed, but under abnormal conditions that make payment in cash unwise, a 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 a Fund to redeem shares with respect to any one shareholder during any 90-days 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, each Fund will distribute readily marketable securities, in conformity with applicable rules of the SEC. In the event a 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** 

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. Each 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.

**Systematic Withdrawal Plan** 

Each Fund has established a Systematic Withdrawal Plan ("Plan") for certain share classes to allow you to make periodic withdrawals from your account. To establish a systematic cash withdrawal, complete the Systematic Withdrawal Plan section of the Account Application. To have funds deposited to your bank account, follow the instructions on the Account Application. You may elect to have monthly, quarterly, semi-annual, or annual payments. You may change the amount, frequency, and payee or terminate the plan by giving written notice to the Transfer Agent. A Plan may be modified at any time by a Fund or terminated upon written notice by a relevant Fund.

**Additional Information Regarding Redemptions** 

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At various times, a 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.

**Exchanges** 

The following conditions must be met for all exchanges of each Fund and Voya Government Money Market Fund:(i) the shares that will be acquired in the exchange (the "Acquired Shares") are available for sale in the shareholder's state of residence; (ii) the Acquired Shares will be registered to the same shareholder account as the shares to be surrendered ("Exchanged Shares"); (iii) the Exchanged Shares must have been held in the shareholder's account for at least thirty (30) days prior to the exchange; (iv) except for exchanges into Voya Government Money Market Fund, the account value of the shares to be acquired must equal or exceed the minimum initial investment amount required by that fund after the exchange is implemented; and (v) a properly executed exchange request has been received by the Transfer Agent.

Each Fund reserves the right to delay the actual purchase of the Acquired Shares for up to five (5) business days if it determines that it would be disadvantaged by an immediate transfer of proceeds from the redemption of Exchanged Shares. Normally, however, the redemption of Exchanged Shares and the purchase of Acquired Shares will take place on the day that the exchange request is received in proper form. Each Fund reserves the right to terminate or modify its exchange privileges at any time upon prominent notice to shareholders. This notice will be given at least sixty (60) days in advance. It is the policy of the Investment Adviser to discourage and prevent frequent trading by shareholders of each Fund in response to market fluctuations. Accordingly, in order to maintain a stable asset base in each Fund and to reduce administrative expenses borne by each Fund, the Investment Adviser reserves the right to reject any exchange request.

In the event a Fund rejects an exchange request, neither the redemption nor the purchase side of the exchange will be processed until the Fund receives further redemption instructions.

If you exchange into Voya Credit Income Fund, your ability to sell or liquidate your investment will be limited. Voya Credit Income Fund is a closed-end interval fund and does not redeem its shares on a daily basis, and it is not expected that a secondary market for the Fund's shares will develop, so you will not be able to sell them through a broker or other investment professional. To provide a measure of liquidity, the Fund will normally make monthly repurchase offers of not less than 5% of its outstanding common shares.

If more than 5% of the Fund's common shares are tendered, you may not be able to completely liquidate your holdings in any one month. You also would not have liquidity between these monthly repurchase dates. Investors exercising the exchange privilege should carefully review the prospectus of that Fund. Investors may obtain a copy of Voya Credit Income Fund prospectus or any other Voya Fund prospectus by calling 1-800-992-0180.

**Telephone Redemption and Exchange 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) If the exchange involves the establishment of a new account, the dollar amount being exchanged must at least equal the minimum investment requirement of the Voya fund being acquired.

(g) Any new account established through the exchange privilege will have the same account information and options except as stated in the Prospectus.

(h) Certificated shares cannot be redeemed or exchanged by telephone but must be forwarded to Voya Investment Management at Voya Investment Management

P.O. Box 534480

Pittsburgh, PA 15253-4480 and deposited into your account before any transaction may be processed.

(i) If a portion of the shares to be exchanged are held in escrow in connection with a Letter of Intent, the smallest number of full shares of the Voya fund to be purchased on the exchange having the same aggregate NAV as the shares being exchanged shall be substituted in the escrow account. Shares held in escrow may not be redeemed until the Letter of Intent has expired and/or the appropriate adjustments have been made to the account.

(j) Shares may not be exchanged and/or redeemed unless an exchange and/or redemption privilege is offered pursuant to the Fund's then-current Prospectus.

(k) 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.

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**Systematic Exchange** 

You may establish an automatic exchange of shares from one Fund to another. The exchange will occur on or about the day of your choosing and must be for a minimum of $100 per month. Because this transaction is treated as an exchange, the policies related to the exchange privilege apply. There may be tax consequences associated with these exchanges. Please consult your tax adviser.

**Shareholder Information** 

Each Fund offers one or more of the shareholder services described below. You can obtain further information about these services by contacting each 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 a Fund under a tax-qualified individual retirement account 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 a 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.

**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 a respective class of a Fund at the then current NAV, with no sales charge. Each Fund's management believes that most investors desire to take advantage of this privilege. For all share classes, it has therefore made arrangements with its Transfer Agent to have all income dividends and capital gains distributions that are declared by each Fund automatically reinvested for the account of each shareholder. A shareholder may elect at any time by writing to a 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 a class of a 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 respective class 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 each Fund's Prospectus. The Prospectus generally describes the U.S. federal income tax treatment of each 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 each Fund. There may be other tax considerations applicable to particular shareholders. Shareholders should consult their own tax advisers regarding their particular situation and the possible application of foreign, 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** 

Each 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, each 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

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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 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 a 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 a 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, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the IRS with respect to issuer identification for a particular type of investment may adversely affect a 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 a 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 a 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, as defined below).

If a 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.

Each 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 a Fund will not be subject to U.S. federal income taxation. Any taxable income, including any net capital gain retained by a Fund, will be subject to tax at the Fund level at regular corporate rates.

In the case of net capital gain, each 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 a 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. A Fund is not required to, and there can be no assurance a Fund will, make this designation if it retains all or a portion of its net capital gain in a taxable year.

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In determining its net capital gain, including in connection with determining the amount available to support a Capital Gain Dividend (as defined below), 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, 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, a Fund generally must make the distributions in the same taxable year that it realizes the income and gain, although in certain circumstances, a Fund may make the distributions in the following taxable year in respect of income and gains from the prior taxable year.

If a 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 a 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.

Each Fund intends generally to make distributions sufficient to avoid the imposition of the 4% excise tax. However, no assurance can be given that a 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, 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, a Fund will be treated as having distributed any amount on which it is subject to corporate income tax in the taxable year ending within the calendar year.

**Use of Tax Equalization** 

Each 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, a 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 a 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. A 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 a Fund's net investment income. Instead, potentially subject to certain limitations, each 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 a 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 each Fund's most recent annual shareholder report for each 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 a 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. In general, a 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 a 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 a Fund as capital gain dividends ("Capital Gain Dividends") will be taxable to shareholders as long-term capital gains includible in net capital gain 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 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

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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 a Fund as derived from "qualified dividend income" will be taxed in the hands of individuals at the rates applicable to net 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 a Fund of net investment income and capital gains as described above; and (ii) any net gain from the sale, 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 a Fund.

As required by federal law, detailed 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, a 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 a 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 a 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 a 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, a Fund is required to distribute realized income and gains regardless of whether the Fund's NAV also reflects unrealized losses.

If a 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 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 a 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 a 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 a 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 a 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 a 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 a 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

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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 a 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 a 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 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. A 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 a 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** 

References to investments by a Fund also include investments by an Underlying Fund.

*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 a Fund's income and required to be distributed by the Fund over the term of the debt security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. 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 a 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 security 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 security. Alternatively, a 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 security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. The rate at which the market discount accrues, and thus is included in a 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). Each 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 security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. The rate at which OID or acquisition discount accrues, and thus is included in a Fund's income, will depend upon which of the permitted accrual methods the Fund elects.

If a 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 a 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

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reduces the current taxable income from the bond by the amortized premium and reduces 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 a 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 a Fund. Tax rules are not entirely clear about issues such as whether or to what extent a 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 a 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 a 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 a 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 a 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.* A 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 Treasury regulations that have yet to be issued but may apply retroactively, a portion of each 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, a Fund investing in such interests may not be a suitable investment for charitable remainder trusts, as noted below.

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 individual retirement account, 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 a 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. 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 a 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 a 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, a Fund may elect to avoid the imposition of that tax. For example, a 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. A 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

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income." A foreign issuer in which a 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, a 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 foreign corporation as a PFIC, a Fund may incur the tax and interest charges described above in some instances.

**Options and Futures** 

In general, option premiums received by a 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 a 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 a 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 a Fund expires unexercised, the Fund generally will recognize short-term gain equal to the premium received.

A 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 a 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" 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 a 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 a 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, each 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 a 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 a 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.* A 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 a 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 a 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.

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*Exchange-Traded Notes, Structured Notes.* The tax rules are uncertain with respect to the treatment of income or gains arising in respect of commodity-linked 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 a Fund's ability to qualify for treatment as a RIC and to avoid a fund-level tax.

*Book-Tax Differences.* Certain of a 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*. A 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 a 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 a 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 a 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.

*Investments in Master Limited Partnerships and Certain Non-U.S. Entities.* A 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 a 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 a 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 a 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 a 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 a 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 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, each 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 a Fund.

**Sale, Exchange or Redemption of Shares** 

The sale, exchange or redemption of Fund shares may give rise to a gain or loss.

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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 $2 million or more for an individual shareholder or $10 million or more 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 a Fund (or RICs in which the Fund has invested) from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax treaties between certain countries and the United States may reduce or eliminate such taxes. This will decrease the Fund's yield on securities subject to such taxes. If more than 50% of a Fund's assets at taxable year end consists of the securities of foreign corporations, the Fund may elect to permit shareholders to claim a credit or deduction on their income tax returns for their *pro rata* portions of qualified taxes paid by the Fund to foreign countries in respect of foreign 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 ability to claim an offsetting foreign tax credit or deduction in respect of foreign taxes paid by a 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 on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes.

Even if a 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 a Fund through tax-advantaged accounts (including those who invest through individual retirement accounts 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 a 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 a 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 a 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).

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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 a 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 a Fund that is a "United States real property holding corporation" as described below), a 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 a 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 a Fund is a QIE.

If an interest in a 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 a 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.

If a 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 each 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 a Fund.

Foreign shareholders with respect to whom income from a 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** 

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Each 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 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 a 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 and IRS guidance issued thereunder (collectively, "FATCA") generally require each 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, a 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 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 a Fund pays. If a payment by a 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** 

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 federal tax consequences of purchasing, holding, and disposing of shares of a Fund, as well as the effects of state, local, foreign, and other tax law and any proposed tax law changes.

**FINANCIAL STATEMENTS**

The audited financial statements, and the independent registered accounting firm's report thereon, are included in each Fund's [annual](https://www.sec.gov/Archives/edgar/data/895430/000110465922131174/tm2229602d5_ncsr.htm)[report to shareholders](https://www.sec.gov/Archives/edgar/data/895430/000110465922131174/tm2229602d5_ncsr.htm)for the fiscal year ended October 31, 2022 and are incorporated herein by reference.

Paper copies of each Fund's annual and semi-annual shareholder reports are not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports are available on the Voya funds' website (https://individuals.voya.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report. 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.

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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 PROCEDURES AND GUIDELINES**

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**PROXY VOTING PROCEDURES AND GUIDELINES**

**VOYA FUNDS**

**VOYA INVESTMENTS, LLC**

**Date Last Revised: May 25, 2022**

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**Introduction**

These Proxy Voting Procedures and Guidelines (the "Procedures", the "Guidelines") set forth the procedures and guidelines to be followed by Voya Investments, LLC (referred to as the "Advisor") for the voting of proxies of the Voya funds for which the Advisor serves as the investment manager (the "Funds"). These Procedures and Guidelines have been approved by the Boards of Directors/Trustees of the Funds (the "Board").

The Board may determine to delegate proxy voting to a sub-advisor of one or more Funds (rather than to the Advisor), in which case, the sub-advisor's proxy policies and procedures for implementation on behalf of such Voya fund (a "Sub-Advisor-Voted Fund") shall be subject to approval by the Board. A Sub-Advisor-Voted Fund is not covered under these Procedures and Guidelines, except as described in the Reporting and Record Retention section below with respect to vote reporting requirements. However, Sub-Advisor-Voted Funds are covered by those sub-advisor's proxy policies, provided that the Board has approved them.

These Procedures and Guidelines incorporate principles and guidance set forth in relevant pronouncements of the Securities and Exchange Commission ("SEC") and its staff on the Advisor's fiduciary duty to ensure that proxies are voted in a timely manner and that voting decisions are in the Funds' best interest.

Pursuant to these Procedures and Guidelines, the Advisor's Active Ownership team (the "AO Team") is hereby delegated the responsibility to vote the Funds' proxies in accordance with these Procedures and Guidelines on behalf of the Funds.

The engagement of a Proxy Advisory Firm (as defined in the Proxy Advisory Firm section below) shall be subject to the initial approval, and to the annual review and approval, of the Board. The AO Team is responsible for overseeing the Proxy Advisory Firm and shall direct the Proxy Advisory Firm to vote proxies in accordance with the Guidelines.

These Procedures and Guidelines will be reviewed by the Board's Compliance Committee at least annually and will be updated when appropriate. No change to these Procedures and Guidelines will be made except pursuant to Board approval. Non-material amendments, however, may be approved for immediate implementation by the Board's Compliance Committee, subject to ratification by the full Board at its next regularly scheduled meeting.

**Advisor's Roles and Responsibilities**

**AO Team**

The AO Team shall direct the Proxy Advisory Firm to vote proxies on behalf of the Funds and the Advisor in connection with annual and special meetings of shareholders (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 Procedures and Guidelines on behalf of the Funds and the Advisor.

The AO Team is authorized to direct the Proxy Advisory Firm to vote a Fund's proxy in accordance with the Procedures and Guidelines. Responsibilities assigned to the AO Team, or activities that support it, may be performed by such members of the Proxy Committee (as defined in the Proxy Committee section below) or employees of the Advisor'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 Advisor, the Funds' principal underwriters, or an affiliated person of the Funds. The AO Team will 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; as well as information derived from other sources, including public filings.

**Proxy Advisory Firm**

The Proxy Advisory Firm is responsible for coordinating with the Funds' custodians to ensure that all proxy materials received by the custodians relating to the portfolio securities are processed 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. Additionally, the Proxy Advisory Firm is required to produce custom vote recommendations in accordance with the Guidelines and their vote recommendations.

**Proxy Committee**

The Proxy Committee is responsible for ensuring proxies are voted consistent with the Procedures and Guidelines. Accordingly, the Proxy Committee reviews and evaluates the Guidelines, oversees the development and implementation of the Guidelines, and resolves ad hoc issues that may arise. The Proxy Committee is comprised of members of the Advisor and the investment, ESG research and AO teams. The Proxy Committee may include employees of the Advisor's affiliates and may be amended from time to time at the Advisor's discretion.

**Investment Professionals**

The Funds' sub-advisors and/or portfolio managers are each referred to herein as an "Investment Professional" and collectively, "Investment Professionals". Investment Professionals are encouraged to submit a recommendation to the AO Team regarding any proxy-voting-related proposal pertaining to the portfolio securities over which they have day-to-day portfolio management responsibility, including proxy contests, proposals related to companies with dual class shares with superior voting rights, or mergers and acquisitions involving the portfolio securities over which they have day-to-day portfolio management responsibility.

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**Proxy Voting Procedures** 

**Vote Classification** 

These Procedures and Guidelines specify how the Funds generally will vote with respect to the proposals indicated.

Within-Guidelines Votes: *Votes in Accordance with the Guidelines*

A vote is considered Within-Guidelines if it is cast in accordance with the Guidelines. I

Out-of-Guidelines Votes: *Votes Contrary to the Guidelines*

A vote would be considered Out-of-Guidelines if the:

&nbsp;&nbsp;&nbsp;&nbsp;• A vote is contrary to the Guidelines based on the AO Team or Proxy Committee's determination that the application of the Guidelines is inappropriate under the circumstances; such votes include but are not limited to votes cast based on the recommendation of an Investment Professional.

&nbsp;&nbsp;&nbsp;&nbsp;• A vote is contrary to the Guidelines unless the Guidelines stipulate **CASE-BY-CASE** consideration or that primary consideration will be given to input from an Investment Professional, notwithstanding that the vote appears contrary to these Procedures and Guidelines and/or the Proxy Advisory Firm's recommendation.

**Matters Requiring CASE-BY-CASE Consideration**

The Proxy Advisory Firm will refer proxy proposals to the AO Team when these Procedures and Guidelines indicate "**CASE-BY-CASE**." Additionally, the Proxy Advisory Firm will refer any proxy proposal under circumstances where the application of these Procedures and Guidelines is unclear, 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 will review matters requiring **CASE-BY-CASE** consideration to determine if a proposal requires input and a vote determination from the Proxy Committee and/or an Investment Professional.

**Non-Votes: *Votes in which No Action is Taken***

The AO Team will make reasonable efforts to secure and vote all proxies for the Funds. Nevertheless, t a Fund may refrain from voting under certain circumstances, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;• The economic effect on shareholders' 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 the portfolio of a Voya fund or proxies being considered on behalf of a Fund that is 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 when share blocking practices may impose trading restrictions on the relevant portfolio security.

**Conflicts of Interest**

The Advisor shall act in the Funds' best interests and strive to avoid conflicts of interest.

Conflicts of interest can arise, for example, in situations where:

&nbsp;&nbsp;&nbsp;&nbsp;• The issuer is a vendor whose products or services are material to the Voya Funds, the Advisor or their affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;• The issuer is an entity participating to a material extent in the distribution of the Voya Funds;

&nbsp;&nbsp;&nbsp;&nbsp;• The issuer is a significant executing broker- dealer for the Funds and/or the Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;• Any individual that participates in the voting process for the Funds, including an Investment Professional, a member of the Proxy Committee, an employee of the Advisor, or Director/Trustee of the Board, serves as a director or officer of the issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;• The issuer is Voya Financial.

Investment Professionals, the Proxy Advisory Firm, the Proxy Committee, and the AO Team are required to disclose any potential conflicts of interest and/or confirm they do not have a conflict of interest in connection with their participation in the voting process for portfolio securities.

**Potential Conflicts with a Proxy Issuer**

The AO Team is responsible for identifying potential conflicts with the proxy issuer. In addition to obtaining potential conflict of interest information described in the Roles and Responsibilities section above, members of the Proxy Committee are required to disclose to the AO Team any potential conflicts of interests prior to discussing the Proxy Advisory Firms' recommendation.

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A Proxy Committee member will advise the AO Team in the event he/she believes that a potential or perceived conflict of interest exists that may preclude him/her from making a vote determination in the best interests of the Funds. The Proxy Committee member may elect to recuse himself/herself from consideration of the relevant proxy. Should members of the Proxy Committee verbally disclose a potential conflict of interest, they are required to complete a Conflict of Interest Report.

Investment Professionals are also required to confirm that they do not have any potential conflicts of interests when submitting a vote recommendation to the AO Team.

The AO Team gathers and analyzes the information provided by the Proxy Advisory Firm, the Advisor, the Funds' principal underwriters, affiliates of the Funds, Proxy Committee members, Investment Professionals, and the Directors and Officers of the Funds.

**Assessment of the Proxy Advisory Firm**

The AO Team, on behalf of the Board and the Advisor, will assess if the Proxy Advisory Firm:

&nbsp;&nbsp;&nbsp;&nbsp;• Is independent from the Advisor

&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

&nbsp;&nbsp;&nbsp;&nbsp;• Has adequate compliance policies and procedures to:

o Ensure that its proxy voting recommendations are based on current and accurate information

o Identify and address conflicts of interest.

The AO Team will utilize, and the Proxy Advisory Firm will comply with, such methods for completing the assessment as the AO Team may deem reasonably appropriate. The Proxy Advisory Firm will also promptly notify the AO Team in writing of any material change to information 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" will "echo" vote their interests in underlying mutual funds, which may include mutual funds other than the Voya 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 company, the Fund-of-Funds will 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 will vote as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• If the Fund-of-Funds and the underlying fund are being solicited to vote on the same proposal (*e.g.*, the election of fund directors/trustees), the Fund-of-Funds will 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 being solicited to vote on a proposal for an underlying fund (*e.g.*, a new Sub-Advisor to the underlying fund), and there is no corresponding proposal at the Fund-of-Funds level, the Board will determine the most appropriate method of voting with respect to the underlying fund proposal.

An Investing Fund (*e.g.*, any Voya fund), while not a Fund-of-Funds will 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 will "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 being solicited to vote on the same proposal, the Investing Fund will 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.

&nbsp;&nbsp;&nbsp;&nbsp;• In the event an underlying fund has no other shareholders, and there is no corresponding proposal at the Investing Fund level, the Board will 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 will request instructions from its own shareholders, either directly or, in the case of an insurance-dedicated Fund, through an insurance product or retirement plan, as to how it should vote its interest in an underlying master fund.

When a Voya fund is a feeder in a master-feeder structure, proxies for the portfolio securities owned by the master fund will be voted pursuant to the master fund's proxy voting policies and procedures. As such, except as described in the *Reporting and Record Retention* section below, Feeder Funds will not be subject to these Procedures and Guidelines.

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**Securities Lending**

Many of the Funds participate in securities lending arrangements to generate additional revenue for the Fund. Accordingly, the Fund will not be able 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, the Proxy Committee or AO Team may request to recall securities that are on loan if they determine that the benefit of voting outweighs the costs and lost revenue to the Fund and 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. Therefore, they may request that lending activity on behalf of their portfolio(s) with respect to the relevant security be reviewed by the Proxy Committee and considered for recall and/or restriction. The Proxy Committee will give primary consideration to relevant Investment Professional input in its determination of whether a given proxy vote is material and the associated security accordingly restricted from lending. The determination that a vote is material in the context of a Fund's portfolio will 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 will use best efforts to consider, and when appropriate, to act upon, such requests on a timely basis. Requests to review lending activity in connection with a potentially material vote may be initiated by any relevant Investment Professional and submitted 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-Advisor-Voted Fund will post its proxy voting record, or a link to the prior one-year period ending on June 30th on the Voya Funds' website. The proxy voting record for each Fund and each Sub-Advisor-Voted Fund will also be available on Form N-PX in the EDGAR database on the website of the Securities and Exchange Commission ("SEC"). For any Voya fund that is a feeder in a master/feeder structure, no proxy voting record related to the portfolio securities owned by the master fund will be posted on the Voya 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 will be included in the Fund's Form N-PX and posted on the Voya 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 will be included on the Voya funds' website and in the Feeder Fund's Form N-PX.

**Reporting to the Compliance Committee**

At each regularly scheduled quarterly Compliance Committee meeting, the Compliance Committee will receive a report from the AO Team indicating each proxy proposal, or a summary of such proposals, that was:

&nbsp;&nbsp;&nbsp;&nbsp;1. Voted Out-of-Guidelines, including any proposals voted Out-of-Guidelines as a result of special circumstances raised by an Investment Professional;

&nbsp;&nbsp;&nbsp;&nbsp;2. Voted Within-Guidelines in cases when the Proxy Committee did not agree with an Investment Professional's recommendation.

The report will indicate the name of the company, the substance of the proposal, a summary of the Investment Professional's recommendation, where applicable, and the reasons for voting, or recommending, an Out-of-Guidelines Vote or, in the case of (2) above, a Within-Guidelines Vote.

**Reporting by the AO Team on behalf of the Advisor**

The Advisor will maintain the records required by Rule 204-2(c)(2), as may be amended from time to time, including the following:

&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 Advisor-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 Advisor voted proxies on behalf of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• A record of all recommendations from Investment Professionals to vote contrary to the Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;• All proxy questions/recommendations that have been referred to the Compliance Committee, and all applicable recommendations, analyses, research, Conflict Reports, and vote determinations.

All proxy voting materials and supporting documentation will be retained for a minimum of six years, the first two years in the Advisor's office.

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**Records Maintained by the Proxy Advisory Firm**

The Proxy Advisory Firm will 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. In addition, the Proxy Advisory Firm is responsible for maintaining copies of all proxy statements received by issuers and to promptly provide such materials to the Advisor upon request.

**PROXY VOTING GUIDELINES**

**Introduction**

Proxies must be voted in the best interest of the Funds.. The Guidelines summarize the Funds' positions on various issues of concern to investors, and give an indication of how the Funds' ballots will be voted on proposals dealing with particular issues. Nevertheless, the Guidelines are not exhaustive, do not include all potential voting issues, and proposals may be addressed, as necessary, on a **CASE-BY-CASE** basis rather than according to the Guidelines, factoring in the merits of the rationale and disclosure provided.

These Guidelines apply to securities of publicly traded companies and to those of privately held companies if publicly available disclosure permits such application. All matters for which such disclosure is not available will be considered **CASE-BY-CASE**.

Investment Professionals are encouraged to submit a recommendation to the AO Team regarding proxy voting related to the portfolio securities over which they have day-to-day portfolio management responsibility. Recommendations from the Investment Professionals may be submitted or requested in connection with any proposal and are likely to be requested with respect to proxies for private equity or fixed income securities and/or proposals related to merger transactions/corporate restructurings, proxy contests, or unusual or controversial issues.

These policies may be overridden in any case as provided for in the Procedures. Similarly, the Procedures provide those proposals whose Guidelines prescribe a firm voting position may instead be considered on a **CASE-BY-CASE** basis when unusual or controversial circumstances so dictate.

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 will be supported whose implementation would contravene such requirements.

**General Policies**

The Funds' policy is generally to support the recommendation of the relevant company'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 will not apply to **CASE-BY-CASE** proposals for which a contrary recommendation from the relevant Investment Professional(s) is being utilized.

The rationale and vote recommendation from Investment Professionals will be given primary consideration with respect to **CASE-BY-CASE** proposals being considered on behalf of the relevant Fund.

The Fund's policy is to not support proposals that would negatively impact the existing rights of the Funds' beneficial owners. Further, shareholder proposals will generally 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 will generally not by supported and the management proposal supported when the management proposal meets the factors for support under the relevant topic/policy (*e.g.*, Allocation of Income and Dividends), otherwise consider the competing proposals on a **CASE-BY-CASE** basis.

**International Policies**

Companies incorporated outside the U.S. are subject to the foregoing U.S. Guidelines 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. guidelines may also be applied to companies incorporated outside the U.S., *e.g.*, companies with a significant base of U.S. operations and employees.

However, given the differing regulatory and legal requirements, market practices, and political and economic systems existing in various international markets, the Funds will:

&nbsp;&nbsp;&nbsp;&nbsp;• Vote **AGAINST** international proxy proposals when the Proxy Advisory Firm recommends voting **AGAINST** such proposal because relevant disclosure by the company, or the time provided for consideration of such disclosure, is inadequate;

&nbsp;&nbsp;&nbsp;&nbsp;• Consider proposals that are associated with a firm **AGAINST** vote on a **CASE-BY-CASE** basis if the Proxy Advisory Firm recommends their support when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company or market transitions to better practices (*e.g.*, having committed to new regulations or governance codes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market standard is stricter than the Fund's guidelines; or

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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;• It is the more favorable choice when shareholders must choose between alternate proposals.

**Proposal Specific Policies**

As mentioned above, these policies may be overridden in any case as provided for in the Procedures. Similarly, the Procedures provide those proposals whose Guidelines prescribe a firm voting position may instead be considered on a **CASE-BY-CASE** basis when unusual or controversial circumstances so dictate.

**Proxy Contests:**

Consider votes in contested elections on a **CASE-BY-CASE** basis, with primary consideration given to input from the relevant Investment Professional(s).

**Uncontested Proxies:**

**1- <u>The Board of Directors</u>**

**Overview**

The Funds may lodge disagreement with a company's policies or practices by **WITHHOLD**ing support from the relevant proposal rather than from the director nominee(s) to which the Proxy Advisory Firm assigns a correlation.

In cases where the lodging of disagreement by the Funds is assigned to the board of directors, support will be withheld from the director(s) deemed responsible. Responsibility may be attributed to the entire board, a committee, or an individual, and the Funds will apply a vote accountability guideline ("Vote Accountability Guideline") specific to the concerns under review. For example:

&nbsp;&nbsp;&nbsp;&nbsp;• Relevant committee chair

&nbsp;&nbsp;&nbsp;&nbsp;• Relevant committee member(s)

&nbsp;&nbsp;&nbsp;&nbsp;• Board chair.

If director(s) to whom responsibility has been attributed is not standing for election (*e.g.*, the board is classified), support will typically not be withheld from other directors in their stead. Additionally, the Funds will typically vote **FOR** a director in connection with issues raised by the Proxy Advisory Firm if the director did not serve on the board or relevant committee during the majority of the time period relevant to the concerns cited by the Proxy Advisory Firm.

Vote with the Proxy Advisory Firm's recommendation when more candidates are presented than available seats and no other provisions under these Guidelines apply.

In cases where a director holds more than one board seat and corresponding votes, manifested as one seat as a physical person plus an additional seat as a representative of a legal entity, generally vote with the Proxy Advisory Firm's recommendation to **WITHHOLD** support from the legal entity and vote on the physical person.

**Bundled Director Slates**

**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., Canada, France, Hong Kong, or Spain);*

&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 companies with multiple slates in *<u>Italy</u>*, follow the Proxy Advisory Firm's standards for assessing which slate is best suited to represent shareholder interests.

**Independence**

**Director and Board/Committee Independence**

The Funds expect boards to have an appropriate level of independence at both the board and key committee level. Audit, compensation/remuneration, nominating and/or governance committees are considered key committees. A director would be deemed non-independent if the individual had/has a relationship with the company that could potentially influence the individual's objectivity causing the inability to satisfy fiduciary standards on behalf of shareholders. The Funds will consider the relevant country or market listing exchange, the country's corporate governance code, 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. Note: Non-voting directors (*e.g.*, director emeritus or advisory director) shall be excluded from calculations with respect to board independence.

The Funds will consider non-independent directors standing for election on a **CASE-BY-CASE** basis when the full board or committee does not meet Independence Expectations.

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

&nbsp;&nbsp;&nbsp;&nbsp;• **WITHHOLD** support from the non-independent nominating committee chair or non-independent board chair, and if necessary, fewest non-independent directors, including the Founder, Chairman or CEO if their removal would achieve the independence requirements across the remaining board or key committee, except that support may be withheld from additional directors whose relative level of independence cannot be differentiated, or the number required to achieve the independence requirements is equal to or greater than the number of non-independent directors standing for election.

&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.

&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 the Independence Expectations.

**Self-Nominated/Shareholder-Nominated Director Candidates**

Consider self-nominated or shareholder-nominated director candidates on a **CASE-BY-CASE** basis. **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 company);

&nbsp;&nbsp;&nbsp;&nbsp;• The candidate's agenda is not in line with the long-term best interests of the company; or

&nbsp;&nbsp;&nbsp;&nbsp;• Multiple self-nominated candidates are being considered as a proxy contest if similar issues are raised (*e.g.*, potential change in control).

**Management Proposals Seeking Non-Board Member Service on Key Committees**

Vote **AGAINST** proposals that permit non-board members to serve on the audit, remuneration (compensation), nominating and/or governance committee, provided that bundled slates may be supported if no slate nominee serves on the relevant committee(s) except where best market practice otherwise dictates.

Consider other concerns regarding committee members on a **CASE-BY-CASE** basis.

**Shareholder Proposals Regarding Board/Key Committee Independence**

Vote **AGAINST** shareholder proposals asking that the independence be greater than that required by the country or market listing exchange or asking to redefine director independence.

**Board Member Roles and Responsibilities**

**Attendance**

**WITHHOLD** support from a director who, during both of the most recent two years, has served on the board during the two-year period but attended less than 75 percent of the board and committee meetings without a valid reason for the absences or if the two-year attendance record cannot be ascertained from available disclosure (*e.g.*, the company did not disclose which director(s) attended less than 75 percent of the board and committee meetings during the director's period of service without a valid reason for the absences).

**WITHHOLD** support on nominating committee members according to the Vote Accountability Guideline if a director has three or more years of poor attendance without a valid reason for the absences.

The two-year attendance policy shall be applied to attendance of statutory auditors at Japanese companies.

**Over-boarding**

Vote **AGAINST** directors who serve on:

&nbsp;&nbsp;&nbsp;&nbsp;• Three or more public boards and is a named executive officer at a public company, **WITHHOLD** support only at their outside boards.

&nbsp;&nbsp;&nbsp;&nbsp;• Six or more public company boards, or

&nbsp;&nbsp;&nbsp;&nbsp;• Four or more public company boards and is the Board Chair at two or more public companies, **WITHHOLD** support on the boards which they are not the chair.

Vote **AGAINST** shareholder proposals limiting the number of public company boards on which a director may serve.

**Combined Chairman / CEO Role**

Vote **FOR** directors without regard to recommendations that the position of chairman should be separate from that of CEO, or should otherwise require to be independent, unless other concerns requiring **CASE-BY-CASE** consideration are raised (*e.g.*, former CEOs proposed as board chairmen in markets, such as the *<u>United Kingdom</u>*, for which best practice recommends against such practice).

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Consider shareholder proposals on a **CASE-BY-CASE** basis that require the positions of chairman and CEO be held separately.

**Cumulative/Net Voting Markets (*e.g.*, *<u>Russia</u>*)**

When cumulative or net voting applies, generally follow the Proxy Advisory Firm's approach to vote **FOR** nominees, such as when asserted by the issuer to be independent, irrespective of key committee membership, even if independence disclosure or criteria fall short of the Proxy Advisory Firm's standards.

**Board Accountability**

**Diversity** 

Vote **AGAINST** directors according to the Vote Accountability Guideline if there is an absence of diversity on the board; consider on a **CASE-BY-CASE** basis if diversity was present prior to the most recent annual meeting.

Vote **FOR** shareholder proposals that request the company to improve / promote diversity and/or diversity-related disclosure.

**Return on Equity**

Vote **FOR** the top executive at companies in Japan if the only reason the Proxy Advisory Firm's **WITHHOLD** recommendation is due to the company underperforming in terms of capital efficiency or company performance, *e.g.* net losses or low return on equity (ROE).

**Compensation Practices**

Support may be withheld from compensation committee members whose actions or disclosure do not appear to support compensation practices aligned with the best interests of the company and its shareholders.

Where applicable, votes on compensation committee members in connection with compensation practices should be considered on a **CASE-BY-CASE** basis:

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Say on Pay responsiveness</u>. Consider compensation committee members on a **CASE-BY-CASE** basis for failure to sufficiently address compensation concerns prompting significant opposition to the most recent say on pay vote or continuing to maintain problematic pay practices, factoring in considerations such as level of shareholder opposition, subsequent actions taken by the compensation committee, and level of responsiveness disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Say on Pay frequency.</u> **WITHHOLD** support according to the Vote Accountability Guideline if the Proxy Advisory Firm opposes directors because the company failed to include a Say on Pay proposal and/or a Frequency of Say on Pay proposal when required under SEC or market regulatory provisions; or implemented a say on pay schedule that is less frequent than the frequency most recently preferred by at least 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.

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Commitments.</u> Vote **FOR** compensation committee members receiving an adverse recommendation by the Proxy Advisory Firm due to problematic pay practices or thresholds (*e.g.* burn rate) if the company makes a public commitment (*e.g.*, via a Form 8-K filing) to rectify the practice on a going-forward basis. However, consider on a **CASE-BY-CASE** basis if the company does not rectify the practice by the following year's annual general meeting.

*<u>For markets</u>* in which the issuer has not followed market practice by submitting a resolution on executive compensation, consider remuneration committee members on a **CASE-BY-CASE** basis.

**Accounting Practices**

Consider on a **CASE-BY-CASE** basis audit committee members, the company's CEO or CFO, if nominated as directors, or the board chair or lead director, if poor accounting practice concerns are raised, factoring in considerations such as if the:

&nbsp;&nbsp;&nbsp;&nbsp;• Audit committee failed to remediate known on-going material weaknesses in the company's internal controls for more than a year.

&nbsp;&nbsp;&nbsp;&nbsp;• Company has not yet had a full year to remediate the concerns since the time they were identified.

&nbsp;&nbsp;&nbsp;&nbsp;• Company has taken adequate steps to remediate the concerns cited, which would typically include removing or replacing the responsible executives, and if the concerns are not re-occurring.

Vote **FOR** audit committee members, or the company's CEO or CFO if 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.

**WITHHOLD** support on audit committee members according to the Vote Accountability Guideline if the company has failed to disclose auditors' fees and has not provided an auditor ratification or remuneration proposal for shareholder vote.

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**Problematic Actions**

Consider directors on a **CASE-BY-CASE** basis 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, lack of risk oversight, scandals, malfeasance, or negligent internal controls at the company 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.

Consider members of the nominating committee on a **CASE-BY-CASE** basis when a director with the above concerns is being nominated to serve on the board.

Vote **AGAINST** applicable directors due to <u>share pledging</u> concerns, factoring in the pledged amount, unwind time, and any historical concerns being raised. Responsibility will be assigned to the pledgor, where the pledged amount and unwind time are deemed significant and, therefore, an unnecessary risk to the company.

**WITHHOLD** support from (a) all members of the governance committee, or nominating committee if a formal governance committee has not been established, and (b) directors holding shares with superior voting rights if the company is controlled by means of a dual class share with superior / exclusive voting rights and does not have a reasonable sunset provision; i.e., fewer than five years.

**WITHHOLD** support from incumbent directors (tenure being greater than one year) if (a) no governance or nominating committee directors are under consideration or the company does not have governance or nominating committees, and (b) no director holding the shares with superior voting rights is under consideration; otherwise, consider on a **CASE-BY-CASE** basis all directors. Investment Professionals that have day-to-day portfolio management responsibility for such companies may be requested to submit a recommendation to the AO Team.

**WITHHOLD** support from directors according to the Vote Accountability Guideline when the Proxy Advisory Firm recommends **WITHHOLD**ing support due to the board (a) unilaterally adopting by-law amendments that have a negative impact on existing shareholder rights or functions as a diminution of shareholder rights, and which are not specifically addressed under the Guidelines, or (b) failing to remove or subject to a reasonable sunset provision such by-laws.

**Anti-Takeover Measures**

**WITHHOLD** support according to the Vote Accountability Guideline if the company implements excessive anti-takeover measures.

**WITHHOLD** support according to the Vote Accountability Guideline if the company fails to remove restrictive poison pill features, ensure a pill's expiration, or submit the poison pill in a timely manner to shareholders for vote, unless a company has implemented a policy that should reasonably prevent abusive use of its poison pill.

**Board Responsiveness**

Vote **FOR** if the majority-supported shareholder proposal has been reasonably addressed.

o

Proposals seeking shareholder ratification of a poison pill may be deemed reasonably addressed if the company has implemented a policy that should reasonably prevent abusive use of the pill.

**WITHHOLD** support 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.

**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; consider such directors on a **CASE-BY-CASE** basis if the company has a controlling shareholder(s).

Vote **FOR** when the issue relevant to the majority negative vote has been adequately addressed or cured, which may include sufficient disclosure of the board's rationale.

**Board–Related Proposals**

**Classified/Declassified Board Structure**

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).

Vote **FOR** proposals to repeal classified boards and to elect all directors annually.

**Board Structure**

Vote **FOR** management proposals to adopt or amend board structures.

Vote **AGAINST** if the resulting change(s) would mean the board would not meet Independence Expectations.

For companies in *<u>Japan</u>*, generally vote **FOR** proposals seeking a board structure that would provide greater independent oversight.

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**Board Size**

Vote **FOR** proposals seeking a board range if the range is reasonable in the context of market practice and anti-takeover considerations; however, vote **AGAINST** if seeking to remove shareholder approval rights or the board fails to meet market independence requirements.

**Director and Officer Indemnification and Liability Protection**

Consider on a **CASE-BY-CASE** basis proposals on director and officer indemnification and liability protection, using Delaware law as the standard.

Vote **AGAINST** proposals to limit or eliminate entirely directors' and officers' liability in connection with monetary damages for violating the duty of care.

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**

Vote in accordance with the Proxy Advisory Firm's standards (*e.g.* overly broad provisions).

**Discharge of Management/Supervisory Board Members**

Vote **FOR** management proposals seeking the discharge of management and supervisory board members (including when the proposal is bundled), unless concerns are raised about the past actions of the company's auditors or directors, or legal or regulatory action is being taken against the board by other shareholders.

Vote **FOR** such proposals in connection with remuneration practices otherwise supported under these Guidelines or as a means of expressing disapproval of broader practices of the company or its board.

**Establish Board Committee**

Vote **FOR** shareholder proposals that seek creation of a key committee of the board.

Vote **AGAINST** shareholder proposals requesting creation of additional board committees or offices, except as otherwise provided for herein.

**Filling Board Vacancies / Removal of Directors**

Vote **AGAINST** proposals that allow directors to be removed only for cause.

Vote **FOR** proposals to restore shareholder ability to remove directors with or without cause.

Vote **AGAINST** proposals that allow only continuing directors to elect replacements to fill board vacancies.

Vote **FOR** proposals that permit shareholders to elect directors to fill board vacancies.

**Stock Ownership Requirements**

Vote **AGAINST** such shareholder proposals.

**Term Limits / Retirement Age**

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.

**2- Compensation**

**Frequency of Advisory Votes on Executive Compensation**

Vote **FOR** proposals seeking an annual say on pay, and **AGAINST** those seeking less frequent.

**Proposals to Provide an Advisory Vote on Executive Compensation *(<u>Canada</u>)***

Vote **FOR** if it is an ANNUAL vote, unless the company already provides shareholders with an annual vote.

**Executive Pay Evaluation**

**Advisory Votes on Executive Compensation (Say on Pay) and Remuneration Reports or Committee Members in Absence of Such Proposals**

Vote **FOR** management proposals seeking ratification of the company's executive compensation structure, unless the program includes practices or features not supported under these Guidelines and the proposal receives a negative recommendation from the Proxy Advisory Firm.

Listed below are examples of compensation practices and provisions, and respective consideration and treatment under the Guidelines, factoring in whether the company has provided reasonable rationale/disclosure for such factors or the proposal as a whole.

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Consider on a **CASE-BY-CASE** basis:

&nbsp;&nbsp;&nbsp;&nbsp;• Short-Term Investment Plans where the board has exercised discretion to exclude extraordinary items.

&nbsp;&nbsp;&nbsp;&nbsp;• Retesting in connection with achievement of performance hurdles.

&nbsp;&nbsp;&nbsp;&nbsp;• Long-Term Incentive Plans where executives already hold significant equity positions.

&nbsp;&nbsp;&nbsp;&nbsp;• Long-Term Incentive Plans where the vesting or performance period is too short or stringency of the performance criteria is called into question.

&nbsp;&nbsp;&nbsp;&nbsp;• Pay Practices (or combination of practices) that appear to have created a misalignment between CEO pay and performance with regard to shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;• Long-Term Incentive Plans that lack an appropriate equity component (*e.g.*, "cash-based only").

&nbsp;&nbsp;&nbsp;&nbsp;• Excessive levels of discretionary bonuses, recruitment awards, retention awards, non-compete payments, severance/termination payments, perquisites (unreasonable levels in context of total compensation or purpose of the incentive awards or payouts).

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. (Note: 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 in new or materially amended plans, contracts, or payments that do not require an actual change in control in order to be triggered.

&nbsp;&nbsp;&nbsp;&nbsp;• Plans that allow named executive officers to have material input into setting their pay.

&nbsp;&nbsp;&nbsp;&nbsp;• Short-Term Incentive Plans where treatment of payout factors has been inconsistent (*e.g.*, exclusion of losses but not gains).

&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.

&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.

&nbsp;&nbsp;&nbsp;&nbsp;• Legacy single trigger severance provisions in plans, contracts, or payments that do not require an actual change in control in order to be triggered.

**Golden Parachutes**

Vote to ABSTAIN on golden parachutes if it is determined that the Funds would not have an economic interest, such as the case in an all-cash transaction, regardless of payout terms, amounts, thresholds, etc.

However, if an economic interest exists, vote **AGAINST** due to:

&nbsp;&nbsp;&nbsp;&nbsp;• Single or modified-single trigger severance provisions

&nbsp;&nbsp;&nbsp;&nbsp;• Total 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Recent material amendments or new agreements that incorporate problematic features.

**Equity-Based and Other Incentive Plans Including OBRA**

**Equity Compensation**

Consider on a **CASE-BY-CASE** basis compensation and employee benefit plans, including those in connection with OBRA, or the issuance of shares in connection with such plans. 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:

Vote **FOR** the plan, if:

&nbsp;&nbsp;&nbsp;&nbsp;• Board independence is the only concern.

&nbsp;&nbsp;&nbsp;&nbsp;• Amendment places a cap on annual grants.

&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.

&nbsp;&nbsp;&nbsp;&nbsp;• Cash or cash-and-stock bonus components are being approved for exemption from taxes under Section 162(m) of OBRA.

o

Give primary consideration to management's assessment that such plan meets the requirements for exemption of performance-based compensation.

Vote **AGAINST** if the plan:

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Exceeds recommended costs *(<u>U.S.</u> or <u>Canada</u>).*

Incorporates share allocation disclosure methods that prevent a cost or dilution assessment.

Exceeds recommended burn rates and/or dilution limits, including cases in which dilution cannot be fully assessed (*e.g.*, due to inadequate disclosure).

Allows deep or near-term discounts (or the equivalent, such as dividend equivalents on unexercised options) to executives or directors.

Provides for retirement benefits or equity incentive awards to outside directors if not in line with market practice.

Allows financial assistance to executives, directors, subsidiaries, affiliates, or related parties that is not in line with market practice.

Allows plan administrators to benefit from the plan as potential recipients.

Allows 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.)

Allows for post-employment vesting or exercise of options if deemed inappropriate.

Allows plan administrators to make material amendments without shareholder approval.

Allows procedure amendments that do not preserve shareholder approval rights.

**Amendment Procedures for Equity Compensation Plans and Employee Stock Purchase Plans (ESPPs) (Toronto Stock Exchange Issuers)**

Vote **AGAINST** if the amendment procedures do not preserve shareholder approval rights.

**Stock Option Plans for Independent Internal Statutory Auditors (*<u>Japan</u>*)**

Vote **AGAINST**.

**Matching Share Plans**

Vote **AGAINST** 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.

**Director Compensation**

**Non-Executive Director Compensation**

Vote **FOR** cash-based proposals.

Vote **AGAINST** performance-based equity-based proposals and patterns of excessive pay.

**Bonus Payments (*Japan*)**

Vote **FOR** if all payments are for directors or auditors who have served as executives of the company, and **AGAINST** if any payments are for outsiders.

**Bonus Payments – Scandals**

Vote **AGAINST** bonus proposals for a retiring director or continuing director or auditor when culpability can be attributed to the nominee.

Consider on a **CASE-BY-CASE** basis bundled bonus proposals for retiring directors or continuing directors or auditors when culpability cannot be attributed to all nominees.

**Severance Agreements**

**Vesting of Equity Awards upon Change in Control**

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.

Vote **AGAINST** shareholder proposals regarding the treatment of equity if the change in control severance provisions are double-triggered. Vote **FOR** the proposal if such provisions are not double-triggered.

**Executive Severance or Termination Arrangements, including those Related to Executive Recruitment or Retention**

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);

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

&nbsp;&nbsp;&nbsp;&nbsp;• The company 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**

Vote **AGAINST** new or materially amended plans, contracts, or payments that include single trigger change in control severance provisions or do not require an actual change in control in order to be triggered.

Vote **FOR** shareholder proposals seeking double triggers on change in control severance provisions.

**Compensation-Related Shareholder Proposals**

**Executive and Director Compensation**

Consider on a **CASE-BY-CASE** basis shareholder proposals that seek to impose new compensation structures or policies.

**Holding Periods**

Vote **AGAINST** shareholder proposals requiring mandatory periods for officers and directors to hold company stock.

**Submit Severance and Termination Payments for Shareholder Ratification**

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 ratification is required by the listing exchange.

**3- Audit-Related** 

**Auditor Ratification and/or Remuneration**

Vote **FOR** management proposals except in such cases as indicated below.

Consider on a **CASE-BY-CASE** basis if:

&nbsp;&nbsp;&nbsp;&nbsp;• The Proxy Advisory Firm raises questions of disclosure or auditor independence; or

&nbsp;&nbsp;&nbsp;&nbsp;• Total fees for non-audit services exceed 50 percent of the total auditor fees (including audit-related fees, and tax compliance and preparation fees if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;• There is evidence of excessive compensation relative to the size and nature of the company.

Vote **AGAINST** if the company has failed to disclose auditors' fees.

Vote **FOR** shareholder proposals asking the company to present its auditor annually for ratification.

**Auditor Independence**

Consider on a **CASE-BY-CASE** basis shareholder proposals asking companies to prohibit their auditors from engaging in non-audit services (or capping the level of non-audit services).

**Audit Firm Rotation**

Vote **AGAINST** shareholder proposals asking for mandatory audit firm rotation.

**Indemnification of Auditors**

Vote **AGAINST** the indemnification of auditors.

**Independent Statutory Auditors (*Japan*)**

Vote **AGAINST** if the candidate is or was affiliated with the company, its main bank, or one of its top shareholders.

Vote **AGAINST** incumbent directors at companies implicated in scandals or exhibiting poor internal controls.

Vote **FOR** remuneration as long as the amount is not excessive (*e.g.*, significant increases should be supported by adequate rationale and disclosure), there is no evidence of abuse, the recipient's overall compensation appears reasonable, and the board and/or responsible committee meet exchange or market standards for independence.

**4- <u>Shareholder Rights and Defenses</u>**

**Advance Notice for Shareholder Proposals**

Vote **FOR** management proposals related to advance notice period requirements, provided that the period requested is in accordance with applicable law and no material governance concerns have been identified in connection with the company.

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**Corporate Documents / Article and Bylaw Amendments or Related Director Actions**

Vote **FOR** if the change or policy is editorial in nature or if shareholder rights are protected.

Vote **AGAINST** if it seeks to impose a negative impact on shareholder rights or diminishes accountability to shareholders, including where the company failed to opt out of a law that affects shareholder rights (*e.g.*, staggered board).

With respect to article amendments for *<u>Japanese</u>* companies:

&nbsp;&nbsp;&nbsp;&nbsp;• Vote **FOR** management proposals to amend a company's articles to expand its business lines in line with its current industry.

&nbsp;&nbsp;&nbsp;&nbsp;• Vote **FOR** management proposals to amend a company'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, vote **AGAINST** management proposals, including bundled proposals, to amend a company's articles to authorize the Board to vary the annual meeting record date or to otherwise align them with provisions of a takeover defense.

&nbsp;&nbsp;&nbsp;&nbsp;• Follow the Proxy Advisory Firm's guidelines with respect to management proposals regarding amendments to authorize share repurchases at the board's discretion, voting **AGAINST** proposals unless there is little to no likelihood of a creeping takeover or constraints on liquidity (free float of shares is low), and where the company is trading at below book value or is facing a real likelihood of substantial share sales; or where this amendment is bundled with other amendments which are clearly in shareholders' interest.

**Majority Voting Standard**

Vote **FOR** proposals seeking election of directors by the affirmative vote of the majority of votes cast in connection with a meeting of shareholders, provided they contain a plurality carve-out for contested elections, and provided such standard does not conflict with applicable law in the country in which the company is incorporated.

Vote **FOR** amendments to corporate documents or other actions promoting a majority standard.

**Cumulative Voting**

Vote **FOR** shareholder proposals to restore or permit cumulative voting.

Vote **AGAINST** management proposals to eliminate cumulative voting if the company:

&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 a company plans to declassify its board or adopt a majority voting standard.

**Confidential Voting**

Vote **FOR** management proposals to adopt confidential voting.

Vote **FOR** shareholder proposals that request companies to adopt confidential voting, use independent tabulators, and use independent inspectors of election as 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 remains in place.

&nbsp;&nbsp;&nbsp;&nbsp;• If the dissidents do not agree, the confidential voting policy is waived.

**Fair Price Provisions**

Consider on a **CASE-BY-CASE** basis proposals to adopt fair price provisions.

Vote **AGAINST** fair price provisions with shareholder vote requirements greater than a majority of disinterested shares.

**Poison Pills**

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.

DO NOT VOTE **AGAINST** director remuneration in connection with poison pill considerations.

Vote **FOR** shareholder proposals that ask a company to submit its poison pill for shareholder ratification, or to redeem its pill in lieu thereof, unless:

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

&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders have approved adoption of the plan;

&nbsp;&nbsp;&nbsp;&nbsp;• A policy has already been implemented by the company that should reasonably prevent abusive use of the pill; or

&nbsp;&nbsp;&nbsp;&nbsp;• The board had determined that it was in the best interest of shareholders to adopt a pill without delay, provided that such plan would be put to shareholder vote within twelve months of adoption or expire, and if not approved by a majority of the votes cast, would immediately terminate.

Consider on a **CASE-BY-CASE** basis shareholder proposals to redeem a company's poison pill.

**Proxy Access**

Vote **FOR** proposals to allow shareholders to nominate directors and have those nominees listed in the company's proxy statement and on the company's proxy card, provided that the criteria meet the Funds' internal thresholds, provided such standard does not conflict with applicable law in the country in which the company is incorporated. However, consider on a **CASE-BY-CASE** basis shareholder and management proposals that appear on the same agenda.

Vote **FOR** management proposals also supported by the Proxy Advisory Firm.

**Quorum Requirements**

Consider on a **CASE-BY-CASE** basis proposals to lower quorum requirements for shareholder meetings below a majority of the shares outstanding.

**Exclusive Forum**

Vote **FOR** management proposals to designate Delaware or New York as the exclusive forum for certain legal actions as defined by the company ("Exclusive Forum") if the company's state of incorporation is the same as its proposed Exclusive Forum, otherwise consider on a **CASE-BY-CASE** basis.

**Reincorporation Proposals**

Consider on a **CASE-BY-CASE** basis proposals to change a company's state of incorporation.

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 so assessed, weighing management's rationale for the change.

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.

Vote **AGAINST** shareholder reincorporation proposals not also supported by the company.

**Shareholder Advisory Committees**

Consider on a **CASE-BY-CASE** basis proposals to establish a shareholder advisory committee.

**Right to Call Special Meetings**

Vote **FOR** management proposals to permit shareholders to call special meetings.

Consider on a **CASE-BY-CASE** basis management proposals to adjust the thresholds applicable to call a special meeting.

Vote **FOR** shareholder proposals that provide shareholders with the ability to call special meetings when any of the following applies:

&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**

Vote **AGAINST** shareholder proposals seeking the right to act by written consent if the company:

&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 company has reasonably addressed majority-supported shareholder proposals).

Vote **FOR** shareholder proposals seeking the right to act by written consent if the above conditions are not present.

Vote **AGAINST** management proposals to eliminate the right to act by written consent.

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**State Takeover Statutes**

Consider on a **CASE-BY-CASE** basis 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).

**Supermajority Shareholder Vote Requirement**

Vote **AGAINST** proposals to require a supermajority shareholder vote and **FOR** proposals to lower supermajority shareholder vote requirements; except,

Consider on a **CASE-BY-CASE** basis if the company has shareholder(s) with significant ownership levels and the retention of existing supermajority requirements would protect minority shareholder interests.

**Time-Phased Voting**

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>**

Consider on a **CASE-BY-CASE** basis management proposals to make changes to the capital structure not otherwise addressed under these Guidelines, voting with the Proxy Advisory Firm's recommendation, unless a contrary recommendation from the relevant Investment Professional(s) is utilized.

Vote **AGAINST** proposals authorizing excessive discretion to a board.

**Capital**

**Common Stock Authorization**

Consider on a **CASE-BY-CASE** basis proposals to increase the number of shares of common stock authorized for issuance. The Proxy Advisory Firm's proprietary approach of determining appropriate thresholds will be utilized in evaluating such proposals. In cases where the requests are above the allowable threshold, a company-specific qualitative review (*e.g.*, considering rationale and prudent historical usage) will be utilized.

Vote **FOR** proposals within the Proxy Advisory Firm's allowable thresholds, or those in excess but meeting Proxy Advisory Firm's qualitative standards, to authorize capital increases, unless the company states that the stock may be used as a takeover defense.

Vote **FOR** proposals to authorize capital increases exceeding the Proxy Advisory Firm's thresholds when a company's shares are in danger of being delisted.

Notwithstanding the above, vote **AGAINST**:

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals to increase the number of authorized shares of a class of stock if the issuance which the increase is intended to service is not supported under these Guidelines (*e.g.*, merger or acquisition proposals).

**Dual Class Capital Structures**

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, contains a sunset provision of five years or fewer, to avert bankruptcy or generate non-dilutive financing, or 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 companies that have dual class capital structures.

Vote **FOR** proposals to eliminate dual class capital structures.

**General Share Issuances / Increases in Authorized Capital**

Consider specific issuance requests on a **CASE-BY-CASE** basis based on the proposed use and the company's rationale.

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, will be based on the Proxy Advisory Firm's assessment.

**Preemptive Rights**

Consider on a **CASE-BY-CASE** basis shareholder proposals that seek preemptive rights or management proposals that seek to eliminate them. In evaluating proposals on preemptive rights, consider the size of a company and the characteristics of its shareholder base.

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**Adjustments to Par Value of Common Stock**

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, taking into account the Proxy Advisory Firm's support of special circumstances, such as mergers or acquisitions, as well as the following criteria:

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).

Vote **AGAINST** proposals authorizing the issuance of preferred stock or creation of new classes of preferred stock with unspecified voting, conversion, dividend distribution, and other rights ("blank check" preferred stock).

Vote **FOR** proposals to issue or create blank check preferred stock in cases when the company expressly states that the stock will not be used as a takeover defense or not utilize a disparate voting rights structure.

Vote **AGAINST** where the company expressly states that, or fails to disclose whether, the stock may be used as a takeover defense.

Vote **FOR** proposals to authorize or issue preferred stock in cases where the company specifies the voting, dividend, conversion, and other rights of such stock and the terms of the preferred stock appear reasonable.

**Preferred Stock *(International)***

Voting decisions should generally be based on the Proxy Advisory Firm's approach, including:

&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 as 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Vote **AGAINST** the creation of:

(1) A new class of preference shares that would carry superior voting rights to the common shares, or

(2) Blank check preferred stock, unless the board states that the authorization will not be used to thwart a takeover bid.

**Shareholder Proposals Regarding Blank Check Preferred Stock**

Vote **FOR** shareholder proposals requesting to have 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**

Vote **FOR** management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms but vote **AGAINST** plans with terms favoring selected parties.

Vote **FOR** management proposals to cancel repurchased shares.

Vote **AGAINST** proposals for share repurchase methods lacking adequate risk mitigation or exceeding appropriate volume or duration parameters for the market.

Consider on a **CASE-BY-CASE** basis shareholder proposals seeking share repurchase programs, giving primary consideration to input from the relevant Investment Professional(s).

**Stock Distributions: Splits and Dividends**

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**

Consider on a **CASE-BY-CASE** basis management proposals to implement a reverse stock split, taking into account management's rationale and/or disclosure if the split constitutes a capital increase effectively exceeding the Proxy Advisory Firm's allowable threshold due to the lack of a proportionate reduction in the number of shares authorized.

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**Allocation of Income and Dividends**

With respect to *<u>Japanese</u>* and *<u>South Korean</u>* companies, consider management proposals concerning allocation of income and the distribution of dividends, 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 when:

&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 company's financial position.

Vote **FOR** such management proposals by companies *<u>in other markets</u>*.

Vote **AGAINST** proposals where companies are seeking 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, vote **FOR** the management proposal if the proposal meets the support conditions described above and vote **AGAINST** the shareholder proposal; otherwise, consider on a **CASE-BY-CASE** basis.

**Stock (Scrip) Dividend Alternatives**

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**

Consider the creation of tracking stock on a **CASE-BY-CASE** basis, giving primary consideration to the input from the relevant Investment Professional(s).

**Capitalization of Reserves**

Vote **FOR** proposals to capitalize the company's reserves for bonus issues of shares or to increase the par value of shares, unless concerns not otherwise supported under these Guidelines are raised by the Proxy Advisory Firm.

**Debt Instruments and Issuance Requests *(<u>International</u>)***

Vote **AGAINST** proposals authorizing excessive discretion to a board to issue or set terms for debt instruments (*e.g.*, commercial paper).

Vote **FOR** debt issuances for companies when the gearing level (current debt-to-equity ratio) is not excessive as defined by the Proxy Advisory Firm's thresholds.

Vote **AGAINST** proposals where the issuance of debt will result in an excessive gearing level as defined by the Proxy Advisory Firm's 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>)***

Voting decisions generally are based on the Proxy Advisory Firm's approach to evaluating such proposals.

**Debt Restructurings**

Consider on a **CASE-BY-CASE** basis proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan.

**Financing Plans**

Vote **FOR** the adoption of financing plans if they are in the best economic interests of shareholders.

**Investment of Company Reserves *(International)***

Consider proposals on a **CASE-BY-CASE** basis.

**Restructuring**

**Mergers and Acquisitions, Special Purpose Acquisition Corporations (SPACs) and Corporate Restructurings**

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).

Consider on a **CASE-BY-CASE** basis based on the Proxy Advisory Firm's approach to evaluating such proposals if no input is provided by the relevant Investment Professional(s).

------

**Waiver on Tender-Bid Requirement**

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 company has provided a reasonable rationale for the request.

**Related Party Transactions**

Vote **FOR** approval of such transactions, unless the agreement requests a strategic move outside the company'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 are scrutinizing an increasing number of shareholder proposals regarding environmental and social matters. Accordingly, in addition to the company's governance risks and opportunities, companies should also assess their environmental and social risks and opportunities as it pertains to its stakeholders including its employees, shareholders, communities, suppliers, and customers.

Companies should adequately disclose how they evaluate and mitigate such material risks in order to allow shareholders to assess how well the companies are mitigating and leveraging their social and environmental risks and opportunities Ideally, companies should adopt disclosure methodologies taking into account 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, vote **FOR** proposals related to environmental, sustainability and corporate social responsibility if the company's disclosure and/or its management of the issue(s) appears inadequate relative to its peers and if the proposal:

&nbsp;&nbsp;&nbsp;&nbsp;• is applicable to the company's business,

&nbsp;&nbsp;&nbsp;&nbsp;• enhances long-term shareholder value,

&nbsp;&nbsp;&nbsp;&nbsp;• requests more transparency and commitment to improve the company's environmental and/or social risks,

&nbsp;&nbsp;&nbsp;&nbsp;• aims to benefit the company'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 company already publicly provides.

**Environmental**

Generally, vote **FOR** proposals relating to environmental impact that reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;• aim to reduce negative environmental impact, including the reduction of GHG emissions and other contributing factors to global climate change,

&nbsp;&nbsp;&nbsp;&nbsp;• request disclosure of how the company is addressing its impact on the climate.

**Social**

Generally, vote **FOR** proposals relating to corporate social responsibility that request disclosure of how the company is managing its:

&nbsp;&nbsp;&nbsp;&nbsp;• employee and board diversity

&nbsp;&nbsp;&nbsp;&nbsp;• human capital management, human rights, and supply chain risks.

**Approval of Donations**

Vote **FOR** proposals if they are for single- or multi-year authorities and prior disclosure of amounts is provided. Otherwise, vote **AGAINST** such proposals.

**7- <u>Routine/Miscellaneous</u>**

**Routine Management Proposals**

Consider proposals on a **CASE-BY-CASE** basis when the Proxy Advisory Firm recommends voting **AGAINST**.

**Authority to Call Shareholder Meetings on Less than 21 Days' Notice**

For companies in the *<u>United Kingdom</u>*, consider on a **CASE-BY-CASE** basis, factoring in whether the company has provided clear disclosure of its compliance with any hurdle conditions for the 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**

Vote **AGAINST** if there are concerns regarding inadequate disclosure, remuneration arrangements (including severance/termination payments exceeding local standards for multiples of annual compensation), or consulting agreements with non-executive directors.

Consider on a **CASE-BY-CASE** basis if there are other concerns regarding severance/termination payments.

Vote **AGAINST** if there is concern about the company's financial accounts and reporting, including related party transactions.

Vote **AGAINST** board-issued reports receiving a negative recommendation from the Proxy Advisory Firm due to concerns regarding independence of the board or the presence of non-independent directors on the audit committee.

Vote **FOR** if the only reason for a negative recommendation by the Proxy Advisory Firm is to express disapproval of broader practices of the company or its board.

**Other Business**

Vote **AGAINST** proposals for Other Business.

**Adjournment**

&nbsp;&nbsp;&nbsp;&nbsp;• Vote **FOR** when presented with a primary proposal such as a merger or corporate restructuring that is also supported.

&nbsp;&nbsp;&nbsp;&nbsp;• Vote **AGAINST** when not presented with a primary proposal, such as a merger, and a proposal on the ballot is being opposed.

&nbsp;&nbsp;&nbsp;&nbsp;• Consider other circumstances on a **CASE-BY-CASE** basis.

**Changing Corporate Name**

Vote **FOR** management proposals requesting a change in corporate name.

Multiple Proposals

Multiple proposals of a similar nature presented as options to the course of action favored by management may all be voted **FOR**, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;• Support for a single proposal is not operationally required;

&nbsp;&nbsp;&nbsp;&nbsp;• No one 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.

Vote **AGAINST** any proposals that would otherwise be opposed under these Guidelines.

**Bundled Proposals**

Vote **FOR** if all of the bundled items are supported by these Guidelines.

Consider on a **CASE-BY-CASE** basis if one or more items are not supported by these Guidelines and/or the Proxy Advisory Firm deems the negative impact, on balance, to outweigh any positive impact.

**Moot Proposals**

This instruction is in regard 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)); **WITHHOLD** support if recommended by the Proxy Advisory Firm.

**8- <u>Mutual Fund Proxies</u>** 

**Approving New Classes or Series of Shares**

Vote **FOR** the establishment of new classes or series of shares.

**Hire and Terminate Sub-Advisors**

Vote **FOR** management proposals that authorize the board to hire and terminate sub-advisors.

**Master-Feeder Structure**

Vote **FOR** the establishment of a master-feeder structure.

**Establish Director Ownership Requirement**

Vote **AGAINST** shareholder proposals for the establishment of a director ownership requirement. All other matters should be examined on a **CASE-BY-CASE** basis.

------

**STATEMENT OF ADDITIONAL INFORMATION** 

February 28, 2023

**Voya Mutual Funds**

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258-2034

1-800-992-0180

**Voya Global Diversified Payment Fund**

Class/Ticker: **A**/VYGQX; **C**/VYGRX; **I**/VYGSX; **R**/VYGTX; **R6**/VYGUX; **W**/VYGWX

**Voya Global Perspectives**<sup>®</sup> **Fund**

Class/Ticker: **A**/IAPVX; **C**/ICPVX; **I**/IIPVX; **R**/IRPVX; **W**/IWPVX

This Statement of Additional Information ("SAI") contains additional information about each fund listed above. This SAI is not a prospectus and should be read in conjunction with the Prospectus dated February 28, 2023, as supplemented or revised from time to time. Each fund's financial statements for the fiscal year ended October 31, 2022, including the independent registered public accounting firm's report thereon found in each fund's most recent [annual report to shareholders](https://www.sec.gov/Archives/edgar/data/895430/000110465922131174/tm2229602d5_ncsr.htm), are incorporated into this SAI by reference. Each fund's Prospectus and annual or unaudited semi-annual shareholder reports 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_081e4d49-3708-4b8e-8894-88dba2e321e6_1)** | 1 |
| **[HISTORY OF](#xx_081e4d49-3708-4b8e-8894-88dba2e321e6_2)[the Trust](#xx_081e4d49-3708-4b8e-8894-88dba2e321e6_2)**  | 2 |
| **[SUPPLEMENTAL DESCRIPTION OF](#xx_081e4d49-3708-4b8e-8894-88dba2e321e6_2)[Fund](#xx_081e4d49-3708-4b8e-8894-88dba2e321e6_2)[INVESTMENTS AND RISKS](#xx_081e4d49-3708-4b8e-8894-88dba2e321e6_2)** | 2 |
| **[PORTFOLIO TURNOVER](#xx_081e4d49-3708-4b8e-8894-88dba2e321e6_40)** | 40 |
| **[FUNDAMENTAL AND NON-FUNDAMENTAL INVESTMENT RESTRICTIONS](#xx_081e4d49-3708-4b8e-8894-88dba2e321e6_40)** | 40 |
| **[DISCLOSURE OF](#xx_081e4d49-3708-4b8e-8894-88dba2e321e6_42)[each Fund's PORTFOLIO SECURITIES](#xx_081e4d49-3708-4b8e-8894-88dba2e321e6_42)** | 42 |
| **[MANAGEMENT OF](#xx_1b71c1ec-ef1d-49ec-bf5d-82c567835db4_1)[the Trust](#xx_1b71c1ec-ef1d-49ec-bf5d-82c567835db4_1)** | 44 |
| **[CODE OF ETHICS](#xx_5518d1ef-bd34-4ff8-95fd-571f2708cf09_7)** | 55 |
| **[PRINCIPAL SHAREHOLDERS AND CONTROL PERSONS](#xx_5518d1ef-bd34-4ff8-95fd-571f2708cf09_7)** | 55 |
| **[PROXY VOTING PROCEDURES AND GUIDELINES](#xx_5518d1ef-bd34-4ff8-95fd-571f2708cf09_10)** | 58 |
| **[INVESTMENT ADVISER](#xx_5518d1ef-bd34-4ff8-95fd-571f2708cf09_10)** | 58 |
| **[EXPENSES](#xx_5518d1ef-bd34-4ff8-95fd-571f2708cf09_12)** | 60 |
| **[EXPENSE LIMITATIONS](#xx_5518d1ef-bd34-4ff8-95fd-571f2708cf09_12)** | 60 |
| **[NET FUND FEES WAIVED, REIMBURSED, OR RECOUPED](#xx_5518d1ef-bd34-4ff8-95fd-571f2708cf09_12)** | 60 |
| **[SUB-ADVISER](#xx_5518d1ef-bd34-4ff8-95fd-571f2708cf09_13)** | 61 |
| **[PRINCIPAL UNDERWRITER](#xx_5518d1ef-bd34-4ff8-95fd-571f2708cf09_16)** | 64 |
| **[DISTRIBUTION AND SERVICING PLANS](#xx_5518d1ef-bd34-4ff8-95fd-571f2708cf09_19)** | 67 |
| **[OTHER SERVICE PROVIDERS](#xx_5518d1ef-bd34-4ff8-95fd-571f2708cf09_21)** | 69 |
| **[PORTFOLIO TRANSACTIONS](#xx_5518d1ef-bd34-4ff8-95fd-571f2708cf09_22)** | 70 |
| **[ADDITIONAL INFORMATION ABOUT](#xx_5518d1ef-bd34-4ff8-95fd-571f2708cf09_25)[Voya Mutual Funds](#xx_5518d1ef-bd34-4ff8-95fd-571f2708cf09_25)** | 73 |
| **[PURCHASE, EXCHANGE, AND REDEMPTION OF SHARES](#xx_5518d1ef-bd34-4ff8-95fd-571f2708cf09_26)** | 74 |
| **[TAX CONSIDERATIONS](#xx_5518d1ef-bd34-4ff8-95fd-571f2708cf09_32)** | 80 |
| **[FINANCIAL STATEMENTS](#xx_5518d1ef-bd34-4ff8-95fd-571f2708cf09_43)** | 91 |
| **[APPENDIX A – DESCRIPTION OF CREDIT RATINGS](#xx_9a787ef9-64df-4b47-91f2-853b60dc0de4_1)** | A-1 |
| **[APPENDIX B – PROXY VOTING PROCEDURES AND GUIDELINES](#xx_33060f68-24a9-4aed-8316-a45a602d23bd_1)** | B-1 |

---

------

**INTRODUCTION AND GLOSSARY**

This SAI is designed to elaborate upon information contained in each 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 each 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 each Fund, as described herein

**ETF**: Exchange-Traded Fund

**EU**: European Union

**Expense Limitation Agreement**: The Expense Limitation Agreement(s) for each 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 each Fund**: October 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 each Fund

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

**Investment Management Agreement**: The Investment Management Agreement for each 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 each 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

**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 each Fund, as described herein

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

**Trust**: Voya Mutual Funds

**Underlying Funds**: Unless otherwise stated, other mutual funds or ETFs in which each 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 Mutual Funds, an open-end management investment company that is registered under the 1940 Act, was organized as a Delaware statutory trust in 1992. On May 1, 2014, the name of the Trust changed from "ING Mutual Funds" to "Voya Mutual Funds."

**Fund Name Changes During the Past Five Years**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Former Name** | **Date of Change** |
| &nbsp;&nbsp; Voya Global Diversified <br> Payment Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Diversified <br> Payment Fund II<br>| November 8, 2019 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Diversified <br> Payment Fund<br>| February 28, 2019 |

---

**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.

Each Fund is classified as a "diversified" fund as that term is defined under the 1940 Act. In addition, each Fund has a fundamental policy against concentration.

**Investments, Investment Strategies, and Risks** 

The table on the following pages identifies various securities and investment techniques used by the Investment Adviser or Sub-Adviser in managing a Fund. A Fund may be subject to the risks described below (either directly or indirectly through investments in one or more Underlying Funds). A Fund/Underlying Fund's transactions in a particular type of security or use of a particular technique is subject to limitations imposed by the Fund/Underlying Fund's investment objective, policies and restrictions described in the Fund/Underlying Fund's

------

prospectus and/or SAI, as well as the federal securities laws. In the discussion below, descriptions of investments or activities by "a Fund" and related risks refer to investments or activities by a Fund or by an Underlying Fund, as the case may be. Similarly, a reference to "the Investment Adviser" or to "the Sub-Adviser" is to the entity responsible for the investments in question, whether by a Fund or by an Underlying Fund.

There can be no assurance that a Fund will achieve its investment objective. Each Fund's investment objective, policies, investment strategies, and practices are non-fundamental unless otherwise indicated. The descriptions of the securities and investment techniques in this section supplement the discussion of principal investment strategies contained in each Fund/Underlying Fund's prospectus. Where a particular type of security or investment technique is not discussed in a Fund/Underlying Fund's prospectus, that security or investment technique is not a principal investment strategy, and the Fund/Underlying Fund will not invest more than 5% of its assets in such security or investment technique.

Please refer to the fundamental and non-fundamental investment restrictions following the description of securities and investment techniques for more information on any applicable limitations.

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

---

| | | |
|:---|:---|:---|
| **Asset Class/Investment Technique** | **Voya Global** <br> **Diversified** <br> **Payment** <br> **Fund**<br>| **Voya Global** <br> **Perspectives**<sup>®</sup> <br> **Fund**<br>|
| **Equity Securities** |  |  |
| Commodities | X |  |
| Common Stocks | X | X |
| Convertible Securities | X | X |
| Initial Public Offerings | X | X |
| Master Limited Partnerships |  |  |
| Other Investment Companies and Pooled Investment Vehicles | X | X |
| Preferred Stocks | X | X |
| Private Investments in Public Companies |  |  |
| Real Estate Securities and Real Estate Investment Trusts | X | X |
| Small- and Mid-Capitalization Issuers | X | X |
| Special Purpose Acquisition Companies |  |  |
| Special Situation Issuers |  |  |
| Trust Preferred Securities | X | X |
| **Fixed-Income Instruments** |  |  |
| Asset-Backed Securities | X | X |
| Bank Instruments | X | X |
| Commercial Paper | X | X |
| Corporate Fixed-Income Instruments | X | X |
| Credit-Linked Notes | X | X |
| Custodial Receipts and Trust Certificates |  |  |
| Delayed Funding Loans and Revolving Credit Facilities |  |  |
| Event-Linked Bonds |  |  |
| Floating or Variable Rate Instruments | X | X |
| Guaranteed Investment Contracts | X | X |
| High-Yield Securities | X | X |
| Inflation-Indexed Bonds |  |  |
| Inverse Floating Rate Securities |  |  |
| Mortgage-Related Securities | X | X |
| Municipal Securities | X | X |
| Senior and Other Bank Loans | X | X |
| U.S. Government Securities and Obligations | X | X |
| Zero-Coupon, Deferred Interest and Pay-in-Kind Bonds | X | X |
| **Foreign Investments** |  |  |
| Depositary Receipts | X | X |
| Emerging Market Investments | X | X  |

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---

| | | |
|:---|:---|:---|
| **Asset Class/Investment Technique** | **Voya Global** <br> **Diversified** <br> **Payment** <br> **Fund**<br>| **Voya Global** <br> **Perspectives**<sup>®</sup><br> **Fund**<br>|
| Eurodollar and Yankee Dollar Instruments | X | X |
| Foreign Currencies | X | X |
| Sovereign Debt | X | X |
| Supranational Entities | X | X |
| **Derivative Instruments** |  |  |
| Forward Commitments | X | X |
| Futures Contracts | X | X |
| Hybrid Instruments | X | X |
| Options | X | X |
| Participatory Notes |  |  |
| Rights and Warrants | X | X |
| Swap Transactions and Options on Swap Transactions | X | X |
| **Other Investment Techniques** |  |  |
| Borrowing | X | X |
| Illiquid Securities | X | X |
| Participation on Creditors Committees |  |  |
| Repurchase Agreements | X | X |
| Restricted Securities | X | X |
| Reverse Repurchase Agreements and Dollar Roll Transactions | X | X |
| Securities Lending | X | X |
| Short Sales | X | X |
| To Be Announced Sale Commitments | X | X |
| When-Issued Securities and Delayed Delivery Transactions | X | X |

---

**EQUITY SECURITIES**

**Commodities:** Commodities include equity securities of "hard assets companies" and derivative securities and instruments whose value is linked to the price of a commodity or a commodity index. The term "hard assets companies" includes companies that directly or indirectly (whether through supplier relationship, servicing agreements or otherwise) primarily derive their revenue or profit from exploration, development, production, distribution or facilitation of processes relating to precious metals (including gold), base and industrial metals, energy, natural resources and other commodities. Commodities values may be highly volatile, and may decline rapidly and without warning. The values of commodity issuers will typically be substantially affected by changes in the values of their underlying commodities. Securities of commodity issuers may experience greater price fluctuations than the relevant hard asset. In periods of rising hard asset prices, such securities may rise at a faster rate and, conversely, in times of falling commodity prices, such securities may suffer a greater price decline. Some hard asset issuers may be subject to the risks generally associated with extraction of natural resources, such as fire, drought, increased regulatory and environmental costs, and others. Because many commodity issuers have significant operations in many countries worldwide (including emerging markets), their securities may be more exposed than those of other issuers to unstable political, social and economic conditions, including expropriation and disruption of licenses or operations.

**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 fixed-income 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 hybrid securities that combine the investment characteristics of fixed-income instruments and common stocks. Convertible securities typically consist of fixed-income 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 fixed-income instruments with warrants or common stock attached and derivatives combining the features of fixed-income 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 fixed-income instruments and equity securities. In a corporation's capital structure, convertible securities are senior to common stock but are usually subordinated to senior fixed-income instruments of the issuer.

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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 fixed-income 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 fixed-income 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 fixed-income 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 fixed-income 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.

**Contingent Convertible Securities ("CoCos"):** CoCos are a form of hybrid fixed-income 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 fixed-income instruments and equity securities. 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 fixed-income instrument to being the holder of an equity instrument, hence worsening the holder's standing in a bankruptcy proceeding.

**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 taxable 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. A Fund will not necessarily participate in an IPO in which other mutual funds or accounts managed by the Investment Adviser or Sub-Adviser participate.

**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 an intention to qualify as a regulated investment company under the Code, and any such investments may adversely affect the ability of an investment company to so qualify.

**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 a 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

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fees and operating expenses. Such expenses are in addition to the expenses a 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 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 a 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 fixed-income 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.

SEC Rule 12d1-4 under the 1940 Act, which became effective on January 19, 2021 (with a compliance date of January 19, 2022), is designed to streamline and enhance the regulatory framework for funds of funds arrangements. Rule 12d1-4 permits acquiring funds to invest in the securities of other registered investment companies beyond certain statutory limits, subject to certain conditions. In connection with this rule, the SEC rescinded Rule 12d1-2 under the 1940 Act and most fund of funds exemptive orders, effective January 19, 2022.

<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 a 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

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may produce gains or losses at rates that exceed those of a 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 a Fund invests in Private Funds that utilize leverage, a 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 a 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. Private Funds are not registered under the 1940 Act and, consequently, 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 a Fund to calculate its NAV accurately.

**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 fixed-income 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 fixed-income instruments and other debt. For this reason, the value of preferred stock will usually react more strongly than fixed-income 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 from, environmental problems; tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from

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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. To the extent that assets underlying a 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 a Fund in securities of issuers providing mortgage servicing will be subject to the risks associated with refinancing and their impact on servicing rights.

In addition, if a 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 a 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.

**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.

**Special Purpose Acquisition Companies:** A 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. 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 a Fund's ability to meet its investment objective.

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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 a 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 a 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. Only a thinly traded market for shares of or interests in a SPAC may develop, leaving a 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.

**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.

**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 fixed-income instruments issued by the financial institution. The financial institution uses the proceeds from the sale of the subordinated fixed-income instruments to increase its capital while the trust receives periodic interest payments from the financial institution for holding the subordinated fixed-income 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 fixed-income 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 fixed-income 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 fixed-income instruments. Trust preferred securities may be issued in reliance on Rule 144A under the 1933 Act 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.

**FIXED-INCOME INSTRUMENTS**

**Asset-Backed Securities:** Asset-backed securities are securities backed by home equity loans, installment sale contracts, credit card receivables or other assets. 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 fixed-income instruments, like that of traditional fixed-income instruments, typically increases when interest rates fall and decreases when interest rates rise. However, these asset-backed securities differ from traditional fixed-income instruments because of their potential for prepayment. 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

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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 fixed-income 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.

<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 fixed-income 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 fixed-income 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 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 fixed-income 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 LIBOR. 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

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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.

**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, as amended ("Section 4(a)(2) paper"). Section 4(a)(2) paper is restricted as to disposition under the 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.

**Corporate Fixed-Income Instruments:** Corporate fixed-income instruments are long and short-term fixed-income instruments typically issued by businesses to finance their operations. Corporate fixed-income instruments are issued by public or private issuers, as distinct from fixed-income instruments issued by a government or its agencies. The issuer of a corporate fixed-income 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 fixed-income 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 fixed-income 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 fixed-income instruments, as well as the range of creditworthiness of issuers, corporate fixed-income instruments can have widely varying risk/return profiles.

Corporate fixed-income 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 fixed-income instrument is unable to pay interest or repay principal when it is due. Some corporate fixed-income 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 fixed-income instruments. The credit risk of a particular issuer's fixed-income instrument may vary based on its priority for repayment. For example, higher-ranking (senior) fixed-income instruments have a higher priority than lower ranking (subordinated) fixed-income instruments. This means that the issuer might not make payments on subordinated fixed-income instruments while continuing to make payments on senior fixed-income instruments. In addition, in the event of bankruptcy, holders of higher-ranking senior fixed-income instruments may receive amounts otherwise payable to the holders of more junior securities. The market value of corporate fixed-income instruments may be expected to rise and fall inversely with interest rates generally. In general, corporate fixed income instruments with longer terms tend to fall more in value when interest rates rise than corporate fixed income instruments with shorter terms. The value of a corporate fixed-income 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 fixed-income 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 fixed-income 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.

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The market for credit-linked notes may be or 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.

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.

**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 fixed-income 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

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rate features, remarketing provisions, or other maturity-shortening devices designed to enable the issuer to refinance or redeem outstanding fixed-income 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 fixed-income instruments. Thus, investing in variable and floating rate instruments generally allows less potential for capital appreciation and depreciation than investing in comparable fixed-income instruments.

**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 a 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 fixed-income 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 fixed-income 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 fixed-income 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 fixed-income 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 fixed-income instruments may not be registered under the 1933 Act, and, unless so registered, a Fund will not be able to sell such high-yield fixed-income instruments except pursuant to an exemption from registration under the 1933 Act. This may further limit a Fund's ability to sell high-yield fixed-income 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.

**Inflation-Indexed Bonds:** Inflation-indexed bonds are fixed-income 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.

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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 each 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.

**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 fixed-income 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.

**LIBOR:** The obligations of the parties under many financial arrangements, such as fixed-income instruments (including senior loans) and derivatives, may be determined based in whole or in part on LIBOR. In 2017, the United Kingdom ("UK") Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies, including for example, SOFR for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement market. SOFR is published in various forms including as a daily, compounded and forward-looking term rate. Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including, among others, whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties' existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on a Fund's existing investments, including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of a Fund; and the risk of general market disruption during the period of the conversion. Markets relying on new, non-LIBOR rates are developing slowly, and may offer limited liquidity. In addition, the transition process away from LIBOR may involve increased volatility or illiquidity in markets for instruments that currently rely on LIBOR. The transition may also result in a reduction in the value of certain LIBOR-based investments held by a Fund or reduce the effectiveness of related transactions such as hedges. The effect of any changes to or discontinuation of LIBOR on a Fund's existing investments and obligations will vary depending on, among other things, (1) existing fallback provisions in individual contracts and (2) whether, how, and when industry participants develop and widely adopt new reference rates and fallbacks for both legacy and new products or instruments. The general unavailability of LIBOR and the transition away from LIBOR to other rates could have a substantial adverse impact on the performance of a Fund.

**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 fixed-income instruments which are secured with collateral consisting of mortgage-related securities (see "Collateralized Mortgage Obligations").

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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, 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 fixed-income 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 be experienced 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 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 fixed-income 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 fixed-income instruments and less like adjustable rate fixed-income instruments and are subject to the risks associated with fixed-income 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 mortgage credit for residential housing. It 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.

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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 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 each Fund. For example, third parties may seek to withhold proceeds due to holders of the mortgage-related securities, including each Fund, to cover legal or related costs. Any such action could result in losses to each 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.

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

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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 "Stripped Mortgage-Backed Securities" or "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.

<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 fixed-income 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

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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 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

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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 fixed-income 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 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 fixed-income 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.

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 fixed-income instruments, and this may affect a 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 a 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 federal income tax exemption for interest on fixed-income instruments issued by states and their political subdivisions. 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.

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<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 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.

**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). A 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, a 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 a 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 a 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.

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Senior Loans typically pay interest at least quarterly at rates, which equal a fixed percentage spread over a base rate such as the LIBOR. For example, if LIBOR 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 LIBOR 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.

<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 a 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, a Fund would incur certain costs and delays in realizing payment or could suffer a loss of principal or interest. In this event, a 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 a 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 a Fund for its activities as agent. Instead, lenders will be required to look to the borrower for recourse.

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

<u>Additional Costs</u> 

When a Fund purchases a Senior Loan in the primary market, it may share in a fee paid to the original lender. When a 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.

A 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> 

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A 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. A 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, a 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 a Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, a 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, a 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 a 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 a 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.

Because assignments are arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by a 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, a 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 a Fund's ability to dispose of particular assignments or participations when necessary to meet redemption of fund shares, to meet a 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 a Fund to value these assets for purposes of calculating its NAV.

<u>Additional Information on Loans</u> 

The loans in which a 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, a Fund may have an obligation to make additional loans upon demand by the borrower. A 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 a 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. A 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 a Fund. Prepayment should, however, allow a Fund to reinvest in a new loan and would require a 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 a 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 a Fund will not have a material adverse impact on the yield of the portfolio.

<u>Bridge Loans</u> 

A 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. A 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 a Fund may invest or to which a 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

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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, a 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.

**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.

The events surrounding the U.S. federal government debt ceiling and any resulting agreement could adversely affect a Fund. On August 5, 2011, S&P lowered its long-term sovereign credit rating on the United States. The downgrade by S&P 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 a Fund or issuers of securities held by a 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 a 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.

**Zero-Coupon, Deferred Interest and Pay-in-Kind Bonds:** Zero-coupon and deferred interest bonds are fixed-income 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 fixed-income 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.

**FOREIGN 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 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

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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 other economic and trade sanctions, entering or exiting trade or other intergovernmental agreements, confiscatory taxation, political of 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 a 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 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.

**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 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.

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.

**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 fixed-income 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 fixed-income instruments, similar to the risks of other fixed-income instruments markets in emerging markets. The prices of fixed-income instruments traded on the CIBM may fluctuate significantly due to low trading volume and potential lack of liquidity. The rules to access fixed-income instruments that trade on the CIBM through Bond Connect are relatively new and subject to change, which may adversely affect a 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 a Fund's investments and returns.

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Investments made through Bond Connect are subject to order, clearance and settlement procedures that are relatively untested in China, which could pose risks to a Fund. CIBM does not support all trading strategies (such as short selling) and investments in Chinese fixed-income 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 fixed-income 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")). A Fund's ownership interest in these Chinese fixed-income instruments will not be reflected directly in book entry with CSDCC or SCH and will instead only be reflected on the books of a Fund's Hong Kong sub-custodian. Therefore, a 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 fixed-income instruments are held could expose a Fund to the credit risk of the relevant securities depositories and a Fund's Hong Kong sub-custodian. While a 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 fixed-income instruments acquired through Bond Connect generally may not be sold, purchased or otherwise transferred other than through Bond Connect in accordance with applicable rules.

A Fund's investments in Chinese fixed-income 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. A 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 fixed-income 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 a Fund, which may negatively affect investment returns for shareholders.

<u>Investing through Stock Connect</u>: A 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, a 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 a 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 a 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 through Stock Connect will be rejected. A 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 a 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 a 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.

**Europe:** 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 European Monetary Union and, in the latter case, the reversion of those countries to their national currencies. Defaults by Economic Monetary Union member countries on sovereign debt, as well as any future discussions about exits from the European Monetary Union, may negatively affect a 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. In March 2017, the UK formally notified the European Council of its intention to leave the EU and on January 31, 2020 withdrew from the EU (commonly known as "Brexit"), when the UK entered into an 11-month transition period during which the UK remained part of the EU single market and customs union, the laws of which govern the economic, trade and security relations between the UK and EU. 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 agreement. The agreement governs the new relationship between the UK and the EU with respect to trading goods and services, but critical aspects of the relationship remain unresolved and subject to further negotiation and agreement. Brexit has resulted in volatility in European and global markets and could have negative long-term impacts on financial markets in the UK and throughout Europe. There is considerable uncertainty about the potential consequences of Brexit and how the financial markets will react. As this process unfolds, markets may be further disrupted. Given the size and importance of the UK's economy, uncertainty about its legal, political and economic relationship with the remaining member states of the EU may continue to be a source of instability.

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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 securities.

**Foreign 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 European Monetary Union (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.

**Sovereign Debt:** Investments in fixed-income 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 fixed-income 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.

**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.

**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.

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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, 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.

**Derivatives Regulation.** 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 some other countries have implemented similar requirements, which will affect derivatives transactions with a counterparty organized in, or otherwise subject to, the EU's or other country's derivatives regulations. Clearing rules and other new 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 the new 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 new kinds of costs and risks. For example, in the event of a counterparty's (or its affiliate's) insolvency, a 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. It is expected that these regulations will have 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 may 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 recently 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 a 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 a 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.

**Exclusions of the Investment Adviser from commodity pool operator definition.** With respect to each Fund, the Investment Adviser has claimed relief from the requirement to register as a "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 each 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.

The terms of the CPO exclusion require each Fund, among other things, to adhere to certain limits on its investments in "commodity interests." Commodity interests include commodity futures, commodity options, and 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 each Fund in the same manner as it would in the absence of CPO exclusion requirements. Each Fund is not intended as a vehicle for trading in the commodity futures, commodity options, or swaps markets. The CFTC has neither reviewed nor approved the Investment Adviser's reliance on these exclusions, or each Fund, its investment strategies, or this SAI.

**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.

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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 a 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 a 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, a 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, a 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 financial 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 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 indicator. The buyer of a futures contract enters into an agreement to purchase the underlying indicator 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 indicator on the settlement date and is said to be "short" the contract.

The purchaser or seller of a futures contract is not required to deliver or pay for the underlying indicator 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.

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 indicators underlying the futures positions it holds.

Futures can be held until their delivery 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

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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 future 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 a 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 index of fixed-income instruments at the beginning and at the end of the contract period; or (ii) a specified amount of a particular fixed-income 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 fixed-income instruments or generally to adjust the duration and interest rate sensitivity of an investment portfolio. For example, if a 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 fixed-income instruments. Such a sale would have much the same effect as selling some of the long-term bonds in a Fund's portfolio. If interest rates did increase, the value of the fixed-income 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 a 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 delivery of a specified amount of gold at a specified date, time, and price. If a Fund purchases a gold futures contract, it becomes obligated to take delivery and pay for the gold from the seller in accordance with the terms of the contract. If a Fund sells a gold futures contract, it becomes obligated to make delivery of the gold to the purchaser in accordance with the terms of the contract.

<u>Foreign Currency Futures</u>: Currency futures contracts are similar to deliverable currency forward contracts (described above), except that they are traded on exchanges (and have margin requirements) and are standardized as to contract size and delivery date. Most currency futures call for payment of delivery in U.S. dollars. A foreign currency futures contract is a standardized exchange-traded contract for the future delivery 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 New York Mercantile Exchange, and have margin requirements.

At the maturity of a futures contract, a 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 secondary market in such contracts. There is no assurance that a secondary 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, a Fund would continue to be required to make daily cash payments of variation margin.

<u>Margin Payments</u>: If a 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 small 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 a 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 a Fund sells a futures contract and the price of the underlying asset rises above the delivery price, the Fund's position declines in value. A Fund then

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pays the broker a variation margin payment generally equal to the difference between the delivery price of the futures contract and the market price of the underlying asset. Conversely, if the price of the underlying asset falls below the delivery price of the contract, a Fund's futures position increases in value. The broker then must make a variation margin payment generally equal to the difference between the delivery price of the futures contract and the market price of the underlying asset. If an exchange raises margin rates, a Fund would have to provide additional capital to cover the higher margin rates which could require closing out other positions earlier than anticipated.

If a 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. 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 exercise 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.

A 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 a 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 securities 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 interest rates and market movements correctly. It is possible that, where a 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, a 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 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 secondary market. It is not certain that this market will develop or continue to exist for a particular futures contract or option. A Fund's futures commission merchant may limit a Fund's ability to invest in certain futures contracts. Such restrictions may adversely affect a Fund's performance and its ability to achieve its investment objective.

The CFTC and U.S. 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, starting January 1, 2023, federal position limits apply to swaps that are economically equivalent to futures contracts that are subject to CFTC set speculative limits. 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. Thus, even if a Fund's holding does not exceed applicable position limits, it is possible that some or all of the 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 a Fund. A violation of position limits could also lead to regulatory action materially adverse to a Fund's investment strategy.

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**Hybrid Instruments:** A hybrid instrument may be a fixed-income 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, fixed-income 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, a 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, a 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 a 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 a 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 fixed-income 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 fixed-income 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. A 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 commodity futures, options, and 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, a Fund may purchase a non-convertible fixed-income 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, a 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 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 fixed-income 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.

**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.

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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, a 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 a 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, a 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 a 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 fixed-income 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.

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

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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 a 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 a 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.

**Participatory Notes:** 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, a 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.

**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 fixed-income instruments.

Equity-linked warrants are purchased from a broker, who in turn is expected to purchase shares in the local market. If a 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, a 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.

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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 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 a 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 a 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 securities, to foreign risk and currency risk.

**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 a 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 attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A 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 fixed-income 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

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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 fixed-income 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 a 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 a 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 a 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 a 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 a 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.

A portfolio 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 portfolio 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 a 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 a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement.

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, a 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.

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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 a Fund's interest. A 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, a 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 a 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 new 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 a 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 a Fund than bilateral arrangements, for example, by requiring that a 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 a 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 a Fund to pursue its investment strategy.

Also, in the event of a counterparty's (or its affiliate's) insolvency, the possibility exists that a 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 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 a 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 a Fund in connection with its derivatives transactions and, therefore, make derivatives transactions more expensive.

The U.S. Congress, various exchanges and regulatory and self-regulatory authorities have undertaken reviews of derivatives trading in recent periods. Among the actions that have been taken or proposed to be taken are new position limits and reporting requirements, and new or more stringent daily price fluctuation limits for futures and options transactions. Additional measures are under active consideration and as a result there may be further actions that adversely affect the regulation of instruments in which a Fund may invest. It is possible that these or similar measures could potentially limit or completely restrict the ability of a Fund to use these instruments as a part of its investment strategy. Limits or restrictions applicable to the counterparties with which a Fund may engage in derivative transactions could also prevent the Fund from using these instruments.

<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).

**OTHER INVESTMENT TECHNIQUES**

**Borrowing:** Borrowing will result in leveraging of a 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 a 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. A 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 a 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, a 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, a 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.

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A 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. A Fund will generally not treat such transactions as borrowings of money.

**Illiquid Securities:** Illiquid investment means any investment that a 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. A 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 a Fund to adopt a liquidity risk management program to assess and manage its liquidity risk. Under its program, a 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 a Fund's investments.

**Participation on Creditor Committees:** A 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 a Fund. Such participation may incur additional expenses such as legal fees and may make a 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 a Fund to potential liabilities under the federal bankruptcy laws or other laws governing the rights of creditors and debtors.

**Repurchase Agreements:** A repurchase agreement is a contract under which a 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, a 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, a 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 a 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 ability to perform their obligations under the repurchase agreements.

**Restricted Securities**: A Fund may invest in securities that are legally restricted as to resale (such as those issued in private placements). These investments may include securities governed by Rule 144A under the 1933 Act ("Rule 144A") and securities that are offered in reliance on Section 4(a)(2) of the 1933 Act and restricted as to their resale. A 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 a Fund to repurchase the same securities at a later date at a fixed price. During the reverse repurchase agreement period, a 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.

**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. A Fund may choose to terminate a loan in order to vote in a proxy solicitation.

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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 federal dividends received deduction in the hands of corporate shareholders. The Investment Adviser expects generally to follow the practice of causing a 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 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 a 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, a Fund may incur losses that exceed the amount it earned on lending the security. The Lending Agent will indemnify a 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 a Fund in connection with the securities lending program.

**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 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. Short sales of forward commitments and derivatives do not involve borrowing a security. These types of short sales may include futures, options, contracts for differences, forward contracts on financial instruments and options such as contracts, credit-linked instruments, and swap contracts.

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, including short positions on such securities acquired through swaps.

**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

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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.

Recently proposed 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.

**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.

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 a 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 a 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.

**OTHER RISKS**

**Cyber Security Issues:** The Voya family of funds, and their service providers, may be prone to operational and information security risks resulting from cyber-attacks. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber security breaches. Cyber-attacks affecting a Fund or its service providers may adversely impact a Fund. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact a Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential business information, impede trading, subject a Fund to regulatory fines or financial losses and/or cause reputational damage. A Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which a Fund may invest, which could result in material adverse consequences for such issuers and may cause a Fund's investment in such companies to lose value. In addition, substantial costs may be incurred in order to prevent any cyber-attacks in the future. While each 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, a Fund cannot control the cyber security plans and systems put in place by service providers to a Fund, and such third party service providers may have limited indemnification obligations to the Investment Adviser or a Fund, each of whom could be negatively impacted as a result. A Fund and its shareholders could be negatively impacted as a result. Similar types of operational and technology risks are also present for issuers of securities or other instruments in which a Fund invests, which could result in material adverse consequences for such issuers, and may cause a Fund's investments to lose value. In addition, cyber-attacks involving a Fund's counterparty could affect such counterparty's ability to meet its obligations to a Fund, which may result in losses to a 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 a Fund being, among other things, unable to buy or sell certain securities or unable to accurately price its investments.

**Qualified Financial Contracts:** A 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 a Fund or certain of the covered counterparty's affiliates were to become subject to certain insolvency proceedings, a 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 a Fund's credit and counterparty risks.

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**TEMPORARY DEFENSIVE STRATEGIES**

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

**PORTFOLIO TURNOVER**

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

Each 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. A 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 a Fund's shareholders. High portfolio turnover may result in the realization of substantial capital gains.

Each Fund's historical turnover rates are included in the Financial Highlights table(s) in the Prospectus.

Each Fund invests in Underlying Funds which in turn invest directly in securities. However, each Fund may invest directly in securities.

To the extent each Fund invests in affiliated Underlying Funds, the discussion above relating to investment decisions made by the Investment Adviser or the Sub-Adviser with respect to each Fund also includes investment decisions made by the Investment Adviser or a sub-adviser with respect to those Underlying Funds.

**FUNDAMENTAL AND NON-FUNDAMENTAL INVESTMENT RESTRICTIONS**

Unless otherwise noted, whenever an investment policy or limitation states a maximum percentage of a 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 a Fund's investment policies and limitations.

Unless otherwise stated, if a 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 a 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.

**FUNDAMENTAL INVESTMENT RESTRICTIONS** 

Each 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.

**Voya Global Diversified Payment Fund** 

As a matter of fundamental policy, the Fund may not:

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1. purchase securities of any issuer if, as a result, with respect to 75% of the Fund's total assets, more than 5% of the value of its total assets would be invested in the securities of any one issuer or the Fund's ownership would be more than 10% of the outstanding voting securities of any issuer, provided that this restriction does not limit the Fund's investments in securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, or investments in securities of other registered management investment companies;

2. purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. government, any state or territory of the United States, or tax exempt securities issued by any of their agencies, instrumentalities, or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more registered management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder, and any exemptive relief obtained by the Fund;

3. make loans, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations thereunder, and any exemptive relief obtained by the Fund;

4. issue senior securities except to the extent permitted by the 1940 Act, the rules and regulations thereunder, and any exemptive relief obtained by the Fund;

5. purchase or sell real estate, except that the Fund may: (i) acquire or lease office space for its own use; (ii) invest in securities of issuers that invest in real estate or interests therein; (iii) invest in mortgage-related securities and other securities that are secured by real estate or interests therein; or (iv) hold and sell real estate acquired by the Fund as a result of the ownership of securities;

6. purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options and futures contracts, or from investing in securities or other instruments backed by physical commodities). This limitation does not apply to foreign currency transactions including, without limitation, forward currency contracts;

7. borrow money, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations thereunder, and any exemptive relief obtained by the Fund; or

8. underwrite any issue of securities within the meaning of the 1933 Act except when it might technically be deemed to be an underwriter either: (i) in connection with the disposition of a portfolio security; or (ii) in connection with the purchase of securities directly from the issuer thereof in accordance with its investment objective. This restriction shall not limit the Fund's ability to invest in securities issued by other registered management investment companies.

**Voya Global Perspectives**<sup>®</sup> **Fund** 

As a matter of fundamental policy, the Fund may not:

1. purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. government, or tax exempt securities issued by any state or territory of the United States, or any of their agencies, instrumentalities, or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund;

2. purchase securities of any issuer if as a result, with respect to 75% of the Fund's total assets, more than 5% of the value of its total assets would be invested in the securities of any one issuer or the Fund's ownership would be more than 10% of the outstanding voting securities of any issuer, provided that this restriction does not limit the Fund's investments in securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, or investments in securities of other investment companies;

3. borrow money, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations thereunder, and any exemptive relief obtained by the Fund;

4. make loans, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations, and any exemptive relief obtained by the Fund. For the purposes of this limitation, entering into repurchase agreements, lending securities, and acquiring debt securities are not deemed to be making of loans;

5. underwrite any issue of securities within the meaning of the 1933 Act except when it might technically be deemed to be an underwriter either: (i) in connection with the disposition of a portfolio security; or (ii) in connection with the purchase of securities directly from the issuer thereof in accordance with its investment objective. This restriction shall not limit the Fund's ability to invest in securities issued by other registered management investment companies.

6. purchase or sell real estate, except that the Fund may: (i) acquire or lease office space for its own use; (ii) invest in securities of issuers that invest in real estate or interests therein; (iii) invest in mortgage-related securities and other securities that are secured by real estate or interests therein; or (iv) hold and sell real estate acquired by the Fund as a result of the ownership of securities;

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7. issue senior securities except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund; or

8. purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities). This limitation does not apply to foreign currency transactions, including, without limitation, forward currency contracts.

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

Each Fund is required to file its complete portfolio holdings schedule with the SEC on a quarterly basis. This schedule is filed with each Fund's annual and semi-annual shareholder reports on Form N-CSR for the second and fourth fiscal quarters and on Form NPORT-P for the first and third fiscal quarters. Each Fund's NPORT-P is available on the SEC's website at www.sec.gov and may be obtained, free of charge, by contacting a Fund at the address and phone number on the cover of this SAI or by visiting our website at www.voyainvestments.com.

Each Fund posts its portfolio holdings schedule on Voya's website on a monthly basis and makes it available on the 10<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.

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

Investors (both individual and institutional), financial intermediaries that distribute each Fund's shares, and most third parties may receive each Fund's annual or semi-annual shareholder reports, or view them on Voya's website, along with each 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, each Fund may provide its complete portfolio holdings to certain unaffiliated third parties and affiliates when a Fund has a legitimate business purpose for doing so. Unless otherwise noted below, each 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, a Fund's disclosure of its portfolio holdings may include disclosure:

&nbsp;&nbsp;&nbsp;&nbsp;• to a 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 a Fund;

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

&nbsp;&nbsp;&nbsp;&nbsp;• to service providers, on a daily basis, in connection with their providing services benefiting a 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;

&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 a 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 a Fund until public disclosure by the Fund.

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In addition to the situations discussed above, disclosure of a 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 Funds (each an "Authorized Party") pursuant to the Board's procedures. In each such case, the Authorized Party would determine whether the proposed disclosure of a 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 a Fund's shareholders, on the one hand, and those of the Fund's Investment Adviser, Principal Underwriter or any affiliated person of a 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 a 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 State of Delaware.

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

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

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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> 85258-2034 <br>| &nbsp;&nbsp;&nbsp;&nbsp; Chairperson<br>Trustee<br>| &nbsp;&nbsp;&nbsp;&nbsp; January 2020 – <br> Present <br> November 2007 – <br> Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; President, Glantuam Partners, <br> LLC, a business consulting firm <br> (January 2009 – Present).<br>| 138 | &nbsp;&nbsp;&nbsp;&nbsp; RSR Partners, Inc. (2016 – <br> Present).<br>|
| &nbsp;&nbsp; **John V. Boyer**<br>(1953)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; January 2005 – <br> Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Retired. Formerly, President and <br> Chief Executive Officer, Bechtler <br> Arts Foundation, an arts and <br> education foundation (January <br> 2008 – December 2019).<br>| 138 | None. |
| &nbsp;&nbsp; **Patricia W. Chadwick**<br>(1948)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; January 2006 – <br> Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Consultant and President, <br> Ravengate Partners LLC, a <br> consulting firm that provides <br> advice regarding financial <br> markets and the global economy <br> (January 2000 – Present).<br>| 138 | &nbsp;&nbsp;&nbsp;&nbsp; The Royce Funds (22 funds) <br> (December 2009 – Present); and <br> AMICA Mutual Insurance <br> Company (1992 – Present).<br>|
| &nbsp;&nbsp; **Martin J. Gavin**<br>(1950)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; August 2015 – <br> Present<br>| Retired. | 138 | 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; **Joseph E. Obermeyer**<br>(1957)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| Trustee | May 2013 – Present | &nbsp;&nbsp;&nbsp;&nbsp; President, Obermeyer & <br> Associates, Inc., a provider of <br> financial and economic <br> consulting services (November <br> 1999 – Present).<br>| 138 | None. |
| &nbsp;&nbsp; **Sheryl K. Pressler**<br>(1950)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; January 2006 – <br> Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Consultant (May 2001 – <br> Present).<br>| 138 | &nbsp;&nbsp;&nbsp;&nbsp; Centerra Gold Inc. (May 2008 – <br> Present).<br>|
| &nbsp;&nbsp; **Christopher P.** <br> **Sullivan**<br>(1954)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; October 2015 – <br> Present<br>| Retired. | 138 | None. |

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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 each 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 Balanced Portfolio, Inc.; Voya Credit Income Fund; Voya Emerging Markets High Dividend Equity 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 Strategic Allocation Portfolios, Inc.; 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 January 31, 2023.

**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 Year of** <br> **Birth**<br>| &nbsp;&nbsp; **Position(s) Held with** <br> **the Trust**<br>| &nbsp;&nbsp; **Term of Office and Length** <br> **of Time Served**<sup>1</sup> <br>| **Principal Occupation(s) During the Past 5 Years** |
| &nbsp;&nbsp; **Andy Simonoff**<br>(1973)<br>5780 Powers Ferry Rd. NW<br> Atlanta, GA 30327 <br>| &nbsp;&nbsp; President and Chief <br> Executive Officer<br>| January 2023 – Present | &nbsp;&nbsp; Director, President, and Chief Executive Officer, Voya Funds Services, LLC, Voya Capital, <br> LLC, and Voya Investments, LLC (January 2023 – Present); Managing Director, Chief <br> Strategy and Transformation Officer, Voya Investment Management (January 2020 – <br> Present). Formerly, Managing Director, Head of Business Management, Voya Investment <br> Management (March 2019 – January 2020); Managing Director, Head of Business <br> Management, Fixed Income, Voya Investment Management (November 2015 – March <br> 2019).<br>|
| &nbsp;&nbsp; **Jonathan Nash**<br>(1967)<br>230 Park Avenue<br> New York, NY 10169 <br>| &nbsp;&nbsp; Executive Vice <br> President <br>Chief Investment <br> Risk Officer<br>| March 2020 – Present | &nbsp;&nbsp; Executive Vice President and Chief Investment Risk Officer, Voya Investments, LLC (March <br> 2020 – Present); Senior Vice President, Investment Risk Management, Voya Investment <br> Management (March 2017 – Present). Formerly, Vice President, Voya Investments, LLC <br> (September 2018 – March 2020); Consultant, DA Capital LLC (January 2016 – March <br> 2017).<br>|
| &nbsp;&nbsp; **James M. Fink**<br>(1958)<br>5780 Powers Ferry Rd. NW<br> Atlanta, GA 30327 <br>| &nbsp;&nbsp; Executive Vice <br> President<br>| March 2018 – Present | &nbsp;&nbsp; Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Managing <br> Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March <br> 2018 – Present); Chief Administrative Officer, Voya Investment Management (September <br> 2017 – Present). Formerly, Managing Director, Operations, Voya Investment Management <br> (March 1999 – September 2017).<br>|
| &nbsp;&nbsp; **Steven Hartstein**<br>(1963)<br>230 Park Avenue<br> New York, NY 10169 <br>| &nbsp;&nbsp; Chief Compliance <br> Officer<br>| December 2022 – Present | &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 Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| &nbsp;&nbsp; Senior Vice <br> President, <br> Chief/Principal <br> Financial Officer and <br> Assistant Secretary<br>| March 2005 – Present | &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 Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| &nbsp;&nbsp; Senior Vice <br> President<br>| November 2003 – Present | Senior Vice President, Voya Investments, LLC (September 2003 – Present). |
| &nbsp;&nbsp; **Sara M. Donaldson**<br>(1959)<br>7337 East Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| &nbsp;&nbsp; Senior Vice <br> President<br>| September 2014 – Present | &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>|
| &nbsp;&nbsp; **Andrew K. Schlueter**<br>(1976)<br>7337 East Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| &nbsp;&nbsp; Senior Vice <br> President<br>| March 2018 – Present | &nbsp;&nbsp; Senior Vice President, Head of Mutual Fund Operations, Voya Investment Management <br> (March 2022 – Present); Vice President, Voya Investments Distributor, LLC (April 2018 – <br> Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March <br> 2018 – Present). Formerly, Vice President, Head of Mutual Fund Operations, Voya <br> Investment Management (February 2018 – February 2022); Vice President, Voya <br> Investment Management (March 2014 – February 2018). <br>|

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name, Address and Year of** <br> **Birth**<br>| &nbsp;&nbsp; **Position(s) Held with** <br> **the Trust**<br>| &nbsp;&nbsp; **Term of Office and Length** <br> **of Time Served**<sup>1</sup><br>| **Principal Occupation(s) During the Past 5 Years** |
| &nbsp;&nbsp; **Robert Terris**<br>(1970)<br>5780 Powers Ferry Rd. NW<br> Atlanta, GA 30327 <br>| &nbsp;&nbsp; Senior Vice <br> President<br>| May 2006 – Present | &nbsp;&nbsp; Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior <br> Vice President, Head of Investment Services, Voya Investments, LLC (April 2018 – <br> Present); Senior Vice President, Head of Investment Services, Voya Funds Services, LLC <br> (March 2006 – Present). Formerly, Senior Vice President, Head of Division Operations, <br> Voya Investments, LLC (October 2015 – April 2018).<br>|
| &nbsp;&nbsp; **Joanne F. Osberg**<br>(1982)<br>7337 East Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| &nbsp;&nbsp; Vice President<br>Secretary<br>| &nbsp;&nbsp; September 2020 – Present<br>September 2020 – Present<br>| &nbsp;&nbsp; Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal <br> Department (September 2020 – Present). Formerly, Vice President and Counsel, Voya <br> Investment Management – Mutual Fund Legal Department (January 2013 – September <br> 2020).<br>|
| &nbsp;&nbsp; **Fred Bedoya**<br>(1973)<br>7337 East Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| &nbsp;&nbsp; Vice President, <br> Principal Accounting <br> Officer and Treasurer<br>| September 2012 – Present | &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 Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| Vice President | May 1999 – Present | &nbsp;&nbsp; Vice President Voya Investments, LLC (August 1997 – Present); and Vice President, <br> Voya Funds Services, LLC (November 1995 – Present).<br>|
| &nbsp;&nbsp; **Jason Kadavy**<br>(1976)<br>7337 East Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| Vice President | September 2012 – Present | &nbsp;&nbsp; Vice President, Voya Investments, LLC (October 2015 – Present); Vice President, <br> Voya Funds Services, LLC (July 2007 – Present).<br>|
| &nbsp;&nbsp; **Erica McKenna**<br>(1972)<br>7337 East Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034<br>| Vice President | June 2022 – Present | &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>|
| &nbsp;&nbsp; **Craig Wheeler**<br>(1969)<br>7337 East Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| Vice President | May 2013 – Present | Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present).  |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name, Address and Year of** <br> **Birth**<br>| &nbsp;&nbsp; **Position(s) Held with** <br> **the Trust**<br>| &nbsp;&nbsp; **Term of Office and Length** <br> **of Time Served**<sup>1</sup><br>| **Principal Occupation(s) During the Past 5 Years** |
| &nbsp;&nbsp; **Nicholas C.D. Ward**<br>(1993)<br>7337 East Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| &nbsp;&nbsp; Assistant Vice <br> President and <br> Assistant Secretary<br>| June 2022 – Present | &nbsp;&nbsp; Counsel, Voya Investment Management – Mutual Fund Legal Department (November 2021 <br> – Present). Formerly, Associate, Dechert LLP (October 2018 – November 2021).<br>|
| &nbsp;&nbsp; **Gizachew Wubishet**<br>(1976)<br>7337 East Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| &nbsp;&nbsp; Assistant Vice <br> President and <br> Assistant Secretary<br>| June 2022 – Present | &nbsp;&nbsp; Assistant Vice President and Counsel, Voya Investment Management – Mutual Fund Legal <br> Department (May 2019 – Present). Formerly, Attorney, Ropes & Gray LLP (October 2011 – <br> April 2019).<br>|
| &nbsp;&nbsp; **Monia Piacenti**<br>(1976)<br>One Orange Way<br> Windsor, CT 06095 <br>| &nbsp;&nbsp; Anti-Money <br> Laundering Officer<br>| June 2018 – Present | &nbsp;&nbsp; Compliance Consultant, Voya Financial, Inc. (January 2019 – Present); Anti-Money <br> Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management, and <br> Voya Investment Management Trust Co. (June 2018 – Present). Formerly, Senior <br> Compliance Officer, Voya Investment Management (December 2009 – December 2018).<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 each 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 each 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 each 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 each Fund, and review each Fund's investment performance.

**The Board Leadership Structure and Related Matters** 

The Board is comprised of seven (7) members, all of whom are independent or disinterested persons, which means that they are not "interested persons" of each Fund as defined in Section 2(a)(19) of the 1940 Act (the "Independent Trustees").

The Trust is one of 20 registered investment companies (with a total of approximately 138 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 Colleen D. Baldwin, 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. Ms. Baldwin 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. Seven (7) of these regular meetings consist of sessions held over a two- or three-day period, and one (1) of these meetings consists of a one-day session. In addition, during the course of a year, the Board and many of its Committees typically hold special meetings by telephone 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 three (3) Independent Trustees. The following Trustees currently serve as members of the Audit Committee: Ms. Baldwin and Messrs. Gavin and Obermeyer. 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 October 31, 2022.

***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: Mses. Chadwick and Pressler and Messrs. Boyer and Sullivan. 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 seven (7) meetings during the fiscal year ended October 31, 2022.

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***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 each 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 seven (7) 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 October 31, 2022.

***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. Each 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 Global Diversified Payment Fund |  | X |
| Voya Global Perspectives<sup>®</sup> Fund | X |  |

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The IRC E currently consists of three (3) Independent Trustees. The following Trustees serve as members of the IRC E: Ms. Chadwick and Messrs. Boyer and Obermeyer. Ms. Chadwick 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 October 31, 2022.

The IRC F currently consists of four (4) Independent Trustees. The following Trustees serve as members of the IRC F: Mses. Baldwin and Pressler and Messrs. Gavin and Sullivan. 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 October 31, 2022.

***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 85258-2034. 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 seven (7) of the Independent Trustees of the Board. Mr. Obermeyer 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 three (3) meetings during the fiscal year ended October 31, 2022.

**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 each Fund. In this connection, the Board has been advised that it is not practicable to identify all of the risks that may impact each 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 each 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 each 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 each Fund. In addition, many service providers to each Fund have adopted their own policies, procedures, and controls designed to address particular risks to each 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 each 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 each 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 also has served as the Chairperson of the Trust's Board of Trustees since January 1, 2020 and, prior to that, as the Chairperson of the Trust's IRC E from 2014 through 2019. Prior to that, she served as the Chairperson of the Trust's Nominating and Governance Committee from 2009 through 2014. Ms. Baldwin has been an Advisory Board member of RSR Partners, Inc. since 2016 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 Trust's Board of Trustees from 2014 through 2019. Prior to that, he served as the Chairperson of the Trust's IRC F since 2006 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.

*Patricia W. Chadwick* 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 IRC E since January 1, 2020 and, prior to that, as the Chairperson of the Trust's former Joint IRC from 2018 through 2019. Prior to that, she served as the Chairperson of the Trust's IRC F since January 23, 2014. Since 2000, Ms. Chadwick has been the Founder and President of Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy. She also is a director of The Royce Funds (since 2009) and AMICA Mutual Insurance Company (since 1992). Previously, she served in senior roles at several major financial services firms where her duties included the management of corporate pension funds, endowments, and foundations, as well as management responsibilities for an asset management business. Ms. Chadwick holds a B.A. from Boston University and is a Chartered Financial Analyst.

*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 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.

*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 also has served as the Chairperson of the Trust's Nominating and Governance Committee since January 1, 2018 and, prior to that, as the Chairperson of the Trust's former Joint IRC from 2014 through 2017. Mr. Obermeyer is the founder and President of Obermeyer & Associates, Inc., a provider of financial and economic consulting services since 1999. 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 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 on the Board of Centerra Gold since May 2008. 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 (May 2002 – May 2013), and Director of Retirement Funds Management (1981-1994) of McDonnell Douglas Corporation (aircraft manufacturer). 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

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(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.

**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 ("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 this Policy.

Investment in mutual funds of the Voya family of funds by the Trustees pursuant to this 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 each 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, 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Dollar Range of Equity Securities in each Fund as of December 31, 2022** | **Dollar Range of Equity Securities in each Fund as of December 31, 2022** | **Dollar Range of Equity Securities in each Fund as of December 31, 2022** | **Dollar Range of Equity Securities in each Fund as of December 31, 2022** |
| **Fund** | **Colleen D. Baldwin** | **John V. Boyer** | **Patricia W. Chadwick** | **Martin J. Gavin** |
| Voya Global Diversified <br> Payment Fund<br>|  |  |  |  |
| Voya Global Perspectives<sup>®</sup> <br> Fund<br>|  |  |  |  |
| 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>1</sup> | Over $100,000<sup>1</sup> | Over $100,000 | Over $100,000<sup>1</sup> |

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Dollar Range of Equity Securities in each Fund as of December 31, 2022** | **Dollar Range of Equity Securities in each Fund as of December 31, 2022** | **Dollar Range of Equity Securities in each Fund as of December 31, 2022** |
| **Fund** | **Joseph E. Obermeyer** | **Sheryl K. Pressler** | **Christopher P. Sullivan** |
| Voya Global Diversified <br> Payment Fund<br>|  |  |  |
| Voya Global Perspectives<sup>®</sup> <br> Fund<br>|  |  |  |
| 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>1</sup> | Over $100,000<sup>1</sup> | Over $100,000 |

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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 each Fund's 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 each Fund (not including registered investment companies) as of December 31, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Trustee** | &nbsp;&nbsp; **Name of Owners** <br> **and Relationship to** <br> **Trustee**<br>| **Company** | **Title of Class** | **Value of Securities** | **Percentage of Class** |
| **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 |
| **Patricia W. Chadwick** | N/A | N/A | N/A | N/A | N/A |
| **Martin J. Gavin** | 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 |

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**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.

Effective January 1, 2023, each 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) Ms. Baldwin, as the Chairperson of the Board, receives an additional annual retainer of $100,000; (iii) Mses. Chadwick and Pressler and Messrs. Boyer, Gavin, Obermeyer, and Sullivan, as the Chairpersons of Committees of the Board, each receives an additional annual retainer of $30,000, $65,000, $30,000, $30,000, $30,000 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.

Prior to January 1, 2023, each Fund paid 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 $250,000; (ii) Ms. Baldwin, as the Chairperson of the Board, received an additional annual retainer of $100,000; (iii) Mses. Chadwick and Pressler and Messrs. Boyer, Gavin, Obermeyer, and Sullivan, as the Chairpersons of Committees of the Board, each received an additional annual retainer of $30,000, $65,000, $30,000, $30,000, $30,000 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 have designated other special meetings as subject to an attendance fee in the amount of $5,000 for in-person meetings and $2,500 for special telephonic meetings.

The *pro rata* share paid by each Fund is based on each 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.

**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 each Fund's Investment Adviser regarding compensation of Trustees by each Fund and other funds managed by the Investment Adviser and its affiliates for the fiscal year ended October 31, 2022. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate Compensation** | **Aggregate Compensation** | **Aggregate Compensation** | **Aggregate Compensation** |
| **Fund** | **Colleen D. Baldwin** | **John V. Boyer** | **Patricia W. Chadwick** | **Martin J. Gavin** |
| Voya Global Diversified <br> Payment Fund<br>| $1537.90 | $1287.58 | $1287.58 | $1287.58 |
| Voya Global Perspectives<sup>®</sup> <br> Fund<br>| $570.69 | $477.69 | $477.69 | $477.69  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate Compensation** | **Aggregate Compensation** | **Aggregate Compensation** | **Aggregate Compensation** |
| **Fund** | **Colleen D. Baldwin** | **John V. Boyer** | **Patricia W. Chadwick** | **Martin J. Gavin** |
| Pension or Retirement <br> Benefits Accrued as Part of <br> Fund Expenses<sup>2</sup> <br>| N/A | $0 | $0 | N/A |
| Estimated Annual Benefits <br> Upon Retirement<sup>3</sup> <br>| N/A | $400000.00 | $113333.00 | N/A |
| Total Compensation from the <br> Fund and the Voya family of <br> funds Paid to Trustees<br>| $430000.00 | $360000.00 | $360000.00 | $360000.00 |

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Aggregate Compensation** | **Aggregate Compensation** | **Aggregate Compensation** |
| **Fund** | **Joseph E. Obermeyer** | **Sheryl K. Pressler** | **Christopher P. Sullivan** |
| Voya Global Diversified <br> Payment Fund<br>| $1287.58 | $1412.74 | $1287.58 |
| Voya Global Perspectives<sup>®</sup> <br> Fund<br>| $477.69 | $524.19 | $477.69 |
| Pension or Retirement <br> Benefits Accrued as Part of <br> Fund Expenses<sup>2</sup> <br>| N/A | $0.00 | N/A |
| Estimated Annual Benefits <br> Upon Retirement<sup>3</sup> <br>| N/A | $113333.00 | N/A |
| Total Compensation from the <br> Fund and the Voya family of <br> funds Paid to Trustees<br>| $360000.00<sup>1</sup> | $395000.00<sup>1</sup> | $360000.00 |

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During the fiscal year ended October 31, 2022, Mr. Obermeyer and Ms. Pressler deferred $36,000 and $70,000, respectively, of their compensation from the Voya family of funds.

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.

**CODE OF ETHICS**

Each 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 each Fund. The Code of Ethics is intended to prohibit fraud against each 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 each 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 all 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.

The following may be deemed control persons of certain Funds:

Voya Institutional Trust Company, a Connecticut corporation, is an indirect subsidiary of Voya Financial, Inc.

**Trustee and Officer Holdings** 

As of February 3, 2023, the Trustees and officers of the Trust as a group owned less than 1% of any class of each Fund's outstanding shares.

**Principal Shareholders** 

As of February 3, 2023, to the best knowledge of management, no person owned beneficially or of-record 5% or more of the outstanding shares of any class of a Fund or 5% or more of the outstanding shares of a Fund addressed herein, except as set forth in the table below. The Trust has no knowledge as to whether all or any portion of shares owned of-record are also owned beneficially.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Fund** | **Class** | **Name and Address** | **Percentage** <br>**of Class**<br>| **Percentage** <br>**of Fund**<br>|
| Voya Global Diversified <br> Payment Fund<br>| Class A | National Financial Services LLC<br> For Exclusive Benefit of Our Customers<br> 499 Washington Blvd Fl 5<br> Jersey City, NJ 07310-2010<br>| 12.20% | 8.96%  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Fund** | **Class** | **Name and Address** | **Percentage**<br> **of Class**<br>| **Percentage**<br> **of Fund**<br>|
| Voya Global Diversified <br> Payment Fund<br>| Class A | Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-0001<br>| 6.97% | 11.93% |
| Voya Global Diversified <br> Payment Fund<br>| Class A | Morgan Stanley<br> For Exclusive Benefit of its Customers<br> 1 New York Plaza Fl 12<br> New York, NY 10004-1901<br>| 8.70% | 15.55% |
| Voya Global Diversified <br> Payment Fund<br>| Class A | Wells Fargo Clearing SVCS LLC<br> 2801 Markets Street<br> Saint Louis, MO 63103<br>| 7.59% | 11.99% |
| Voya Global Diversified <br> Payment Fund<br>| Class A | RBC Capital Markets LLC<br> Mutual Fund Omnibus Processing<br> Attn: Mutual Fund OPS Manager<br> 250 Nicollet Mall Suite 1400<br> Minneapolis, MN 55401-1931<br>| 5.25% | 4.24% |
| Voya Global Diversified <br> Payment Fund<br>| Class A | Voya Institutional Trust Company<br> 1 Orange Way<br> Windsor, CT 06095-4773<br>| 9.64% | 5.62% |
| Voya Global Diversified <br> Payment Fund<br>| Class A | Raymond James<br> Omnibus for Mutual Funds House Account<br> Attn: Courtney Waller<br> 880 Carillon Parkway<br> St. Petersburg, FL 33716<br>| 29.34% | 20.85% |
| Voya Global Diversified <br> Payment Fund<br>| Class A | LPL Financial<br> Omnibus Custome Account<br> Attn Lindsay Otoole<br> 4707 Executive Drive<br> San Diego, CA 92121<br>| 6.00% | 6.32% |
| Voya Global Diversified <br> Payment Fund<br>| Class C | Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-0001<br>| 13.23% | 11.93% |
| Voya Global Diversified <br> Payment Fund<br>| Class C | Morgan Stanley<br> For Exclusive Benefit of its Customers<br> 1 New York Plaza Fl 12<br> New York, NY 10004-1901<br>| 8.57% | 15.55% |
| Voya Global Diversified <br> Payment Fund<br>| Class C | Wells Fargo Clearing SVCS LLC<br> 2801 Market St.<br> Saint Louis, MO 63103<br>| 34.67% | 11.99% |
| Voya Global Diversified <br> Payment Fund<br>| Class C | Raymond James<br> Omnibus for Mutual Funds House Account<br> Attn: Courtney Waller<br> 880 Carillon Parkway<br> St. Petersburg, FL 33716<br>| 12.70% | 20.85% |
| Voya Global Diversified <br> Payment Fund<br>| Class C | LPL Financial<br> Omnibus Customer Account<br> Attn: Lindsay O'Toole<br> 4707 Executive Dr.<br> San Diego, CA 92121<br>| 11.30% | 6.32% |
| Voya Global Diversified <br> Payment Fund<br>| Class I | National Financial Services LLC<br> FBO Our Customers<br> Attn: Mutual Funds Department 4th Fl.<br> 499 Washington Blvd.<br> Jersey City, NJ 07310<br>| 5.61% | 8.96% |
| Voya Global Diversified <br> Payment Fund<br>| Class I | UBS WM USA<br> SPEC CDY A/C EXL BEN Customers of UBSFSI<br> 1000 Harbor Blvd<br> Weehawken, NJ 07086<br>| 10.63% | 3.52% |
| Voya Global Diversified <br> Payment Fund<br>| Class I | Morgan Stanley<br> For Exclusive Benefit of its Customers<br> 1 New York Plaza Fl 12<br> New York, NY 10004-1901<br>| 39.95% | 15.55%  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Fund** | **Class** | **Name and Address** | **Percentage**<br> **of Class**<br>| **Percentage**<br> **of Fund**<br>|
| Voya Global Diversified <br> Payment Fund<br>| Class I | Wells Fargo Clearing SVCS LLC<br> 2801 Market St.<br> Saint Louis, MO 63103<br>| 13.30% | 11.99% |
| Voya Global Diversified <br> Payment Fund<br>| Class I | Raymond James<br> Omnibus for Mutual Funds House Account<br> Attn: Courtney Waller<br> 880 Carillon Parkway<br> St. Petersburg, FL 33716<br>| 11.18% | 20.85% |
| Voya Global Diversified <br> Payment Fund<br>| Class I | LPL Financial<br> Omnibus Customer Account<br> Attn: Lindsay O'Toole<br> 4707 Executive Drive<br> San Diego, CA 92121<br>| 5.90% | 6.32% |
| Voya Global Diversified <br> Payment Fund<br>| Class R | UBS WM USA<br> SPEC CDY A/C EXL BEN Customers of UBSFSI<br> 1000 Harbor Blvd<br> Weehawken, NJ 07086<br>| 40.42% | 3.52% |
| Voya Global Diversified <br> Payment Fund<br>| Class R | Raymond James<br> Omnibus for Mutual Funds House Account<br> Attn: Courtney Waller<br> 880 Carillon Parkway<br> St. Petersburg, FL 33716<br>| 59.58% | 20.85% |
| Voya Global Diversified <br> Payment Fund<br>| Class R6 | Charles Schwab & CO. Inc.<br> Special Custody Acct FBO Customers<br> Attn: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4122<br>| 98.17% | 1.84% |
| Voya Global Diversified <br> Payment Fund<br>| Class W | Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-0001<br>| 74.25% | 11.93% |
| Voya Global Diversified <br> Payment Fund<br>| Class W | Charles Schwab & CO. Inc.<br> Special Custody Acct FBO Customers<br> Attn: Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94105<br>| 5.50% | 1.84% |
| Voya Global Perspectives<sup>®</sup> <br> Fund<br>| Class A | Voya Institutional Trust Company<br> 1 Orange Way<br> Windsor, CT 06095-4773<br>| 89.48% | 83.94% |
| Voya Global Perspectives<sup>®</sup> <br> Fund<br>| Class C | Doering Equipment Co. Inc.<br> PO Box 31<br> 135 Douglas Turnpike<br> Harrisville, RI 02830-1603<br>| 10.94% | 0.21% |
| Voya Global Perspectives<sup>®</sup> <br> Fund<br>| Class C | Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-00001<br>| 35.56% | 3.90% |
| Voya Global Perspectives<sup>®</sup> <br> Fund<br>| Class C | American Enterprise Investment SVC<br> 707 2nd Avenue South<br> Minneapolis, MN 55402-2405<br>| 14.97% | 1.28% |
| Voya Global Perspectives<sup>®</sup> <br> Fund<br>| Class C | LPL Financial<br> Omnibus Customer Account<br> Attn: Lindsay O'Toole<br> 4707 Executive Dr.<br> San Diego, CA 92121<br>| 13.41% | 3.97% |
| Voya Global Perspectives<sup>®</sup> <br> Fund<br>| Class I | RBC Capital Markets LLC<br> Mutual Fund Omnibus Processing<br> Attn: Mutual Fund OPS Manager<br> 250 Nicollet Mall Suite 1400<br> Minneapolis, MN 55401-1931<br>| 27.61% | 0.98% |
| Voya Global Perspectives<sup>®</sup> <br> Fund<br>| Class I | American Enterprise Investment SVC<br> 707 2nd Avenue South<br> Minneapolis, MN 55402-2405<br>| 7.79% | 1.28%  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Fund** | **Class** | **Name and Address** | **Percentage**<br> **of Class**<br>| **Percentage**<br> **of Fund**<br>|
| Voya Global Perspectives<sup>®</sup> <br> Fund<br>| Class I | LPL Financial<br> Omnibus Customer Account<br> Attn: Lindsay O'Toole<br> 4707 Executive Dr.<br> San Diego, CA 92121<br>| 48.19% | 3.97% |
| Voya Global Perspectives<sup>®</sup> <br> Fund<br>| Class R | Voya Institutional Trust Company<br> 1 Orange Way<br> Windsor, CT 06095-4773<br>| 99.97% | 83.94% |
| Voya Global Perspectives<sup>®</sup> <br> Fund<br>| Class W | Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-00001<br>| 13.73% | 3.90% |
| Voya Global Perspectives<sup>®</sup> <br> Fund<br>| Class W | Voya Institutional Trust Company<br> 1 Orange Way<br> Windsor, CT 06095-4773<br>| 69.28% | 83.94% |
| Voya Global Perspectives<sup>®</sup> <br> Fund<br>| Class W | LPL Financial<br> Omnibus Customer Account<br> Attn: Lindsay O'Toole<br> 4707 Executive Dr.<br> San Diego, CA 92121<br>| 14.86% | 3.97% |

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**PROXY VOTING PROCEDURES AND GUIDELINES**

The Board has adopted proxy voting procedures and guidelines to govern the voting of proxies relating to each Fund's portfolio securities. The procedures and guidelines provide that, under most circumstances, each Fund will "echo" vote its interest in Underlying Funds. This means that, if a Fund must vote on a proposal with respect to an Underlying Fund, the Fund will vote its interest in that Underlying Fund in the same proportion that all other shareholders in the Underlying Fund voted their interests. The effect of echo voting may be that a small number of shareholders may determine the outcome of a vote. The proxy voting procedures and guidelines delegate to the Investment Adviser the authority to vote proxies relating to portfolio securities, and provide a method for responding to potential conflicts of interest. In delegating voting authority to the Investment Adviser, the Board has also approved the Investment Adviser's proxy voting procedures, which require the Investment Adviser to vote proxies in accordance with each Fund's proxy voting procedures and guidelines. An independent proxy voting service has been retained to assist in the voting of Fund proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. In addition, the Compliance Committee oversees the implementation of each Fund's proxy voting procedures and guidelines. A copy of the proxy voting procedures and guidelines of each Fund, including procedures of the Investment

Adviser, is attached hereto as Appendix B. No later than August 31st of each year, information regarding how each Fund voted proxies relating to portfolio securities for the one-year period ending June 30th is available online without charge at www.voyainvestments.com or by accessing the SEC's EDGAR database at www.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, each 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 each 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 each 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 each Fund. In addition, the Investment Adviser provides administrative services reasonably necessary for the ordinary operation of each 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 each Fund and provides advice and guidance to each 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 each Fund's investments and portfolio composition including supervising any Sub-Adviser with respect to the services that such 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

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as the Investment Adviser may consider necessary or appropriate to the performance of its services hereunder; (vi) periodically monitors and evaluates the performance of any Sub-Adviser with respect to the investment objectives and policies of each 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 each 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 each 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 each Fund's assets and the purchase and sale of portfolio securities for one or more Funds in the event that at any time no sub-adviser is engaged to manage the assets of such Fund.

In addition, the Investment Adviser assists in managing and supervising all aspects of the general day-to-day business activities and operations of each Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance, and related services. The Investment Adviser also reviews each 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 each Fund.

**Limitation of Liability** 

The Investment Adviser is not subject to liability to each 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 each 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 a particular Fund at any time without penalty by: (i) the vote of the Board; (ii) the vote of a majority of each Fund's outstanding voting securities (as defined in Section 2(a)(42) of the 1940 Act) of that Fund; 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 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.

As compensation for its services, each Fund pays the Investment Adviser, expressed as an annual rate, a fee equal to the following as a percentage of each Fund's average daily net assets. The fee is accrued daily and paid monthly.

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

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| | |
|:---|:---|
| **Fund** | **Annual Management Fee** |
| Voya Global Diversified Payment <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Fund invests in Underlying Funds: 0.18% of the Fund's average daily net assets; <br> and if the Fund invests in Direct Investments: 0.40% of the Fund's average daily net <br> assets.<br>|
| Voya Global Perspectives<sup>®</sup> Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Fund invests in Underlying Funds: 0.20% of the Fund's average daily net assets; <br> and if the Fund invests in Direct Investments: 0.40% of the Fund's average daily net <br> assets.<br>|

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**Voya Global Diversified Payment Fund** 

"Underlying Funds" shall mean open-end investment companies registered under the 1940 Act within the Voya family of funds. The term "family of funds" shall have the same meaning as "fund complex" as defined in Item 17 of Form N-1A, as it was in effect on the date of the Investment Management Agreement.

"Direct Investments" include but are not limited to a security issued by an investment company that is not a part of the Voya family of funds, including exchange-traded funds, a security issued by a non-mutual fund issuer, such as an operating company, and derivative instruments other than call options written by the Fund's sub-adviser.

**Voya Global Perspectives**<sup>®</sup> **Fund** 

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"Underlying Funds" shall mean open-end investment companies registered under the 1940 Act within the Voya family of funds. The term "family of funds" shall have the same meaning as "fund complex" as defined in Item 17 of Form N-1A, as it was in effect on the date of the Investment Management Agreement.

"Direct Investments" shall mean assets which are not Underlying Funds.

**Total Investment Management Fees Paid by each Fund** 

During the past three fiscal years, each Fund paid the following investment management fees to the Investment Adviser or its affiliates.

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

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **October 31,** | **October 31,** | **October 31,** |
|  | 2022 | 2021 | 2020 |
| Voya Global Diversified Payment Fund | $1005314 | $1028837.00 | $863033.00 |
| Voya Global Perspectives<sup>®</sup> Fund | $292870 | $289660.00 | $192866.00 |

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**EXPENSES**

Each Fund's assets may decrease or increase during its fiscal year and each Fund's operating expense ratios may correspondingly increase or decrease.

In addition to the management fee and other fees described previously, each 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 each Fund are generally allocated to each Fund, and each class of each Fund, in proportion to its *pro rata* average net assets, provided that expenses that are specific to a class of a Fund may be charged directly to that class in accordance with the Trust's Multiple Class Plan(s) pursuant to Rule 18f-3. However, any Rule 12b-1 Plan fees for each class of shares are charged proportionately only to the outstanding shares of that class.

Certain operating expenses shared by several Funds are generally 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), each 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 each 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.

**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 each 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 a 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 such as litigation and expenses of the CCO and CIRO, other expenses not incurred in the ordinary course of each Fund's business, and expenses of any counsel or other persons or services retained by the Independent Trustees. Leverage expenses shall mean fees, costs, and expenses incurred in connection with 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).

If an expense limitation is subject to recoupment (as indicated in the Prospectus), the Investment Adviser, Distributor, or Sub-Adviser, as applicable, may recoup any expenses reimbursed within 36 months of the waiver or reimbursement and the amount of the recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time of the waiver or reimbursement; or (ii) the expense limitation in effect at the time of recoupment. Reimbursement for fees waived or expenses assumed will only apply to amounts waived or expenses assumed after the effective date of the expense limitation.

**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.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **October 31,** | **October 31,** | **October 31,** |
|  | 2022 | 2021 | 2020 |
| Voya Global Diversified Payment Fund | ($54347.00) | ($397188.00) | ($256917.00) |
| Voya Global Perspectives<sup>®</sup> Fund | ($116651.00) | ($44810.00) | ($123632.00) |

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**SUB-ADVISER**

The Investment Adviser has engaged the services of the Sub-Adviser to provide sub-advisory services to each 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 each Fund and determines the composition of the assets of each Fund, including determination of the purchase, retention, or sale of the securities, cash and other investments for the Fund, in accordance with each Fund's investment objectives, policies and restrictions and applicable laws and regulations.

**Limitation of Liability** 

The Sub-Adviser is not subject to liability to a 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.

**Sub-Advisory Fees** 

The Sub-Adviser receives compensation from the Investment Adviser at the annual rate of a specified percentage of each 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.

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| | | |
|:---|:---|:---|
| **Fund** | **Sub-Adviser** | **Annual Sub-Advisory Fee** |
| Voya Global Diversified Payment <br> Fund<br>| Voya IM | If the Fund invests in Underlying Funds: 0.036% <br> of the Fund's average daily net assets; and <br>If the Fund invests in Direct Investments: <br> 0.135% of the Fund's average daily net assets.<br>|
| Voya Global Perspectives<sup>®</sup> Fund | Voya IM | If the Fund invests in Underlying Funds: 0.045% <br> of the Fund's average daily net assets; and <br>If the Fund invests in Direct Investments: <br> 0.135% of the Fund's average daily net assets.<br>|

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**Voya Global Diversified Payment Fund** 

"Underlying Funds" shall mean open-end investment companies registered under the 1940 Act within the Voya family of funds. The term "family of funds" shall have the same meaning as "fund complex" as defined in Item 17 of Form N-1A, as it was in effect on the date of the Sub-Advisory Agreement.

"Direct Investments" include but are not limited to a security issued by an investment company that is not a part of the Voya family of funds, including exchange-traded funds, a security issued by a non-mutual fund issuer, such as an operating company, and derivative instruments other than call options written by the Fund's sub-adviser.

**Voya Global Perspectives**<sup>®</sup> **Fund** 

"Underlying Funds" shall mean open-end investment companies registered under the 1940 Act within the Voya family of funds. The term "family of funds" shall have the same meaning as "fund complex" as defined in Item 17 of Form N-1A, as it was in effect on the date of the Sub-Advisory Agreement.

"Direct Investments" shall mean assets which are not Underlying Funds.

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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.

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

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **October 31,** | **October 31,** | **October 31,** |
|  | 2022 | 2021 | 2020 |
| Voya Global Diversified Payment Fund | $277166.45 | $275202.57 | $214082.33 |
| Voya Global Perspectives<sup>®</sup> Fund | $71846.75 | $73190.48 | $43221.81 |

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**Portfolio Management**

*Other Accounts Managed* 

The following tables set forth the number of accounts and total assets in the accounts managed by each portfolio manager as of October 31, 2022:

**Voya Global Diversified Payment Fund**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered Investment Companies** | **Registered Investment Companies** | **Other Pooled Investment Vehicles** | **Other Pooled Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** |
| Barbara Reinhard, CFA | 44 | $14807123359 | 8 | $3953003188 | 0 | $0 |
| Paul Zemsky, CFA | 52 | $16484997714 | 14<sup>1</sup> | $4334009343 | 0 | $0 |

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One of these accounts with total assets of $655,903,611 has performance-based advisory fees.

**Voya Global Perspectives**<sup>®</sup> **Fund**

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered Investment Companies** | **Registered Investment Companies** | **Other Pooled Investment Vehicles** | **Other Pooled Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** |
| Douglas Coté, CFA | 3 | $638500580 | 0 | $0 | 12 | $679258905 |

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*Potential Material Conflicts of Interest* 

A portfolio manager may be subject to potential conflicts of interest because the portfolio manager is responsible for other accounts in addition to the Funds. 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 Funds. 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 a 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 Funds.

*Compensation* 

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 each 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 each 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 Funds, Voya IM has defined the following indices as the benchmark indices for the investment team:

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| | | |
|:---|:---|:---|
| **Fund** | **Portfolio Manager** | **Benchmark** |
| Voya Global Diversified Payment <br> Fund<br>| Barbara Reinhard, CFA and Paul Zemsky, CFA | S&P Target Risk Moderate Index |
| Voya Global Perspectives<sup>®</sup> Fund | Douglas Coté, CFA | S&P Target Risk Growth Index |

---

*Ownership of Securities* 

The following tables show the dollar range of equity securities of the Funds beneficially owned by each portfolio manager as of October 31, 2022, including investments by his/her immediate family members and amounts invested through retirement and deferred compensation plans:

**Voya Global Diversified Payment Fund**

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

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| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Owned** |
| Barbara Reinhard, CFA | None |
| Paul Zemsky, CFA | None |

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**Voya Global Perspectives**<sup>®</sup> **Fund**

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

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Owned** |
| Douglas Coté, CFA | $50001-$100000 |

---

In addition to the investments shown in the tables above, certain portfolio managers may be required to defer a portion of their compensation into an account that tracks the performance of investment options, including certain Voya mutual funds, chosen by the portfolio managers as part of their participation in Voya's deferred compensation plan and other targeted compensation programs. This deferral will not cause any purchase or sale of Fund shares, but the NAV of the Fund shares will be used as a measurement mechanism for determining the cash amount to be paid under any vesting provisions when the portfolio manager realizes his/her compensation.

The information below shows how much a portfolio manager has allocated to an investment option that tracks the performance of the Fund he/she manages. The portfolio managers may have allocated a portion of their deferral to another investment option which tracks the performance of a fund that they do not manage. Only the amount that a portfolio manager has allocated to an investment option that tracks the performance of Funds that he/she manages is shown below as of October 31, 2022:

**Voya Global Diversified Payment Fund**

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

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| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Allocated Under Deferred Compensation** |
| Barbara Reinhard, CFA | $10001-$50000  |

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---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Allocated Under Deferred Compensation** |
| Paul Zemsky, CFA | $100001-$500000 |

---

**Voya Global Perspectives**<sup>®</sup> **Fund**

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

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Allocated Under Deferred Compensation** |
| Douglas Coté, CFA | $100001-$500000 |

---

**PRINCIPAL UNDERWRITER**

Pursuant to the Distribution Agreement, the Distributor, an indirect subsidiary of Voya Financial, Inc., serves as principal underwriter and distributor for each Fund. The Distributor's principal office is located at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034. Shares of each Fund are offered on a continuous basis. As principal underwriter, the Distributor has agreed to use its best efforts to distribute the shares of each 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, but may be compensated or reimbursed for all or a portion of such expenses to the extent permitted under a Rule 12b-1 Plan.

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 each 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.

**Commissions and Compensation Received by the Principal Underwriter** 

The following table shows all commissions and other compensation received by each Principal Underwriter, who is an affiliated person of each Fund or an affiliated person of that affiliated person, directly or indirectly, from each Fund during the most recent fiscal year.

&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 Global Diversified <br> Payment Fund<br>| Voya Investments <br> Distributor, LLC<br>| $38225.49 | $1908.49 | $58108.86 |  |
| Voya Global Perspectives<sup>®</sup> <br> Fund<br>| Voya Investments <br> Distributor, LLC<br>| $1015.73 | $405.41 | $2149.15 |  |

---

**Sales Commissions and Dealer Reallowances – Class A Shares** 

In connection with the sale of Class A shares of each Fund, the Distributor may pay authorized dealers of record a sales commission as a percentage of the purchase price. At the discretion of the Distributor, all sales charges may at times be re-allowed to an authorized dealer. If 90% or more of the sales commission is re-allowed, such authorized dealer may be deemed to be an "underwriter" as that term is defined under the 1933 Act. The sales charge retained by the Distributor and the commissions re-allowed to selling dealers are not a fund expense and have no effect on a Fund's NAV.

In connection with the sale of Class A shares, the Distributor will re-allow to authorized dealers of record from the sales charge on such sales the following amounts:

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

---

| | |
|:---|:---|
|  | **Dealers' Reallowance as a Percentage of Offering Price** |
| **Amount of Transaction** | **Class A** |
| $0 to $49,000 | 4.75% |
| $50,000 to $99,999 | 4.00% |
| $100,000 to $249,999 | 3.00% |
| $250,000 to $499,999 | 2.25% |
| $500,000 to $999,999 | 2.00% |
| $1 million and over | See below |

---

The Distributor may pay to authorized dealers out of its own assets commissions on shares sold in Class A shares, at NAV, which at the time of investment would have been subject to the imposition of a CDSC if redeemed. There is no sales charge on purchases of $1,000,000 or more of Class A shares. However, such purchases may be subject to a CDSC, as disclosed in the Prospectus. The Distributor will pay

------

authorized dealers of record commissions at the rate of 1.00% on purchases of $1,000,000 or more of Class A shares that are subject to a CDSC.

In connection with qualified retirement plans that invest $1 million or more in Class A shares of a Fund, the Distributor will pay dealer compensation of 1.00% of the purchase price of the shares to the dealer from its own resources at the time of the initial investment.

**Dealer Reallowances – Class C Shares** 

For purchases of Class C shares subject to a CDSC, the Distributor may pay out of its own assets, a commission of 1.00% of the amount invested of each Fund.

**Sales Charges Received by the Distributor** 

The following table shows the sales charges received by the Distributor in connection with the sale of shares during the last three fiscal years. "N/A" in the table indicates that, as the Fund or class was not in operation during the fiscal year or such information is not yet available, no information is shown.

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

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| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class C** |
| **Fund** | **Sales Charges before Dealer** <br> **Reallowance**<br>| **Sales Charges after Dealer** <br> **Reallowance**<br>| **Deferred Sales Charges** |
| **2022** | **2022** | **2022** | **2022** |
| Voya Global Diversified <br> Payment Fund<br>| $40894.00 | $1148.00 | $2802.00 |
| Voya Global Perspectives<sup>®</sup> <br> Fund<br>| $1216.00 |  | $618.00 |
| **2021** | **2021** | **2021** | **2021** |
| Voya Global Diversified <br> Payment Fund<br>| $47303.00 |  | $1118.00 |
| Voya Global Perspectives<sup>®</sup> <br> Fund<br>| $4388.00 |  | $71.00 |
| **2020** | **2020** | **2020** | **2020** |
| Voya Global Diversified <br> Payment Fund<br>| $30513.00 |  | $5545.00 |
| Voya Global Perspectives<sup>®</sup> <br> Fund<br>| $2244.00 |  | $120.00 |

---

**Payments to Financial Intermediaries** 

The Investment Adviser or the Distributor, out of its own resources and without additional cost to a Fund or its shareholders, may provide additional cash or non-cash compensation to financial intermediaries selling shares of a Fund, including affiliates of the Investment Adviser and the Distributor. These amounts are in addition to the distribution payments made by a 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 a Fund's shares held by the broker-dealer's customers; or (2) 0.30% of the value of a 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, 2023, 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. | Advisor Group, Inc. |
| Ameriprise Financial Services, Inc. | Ascensus, LLC |
| Benefits Plans Administrative <br> Services, Inc.<br>| Benefit Trust Company |
| BlackRock Advisors, LLC | Broadridge Business Process Outsourcing, LLC |
| Cetera Advisors Networks LLC | Cetera Financial Holdings, Inc |
| Cetera Investment Services LLC | Cetera Financial Specialists LLC |
| CUSO Financial Services, L.P. | Charles Schwab & Co., Inc. |
| Edward Jones | E\*trade Securities, LLC |
| First Security Benefit Life Insurance <br> Company<br>| Fidelity Distributors Company, LLC |
| FSC Securities Corporation | GWFS Equities, Inc. |
| Goldman Sachs and Co. LLC | Janney Montgomery Scott LLC |
| John Hancock Trust Company, LLC | J.P. Morgan Securities LLC |
| Lincoln Investment | Lincoln Financial Securities Corp |
| Lincoln Financial Advisors Corp | Lincoln Retirement Services Company, LLC |
| LPL Financial, LLC | Massachusetts Mutual Life Insurance Co. |
| MML Distributors, LLC | Merrill Lynch, Pierce, Fenner & Smith, Inc. |
| Metlife Securities, Inc. | Mid Atlantic Financial Management, Inc. |
| Morgan Stanley | Nationwide Financial Services, Inc. |
| National Financial Services, LLC | Newport Retirement Services, Inc. |
| NY Life Annuity Insurance Co. | Pershing, LLC |
| PNC Bank N.A. | Principal Life Insurance Company |
| Prudential Insurance Co. of America | Raymond James & Associates, Inc. |
| Raymond James Financial Services, <br> Inc.<br>| Reliance Trust Company |
| RBC Capital Markets, LLC | Royal Alliance Associates, Inc. |
| SagePoint Financial, Inc. | Securities America, Inc. |
| Security Benefit Life Insurance <br> Company<br>| Standard Insurance Company |
| Stifel, Nicolaus & Company, Inc. | Symetra Securities, Inc. |
| T.Rowe Price Retirement Plan <br> Services, Inc.<br>| TD Ameritrade Clearing, Inc. |
| TD Ameritrade Trust Company | TIAA-CREF Life Insurance Company |
| TransAmerica Retirement Solutions <br> Corporation<br>| Triad Advisors, LLC  |

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------

---

| | |
|:---|:---|
| US Bank N.A. | UBS Financial Services, Inc. |
| Vanguard Marketing Corporation | VALIC Retirement Services Company |
| Vanguard Group, Inc. | Wells Fargo Clearing Services, LLC |
| Wells Fargo Bank, NA | Woodbury Financial Services, Inc. |

---

**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 a 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, Inc.; Banc of America Investment Services, Inc.; Banc of America Securities LLC; Charles Schwab & Co. Inc.; Chase Investment Services; Cetera Advisors LLC; Cetera Advisor Networks LLC; Cetera Financial Specialists LLC; Cetera Investment Advisers LLC; Cetera Investment Services LLC; Deutsche Bank Securities, Inc.; Edward Jones; FSC Securities Corporation; Fidelity Brokerage Services, Inc.; HSBC Securities (USA) Inc.; Janney Montgomery Scott Inc.; LPL Financial, LLC; Merrill, Lynch, Pierce, Fenner & Smith, Inc.; Morgan Keegan; Morgan Stanley Smith Barney; Morgan Stanley Wealth Management; Oppenheimer & Co., Inc.; Raymond James Financial Services, Inc.; RBC Capital Markets; Royal Alliance Associates, Inc.; Sagepoint Financial, Inc.; UBS Financial Services, Inc.; USAA Investment Management Co.; Voya Financial Advisors, Inc.; Wells Fargo Bank; Wells Fargo Bank N.A.; Wells Fargo Clearing Services, LLC; and Woodbury Financial Services, Inc.

**Payments Under the Rule 12b-1 Plans** 

Under the Rule 12b-1 Plans, ongoing payments will generally be made on a monthly basis for Voya Global Perspectives<sup>®</sup> Fund and on a quarterly basis for Voya Global Diversified Payment Fund to authorized dealers for both distribution and shareholder servicing at rates that are based on the average daily net assets of shares that are registered in the name of that authorized dealer as nominee or held in a shareholder account that designates that authorized dealer as the dealer of record. Rights to these ongoing payments generally begin to accrue in the 13th month following the purchase of a share class subject to a Rule 12b-1 Plan. The Distributor may, in its discretion, pay such financial intermediary Rule 12b-1 fees prior to the 13th month following the purchase of such shares.

**DISTRIBUTION AND SERVICING PLANS**

Each Fund has adopted one or more Distribution and/or Distribution and Service Plans pursuant to Rule 12b-1. In addition, certain share classes may have adopted Shareholder Service Plans pursuant to Rule 12b-1 (each, a "Rule 12b-1 Plan" or a "Plan" and together, the "Rule 12b-1 Plans" or the "Plans"). Certain share classes may pay a combined distribution and shareholder service fee.

Under the Plan, the Distributor may be entitled to a payment each month in connection with the offering, sale, and shareholder servicing of shares as a percentage of the average daily net assets attributable to each class of shares. Each Fund intends to operate the Rule 12b-1 Plan in accordance with its terms and FINRA rules concerning sales charges. The table below reflects the Plan for each Fund. Certain share classes do not pay distribution or shareholder service fees and are not included in the table.

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

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Type of Plan** | **Distribution Fee** | **Shareholder**<br> **Service Fee**<br>| **Combined**<br> **Distribution and**<br> **Shareholder**<br> **Service Fee**<br>|
| **Voya Global Diversified** <br> **Payment Fund**<br>|  |  |  |  |
| **Class A** | &nbsp;&nbsp; Distribution and<br> Service Plan<br>| N/A | N/A | 0.25% |
| **Class C** | &nbsp;&nbsp; Distribution and<br> Service Plan<br>| 0.75% | 0.25% | N/A |
| **Class R** | &nbsp;&nbsp; Distribution and<br> Service Plan<br>| 0.25% | 0.25% | N/A |
| **Voya Global Perspectives**<sup>®</sup> **Fund** | **Voya Global Perspectives**<sup>®</sup> **Fund** |  |  |  |
| **Class A** | &nbsp;&nbsp; Distribution and<br> Service Plan<br>| N/A | N/A | 0.25%\* |
| **Class C** | &nbsp;&nbsp; Distribution and<br> Service Plan<br>| 0.75% | 0.25% | N/A |
| **Class R** | &nbsp;&nbsp; Distribution and<br> Service Plan<br>| 0.25% | 0.25% | N/A |

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\*

Of this amount, up to 0.10% on an annualized basis of the average daily net assets of the Fund's Class A shares may be paid with respect to distribution services.

**Services Provided for the Distribution Fee** 

The distribution fee for a specific class may be used to cover the expenses of the Distributor primarily intended to result in the sale of that class of shares, including payments to securities dealers for selling shares of the Fund (which may include the principal underwriter itself) and other financial institutions and organizations to obtain various distribution related and/or administrative services for that Fund.

Distribution fees may be paid to cover expenses incurred in promoting the sale of that class of shares including, among other things (i) promotional activities; (ii) preparation and distribution of advertising materials and sales literature; (iii) personnel costs and overhead of the Distributor; (iv) the costs of printing and distributing to prospective investors the prospectuses and statements of additional information (and supplements thereto) and reports for other than existing shareholders; (v) payments to dealers and others that provide shareholder services (including the processing of new shareholder applications and serving as a primary source of information to customers in providing information and answering questions concerning each Fund and their transactions in each Fund); and (vi) costs of administering the Rule 12b-1 Plans.

**Services Provided for the Shareholder Service Fee** 

The shareholder service fees may be used to pay securities dealers (including the Distributor) and other financial institutions, plan administrators and organizations for services including, but not limited to: (i) acting as the shareholder of record; (ii) processing purchase and redemption orders; (iii) maintaining participant account records; (iv) answering participant questions regarding each Fund; (v) facilitation of the tabulation of shareholder votes in the event of a meeting of Fund shareholders; (vi) the conveyance of information relating to shares purchased and redeemed and share balances to each Fund and to service providers; (vii) provision of support services including providing information about each Fund; and (viii) provision of other services as may be agreed upon from time to time.

**Initial Board Approval, Continuation, Termination and Amendments to the Rule 12b-1 Plan** 

In approving the Rule 12b-1 Plans the Trustees, including a majority of the Independent Trustees who have no direct or indirect financial interest in the operation of the Rule 12b-1 Plans or any agreements relating to the Rule 12b-1 Plans (the "Rule 12b-1 Trustees"), concluded that there is a reasonable likelihood that the Rule 12b-1 Plans would benefit each Fund and each respective class of shareholders.

The Rule 12b-1 Plans continue from year to year, provided such continuance is approved annually by vote of a majority of the Board, including a majority of the Rule 12b-1 Trustees. The Rule 12b-1 Plan for a particular class may be terminated at any time, without penalty, by vote of a majority of the Rule 12b-1 Trustees or by a majority of the outstanding shares of the applicable class of the Fund.

Each Rule 12b-1 Plan may not be amended to increase materially the amount spent for distribution expenses as to a Fund without approval by a majority of the outstanding shares of the applicable class of the Fund, and all material amendments to a Rule 12b-1 Plan must be approved by a vote of the majority of the Board, including a majority of the Rule 12b-1 Trustees, cast in person at a meeting called for the purpose of voting on any such amendment.

**Further Information About the Rule 12b-1 Plan** 

The Distributor is required to report in writing to the Board at least quarterly on the amounts and purpose of any payment made under the Rule 12b-1 Plans and any related agreements, as well as to furnish the Board with such other information as may reasonably be requested in order to enable the Board to make an informed determination whether a Plan should be continued. The terms and provisions of the Rule 12b-1 Plans relating to required reports, term and approval are consistent with the requirements of Rule 12b-1.

------

Each Rule 12b-1 Plan is a compensation plan. This means that the Distributor will receive payment without regard to the actual distribution expenses it incurs. In the event a Plan is terminated in accordance with its terms, the obligations of a Fund to make payments to the Distributor pursuant to the Rule 12b-1 Plan will cease and the Fund will not be required to make any payment for expenses incurred after the date the Rule 12b-1 Plan terminates.

The Rule 12b-1 Plans were adopted because of the anticipated benefits to each Fund. These anticipated benefits include increased promotion and distribution of each Fund's shares, and enhancement in each Fund's ability to maintain accounts and improve asset retention and increased stability of assets for each Fund.

**Total Distribution Expenses** 

The following table sets forth the total distribution expenses incurred by the Distributor for the costs of promotion and distribution with respect to each class of shares for each Fund for the most recent fiscal year. "N/A" in the table indicates that, as the Fund or class was not in operation during the fiscal year or such information is not yet available, no information is shown.

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class** | **Advertising** | **Printing** | **Salaries & Commissions** | **Broker Servicing** | **Miscellaneous** | **Total** |
| &nbsp;&nbsp; Voya Global Diversified <br> Payment Fund<br>| A | $1274.83 | $24221.75 | $547989.38 | $525044.19 | $324049.28 | $1422579.43 |
|  | C | $311.98 | $5927.65 | $127133.48 | $599136.79 | $142961.85 | $875471.74 |
|  | I | $205.53 | $3905.06 | $52744.06 | $6041.29 | $74409.28 | $137305.22 |
|  | R | $1.17 | $22.19 | $519.50 | $1149.00 | $351.67 | $2043.53 |
|  | R6 | $205.53 | $3905.06 | $23176.43 | $6041.29 | $2742.31 | $36070.63 |
|  | W | $114.80 | $2181.21 | $44756.22 | $11465.38 | $40204.76 | $98722.38 |
| &nbsp;&nbsp; Voya Global Perspectives<sup>®</sup> <br> Fund<br>| A | $715.63 | $13596.89 | $242826.37 | $267042.45 | $39003.62 | $563184.95 |
|  | C | $22.85 | $434.24 | $7761.27 | $32171.06 | $11673.62 | $52063.04 |
|  | I | $205.53 | $3905.06 | $24429.82 | $6041.29 | $23834.87 | $58416.58 |
|  | R | $97.08 | $1844.57 | $29523.69 | $114014.96 | $3750.78 | $149231.08 |
|  | W | $170.02 | $3230.32 | $58316.53 | $12913.00 | $13180.39 | $87810.25 |

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**Total Distribution and Shareholder Services Fees Paid:** 

The following table sets forth the total distribution and shareholder services fees paid by each Fund to the Distributor under the Plans for the last three fiscal years.

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

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **October 31,** | **October 31,** | **October 31,** |
|  | 2022 | 2021 | 2020 |
| Voya Global Diversified Payment Fund | $1070654.00 | $1346933.00 | $1378680.00 |
| Voya Global Perspectives<sup>®</sup> Fund | $351044.00 | $339254.00 | $226606.00 |

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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 each Fund.

The custodian's responsibilities include safekeeping and controlling each Fund's cash and securities, handling the receipt and delivery of securities, and collecting interest and dividends on each Fund's investments. The custodian does not participate in determining the investment policies of a Fund, in deciding which securities are purchased or sold by the Fund or in the declaration of dividends and distributions. A 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 each 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** 

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BNY Mellon Investment Servicing (U.S.) Inc. (the "Transfer Agent") serves as the transfer agent and dividend-paying agent for each Fund. Its principal office is located at 301 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 a 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 a Fund at loan termination.

The following table provides the dollar amounts of income and fees/compensation related to the securities lending activities of each 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.

&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 Global Diversified Payment Fund |  |  |  |  |  |  |  |  |
| Voya Global Perspectives<sup>®</sup> Fund |  |  |  |  |  |  |  |  |

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**PORTFOLIO TRANSACTIONS**

Each Fund invests in Underlying Funds which in turn invest directly in securities. However, each Fund may invest directly in securities.

To the extent each Fund invests in affiliated Underlying Funds, the discussion relating to investment decisions made by the Investment Adviser or the Sub-Adviser with respect to each Fund also includes investment decisions made by the Investment Adviser or the Sub-Adviser with respect to affiliated Underlying Funds. For convenience, only the terms Investment Adviser, Sub-Adviser, and Fund are used.

The Investment Adviser or the Sub-Adviser for each Fund places orders for the purchase and sale of investment securities for each 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 a Fund pursuant to its Investment Management Agreement with each Fund, the Investment Adviser will perform the services described herein as being performed by the Sub-Adviser.

**How Securities Transactions are Effected** 

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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 securities exchanges commissions are fixed. Securities traded in the OTC markets (such as fixed-income 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 each 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 each 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 each Fund. Under these programs, the participating broker-dealers will return to each 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** 

In selecting broker-dealers to execute a trade for each 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 a Fund to pay a broker-dealer a commission for effecting a securities transaction for a 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 a 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) 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

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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 a 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 a 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 each 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 each 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 a 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 a 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 a Fund when selecting a broker-dealer for portfolio transactions, and neither a Fund nor the Investment Adviser or Sub-Adviser may enter into an agreement under which a Fund directs brokerage transactions (or revenue generated from such transactions) to a broker-dealer to pay for distribution of Fund shares. Each Fund has adopted policies and procedures, approved by the Board, that are designed to attain compliance with these prohibitions.

**Principal Trades and Research** 

Purchases of securities for each 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 a 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 Fixed-Income Instruments** 

Purchases and sales of fixed-income 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. Each Fund may also purchase such instruments in underwritten offerings and will, on occasion, purchase instruments directly from the issuer. Generally, fixed-income instruments are traded on a net basis and do not involve brokerage commissions. The cost of executing fixed-income instruments transactions consists primarily of dealer spreads and underwriting commissions.

In purchasing and selling fixed-income instruments, it is the policy of each 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, each Fund will not necessarily pay the lowest spread or commission available.

**Transition Management** 

Changes in sub-advisers, investment personnel and reorganizations of a Fund may result in the sale of a significant portion or even all of a Fund's portfolio securities. This type of change generally will increase trading costs and the portfolio turnover for the affected Fund. Each Fund, the Investment Adviser, or the Sub-Adviser may engage a broker-dealer to provide transition management services in connection with a change in the sub-adviser, reorganization, or other changes.

**Allocation of Trades** 

Some securities considered for investment by a Fund may also be appropriate for other clients served by that Fund's Investment Adviser or Sub-Adviser. If the purchase or sale of securities consistent with the investment policies of a 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 Fund's 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 a Fund participated are subject to periodic review by the Board. To the extent a 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

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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, a 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 following table sets forth brokerage commissions paid by each Fund for the last three fiscal years. An increase or decrease in commissions is due to a corresponding increase or decrease in each Fund's trading activity.

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

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **October 31,** | **October 31,** | **October 31,** |
|  | 2022 | 2021 | 2020 |
| Voya Global Diversified Payment Fund | $58108.86 | $64513.83 | $60345.91 |
| Voya Global Perspectives<sup>®</sup> Fund | $2149.15 | $11935.99 | $11916.04 |

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**Affiliated Brokerage Commissions** 

For the last three fiscal years, each Fund did not use affiliated brokers to execute portfolio transactions.

**Securities of Regular Broker-Dealers** 

During the most recent fiscal year, each Fund acquired securities of its regular broker-dealers (as defined in Rule 10b-1 under the 1940 Act) or their parent companies as follows:

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

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| | | |
|:---|:---|:---|
| **Fund** | **Security Description** | **Market Value** |
| Voya Global Diversified Payment Fund |  |  |
| Voya Global Perspectives<sup>®</sup> Fund |  |  |

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**ADDITIONAL INFORMATION ABOUT Voya Mutual Funds**

**Description of the Shares of Beneficial Interest** 

Voya Mutual Funds ("VMF") may issue unlimited shares of beneficial interest in VMF without par value. The shares may be issued in one or more series and each series may consist of one or more classes. VMF has eleven series, which are authorized to issue multiple classes of shares. Such classes are designated Class A, Class C, Class I, Class P, Class P3, Class R, Class R6, and Class W. All series and/or classes of VMF may not be discussed in this SAI.

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 VMF. 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 VMF 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.

Under the Declaration of Trust, the Trustees have the power and authority to reclassify, reorganize, recapitalize or convert any issued shares or any series or classes thereof into one or more series or classes of shares without obtaining the prior authorization, or vote, of shareholders.

**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, VMF may suspend the right of redemption as allowed by the SEC or federal securities laws. Pursuant to the Declaration of Trust, the Trustees have the right to redeem shares of shareholders: (i) who do not satisfy minimum investment thresholds set forth in the prospectus from time to time; or (ii) if the Trustees determine that failure to redeem may have materially adverse consequences to VMF, any series or to the shareholders of VMF or any series thereof. There are no restrictions on the transfer of shares in the Declaration of Trust.

**Material Obligations and Liabilities of Owning Shares** 

VMF is organized as a statutory trust under the Delaware Statutory Trust Act. Under the Delaware Statutory Trust Act, shareholders have the same limitation on personal liability extended to shareholders of private corporations under Delaware law. All shares issued by VMF are fully paid and nonassessable.

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**Dividend Rights** 

The shareholders of a series are entitled to receive dividends or other distributions declared for the series. Distributions will be paid pro rata to all shareholders of a series or class according to the number of shares held by shareholders on the record date.

**Voting Rights and Shareholder Meetings** 

Pursuant to the Declaration of Trust, shareholders have the power to vote, under certain circumstances, on: (1) the election or removal of trustees; (2) the approval of certain advisory contracts; (3) the termination and incorporation of VMF, (4) any merger, consolidation or sale of all, or substantially all, of VMF's assets; and (5) 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 VMF with the U.S. Securities and Exchange Commission 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 subclassification of a fund, to approve the distribution plan under Rule 12b-1, and to terminate the independent public accountant.

VMF is not required to hold shareholder meetings annually, but a meeting of shareholders may be called by the Board, at the request in writing of the holders of not less than 10% of the outstanding voting shares of VMF, 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 VMF. All shares of classes and series vote together as one class, except with respect to any matter that affects only the interests of a particular series or class, or as required by Delaware law or the 1940 Act.

**Liquidation Rights** 

In the event of liquidation, the shareholders of a series or class are entitled to receive, as a liquidating distribution, the excess of the assets belonging to the liquidating series or class over the liabilities belonging to such series or class of shares.

**Inspection of Records** 

The records of VMF shall be open to inspection by shareholders during normal business hours and for any purpose not harmful to VMF.

**Preemptive Rights** 

There are no preemptive rights associated with the series' shares.

**Conversion Rights** 

The conversion features and exchange privileges are described in the Prospectus and in the section of the SAI entitled "Purchase, Exchange, and Redemption of Shares."

**Sinking Fund Provisions** 

VMF has no sinking fund provision.

**PURCHASE, EXCHANGE, AND REDEMPTION OF SHARES**

An investor may purchase, redeem, or exchange shares of each Fund utilizing the methods, and subject to the restrictions, described in the Prospectus.

**Purchases** 

Shares of each Fund are offered at the NAV (plus any applicable sales charge) 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 a 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 a Fund. The Transfer Agent, the Distributor or a 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 a Fund or its agents several hours after the time of the acceptance and pricing.

**Pre-Authorized Investment Plan** 

As discussed in the Prospectus, the Voya family of funds provides a Pre-Authorized Investment Plan for certain share classes for the convenience of investors who wish to purchase shares of a Fund on a regular basis. The Pre-Authorized Investment Plan may be terminated without penalty at any time by the investor or a Fund. The minimum investment requirements may be waived by a Fund for purchases made pursuant to: (i) employer-administered payroll deduction plans; (ii) profit-sharing, pension, or individual or any employee retirement plans; or (iii) purchases made in connection with plans providing for periodic investments in Fund shares.

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**Subscriptions-in-Kind** 

Certain investors may purchase shares of a 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 a 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 a 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. Each Fund reserves the right to amend or terminate this practice at any time.

**Born to Save™ Program** 

Under the Voya Born-to-Save™ promotion, an affiliate of Voya Investments Distributor, LLC will pay $500 to fund a mutual fund account for each baby born in the United States on a specified date whose parents or legal guardian seek to participate in the program within 60 days' after the newborn's birth and meet the conditions of the program, such as: agreeing to act as UTMA Custodian; providing documentation to establish the date of birth, social security number of the newborn and parent/legal guardian; and completing a mutual fund application. The $500, which is taxable to participants in the Voya Born-to-Save™ program, will be invested in the Class W shares of Voya Global Diversified Payment Fund at NAV. Participants in the Voya Born-to-Save™ program will be permitted to exchange these Class W shares of Voya Global Diversified Payment Fund into Class W shares of other Voya funds and/or redeem all or a portion of their shares from Voya Global Diversified Payment Fund. Please visit www.voya.com/BornToSave for additional information.

**Self-Employed and Corporate Retirement Plans** 

For self-employed individuals and corporate investors that wish to purchase shares of a Fund, there is available through each Fund, a Prototype Plan and Custody Agreement. The Custody Agreement provides that BNY Mellon Investment Servicing Trust Company, Wilmington, DE, will act as Custodian under the Prototype Plan, and will furnish custodial services for an annual maintenance fee of $12.00 for each participant, with no other charges. (This fee is in addition to the normal custodial charges paid by each Fund.) The annual contract maintenance fee may be waived from time to time. For further details, including the right to appoint a successor Custodian, see the Plan and Custody Agreement. Employers who wish to use shares of a Fund under a custodianship with another bank or trust company must make individual arrangements with that institution.

**Individual Retirement Accounts** 

Investors having earned income are eligible to purchase shares of a Fund under an IRA pursuant to Section 408 of the Code. An individual who creates an IRA may contribute annually certain dollar amounts of earned income and an additional amount if there is a non-working spouse. Simple IRA plans that employers may establish on behalf of their employees are also available. Also available are Roth IRA plans that enable employed and self-employed individuals to make non-deductible contributions and, under certain circumstances, effect tax-free withdrawals. Copies of a model Custodial Account Agreement are available from the Distributor. BNY Mellon Investment Servicing Trust Company, Wilmington, DE, will act as the Custodian under this model Agreement, for which it will charge the investor an annual fee of $12.00 for maintaining the Account (this fee is in addition to the normal custodial charges paid by each Fund). Full details on the IRA are contained in an IRS required disclosure statement, and the Custodian will not open an IRA until seven (7) days after the investor has received this statement from the Fund. An IRA using shares of a Fund may also be used by employers who have adopted a Simplified Employee Pension Plan.

Purchases of Fund shares by Section 403(b) of the Code plans and other retirement plans are also available. Section 403(b) plans are generally arrangements by a public school organization or a charitable, educational, or scientific organization which employees are permitted to take advantage of the federal income tax deferral benefits provided for in Section 403(b) of the Code. It is advisable for an investor considering the funding of any retirement plan to consult with an attorney or to obtain advice from a competent retirement plan consultant.

**Special Purchases at NAV – Class A Shares** 

Class A shares of each Fund may be purchased at NAV, without a sales charge, by certain investors. The financial intermediary or the investor must notify the Distributor that the investor qualifies for such waiver. If the Distributor is not notified that the investor is eligible for any sales charge waiver, the Distributor will be unable to ensure that the waiver is applied to the investor's account. An investor may have to provide certain information or records, including account statements, to his/her financial intermediary or to the Distributor to verify the investor's eligibility for front-end sales charge waivers.

It is possible that a broker-dealer may not be able to offer one or more of these waiver categories. If this situation occurs, it is possible that the investor would need to invest directly through Voya in order to take advantage of the waiver. Each Fund may terminate or amend the terms of these sales charge waivers at any time. The following will be permitted to purchase Class A shares of each Fund at NAV. In addition to the following, investors investing in a Fund through an intermediary should consult Appendix A to the Fund's Prospectus, which includes information regarding financial intermediary specific sales charges and related discount policies that apply to purchases through certain specified intermediaries.

1)

Current, retired or former officers, trustees, directors or employees (including members of their immediate families) of Voya Financial, Inc., registered investment companies in the Voya family of funds and their affiliates purchasing shares for their own accounts. Immediate family members include: Parents; Spouse (as recognized under local law); Siblings; Children; Grandparents; Aunts/Uncles; Nieces/Nephews; Cousins; Dependents; Parents-in-law; Brothers-in-law; and Sisters-in-law.

2)

Affiliated and non-affiliated Insurance companies (including separate accounts) that have entered into a selling agreement with Voya Financial, Inc. and purchase shares directly from the Distributor.

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3)

Registered investment advisors, trust companies and bank trust departments investing on their own behalf or on behalf of their clients.

4)

The current employees (including registered representatives), and their immediate family members, of broker-dealers and financial institutions that have entered into an agreement with the Distributor (or otherwise having an arrangement with a broker-dealer or financial institution with respect to sales of Fund shares).

5)

Investments made by accounts that are part of certain qualified fee-based programs ("wrap accounts").

6)

The movement of shares from qualified employee benefit plans provided that the movement of shares involves an in-kind transfer of Class A shares.

"Qualified employee benefit plans" are those created under section 401(a), 401(k), 457 and 403(b), and qualified deferred compensation plans that have a plan level or omnibus account maintained with a Voya fund and transacts directly with that Voya fund or through a third-party administrator or record keeper that has an agreement in place with the Voya family of funds.

7)

For investors purchasing Class A shares with proceeds from the following sources: Redemptions from any fund from the Voya family of funds if you: (a) originally paid a front-end sales charge on the shares; and (b) reinvest the money within 90 days of the redemption date. This waiver is subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;• This privilege may only be used once per year; and

&nbsp;&nbsp;&nbsp;&nbsp;• The amount that may be reinvested is limited to an amount up to the redemption proceeds; and

&nbsp;&nbsp;&nbsp;&nbsp;• Written or electronic order for the purchase of shares may be received by the Transfer Agent from the financial intermediary or the shareholder (or be postmarked) within 90 days after the date of redemption; and

&nbsp;&nbsp;&nbsp;&nbsp;• Purchases may be handled by a securities dealer who may charge a fee; and

&nbsp;&nbsp;&nbsp;&nbsp;• Payment may accompany the request and the purchase will be made at the then current NAV of a Fund.

If investors realize a gain on the transaction, it is taxable and any reinvestment will not alter any applicable federal capital gains tax (except that some or all of the sales charge may be disallowed as an addition to the basis of the shares sold and added to the basis of the subsequent purchased shares). If investors realize a loss on the transaction, some or all of the loss may not be allowed as a tax deduction depending on the amount reinvested. However, this disallowance is added to the tax basis of the shares acquired upon the reinvestment.

8)

Shareholders of Adviser Class at the time these shares were re-designated as Class A shares if purchased directly with a Fund.

9)

Former Class M shareholders if purchased directly with a Fund.

10)

Any charitable organization that has determined that a Fund is a legally permissible investment and is prohibited by applicable investment law from paying a sales charge or commission and purchases shares directly from the Distributor.

11)

Any state, county, or city or any instrumentality, department authority or agency thereof that has determined that a Fund is a legally permissible investment and is prohibited by applicable investment law from paying a sales charge or commission and purchases shares directly from the Distributor.

12)

Additional purchases of a Fund by former Class O shareholders that exchanged their shares for Class A shares of that Fund.

**Letters of Intent and Rights of Accumulation – Class A Shares** 

An investor may immediately qualify for a reduced sales charge on a purchase of Class A shares by completing the Letter of Intent section of the Shareholder Application (the "Letter of Intent"). By completing the Letter of Intent, the investor expresses an intention to invest, during the next 13 months, a specified amount which, if made at one time, would qualify for the reduced sales charge. At any time within ninety (90) days after the first investment which the investor wants to qualify for the reduced sales charge, a signed Shareholder Application, with the Letter of Intent section completed, may be filed with the applicable Fund(s). After the Letter of Intent is filed, each additional investment made will be entitled to the sales charge applicable to the level of investment indicated on the Letter of Intent as described above. Sales charge reductions based upon purchases in more than one investment will be effective only after notification to the Distributor that the investment qualifies for a discount. The shareholder's holdings in the Voya family of funds acquired within ninety (90) days before the Letter of Intent is filed will be counted towards completion of the Letter of Intent, but will not be entitled to a retroactive downward adjustment of sales charge until the Letter of Intent is fulfilled. Any redemptions made by the shareholder during the 13-month period will be subtracted from the amount of the purchases for purposes of determining whether the terms of the Letter of Intent have been completed. If the Letter of Intent is not completed within the 13-month period, there will be an upward adjustment of the sales charge as specified below, depending upon the amount actually purchased (less redemption) during the period.

An investor acknowledges and agrees to the following provisions by completing the Letter of Intent section of the Shareholder Application. A minimum initial investment equal to 25% of the intended total investment is required. An amount equal to the maximum sales charge, as stated in the Prospectus, will be held in escrow at Voya funds, in the form of shares in the investor's name to assure that the full applicable sales charge will be paid if the intended purchase is not completed. The shares in escrow will be included in the total shares owned as reflected on the purchaser's monthly statement; income and capital gain distributions on the escrowed shares will be paid directly by the investor. The escrow shares will not be available for redemption by the investor until the Letter of Intent has been completed or the higher sales charge paid. When the total purchases, less redemptions, equal the amount specified under the Letter of Intent, the shares in escrow will be released. If the total purchases, less redemptions, exceed the amount specified under the Letter of Intent and

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is an amount which would qualify for a further quantity discount, a retroactive price adjustment will be made by the Distributor and the dealer with whom purchases were made pursuant to the Letter of Intent (to reflect such further quantity discount) on purchases made within ninety (90) days before, and on those made after filing the Letter of Intent. The resulting difference in offering price will be applied to the purchase of additional shares at the applicable offering price. If the total purchases, less redemptions, are less than the amount specified under the Letter of Intent, the investor will remit to the Distributor an amount equal to the difference in dollar amount of sales charge actually paid and the amount of sales charge which would have applied to the aggregate purchases if the total of such purchases had been made at a single account in the name of the investor or to the investor's order. If within ten (10) days after written request such difference in sales charge is not paid, the redemption of an appropriate number of shares in escrow to realize such difference will be made. If the proceeds from a total redemption are inadequate, the investor will be liable to the Distributor for the difference. In the event of a total redemption of the account prior to fulfillment of the Letter of Intent, the additional sales charge due will be deducted from the proceeds of the redemption and the balance will be forwarded to the investor. By completing the Letter of Intent section of the Shareholder Application, an investor grants to the Distributor a security interest in the shares in escrow and agrees to irrevocably appoint the Distributor as his or her attorney-in-fact with full power of substitution to surrender for redemption, any or all escrowed shares for the purpose of paying any additional sales charge due and authorizes the Transfer Agent or sub-transfer agent to receive and redeem shares and pay the proceeds as directed by the Distributor. The investor or the securities dealer must inform the Transfer Agent or the Distributor that the Letter of Intent is in effect each time a purchase is made.

If, at any time prior to or after completion of the Letter of Intent, the investor wishes to cancel the Letter of Intent, the investor must notify the Distributor in writing. If, prior to the completion of the Letter of Intent, the investor requests the Distributor to liquidate all shares held by the investor, the Letter of Intent will be terminated automatically. Under either of these situations, the total purchased may be less than the amount specified in the Letter of Intent. If so, the Distributor will redeem shares, at NAV, to remit to the Distributor and the appropriate authorized dealer an amount equal to the difference between the dollar amount of the sales charge actually paid and the amount of the sales charge that would have been paid on the total purchases if made at one time.

The value of shares of a Fund plus shares of the other open-end funds distributed by the Distributor can be combined with a current purchase to determine the reduced sales charge and applicable offering price of the current purchase. The reduced sales charge applies to quantity purchases made at one time or on a cumulative basis over any period of time by: (i) an investor; (ii) the investor's spouse and children under the age of majority; (iii) the investor's custodian accounts for the benefit of a child under the Uniform Gift to Minors Act; (iv) a trustee or other fiduciary of a single trust estate or a single fiduciary account (including a pension, profit-sharing, and/or other employee benefit plan qualified under Section 401 of the Code) by trust companies' registered investment advisers, banks, and bank trust departments for accounts over which they exercise exclusive investment discretionary authority and which are held in a fiduciary, agency, advisory, custodial, or similar capacity.

The reduced sales charge also applies on a non-cumulative basis, to purchases made at one time by the customers of a single dealer, in excess of $1 million. The Letter of Intent option may be modified or discontinued at any time.

Shares of each Fund purchased and owned of record or beneficially by a corporation, including employees of a single employer (or affiliates thereof), including shares held by its employees under one or more retirement plans, can be combined with a current purchase to determine the reduced sales charge and applicable offering price of the current purchase, provided these transactions are not prohibited by one or more provisions of the Employee Retirement Income Security Act or the Code. Individuals and employees should consult with their tax advisers concerning the tax rules applicable to retirement plans before investing.

For the purposes of Rights of Accumulation and the Letter of Intent Privilege, shares held by investors in the Voya family of funds which impose a CDSC may be combined with Class A shares for a reduced sales charge but will not affect any CDSC which may be imposed upon the redemption of shares of a Fund which imposes a CDSC.

**CDSCs** 

Purchases of certain share classes may be subject to a CDSC, as described in the Prospectus. Shareholders will be charged a CDSC if certain of those shares are redeemed within the applicable time period as stated in the Prospectus.

No CDSC is imposed on the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Shares that are no longer subject to the applicable holding period;

&nbsp;&nbsp;&nbsp;&nbsp;• Redemption of shares purchased through reinvestment of dividends or capital gain distributions; or

&nbsp;&nbsp;&nbsp;&nbsp;• Shares that were exchanged for shares of another fund managed by the Investment Adviser provided that the shares acquired in such exchange and subsequent exchanges will continue to remain subject to the CDSC, if applicable, until the applicable holding period expires.

The CDSC will be waived for:

&nbsp;&nbsp;&nbsp;&nbsp;• Redemptions following the death or disability of the shareholder or beneficial owner if the redemption is made within one year of death or initial determination of permanent disability;

&nbsp;&nbsp;&nbsp;&nbsp;• Total or partial redemptions of shares owned by an individual or an individual in joint tenancy (with rights of survivorship) but only for redemptions of shares held at the time of death or initial determination of permanent disability;

&nbsp;&nbsp;&nbsp;&nbsp;• Redemptions pursuant to a Systematic Withdrawal Plan provided that such redemptions:

o

are limited annually to no more than 12% of the original account value and

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o

annually thereafter, provided all dividends and distributions are reinvested and the total redemptions do not exceed 12% annually; and

&nbsp;&nbsp;&nbsp;&nbsp;• Total or partial redemption of shares in connection with any mandatory distribution from a tax-advantaged retirement plan or an IRA. This waiver does not apply in the case of a tax-free rollover or transfer of assets, other than the one following a separation from services, except that a CDSC may be waived in certain circumstances involving redemptions in connection with a distribution from a qualified employer retirement plan in connection with termination of employment or termination of the employer's plan and the transfer to another employer's plan or to an IRA.

A shareholder must notify a Fund either directly or through the Distributor at the time of redemption that the shareholder is entitled to a waiver of the CDSC. The waiver will then be granted subject to confirmation of the shareholder's entitlement. The CDSC, which may be imposed on a Class A shares purchase of $1 million or more, will also be waived for registered investment advisers, trust companies, and bank trust departments investing on their own behalf or on behalf of their clients. These waivers may be changed at any time.

**Reinstatement Privilege** 

If you sell Class A or Class C shares of a Fund, you may be eligible for a full or prorated credit of the CDSC paid on the sale when you make an investment up to the amount redeemed in the same share class within ninety (90) days of the eligible sale. Reinstated Class C shares will retain their original cost and purchase date for purposes of the CDSC. This privilege can be used only once per calendar year. To exercise this privilege, the order for the purchase of shares must be received or be postmarked within ninety (90) days after the date of redemption. This privilege can be used only once per calendar year. If a loss is incurred on the redemption and the reinstatement privilege is used, some or all of the loss may not be allowed as a tax deduction.

**Redemptions** 

Redemption proceeds normally will be paid within seven days following receipt of instructions in proper form, except that each 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 a Fund of securities owned by it is not reasonably practicable; or (b) it is not reasonably practical for a 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 a 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** 

Each Fund intends to pay in cash for all shares redeemed, but under abnormal conditions that make payment in cash unwise, a 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 a Fund to redeem shares with respect to any one shareholder during any 90-days 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, each Fund will distribute readily marketable securities, in conformity with applicable rules of the SEC. In the event a 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** 

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. Each 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.

**Systematic Withdrawal Plan** 

Each Fund has established a Systematic Withdrawal Plan ("Plan") for certain share classes to allow you to make periodic withdrawals from your account. To establish a systematic cash withdrawal, complete the Systematic Withdrawal Plan section of the Account Application. To have funds deposited to your bank account, follow the instructions on the Account Application. You may elect to have monthly, quarterly, semi-annual, or annual payments. You may change the amount, frequency, and payee or terminate the plan by giving written notice to the Transfer Agent. A Plan may be modified at any time by a Fund or terminated upon written notice by a relevant Fund.

**Additional Information Regarding Redemptions** 

At various times, a 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.

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**Exchanges** 

The following conditions must be met for all exchanges of each Fund and Voya Government Money Market Fund:(i) the shares that will be acquired in the exchange (the "Acquired Shares") are available for sale in the shareholder's state of residence; (ii) the Acquired Shares will be registered to the same shareholder account as the shares to be surrendered ("Exchanged Shares"); (iii) the Exchanged Shares must have been held in the shareholder's account for at least thirty (30) days prior to the exchange; (iv) except for exchanges into Voya Government Money Market Fund, the account value of the shares to be acquired must equal or exceed the minimum initial investment amount required by that fund after the exchange is implemented; and (v) a properly executed exchange request has been received by the Transfer Agent.

Each Fund reserves the right to delay the actual purchase of the Acquired Shares for up to five (5) business days if it determines that it would be disadvantaged by an immediate transfer of proceeds from the redemption of Exchanged Shares. Normally, however, the redemption of Exchanged Shares and the purchase of Acquired Shares will take place on the day that the exchange request is received in proper form. Each Fund reserves the right to terminate or modify its exchange privileges at any time upon prominent notice to shareholders. This notice will be given at least sixty (60) days in advance. It is the policy of the Investment Adviser to discourage and prevent frequent trading by shareholders of each Fund in response to market fluctuations. Accordingly, in order to maintain a stable asset base in each Fund and to reduce administrative expenses borne by each Fund, the Investment Adviser reserves the right to reject any exchange request.

In the event a Fund rejects an exchange request, neither the redemption nor the purchase side of the exchange will be processed until the Fund receives further redemption instructions.

If you exchange into Voya Credit Income Fund, your ability to sell or liquidate your investment will be limited. Voya Credit Income Fund is a closed-end interval fund and does not redeem its shares on a daily basis, and it is not expected that a secondary market for the Fund's shares will develop, so you will not be able to sell them through a broker or other investment professional. To provide a measure of liquidity, the Fund will normally make monthly repurchase offers of not less than 5% of its outstanding common shares.

If more than 5% of the Fund's common shares are tendered, you may not be able to completely liquidate your holdings in any one month. You also would not have liquidity between these monthly repurchase dates. Investors exercising the exchange privilege should carefully review the prospectus of that Fund. Investors may obtain a copy of Voya Credit Income Fund prospectus or any other Voya Fund prospectus by calling 1-800-992-0180.

**Telephone Redemption and Exchange 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) If the exchange involves the establishment of a new account, the dollar amount being exchanged must at least equal the minimum investment requirement of the Voya fund being acquired.

(g) Any new account established through the exchange privilege will have the same account information and options except as stated in the Prospectus.

(h) Certificated shares cannot be redeemed or exchanged by telephone but must be forwarded to Voya Investment Management at Voya Investment Management

P.O. Box 534480

Pittsburgh, PA 15253-4480 and deposited into your account before any transaction may be processed.

(i) If a portion of the shares to be exchanged are held in escrow in connection with a Letter of Intent, the smallest number of full shares of the Voya fund to be purchased on the exchange having the same aggregate NAV as the shares being exchanged shall be substituted in the escrow account. Shares held in escrow may not be redeemed until the Letter of Intent has expired and/or the appropriate adjustments have been made to the account.

(j) Shares may not be exchanged and/or redeemed unless an exchange and/or redemption privilege is offered pursuant to the Fund's then-current Prospectus.

(k) 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.

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**Systematic Exchange** 

You may establish an automatic exchange of shares from one Fund to another. The exchange will occur on or about the day of your choosing and must be for a minimum of $100 per month. Because this transaction is treated as an exchange, the policies related to the exchange privilege apply. There may be tax consequences associated with these exchanges. Please consult your tax adviser.

**Shareholder Information** 

Each Fund offers one or more of the shareholder services described below. You can obtain further information about these services by contacting each 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 a Fund under a tax-qualified individual retirement account 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 a 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.

**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 a respective class of a Fund at the then current NAV, with no sales charge. Each Fund's management believes that most investors desire to take advantage of this privilege. A shareholder may elect at any time by writing to a 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 a class of a 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 respective class 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 each Fund's Prospectus. The Prospectus generally describes the U.S. federal income tax treatment of each 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 each Fund. There may be other tax considerations applicable to particular shareholders. Shareholders should consult their own tax advisers regarding their particular situation and the possible application of foreign, 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** 

Each 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, each 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

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(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 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 a 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 a 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, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the IRS with respect to issuer identification for a particular type of investment may adversely affect a 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 a 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 a 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, as defined below).

If a 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.

Each 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 a Fund will not be subject to U.S. federal income taxation. Any taxable income, including any net capital gain retained by a Fund, will be subject to tax at the Fund level at regular corporate rates.

In the case of net capital gain, each 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 a 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. A Fund is not required to, and there can be no assurance a 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 (as defined below), 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,

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the sum of its: (i) net ordinary loss from the sale, 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, a Fund generally must make the distributions in the same taxable year that it realizes the income and gain, although in certain circumstances, a Fund may make the distributions in the following taxable year in respect of income and gains from the prior taxable year.

If a 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 a 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.

Each Fund intends generally to make distributions sufficient to avoid the imposition of the 4% excise tax. However, no assurance can be given that a 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, 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, a Fund will be treated as having distributed any amount on which it is subject to corporate income tax in the taxable year ending within the calendar year.

**Use of Tax Equalization** 

Each 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, a 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 a 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. A 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 a Fund's net investment income. Instead, potentially subject to certain limitations, each 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 a 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 each Fund's most recent annual shareholder report for each 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 a 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. In general, a 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 a 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 a Fund as capital gain dividends ("Capital Gain Dividends") will be taxable to shareholders as long-term capital gains includible in net capital gain 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 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 a Fund as derived from "qualified dividend income" will be taxed in the hands of individuals at the rates applicable to net capital gain, provided holding period and other requirements are met at both the shareholder and Fund level.

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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 a Fund of net investment income and capital gains as described above; and (ii) any net gain from the sale, 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 a Fund.

As required by federal law, detailed 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, a 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 a 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 a 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 a 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, a Fund is required to distribute realized income and gains regardless of whether the Fund's NAV also reflects unrealized losses.

If a 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 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 a 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 a 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 a 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 a 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 a 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 a 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

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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 a 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 a 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 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. A 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 a 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.

For information regarding qualified dividend income received from underlying funds and eligibility for the dividends-received deduction of dividends received from underlying funds, see "Funds of funds," below.

**Tax Implications of Certain Fund Investments** 

References to investments by a Fund also include investments by an Underlying Fund.

*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 a Fund's income and required to be distributed by the Fund over the term of the debt security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. 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 a 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 security 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 security. Alternatively, a 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 security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. The rate at which the market discount accrues, and thus is included in a 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). Each 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 security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. The rate at which OID or acquisition discount accrues, and thus is included in a Fund's income, will depend upon which of the permitted accrual methods the Fund elects.

If a 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 a 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

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reduces the current taxable income from the bond by the amortized premium and reduces 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 a 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 a Fund. Tax rules are not entirely clear about issues such as whether or to what extent a 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 a 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 a 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 a 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 a 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.* A 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 Treasury regulations that have yet to be issued but may apply retroactively, a portion of each 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, a Fund investing in such interests may not be a suitable investment for charitable remainder trusts, as noted below.

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 individual retirement account, 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 a 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. 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 a 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 a 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, a Fund may elect to avoid the imposition of that tax. For example, a 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. A 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

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income." A foreign issuer in which a 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, a 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 foreign corporation as a PFIC, a Fund may incur the tax and interest charges described above in some instances.

If a Fund indirectly invests in PFICs by virtue of the Fund's investment in other funds, it may not make such PFIC elections; rather, the underlying funds directly investing in the PFICs would decide whether to make such elections.

**Options and Futures** 

In general, option premiums received by a 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 a 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 a 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 a Fund expires unexercised, the Fund generally will recognize short-term gain equal to the premium received.

A 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 a 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" 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 a 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 a 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, each 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 a 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 a 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.* A 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 a 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 a 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.

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*Exchange-Traded Notes, Structured Notes.* The tax rules are uncertain with respect to the treatment of income or gains arising in respect of commodity-linked 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 a Fund's ability to qualify for treatment as a RIC and to avoid a fund-level tax.

*Book-Tax Differences.* Certain of a 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.

*Funds of Funds.* Because each Fund will invest all or substantially all of its assets in shares of other mutual funds, ETFs or other companies that are RICs (collectively, "underlying funds"), its distributable income and gains will normally consist substantially or entirely of distributions from underlying funds and gains and losses on the disposition of shares of underlying funds. To the extent that an underlying fund realizes net losses on its investments for a given taxable year, a Fund will not be able to benefit from those losses until and only to the extent that: (i) the underlying fund realizes gains that it can reduce by those losses; or (ii) the Fund recognizes its share of those losses (so as to offset distributions of net income or capital gains from other underlying funds) when it disposes of shares of the underlying fund in a transaction qualifying for sale or exchange treatment. Moreover, even when a Fund does make such a disposition, a portion of its loss may be recognized as a long-term capital loss, which will not be treated as favorably for U.S. federal income tax purposes as a short-term capital loss or an ordinary deduction. In particular, a Fund will not be able to offset any capital losses from its dispositions of underlying fund shares against its ordinary income (including distributions of any net short-term capital gains realized by an underlying fund).

In addition, in certain circumstances, the "wash sale" rules under Section 1091 of the Code may apply to a Fund's sales of underlying fund shares that have generated losses. A wash sale occurs if shares of an underlying fund are sold by a Fund at a loss and the Fund acquires additional shares of that same underlying fund 30 days before or after the date of the sale. The wash-sale rules could defer losses in the Fund's hands on sales of underlying fund shares (to the extent such sales are wash sales) for extended (and, in certain cases, potentially indefinite) periods of time.

As a result of the foregoing rules, and certain other special rules, it is possible that the amounts of net investment income and net capital gain that a Fund will be required to distribute to shareholders will be greater than such amounts would have been had the Fund invested directly in the securities held by the underlying funds, rather than investing in shares of the underlying funds. For similar reasons, the amount or timing of distributions from a Fund qualifying for treatment as a particular character (*e.g.*, long-term capital gain, 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 underlying funds.

If a Fund were to own 20% or more of the voting interests of an underlying fund, subject to a safe harbor in respect of certain fund of funds arrangements, the Fund would be required to "look through" the underlying fund to its holdings and combine the appropriate percentage (as determined pursuant to the applicable Treasury Regulations) of the investment company's assets with the Fund's assets for purposes of satisfying the 25% diversification test described above.

Depending on a Fund's percentage ownership in an underlying fund before and after a redemption of underlying fund shares, the Fund's redemption of shares of such underlying fund may cause the Fund to be treated as receiving a dividend on the full amount of the distribution instead of being treated as realizing a capital gain or loss on the shares of the underlying fund. This could be the case where a Fund holds a significant interest in an underlying fund that is not a "publicly offered" RIC within the meaning of the Code – where true, most likely because the underlying fund is offered only to upper-tier funds — and redeems only a small portion of such interest. Dividend treatment of a redemption by a Fund would affect the amount and character of income required to be distributed by both the Fund and the underlying fund for the year in which the redemption occurred. It is possible that such a dividend would qualify as "qualified dividend income"; otherwise, it would be taxable as ordinary income and could cause shareholders of the Fund to recognize higher amounts of ordinary income than if the shareholders had held shares of the underlying funds directly.

If a Fund receives dividends from an underlying fund, and the underlying fund 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 the holding period and other requirements with respect to shares of the underlying fund.

If a Fund receives dividends from an underlying fund, and the underlying fund reports such dividends as eligible for the dividends-received deduction, then the fund is permitted, in turn, to report a portion of its distributions as eligible for the dividends-received deduction, provided the Fund meets the holding period and other requirements with respect to shares of the underlying fund.

If an underlying fund in which a Fund invests elects to pass through tax credit bond credits to its shareholders, then the Fund is permitted in turn to elect to pass through its proportionate share of those tax credits to its shareholders, provided that the Fund meets the shareholder notice and other requirements.

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If at the close of each quarter of a Fund's taxable year, at least 50% of its total assets consist of interests in other RICs, the Fund will be a "qualified fund of funds." In that case, the Fund is permitted to elect to pass through to its shareholders foreign income and other similar taxes paid by the Fund in respect of foreign securities held directly by the Fund or by an underlying fund in which it invests that itself elected to pass such taxes through to shareholders, so that shareholders of the Fund will be eligible to claim a tax credit or deduction for such taxes. However, even if the Fund qualifies to make such election for any year, it may determine not to do so. See "Foreign Taxation" below for more information.

Additionally, if a Fund is a qualified fund of funds, the Fund is permitted to distribute exempt-interest dividends and thereby pass through to its shareholders the tax-exempt character of any exempt-interest dividends it receives from underlying funds in which it invests, or interest on any tax-exempt obligations in which it directly invests, if any.

*Investments in Master Limited Partnerships and Certain Non-U.S. Entities.* A 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 a 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 a 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 a 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 a 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 a 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 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, each 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 a Fund.

**Sale, Exchange or Redemption of Shares** 

The sale, exchange or redemption 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 $2 million or more for an individual shareholder or $10 million or more 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** 

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Income, proceeds and gains received by a Fund (or RICs in which the Fund has invested) from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax treaties between certain countries and the United States may reduce or eliminate such taxes. This will decrease the Fund's yield on securities subject to such taxes. If more than 50% of a Fund's assets at taxable year end consists of the securities of foreign corporations, the Fund may elect to permit shareholders to claim a credit or deduction on their income tax returns for their *pro rata* portions of qualified taxes paid by the Fund to foreign countries in respect of foreign 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 ability to claim an offsetting foreign tax credit or deduction in respect of foreign taxes paid by a 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 on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes.

Even if a 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 a Fund through tax-advantaged accounts (including those who invest through individual retirement accounts or other tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by the Fund.

If a Fund is a qualified fund of funds, it also may elect to pass through to its shareholders foreign taxes it has paid or foreign taxes passed through to it by any underlying fund that itself elected to pass through such taxes to shareholders.

**Foreign Shareholders** 

Distributions by a 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 a 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 a 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 a 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 a Fund that is a "United States real property holding corporation" as described below), a 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 a 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

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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 a Fund is a QIE.

If an interest in a 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 a 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.

If a 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 each 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 a Fund.

Foreign shareholders with respect to whom income from a 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** 

Each 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 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 a 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 and IRS guidance issued thereunder (collectively, "FATCA") generally require each 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, a Fund may be required to withhold under FATCA at a rate of 30% with respect to that

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shareholder on ordinary dividends it pays. The IRS and the 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 a Fund pays. If a payment by a 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** 

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 federal tax consequences of purchasing, holding, and disposing of shares of a Fund, as well as the effects of state, local, foreign, and other tax law and any proposed tax law changes.

**FINANCIAL STATEMENTS**

The audited financial statements, and the independent registered accounting firm's report thereon, are included in each Fund's [annual](https://www.sec.gov/Archives/edgar/data/895430/000110465922131174/tm2229602d5_ncsr.htm)[report to shareholders](https://www.sec.gov/Archives/edgar/data/895430/000110465922131174/tm2229602d5_ncsr.htm)for the fiscal year ended October 31, 2022 and are incorporated herein by reference.

Paper copies of each Fund's annual and semi-annual shareholder reports are not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports are available on the Voya funds' website (https://individuals.voya.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report. 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.

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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 PROCEDURES AND GUIDELINES**

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**PROXY VOTING PROCEDURES AND GUIDELINES**

**VOYA FUNDS**

**VOYA INVESTMENTS, LLC**

**Date Last Revised: May 25, 2022**

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**Introduction**

These Proxy Voting Procedures and Guidelines (the "Procedures", the "Guidelines") set forth the procedures and guidelines to be followed by Voya Investments, LLC (referred to as the "Advisor") for the voting of proxies of the Voya funds for which the Advisor serves as the investment manager (the "Funds"). These Procedures and Guidelines have been approved by the Boards of Directors/Trustees of the Funds (the "Board").

The Board may determine to delegate proxy voting to a sub-advisor of one or more Funds (rather than to the Advisor), in which case, the sub-advisor's proxy policies and procedures for implementation on behalf of such Voya fund (a "Sub-Advisor-Voted Fund") shall be subject to approval by the Board. A Sub-Advisor-Voted Fund is not covered under these Procedures and Guidelines, except as described in the Reporting and Record Retention section below with respect to vote reporting requirements. However, Sub-Advisor-Voted Funds are covered by those sub-advisor's proxy policies, provided that the Board has approved them.

These Procedures and Guidelines incorporate principles and guidance set forth in relevant pronouncements of the Securities and Exchange Commission ("SEC") and its staff on the Advisor's fiduciary duty to ensure that proxies are voted in a timely manner and that voting decisions are in the Funds' best interest.

Pursuant to these Procedures and Guidelines, the Advisor's Active Ownership team (the "AO Team") is hereby delegated the responsibility to vote the Funds' proxies in accordance with these Procedures and Guidelines on behalf of the Funds.

The engagement of a Proxy Advisory Firm (as defined in the Proxy Advisory Firm section below) shall be subject to the initial approval, and to the annual review and approval, of the Board. The AO Team is responsible for overseeing the Proxy Advisory Firm and shall direct the Proxy Advisory Firm to vote proxies in accordance with the Guidelines.

These Procedures and Guidelines will be reviewed by the Board's Compliance Committee at least annually and will be updated when appropriate. No change to these Procedures and Guidelines will be made except pursuant to Board approval. Non-material amendments, however, may be approved for immediate implementation by the Board's Compliance Committee, subject to ratification by the full Board at its next regularly scheduled meeting.

**Advisor's Roles and Responsibilities**

**AO Team**

The AO Team shall direct the Proxy Advisory Firm to vote proxies on behalf of the Funds and the Advisor in connection with annual and special meetings of shareholders (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 Procedures and Guidelines on behalf of the Funds and the Advisor.

The AO Team is authorized to direct the Proxy Advisory Firm to vote a Fund's proxy in accordance with the Procedures and Guidelines. Responsibilities assigned to the AO Team, or activities that support it, may be performed by such members of the Proxy Committee (as defined in the Proxy Committee section below) or employees of the Advisor'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 Advisor, the Funds' principal underwriters, or an affiliated person of the Funds. The AO Team will 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; as well as information derived from other sources, including public filings.

**Proxy Advisory Firm**

The Proxy Advisory Firm is responsible for coordinating with the Funds' custodians to ensure that all proxy materials received by the custodians relating to the portfolio securities are processed 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. Additionally, the Proxy Advisory Firm is required to produce custom vote recommendations in accordance with the Guidelines and their vote recommendations.

**Proxy Committee**

The Proxy Committee is responsible for ensuring proxies are voted consistent with the Procedures and Guidelines. Accordingly, the Proxy Committee reviews and evaluates the Guidelines, oversees the development and implementation of the Guidelines, and resolves ad hoc issues that may arise. The Proxy Committee is comprised of members of the Advisor and the investment, ESG research and AO teams. The Proxy Committee may include employees of the Advisor's affiliates and may be amended from time to time at the Advisor's discretion.

**Investment Professionals**

The Funds' sub-advisors and/or portfolio managers are each referred to herein as an "Investment Professional" and collectively, "Investment Professionals". Investment Professionals are encouraged to submit a recommendation to the AO Team regarding any proxy-voting-related proposal pertaining to the portfolio securities over which they have day-to-day portfolio management responsibility, including proxy contests, proposals related to companies with dual class shares with superior voting rights, or mergers and acquisitions involving the portfolio securities over which they have day-to-day portfolio management responsibility.

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**Proxy Voting Procedures** 

**Vote Classification** 

These Procedures and Guidelines specify how the Funds generally will vote with respect to the proposals indicated.

Within-Guidelines Votes: *Votes in Accordance with the Guidelines*

A vote is considered Within-Guidelines if it is cast in accordance with the Guidelines. I

Out-of-Guidelines Votes: *Votes Contrary to the Guidelines*

A vote would be considered Out-of-Guidelines if the:

&nbsp;&nbsp;&nbsp;&nbsp;• A vote is contrary to the Guidelines based on the AO Team or Proxy Committee's determination that the application of the Guidelines is inappropriate under the circumstances; such votes include but are not limited to votes cast based on the recommendation of an Investment Professional.

&nbsp;&nbsp;&nbsp;&nbsp;• A vote is contrary to the Guidelines unless the Guidelines stipulate **CASE-BY-CASE** consideration or that primary consideration will be given to input from an Investment Professional, notwithstanding that the vote appears contrary to these Procedures and Guidelines and/or the Proxy Advisory Firm's recommendation.

**Matters Requiring CASE-BY-CASE Consideration**

The Proxy Advisory Firm will refer proxy proposals to the AO Team when these Procedures and Guidelines indicate "**CASE-BY-CASE**." Additionally, the Proxy Advisory Firm will refer any proxy proposal under circumstances where the application of these Procedures and Guidelines is unclear, 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 will review matters requiring **CASE-BY-CASE** consideration to determine if a proposal requires input and a vote determination from the Proxy Committee and/or an Investment Professional.

**Non-Votes: *Votes in which No Action is Taken***

The AO Team will make reasonable efforts to secure and vote all proxies for the Funds. Nevertheless, t a Fund may refrain from voting under certain circumstances, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;• The economic effect on shareholders' 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 the portfolio of a Voya fund or proxies being considered on behalf of a Fund that is 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 when share blocking practices may impose trading restrictions on the relevant portfolio security.

**Conflicts of Interest**

The Advisor shall act in the Funds' best interests and strive to avoid conflicts of interest.

Conflicts of interest can arise, for example, in situations where:

&nbsp;&nbsp;&nbsp;&nbsp;• The issuer is a vendor whose products or services are material to the Voya Funds, the Advisor or their affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;• The issuer is an entity participating to a material extent in the distribution of the Voya Funds;

&nbsp;&nbsp;&nbsp;&nbsp;• The issuer is a significant executing broker- dealer for the Funds and/or the Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;• Any individual that participates in the voting process for the Funds, including an Investment Professional, a member of the Proxy Committee, an employee of the Advisor, or Director/Trustee of the Board, serves as a director or officer of the issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;• The issuer is Voya Financial.

Investment Professionals, the Proxy Advisory Firm, the Proxy Committee, and the AO Team are required to disclose any potential conflicts of interest and/or confirm they do not have a conflict of interest in connection with their participation in the voting process for portfolio securities.

**Potential Conflicts with a Proxy Issuer**

The AO Team is responsible for identifying potential conflicts with the proxy issuer. In addition to obtaining potential conflict of interest information described in the Roles and Responsibilities section above, members of the Proxy Committee are required to disclose to the AO Team any potential conflicts of interests prior to discussing the Proxy Advisory Firms' recommendation.

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A Proxy Committee member will advise the AO Team in the event he/she believes that a potential or perceived conflict of interest exists that may preclude him/her from making a vote determination in the best interests of the Funds. The Proxy Committee member may elect to recuse himself/herself from consideration of the relevant proxy. Should members of the Proxy Committee verbally disclose a potential conflict of interest, they are required to complete a Conflict of Interest Report.

Investment Professionals are also required to confirm that they do not have any potential conflicts of interests when submitting a vote recommendation to the AO Team.

The AO Team gathers and analyzes the information provided by the Proxy Advisory Firm, the Advisor, the Funds' principal underwriters, affiliates of the Funds, Proxy Committee members, Investment Professionals, and the Directors and Officers of the Funds.

**Assessment of the Proxy Advisory Firm**

The AO Team, on behalf of the Board and the Advisor, will assess if the Proxy Advisory Firm:

&nbsp;&nbsp;&nbsp;&nbsp;• Is independent from the Advisor

&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

&nbsp;&nbsp;&nbsp;&nbsp;• Has adequate compliance policies and procedures to:

o Ensure that its proxy voting recommendations are based on current and accurate information

o Identify and address conflicts of interest.

The AO Team will utilize, and the Proxy Advisory Firm will comply with, such methods for completing the assessment as the AO Team may deem reasonably appropriate. The Proxy Advisory Firm will also promptly notify the AO Team in writing of any material change to information 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" will "echo" vote their interests in underlying mutual funds, which may include mutual funds other than the Voya 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 company, the Fund-of-Funds will 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 will vote as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• If the Fund-of-Funds and the underlying fund are being solicited to vote on the same proposal (*e.g.*, the election of fund directors/trustees), the Fund-of-Funds will 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 being solicited to vote on a proposal for an underlying fund (*e.g.*, a new Sub-Advisor to the underlying fund), and there is no corresponding proposal at the Fund-of-Funds level, the Board will determine the most appropriate method of voting with respect to the underlying fund proposal.

An Investing Fund (*e.g.*, any Voya fund), while not a Fund-of-Funds will 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 will "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 being solicited to vote on the same proposal, the Investing Fund will 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.

&nbsp;&nbsp;&nbsp;&nbsp;• In the event an underlying fund has no other shareholders, and there is no corresponding proposal at the Investing Fund level, the Board will 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 will request instructions from its own shareholders, either directly or, in the case of an insurance-dedicated Fund, through an insurance product or retirement plan, as to how it should vote its interest in an underlying master fund.

When a Voya fund is a feeder in a master-feeder structure, proxies for the portfolio securities owned by the master fund will be voted pursuant to the master fund's proxy voting policies and procedures. As such, except as described in the *Reporting and Record Retention* section below, Feeder Funds will not be subject to these Procedures and Guidelines.

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**Securities Lending**

Many of the Funds participate in securities lending arrangements to generate additional revenue for the Fund. Accordingly, the Fund will not be able 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, the Proxy Committee or AO Team may request to recall securities that are on loan if they determine that the benefit of voting outweighs the costs and lost revenue to the Fund and 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. Therefore, they may request that lending activity on behalf of their portfolio(s) with respect to the relevant security be reviewed by the Proxy Committee and considered for recall and/or restriction. The Proxy Committee will give primary consideration to relevant Investment Professional input in its determination of whether a given proxy vote is material and the associated security accordingly restricted from lending. The determination that a vote is material in the context of a Fund's portfolio will 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 will use best efforts to consider, and when appropriate, to act upon, such requests on a timely basis. Requests to review lending activity in connection with a potentially material vote may be initiated by any relevant Investment Professional and submitted 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-Advisor-Voted Fund will post its proxy voting record, or a link to the prior one-year period ending on June 30th on the Voya Funds' website. The proxy voting record for each Fund and each Sub-Advisor-Voted Fund will also be available on Form N-PX in the EDGAR database on the website of the Securities and Exchange Commission ("SEC"). For any Voya fund that is a feeder in a master/feeder structure, no proxy voting record related to the portfolio securities owned by the master fund will be posted on the Voya 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 will be included in the Fund's Form N-PX and posted on the Voya 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 will be included on the Voya funds' website and in the Feeder Fund's Form N-PX.

**Reporting to the Compliance Committee**

At each regularly scheduled quarterly Compliance Committee meeting, the Compliance Committee will receive a report from the AO Team indicating each proxy proposal, or a summary of such proposals, that was:

&nbsp;&nbsp;&nbsp;&nbsp;1. Voted Out-of-Guidelines, including any proposals voted Out-of-Guidelines as a result of special circumstances raised by an Investment Professional;

&nbsp;&nbsp;&nbsp;&nbsp;2. Voted Within-Guidelines in cases when the Proxy Committee did not agree with an Investment Professional's recommendation.

The report will indicate the name of the company, the substance of the proposal, a summary of the Investment Professional's recommendation, where applicable, and the reasons for voting, or recommending, an Out-of-Guidelines Vote or, in the case of (2) above, a Within-Guidelines Vote.

**Reporting by the AO Team on behalf of the Advisor**

The Advisor will maintain the records required by Rule 204-2(c)(2), as may be amended from time to time, including the following:

&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 Advisor-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 Advisor voted proxies on behalf of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• A record of all recommendations from Investment Professionals to vote contrary to the Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;• All proxy questions/recommendations that have been referred to the Compliance Committee, and all applicable recommendations, analyses, research, Conflict Reports, and vote determinations.

All proxy voting materials and supporting documentation will be retained for a minimum of six years, the first two years in the Advisor's office.

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**Records Maintained by the Proxy Advisory Firm**

The Proxy Advisory Firm will 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. In addition, the Proxy Advisory Firm is responsible for maintaining copies of all proxy statements received by issuers and to promptly provide such materials to the Advisor upon request.

**PROXY VOTING GUIDELINES**

**Introduction**

Proxies must be voted in the best interest of the Funds.. The Guidelines summarize the Funds' positions on various issues of concern to investors, and give an indication of how the Funds' ballots will be voted on proposals dealing with particular issues. Nevertheless, the Guidelines are not exhaustive, do not include all potential voting issues, and proposals may be addressed, as necessary, on a **CASE-BY-CASE** basis rather than according to the Guidelines, factoring in the merits of the rationale and disclosure provided.

These Guidelines apply to securities of publicly traded companies and to those of privately held companies if publicly available disclosure permits such application. All matters for which such disclosure is not available will be considered **CASE-BY-CASE**.

Investment Professionals are encouraged to submit a recommendation to the AO Team regarding proxy voting related to the portfolio securities over which they have day-to-day portfolio management responsibility. Recommendations from the Investment Professionals may be submitted or requested in connection with any proposal and are likely to be requested with respect to proxies for private equity or fixed income securities and/or proposals related to merger transactions/corporate restructurings, proxy contests, or unusual or controversial issues.

These policies may be overridden in any case as provided for in the Procedures. Similarly, the Procedures provide those proposals whose Guidelines prescribe a firm voting position may instead be considered on a **CASE-BY-CASE** basis when unusual or controversial circumstances so dictate.

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 will be supported whose implementation would contravene such requirements.

**General Policies**

The Funds' policy is generally to support the recommendation of the relevant company'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 will not apply to **CASE-BY-CASE** proposals for which a contrary recommendation from the relevant Investment Professional(s) is being utilized.

The rationale and vote recommendation from Investment Professionals will be given primary consideration with respect to **CASE-BY-CASE** proposals being considered on behalf of the relevant Fund.

The Fund's policy is to not support proposals that would negatively impact the existing rights of the Funds' beneficial owners. Further, shareholder proposals will generally 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 will generally not by supported and the management proposal supported when the management proposal meets the factors for support under the relevant topic/policy (*e.g.*, Allocation of Income and Dividends), otherwise consider the competing proposals on a **CASE-BY-CASE** basis.

**International Policies**

Companies incorporated outside the U.S. are subject to the foregoing U.S. Guidelines 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. guidelines may also be applied to companies incorporated outside the U.S., *e.g.*, companies with a significant base of U.S. operations and employees.

However, given the differing regulatory and legal requirements, market practices, and political and economic systems existing in various international markets, the Funds will:

&nbsp;&nbsp;&nbsp;&nbsp;• Vote **AGAINST** international proxy proposals when the Proxy Advisory Firm recommends voting **AGAINST** such proposal because relevant disclosure by the company, or the time provided for consideration of such disclosure, is inadequate;

&nbsp;&nbsp;&nbsp;&nbsp;• Consider proposals that are associated with a firm **AGAINST** vote on a **CASE-BY-CASE** basis if the Proxy Advisory Firm recommends their support when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company or market transitions to better practices (*e.g.*, having committed to new regulations or governance codes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market standard is stricter than the Fund's guidelines; or

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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;• It is the more favorable choice when shareholders must choose between alternate proposals.

**Proposal Specific Policies**

As mentioned above, these policies may be overridden in any case as provided for in the Procedures. Similarly, the Procedures provide those proposals whose Guidelines prescribe a firm voting position may instead be considered on a **CASE-BY-CASE** basis when unusual or controversial circumstances so dictate.

**Proxy Contests:**

Consider votes in contested elections on a **CASE-BY-CASE** basis, with primary consideration given to input from the relevant Investment Professional(s).

**Uncontested Proxies:**

**1- <u>The Board of Directors</u>**

**Overview**

The Funds may lodge disagreement with a company's policies or practices by **WITHHOLD**ing support from the relevant proposal rather than from the director nominee(s) to which the Proxy Advisory Firm assigns a correlation.

In cases where the lodging of disagreement by the Funds is assigned to the board of directors, support will be withheld from the director(s) deemed responsible. Responsibility may be attributed to the entire board, a committee, or an individual, and the Funds will apply a vote accountability guideline ("Vote Accountability Guideline") specific to the concerns under review. For example:

&nbsp;&nbsp;&nbsp;&nbsp;• Relevant committee chair

&nbsp;&nbsp;&nbsp;&nbsp;• Relevant committee member(s)

&nbsp;&nbsp;&nbsp;&nbsp;• Board chair.

If director(s) to whom responsibility has been attributed is not standing for election (*e.g.*, the board is classified), support will typically not be withheld from other directors in their stead. Additionally, the Funds will typically vote **FOR** a director in connection with issues raised by the Proxy Advisory Firm if the director did not serve on the board or relevant committee during the majority of the time period relevant to the concerns cited by the Proxy Advisory Firm.

Vote with the Proxy Advisory Firm's recommendation when more candidates are presented than available seats and no other provisions under these Guidelines apply.

In cases where a director holds more than one board seat and corresponding votes, manifested as one seat as a physical person plus an additional seat as a representative of a legal entity, generally vote with the Proxy Advisory Firm's recommendation to **WITHHOLD** support from the legal entity and vote on the physical person.

**Bundled Director Slates**

**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., Canada, France, Hong Kong, or Spain);*

&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 companies with multiple slates in *<u>Italy</u>*, follow the Proxy Advisory Firm's standards for assessing which slate is best suited to represent shareholder interests.

**Independence**

**Director and Board/Committee Independence**

The Funds expect boards to have an appropriate level of independence at both the board and key committee level. Audit, compensation/remuneration, nominating and/or governance committees are considered key committees. A director would be deemed non-independent if the individual had/has a relationship with the company that could potentially influence the individual's objectivity causing the inability to satisfy fiduciary standards on behalf of shareholders. The Funds will consider the relevant country or market listing exchange, the country's corporate governance code, 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. Note: Non-voting directors (*e.g.*, director emeritus or advisory director) shall be excluded from calculations with respect to board independence.

The Funds will consider non-independent directors standing for election on a **CASE-BY-CASE** basis when the full board or committee does not meet Independence Expectations.

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

&nbsp;&nbsp;&nbsp;&nbsp;• **WITHHOLD** support from the non-independent nominating committee chair or non-independent board chair, and if necessary, fewest non-independent directors, including the Founder, Chairman or CEO if their removal would achieve the independence requirements across the remaining board or key committee, except that support may be withheld from additional directors whose relative level of independence cannot be differentiated, or the number required to achieve the independence requirements is equal to or greater than the number of non-independent directors standing for election.

&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.

&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 the Independence Expectations.

**Self-Nominated/Shareholder-Nominated Director Candidates**

Consider self-nominated or shareholder-nominated director candidates on a **CASE-BY-CASE** basis. **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 company);

&nbsp;&nbsp;&nbsp;&nbsp;• The candidate's agenda is not in line with the long-term best interests of the company; or

&nbsp;&nbsp;&nbsp;&nbsp;• Multiple self-nominated candidates are being considered as a proxy contest if similar issues are raised (*e.g.*, potential change in control).

**Management Proposals Seeking Non-Board Member Service on Key Committees**

Vote **AGAINST** proposals that permit non-board members to serve on the audit, remuneration (compensation), nominating and/or governance committee, provided that bundled slates may be supported if no slate nominee serves on the relevant committee(s) except where best market practice otherwise dictates.

Consider other concerns regarding committee members on a **CASE-BY-CASE** basis.

**Shareholder Proposals Regarding Board/Key Committee Independence**

Vote **AGAINST** shareholder proposals asking that the independence be greater than that required by the country or market listing exchange or asking to redefine director independence.

**Board Member Roles and Responsibilities**

**Attendance**

**WITHHOLD** support from a director who, during both of the most recent two years, has served on the board during the two-year period but attended less than 75 percent of the board and committee meetings without a valid reason for the absences or if the two-year attendance record cannot be ascertained from available disclosure (*e.g.*, the company did not disclose which director(s) attended less than 75 percent of the board and committee meetings during the director's period of service without a valid reason for the absences).

**WITHHOLD** support on nominating committee members according to the Vote Accountability Guideline if a director has three or more years of poor attendance without a valid reason for the absences.

The two-year attendance policy shall be applied to attendance of statutory auditors at Japanese companies.

**Over-boarding**

Vote **AGAINST** directors who serve on:

&nbsp;&nbsp;&nbsp;&nbsp;• Three or more public boards and is a named executive officer at a public company, **WITHHOLD** support only at their outside boards.

&nbsp;&nbsp;&nbsp;&nbsp;• Six or more public company boards, or

&nbsp;&nbsp;&nbsp;&nbsp;• Four or more public company boards and is the Board Chair at two or more public companies, **WITHHOLD** support on the boards which they are not the chair.

Vote **AGAINST** shareholder proposals limiting the number of public company boards on which a director may serve.

**Combined Chairman / CEO Role**

Vote **FOR** directors without regard to recommendations that the position of chairman should be separate from that of CEO, or should otherwise require to be independent, unless other concerns requiring **CASE-BY-CASE** consideration are raised (*e.g.*, former CEOs proposed as board chairmen in markets, such as the *<u>United Kingdom</u>*, for which best practice recommends against such practice).

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Consider shareholder proposals on a **CASE-BY-CASE** basis that require the positions of chairman and CEO be held separately.

**Cumulative/Net Voting Markets (*e.g.*, *<u>Russia</u>*)**

When cumulative or net voting applies, generally follow the Proxy Advisory Firm's approach to vote **FOR** nominees, such as when asserted by the issuer to be independent, irrespective of key committee membership, even if independence disclosure or criteria fall short of the Proxy Advisory Firm's standards.

**Board Accountability**

**Diversity** 

Vote **AGAINST** directors according to the Vote Accountability Guideline if there is an absence of diversity on the board; consider on a **CASE-BY-CASE** basis if diversity was present prior to the most recent annual meeting.

Vote **FOR** shareholder proposals that request the company to improve / promote diversity and/or diversity-related disclosure.

**Return on Equity**

Vote **FOR** the top executive at companies in Japan if the only reason the Proxy Advisory Firm's **WITHHOLD** recommendation is due to the company underperforming in terms of capital efficiency or company performance, *e.g.* net losses or low return on equity (ROE).

**Compensation Practices**

Support may be withheld from compensation committee members whose actions or disclosure do not appear to support compensation practices aligned with the best interests of the company and its shareholders.

Where applicable, votes on compensation committee members in connection with compensation practices should be considered on a **CASE-BY-CASE** basis:

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Say on Pay responsiveness</u>. Consider compensation committee members on a **CASE-BY-CASE** basis for failure to sufficiently address compensation concerns prompting significant opposition to the most recent say on pay vote or continuing to maintain problematic pay practices, factoring in considerations such as level of shareholder opposition, subsequent actions taken by the compensation committee, and level of responsiveness disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Say on Pay frequency.</u> **WITHHOLD** support according to the Vote Accountability Guideline if the Proxy Advisory Firm opposes directors because the company failed to include a Say on Pay proposal and/or a Frequency of Say on Pay proposal when required under SEC or market regulatory provisions; or implemented a say on pay schedule that is less frequent than the frequency most recently preferred by at least 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.

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Commitments.</u> Vote **FOR** compensation committee members receiving an adverse recommendation by the Proxy Advisory Firm due to problematic pay practices or thresholds (*e.g.* burn rate) if the company makes a public commitment (*e.g.*, via a Form 8-K filing) to rectify the practice on a going-forward basis. However, consider on a **CASE-BY-CASE** basis if the company does not rectify the practice by the following year's annual general meeting.

*<u>For markets</u>* in which the issuer has not followed market practice by submitting a resolution on executive compensation, consider remuneration committee members on a **CASE-BY-CASE** basis.

**Accounting Practices**

Consider on a **CASE-BY-CASE** basis audit committee members, the company's CEO or CFO, if nominated as directors, or the board chair or lead director, if poor accounting practice concerns are raised, factoring in considerations such as if the:

&nbsp;&nbsp;&nbsp;&nbsp;• Audit committee failed to remediate known on-going material weaknesses in the company's internal controls for more than a year.

&nbsp;&nbsp;&nbsp;&nbsp;• Company has not yet had a full year to remediate the concerns since the time they were identified.

&nbsp;&nbsp;&nbsp;&nbsp;• Company has taken adequate steps to remediate the concerns cited, which would typically include removing or replacing the responsible executives, and if the concerns are not re-occurring.

Vote **FOR** audit committee members, or the company's CEO or CFO if 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.

**WITHHOLD** support on audit committee members according to the Vote Accountability Guideline if the company has failed to disclose auditors' fees and has not provided an auditor ratification or remuneration proposal for shareholder vote.

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**Problematic Actions**

Consider directors on a **CASE-BY-CASE** basis 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, lack of risk oversight, scandals, malfeasance, or negligent internal controls at the company 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.

Consider members of the nominating committee on a **CASE-BY-CASE** basis when a director with the above concerns is being nominated to serve on the board.

Vote **AGAINST** applicable directors due to <u>share pledging</u> concerns, factoring in the pledged amount, unwind time, and any historical concerns being raised. Responsibility will be assigned to the pledgor, where the pledged amount and unwind time are deemed significant and, therefore, an unnecessary risk to the company.

**WITHHOLD** support from (a) all members of the governance committee, or nominating committee if a formal governance committee has not been established, and (b) directors holding shares with superior voting rights if the company is controlled by means of a dual class share with superior / exclusive voting rights and does not have a reasonable sunset provision; i.e., fewer than five years.

**WITHHOLD** support from incumbent directors (tenure being greater than one year) if (a) no governance or nominating committee directors are under consideration or the company does not have governance or nominating committees, and (b) no director holding the shares with superior voting rights is under consideration; otherwise, consider on a **CASE-BY-CASE** basis all directors. Investment Professionals that have day-to-day portfolio management responsibility for such companies may be requested to submit a recommendation to the AO Team.

**WITHHOLD** support from directors according to the Vote Accountability Guideline when the Proxy Advisory Firm recommends **WITHHOLD**ing support due to the board (a) unilaterally adopting by-law amendments that have a negative impact on existing shareholder rights or functions as a diminution of shareholder rights, and which are not specifically addressed under the Guidelines, or (b) failing to remove or subject to a reasonable sunset provision such by-laws.

**Anti-Takeover Measures**

**WITHHOLD** support according to the Vote Accountability Guideline if the company implements excessive anti-takeover measures.

**WITHHOLD** support according to the Vote Accountability Guideline if the company fails to remove restrictive poison pill features, ensure a pill's expiration, or submit the poison pill in a timely manner to shareholders for vote, unless a company has implemented a policy that should reasonably prevent abusive use of its poison pill.

**Board Responsiveness**

Vote **FOR** if the majority-supported shareholder proposal has been reasonably addressed.

o

Proposals seeking shareholder ratification of a poison pill may be deemed reasonably addressed if the company has implemented a policy that should reasonably prevent abusive use of the pill.

**WITHHOLD** support 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.

**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; consider such directors on a **CASE-BY-CASE** basis if the company has a controlling shareholder(s).

Vote **FOR** when the issue relevant to the majority negative vote has been adequately addressed or cured, which may include sufficient disclosure of the board's rationale.

**Board–Related Proposals**

**Classified/Declassified Board Structure**

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).

Vote **FOR** proposals to repeal classified boards and to elect all directors annually.

**Board Structure**

Vote **FOR** management proposals to adopt or amend board structures.

Vote **AGAINST** if the resulting change(s) would mean the board would not meet Independence Expectations.

For companies in *<u>Japan</u>*, generally vote **FOR** proposals seeking a board structure that would provide greater independent oversight.

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**Board Size**

Vote **FOR** proposals seeking a board range if the range is reasonable in the context of market practice and anti-takeover considerations; however, vote **AGAINST** if seeking to remove shareholder approval rights or the board fails to meet market independence requirements.

**Director and Officer Indemnification and Liability Protection**

Consider on a **CASE-BY-CASE** basis proposals on director and officer indemnification and liability protection, using Delaware law as the standard.

Vote **AGAINST** proposals to limit or eliminate entirely directors' and officers' liability in connection with monetary damages for violating the duty of care.

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**

Vote in accordance with the Proxy Advisory Firm's standards (*e.g.* overly broad provisions).

**Discharge of Management/Supervisory Board Members**

Vote **FOR** management proposals seeking the discharge of management and supervisory board members (including when the proposal is bundled), unless concerns are raised about the past actions of the company's auditors or directors, or legal or regulatory action is being taken against the board by other shareholders.

Vote **FOR** such proposals in connection with remuneration practices otherwise supported under these Guidelines or as a means of expressing disapproval of broader practices of the company or its board.

**Establish Board Committee**

Vote **FOR** shareholder proposals that seek creation of a key committee of the board.

Vote **AGAINST** shareholder proposals requesting creation of additional board committees or offices, except as otherwise provided for herein.

**Filling Board Vacancies / Removal of Directors**

Vote **AGAINST** proposals that allow directors to be removed only for cause.

Vote **FOR** proposals to restore shareholder ability to remove directors with or without cause.

Vote **AGAINST** proposals that allow only continuing directors to elect replacements to fill board vacancies.

Vote **FOR** proposals that permit shareholders to elect directors to fill board vacancies.

**Stock Ownership Requirements**

Vote **AGAINST** such shareholder proposals.

**Term Limits / Retirement Age**

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.

**2- Compensation**

**Frequency of Advisory Votes on Executive Compensation**

Vote **FOR** proposals seeking an annual say on pay, and **AGAINST** those seeking less frequent.

**Proposals to Provide an Advisory Vote on Executive Compensation *(<u>Canada</u>)***

Vote **FOR** if it is an ANNUAL vote, unless the company already provides shareholders with an annual vote.

**Executive Pay Evaluation**

**Advisory Votes on Executive Compensation (Say on Pay) and Remuneration Reports or Committee Members in Absence of Such Proposals**

Vote **FOR** management proposals seeking ratification of the company's executive compensation structure, unless the program includes practices or features not supported under these Guidelines and the proposal receives a negative recommendation from the Proxy Advisory Firm.

Listed below are examples of compensation practices and provisions, and respective consideration and treatment under the Guidelines, factoring in whether the company has provided reasonable rationale/disclosure for such factors or the proposal as a whole.

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Consider on a **CASE-BY-CASE** basis:

&nbsp;&nbsp;&nbsp;&nbsp;• Short-Term Investment Plans where the board has exercised discretion to exclude extraordinary items.

&nbsp;&nbsp;&nbsp;&nbsp;• Retesting in connection with achievement of performance hurdles.

&nbsp;&nbsp;&nbsp;&nbsp;• Long-Term Incentive Plans where executives already hold significant equity positions.

&nbsp;&nbsp;&nbsp;&nbsp;• Long-Term Incentive Plans where the vesting or performance period is too short or stringency of the performance criteria is called into question.

&nbsp;&nbsp;&nbsp;&nbsp;• Pay Practices (or combination of practices) that appear to have created a misalignment between CEO pay and performance with regard to shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;• Long-Term Incentive Plans that lack an appropriate equity component (*e.g.*, "cash-based only").

&nbsp;&nbsp;&nbsp;&nbsp;• Excessive levels of discretionary bonuses, recruitment awards, retention awards, non-compete payments, severance/termination payments, perquisites (unreasonable levels in context of total compensation or purpose of the incentive awards or payouts).

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. (Note: 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 in new or materially amended plans, contracts, or payments that do not require an actual change in control in order to be triggered.

&nbsp;&nbsp;&nbsp;&nbsp;• Plans that allow named executive officers to have material input into setting their pay.

&nbsp;&nbsp;&nbsp;&nbsp;• Short-Term Incentive Plans where treatment of payout factors has been inconsistent (*e.g.*, exclusion of losses but not gains).

&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.

&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.

&nbsp;&nbsp;&nbsp;&nbsp;• Legacy single trigger severance provisions in plans, contracts, or payments that do not require an actual change in control in order to be triggered.

**Golden Parachutes**

Vote to ABSTAIN on golden parachutes if it is determined that the Funds would not have an economic interest, such as the case in an all-cash transaction, regardless of payout terms, amounts, thresholds, etc.

However, if an economic interest exists, vote **AGAINST** due to:

&nbsp;&nbsp;&nbsp;&nbsp;• Single or modified-single trigger severance provisions

&nbsp;&nbsp;&nbsp;&nbsp;• Total 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Recent material amendments or new agreements that incorporate problematic features.

**Equity-Based and Other Incentive Plans Including OBRA**

**Equity Compensation**

Consider on a **CASE-BY-CASE** basis compensation and employee benefit plans, including those in connection with OBRA, or the issuance of shares in connection with such plans. 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:

Vote **FOR** the plan, if:

&nbsp;&nbsp;&nbsp;&nbsp;• Board independence is the only concern.

&nbsp;&nbsp;&nbsp;&nbsp;• Amendment places a cap on annual grants.

&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.

&nbsp;&nbsp;&nbsp;&nbsp;• Cash or cash-and-stock bonus components are being approved for exemption from taxes under Section 162(m) of OBRA.

o

Give primary consideration to management's assessment that such plan meets the requirements for exemption of performance-based compensation.

Vote **AGAINST** if the plan:

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Exceeds recommended costs *(<u>U.S.</u> or <u>Canada</u>).*

Incorporates share allocation disclosure methods that prevent a cost or dilution assessment.

Exceeds recommended burn rates and/or dilution limits, including cases in which dilution cannot be fully assessed (*e.g.*, due to inadequate disclosure).

Allows deep or near-term discounts (or the equivalent, such as dividend equivalents on unexercised options) to executives or directors.

Provides for retirement benefits or equity incentive awards to outside directors if not in line with market practice.

Allows financial assistance to executives, directors, subsidiaries, affiliates, or related parties that is not in line with market practice.

Allows plan administrators to benefit from the plan as potential recipients.

Allows 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.)

Allows for post-employment vesting or exercise of options if deemed inappropriate.

Allows plan administrators to make material amendments without shareholder approval.

Allows procedure amendments that do not preserve shareholder approval rights.

**Amendment Procedures for Equity Compensation Plans and Employee Stock Purchase Plans (ESPPs) (Toronto Stock Exchange Issuers)**

Vote **AGAINST** if the amendment procedures do not preserve shareholder approval rights.

**Stock Option Plans for Independent Internal Statutory Auditors (*<u>Japan</u>*)**

Vote **AGAINST**.

**Matching Share Plans**

Vote **AGAINST** 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.

**Director Compensation**

**Non-Executive Director Compensation**

Vote **FOR** cash-based proposals.

Vote **AGAINST** performance-based equity-based proposals and patterns of excessive pay.

**Bonus Payments (*Japan*)**

Vote **FOR** if all payments are for directors or auditors who have served as executives of the company, and **AGAINST** if any payments are for outsiders.

**Bonus Payments – Scandals**

Vote **AGAINST** bonus proposals for a retiring director or continuing director or auditor when culpability can be attributed to the nominee.

Consider on a **CASE-BY-CASE** basis bundled bonus proposals for retiring directors or continuing directors or auditors when culpability cannot be attributed to all nominees.

**Severance Agreements**

**Vesting of Equity Awards upon Change in Control**

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.

Vote **AGAINST** shareholder proposals regarding the treatment of equity if the change in control severance provisions are double-triggered. Vote **FOR** the proposal if such provisions are not double-triggered.

**Executive Severance or Termination Arrangements, including those Related to Executive Recruitment or Retention**

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);

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

&nbsp;&nbsp;&nbsp;&nbsp;• The company 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**

Vote **AGAINST** new or materially amended plans, contracts, or payments that include single trigger change in control severance provisions or do not require an actual change in control in order to be triggered.

Vote **FOR** shareholder proposals seeking double triggers on change in control severance provisions.

**Compensation-Related Shareholder Proposals**

**Executive and Director Compensation**

Consider on a **CASE-BY-CASE** basis shareholder proposals that seek to impose new compensation structures or policies.

**Holding Periods**

Vote **AGAINST** shareholder proposals requiring mandatory periods for officers and directors to hold company stock.

**Submit Severance and Termination Payments for Shareholder Ratification**

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 ratification is required by the listing exchange.

**3- Audit-Related** 

**Auditor Ratification and/or Remuneration**

Vote **FOR** management proposals except in such cases as indicated below.

Consider on a **CASE-BY-CASE** basis if:

&nbsp;&nbsp;&nbsp;&nbsp;• The Proxy Advisory Firm raises questions of disclosure or auditor independence; or

&nbsp;&nbsp;&nbsp;&nbsp;• Total fees for non-audit services exceed 50 percent of the total auditor fees (including audit-related fees, and tax compliance and preparation fees if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;• There is evidence of excessive compensation relative to the size and nature of the company.

Vote **AGAINST** if the company has failed to disclose auditors' fees.

Vote **FOR** shareholder proposals asking the company to present its auditor annually for ratification.

**Auditor Independence**

Consider on a **CASE-BY-CASE** basis shareholder proposals asking companies to prohibit their auditors from engaging in non-audit services (or capping the level of non-audit services).

**Audit Firm Rotation**

Vote **AGAINST** shareholder proposals asking for mandatory audit firm rotation.

**Indemnification of Auditors**

Vote **AGAINST** the indemnification of auditors.

**Independent Statutory Auditors (*Japan*)**

Vote **AGAINST** if the candidate is or was affiliated with the company, its main bank, or one of its top shareholders.

Vote **AGAINST** incumbent directors at companies implicated in scandals or exhibiting poor internal controls.

Vote **FOR** remuneration as long as the amount is not excessive (*e.g.*, significant increases should be supported by adequate rationale and disclosure), there is no evidence of abuse, the recipient's overall compensation appears reasonable, and the board and/or responsible committee meet exchange or market standards for independence.

**4- <u>Shareholder Rights and Defenses</u>**

**Advance Notice for Shareholder Proposals**

Vote **FOR** management proposals related to advance notice period requirements, provided that the period requested is in accordance with applicable law and no material governance concerns have been identified in connection with the company.

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**Corporate Documents / Article and Bylaw Amendments or Related Director Actions**

Vote **FOR** if the change or policy is editorial in nature or if shareholder rights are protected.

Vote **AGAINST** if it seeks to impose a negative impact on shareholder rights or diminishes accountability to shareholders, including where the company failed to opt out of a law that affects shareholder rights (*e.g.*, staggered board).

With respect to article amendments for *<u>Japanese</u>* companies:

&nbsp;&nbsp;&nbsp;&nbsp;• Vote **FOR** management proposals to amend a company's articles to expand its business lines in line with its current industry.

&nbsp;&nbsp;&nbsp;&nbsp;• Vote **FOR** management proposals to amend a company'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, vote **AGAINST** management proposals, including bundled proposals, to amend a company's articles to authorize the Board to vary the annual meeting record date or to otherwise align them with provisions of a takeover defense.

&nbsp;&nbsp;&nbsp;&nbsp;• Follow the Proxy Advisory Firm's guidelines with respect to management proposals regarding amendments to authorize share repurchases at the board's discretion, voting **AGAINST** proposals unless there is little to no likelihood of a creeping takeover or constraints on liquidity (free float of shares is low), and where the company is trading at below book value or is facing a real likelihood of substantial share sales; or where this amendment is bundled with other amendments which are clearly in shareholders' interest.

**Majority Voting Standard**

Vote **FOR** proposals seeking election of directors by the affirmative vote of the majority of votes cast in connection with a meeting of shareholders, provided they contain a plurality carve-out for contested elections, and provided such standard does not conflict with applicable law in the country in which the company is incorporated.

Vote **FOR** amendments to corporate documents or other actions promoting a majority standard.

**Cumulative Voting**

Vote **FOR** shareholder proposals to restore or permit cumulative voting.

Vote **AGAINST** management proposals to eliminate cumulative voting if the company:

&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 a company plans to declassify its board or adopt a majority voting standard.

**Confidential Voting**

Vote **FOR** management proposals to adopt confidential voting.

Vote **FOR** shareholder proposals that request companies to adopt confidential voting, use independent tabulators, and use independent inspectors of election as 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 remains in place.

&nbsp;&nbsp;&nbsp;&nbsp;• If the dissidents do not agree, the confidential voting policy is waived.

**Fair Price Provisions**

Consider on a **CASE-BY-CASE** basis proposals to adopt fair price provisions.

Vote **AGAINST** fair price provisions with shareholder vote requirements greater than a majority of disinterested shares.

**Poison Pills**

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.

DO NOT VOTE **AGAINST** director remuneration in connection with poison pill considerations.

Vote **FOR** shareholder proposals that ask a company to submit its poison pill for shareholder ratification, or to redeem its pill in lieu thereof, unless:

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

&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders have approved adoption of the plan;

&nbsp;&nbsp;&nbsp;&nbsp;• A policy has already been implemented by the company that should reasonably prevent abusive use of the pill; or

&nbsp;&nbsp;&nbsp;&nbsp;• The board had determined that it was in the best interest of shareholders to adopt a pill without delay, provided that such plan would be put to shareholder vote within twelve months of adoption or expire, and if not approved by a majority of the votes cast, would immediately terminate.

Consider on a **CASE-BY-CASE** basis shareholder proposals to redeem a company's poison pill.

**Proxy Access**

Vote **FOR** proposals to allow shareholders to nominate directors and have those nominees listed in the company's proxy statement and on the company's proxy card, provided that the criteria meet the Funds' internal thresholds, provided such standard does not conflict with applicable law in the country in which the company is incorporated. However, consider on a **CASE-BY-CASE** basis shareholder and management proposals that appear on the same agenda.

Vote **FOR** management proposals also supported by the Proxy Advisory Firm.

**Quorum Requirements**

Consider on a **CASE-BY-CASE** basis proposals to lower quorum requirements for shareholder meetings below a majority of the shares outstanding.

**Exclusive Forum**

Vote **FOR** management proposals to designate Delaware or New York as the exclusive forum for certain legal actions as defined by the company ("Exclusive Forum") if the company's state of incorporation is the same as its proposed Exclusive Forum, otherwise consider on a **CASE-BY-CASE** basis.

**Reincorporation Proposals**

Consider on a **CASE-BY-CASE** basis proposals to change a company's state of incorporation.

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 so assessed, weighing management's rationale for the change.

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.

Vote **AGAINST** shareholder reincorporation proposals not also supported by the company.

**Shareholder Advisory Committees**

Consider on a **CASE-BY-CASE** basis proposals to establish a shareholder advisory committee.

**Right to Call Special Meetings**

Vote **FOR** management proposals to permit shareholders to call special meetings.

Consider on a **CASE-BY-CASE** basis management proposals to adjust the thresholds applicable to call a special meeting.

Vote **FOR** shareholder proposals that provide shareholders with the ability to call special meetings when any of the following applies:

&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**

Vote **AGAINST** shareholder proposals seeking the right to act by written consent if the company:

&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 company has reasonably addressed majority-supported shareholder proposals).

Vote **FOR** shareholder proposals seeking the right to act by written consent if the above conditions are not present.

Vote **AGAINST** management proposals to eliminate the right to act by written consent.

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**State Takeover Statutes**

Consider on a **CASE-BY-CASE** basis 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).

**Supermajority Shareholder Vote Requirement**

Vote **AGAINST** proposals to require a supermajority shareholder vote and **FOR** proposals to lower supermajority shareholder vote requirements; except,

Consider on a **CASE-BY-CASE** basis if the company has shareholder(s) with significant ownership levels and the retention of existing supermajority requirements would protect minority shareholder interests.

**Time-Phased Voting**

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>**

Consider on a **CASE-BY-CASE** basis management proposals to make changes to the capital structure not otherwise addressed under these Guidelines, voting with the Proxy Advisory Firm's recommendation, unless a contrary recommendation from the relevant Investment Professional(s) is utilized.

Vote **AGAINST** proposals authorizing excessive discretion to a board.

**Capital**

**Common Stock Authorization**

Consider on a **CASE-BY-CASE** basis proposals to increase the number of shares of common stock authorized for issuance. The Proxy Advisory Firm's proprietary approach of determining appropriate thresholds will be utilized in evaluating such proposals. In cases where the requests are above the allowable threshold, a company-specific qualitative review (*e.g.*, considering rationale and prudent historical usage) will be utilized.

Vote **FOR** proposals within the Proxy Advisory Firm's allowable thresholds, or those in excess but meeting Proxy Advisory Firm's qualitative standards, to authorize capital increases, unless the company states that the stock may be used as a takeover defense.

Vote **FOR** proposals to authorize capital increases exceeding the Proxy Advisory Firm's thresholds when a company's shares are in danger of being delisted.

Notwithstanding the above, vote **AGAINST**:

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals to increase the number of authorized shares of a class of stock if the issuance which the increase is intended to service is not supported under these Guidelines (*e.g.*, merger or acquisition proposals).

**Dual Class Capital Structures**

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, contains a sunset provision of five years or fewer, to avert bankruptcy or generate non-dilutive financing, or 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 companies that have dual class capital structures.

Vote **FOR** proposals to eliminate dual class capital structures.

**General Share Issuances / Increases in Authorized Capital**

Consider specific issuance requests on a **CASE-BY-CASE** basis based on the proposed use and the company's rationale.

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, will be based on the Proxy Advisory Firm's assessment.

**Preemptive Rights**

Consider on a **CASE-BY-CASE** basis shareholder proposals that seek preemptive rights or management proposals that seek to eliminate them. In evaluating proposals on preemptive rights, consider the size of a company and the characteristics of its shareholder base.

------

**Adjustments to Par Value of Common Stock**

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, taking into account the Proxy Advisory Firm's support of special circumstances, such as mergers or acquisitions, as well as the following criteria:

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).

Vote **AGAINST** proposals authorizing the issuance of preferred stock or creation of new classes of preferred stock with unspecified voting, conversion, dividend distribution, and other rights ("blank check" preferred stock).

Vote **FOR** proposals to issue or create blank check preferred stock in cases when the company expressly states that the stock will not be used as a takeover defense or not utilize a disparate voting rights structure.

Vote **AGAINST** where the company expressly states that, or fails to disclose whether, the stock may be used as a takeover defense.

Vote **FOR** proposals to authorize or issue preferred stock in cases where the company specifies the voting, dividend, conversion, and other rights of such stock and the terms of the preferred stock appear reasonable.

**Preferred Stock *(International)***

Voting decisions should generally be based on the Proxy Advisory Firm's approach, including:

&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 as 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Vote **AGAINST** the creation of:

(1) A new class of preference shares that would carry superior voting rights to the common shares, or

(2) Blank check preferred stock, unless the board states that the authorization will not be used to thwart a takeover bid.

**Shareholder Proposals Regarding Blank Check Preferred Stock**

Vote **FOR** shareholder proposals requesting to have 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**

Vote **FOR** management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms but vote **AGAINST** plans with terms favoring selected parties.

Vote **FOR** management proposals to cancel repurchased shares.

Vote **AGAINST** proposals for share repurchase methods lacking adequate risk mitigation or exceeding appropriate volume or duration parameters for the market.

Consider on a **CASE-BY-CASE** basis shareholder proposals seeking share repurchase programs, giving primary consideration to input from the relevant Investment Professional(s).

**Stock Distributions: Splits and Dividends**

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**

Consider on a **CASE-BY-CASE** basis management proposals to implement a reverse stock split, taking into account management's rationale and/or disclosure if the split constitutes a capital increase effectively exceeding the Proxy Advisory Firm's allowable 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>* companies, consider management proposals concerning allocation of income and the distribution of dividends, 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 when:

&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 company's financial position.

Vote **FOR** such management proposals by companies *<u>in other markets</u>*.

Vote **AGAINST** proposals where companies are seeking 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, vote **FOR** the management proposal if the proposal meets the support conditions described above and vote **AGAINST** the shareholder proposal; otherwise, consider on a **CASE-BY-CASE** basis.

**Stock (Scrip) Dividend Alternatives**

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**

Consider the creation of tracking stock on a **CASE-BY-CASE** basis, giving primary consideration to the input from the relevant Investment Professional(s).

**Capitalization of Reserves**

Vote **FOR** proposals to capitalize the company's reserves for bonus issues of shares or to increase the par value of shares, unless concerns not otherwise supported under these Guidelines are raised by the Proxy Advisory Firm.

**Debt Instruments and Issuance Requests *(<u>International</u>)***

Vote **AGAINST** proposals authorizing excessive discretion to a board to issue or set terms for debt instruments (*e.g.*, commercial paper).

Vote **FOR** debt issuances for companies when the gearing level (current debt-to-equity ratio) is not excessive as defined by the Proxy Advisory Firm's thresholds.

Vote **AGAINST** proposals where the issuance of debt will result in an excessive gearing level as defined by the Proxy Advisory Firm's 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>)***

Voting decisions generally are based on the Proxy Advisory Firm's approach to evaluating such proposals.

**Debt Restructurings**

Consider on a **CASE-BY-CASE** basis proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan.

**Financing Plans**

Vote **FOR** the adoption of financing plans if they are in the best economic interests of shareholders.

**Investment of Company Reserves *(International)***

Consider proposals on a **CASE-BY-CASE** basis.

**Restructuring**

**Mergers and Acquisitions, Special Purpose Acquisition Corporations (SPACs) and Corporate Restructurings**

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).

Consider on a **CASE-BY-CASE** basis based on the Proxy Advisory Firm's approach to evaluating such proposals if no input is provided by the relevant Investment Professional(s).

------

**Waiver on Tender-Bid Requirement**

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 company has provided a reasonable rationale for the request.

**Related Party Transactions**

Vote **FOR** approval of such transactions, unless the agreement requests a strategic move outside the company'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 are scrutinizing an increasing number of shareholder proposals regarding environmental and social matters. Accordingly, in addition to the company's governance risks and opportunities, companies should also assess their environmental and social risks and opportunities as it pertains to its stakeholders including its employees, shareholders, communities, suppliers, and customers.

Companies should adequately disclose how they evaluate and mitigate such material risks in order to allow shareholders to assess how well the companies are mitigating and leveraging their social and environmental risks and opportunities Ideally, companies should adopt disclosure methodologies taking into account 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, vote **FOR** proposals related to environmental, sustainability and corporate social responsibility if the company's disclosure and/or its management of the issue(s) appears inadequate relative to its peers and if the proposal:

&nbsp;&nbsp;&nbsp;&nbsp;• is applicable to the company's business,

&nbsp;&nbsp;&nbsp;&nbsp;• enhances long-term shareholder value,

&nbsp;&nbsp;&nbsp;&nbsp;• requests more transparency and commitment to improve the company's environmental and/or social risks,

&nbsp;&nbsp;&nbsp;&nbsp;• aims to benefit the company'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 company already publicly provides.

**Environmental**

Generally, vote **FOR** proposals relating to environmental impact that reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;• aim to reduce negative environmental impact, including the reduction of GHG emissions and other contributing factors to global climate change,

&nbsp;&nbsp;&nbsp;&nbsp;• request disclosure of how the company is addressing its impact on the climate.

**Social**

Generally, vote **FOR** proposals relating to corporate social responsibility that request disclosure of how the company is managing its:

&nbsp;&nbsp;&nbsp;&nbsp;• employee and board diversity

&nbsp;&nbsp;&nbsp;&nbsp;• human capital management, human rights, and supply chain risks.

**Approval of Donations**

Vote **FOR** proposals if they are for single- or multi-year authorities and prior disclosure of amounts is provided. Otherwise, vote **AGAINST** such proposals.

**7- <u>Routine/Miscellaneous</u>**

**Routine Management Proposals**

Consider proposals on a **CASE-BY-CASE** basis when the Proxy Advisory Firm recommends voting **AGAINST**.

**Authority to Call Shareholder Meetings on Less than 21 Days' Notice**

For companies in the *<u>United Kingdom</u>*, consider on a **CASE-BY-CASE** basis, factoring in whether the company has provided clear disclosure of its compliance with any hurdle conditions for the 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**

Vote **AGAINST** if there are concerns regarding inadequate disclosure, remuneration arrangements (including severance/termination payments exceeding local standards for multiples of annual compensation), or consulting agreements with non-executive directors.

Consider on a **CASE-BY-CASE** basis if there are other concerns regarding severance/termination payments.

Vote **AGAINST** if there is concern about the company's financial accounts and reporting, including related party transactions.

Vote **AGAINST** board-issued reports receiving a negative recommendation from the Proxy Advisory Firm due to concerns regarding independence of the board or the presence of non-independent directors on the audit committee.

Vote **FOR** if the only reason for a negative recommendation by the Proxy Advisory Firm is to express disapproval of broader practices of the company or its board.

**Other Business**

Vote **AGAINST** proposals for Other Business.

**Adjournment**

&nbsp;&nbsp;&nbsp;&nbsp;• Vote **FOR** when presented with a primary proposal such as a merger or corporate restructuring that is also supported.

&nbsp;&nbsp;&nbsp;&nbsp;• Vote **AGAINST** when not presented with a primary proposal, such as a merger, and a proposal on the ballot is being opposed.

&nbsp;&nbsp;&nbsp;&nbsp;• Consider other circumstances on a **CASE-BY-CASE** basis.

**Changing Corporate Name**

Vote **FOR** management proposals requesting a change in corporate name.

Multiple Proposals

Multiple proposals of a similar nature presented as options to the course of action favored by management may all be voted **FOR**, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;• Support for a single proposal is not operationally required;

&nbsp;&nbsp;&nbsp;&nbsp;• No one 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.

Vote **AGAINST** any proposals that would otherwise be opposed under these Guidelines.

**Bundled Proposals**

Vote **FOR** if all of the bundled items are supported by these Guidelines.

Consider on a **CASE-BY-CASE** basis if one or more items are not supported by these Guidelines and/or the Proxy Advisory Firm deems the negative impact, on balance, to outweigh any positive impact.

**Moot Proposals**

This instruction is in regard 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)); **WITHHOLD** support if recommended by the Proxy Advisory Firm.

**8- <u>Mutual Fund Proxies</u>** 

**Approving New Classes or Series of Shares**

Vote **FOR** the establishment of new classes or series of shares.

**Hire and Terminate Sub-Advisors**

Vote **FOR** management proposals that authorize the board to hire and terminate sub-advisors.

**Master-Feeder Structure**

Vote **FOR** the establishment of a master-feeder structure.

**Establish Director Ownership Requirement**

Vote **AGAINST** shareholder proposals for the establishment of a director ownership requirement. All other matters should be examined on a **CASE-BY-CASE** basis.

------

**PART C.**

**OTHER INFORMATION**

**Item 28. Exhibits** 

---

| | |
|:---|:---|
| 28 (a)(1) | &nbsp;&nbsp; [<u>Amended and Restated Declaration of Trust of Voya Mutual Funds dated June 3, 2004 – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000095012404004216/p69481bexv99wa1.txt)<br> [<u>Post-Effective Amendment No. 102 to the Registrant's Form N-1A Registration Statement on September 8, 2004</u>](https://www.sec.gov/Archives/edgar/data/895430/000095012404004216/p69481bexv99wa1.txt)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000095012404004216/p69481bexv99wa1.txt)<br>|
| 28 (a)(2) | &nbsp;&nbsp; [<u>Amendment No. 1 dated September 2, 2004 to the Amended and Restated Declaration of Trust (Class I shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000095012404004216/p69481bexv99wa2.txt)<br> [<u>for ING Global Real Estate Fund) – Filed as an Exhibit to Post-Effective Amendment No. 102 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000095012404004216/p69481bexv99wa2.txt)<br> [<u>Registrant's Form N-1A Registration Statement on September 8, 2004 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000095012404004216/p69481bexv99wa2.txt)<br>|
| 28 (a)(3) | &nbsp;&nbsp; [<u>Amendment No. 2 dated January 31, 2005 to the Amended and Restated Declaration of Trust (ING International</u>](https://www.sec.gov/Archives/edgar/data/895430/000095012405000367/p69735bxexv99wa3.txt)<br> [<u>Value Choice Fund) – Filed as an Exhibit to Post-Effective Amendment No. 106 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/895430/000095012405000367/p69735bxexv99wa3.txt)<br> [<u>Registration Statement on January 25, 2005 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000095012405000367/p69735bxexv99wa3.txt)<br>|
| 28 (a)(4) | &nbsp;&nbsp; [<u>Amendment No. 3 dated February 1, 2005 to the Amended and Restated Declaration of Trust (name change –</u>](https://www.sec.gov/Archives/edgar/data/895430/000095012405000367/p69735bxexv99wa4.txt)<br> [<u>ING Global Value Choice Fund, formerly ING Worldwide Growth Fund) – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/895430/000095012405000367/p69735bxexv99wa4.txt)<br> [<u>Amendment No. 106 to the Registrant's Form N-1A Registration Statement on January 25, 2005 and</u>](https://www.sec.gov/Archives/edgar/data/895430/000095012405000367/p69735bxexv99wa4.txt)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000095012405000367/p69735bxexv99wa4.txt)<br>|
| 28 (a)(5) | &nbsp;&nbsp; [<u>Amendment No. 4 dated March 1, 2005 to the Amended and Restated Declaration of Trust (name change – ING</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305002491/p70805b1exv99wa5.txt)<br> [<u>International SmallCap Fund, formerly ING International SmallCap Growth Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305002491/p70805b1exv99wa5.txt)<br> [<u>Post-Effective Amendment No. 110 to the Registrant's Form N-1A Registration Statement on September 30,</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305002491/p70805b1exv99wa5.txt)<br> [<u>2005 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305002491/p70805b1exv99wa5.txt)<br>|
| 28 (a)(6) | &nbsp;&nbsp; [<u>Amendment No. 5 dated April 29, 2005 to the Amended and Restated Declaration of Trust (Class I shares for</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305002491/p70805b1exv99wa6.txt)<br> [<u>ING Global Value Choice Fund and ING International Value Choice Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305002491/p70805b1exv99wa6.txt)<br> [<u>Post-Effective Amendment No. 110 to the Registrant's Form N-1A Registration Statement September 30, 2005</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305002491/p70805b1exv99wa6.txt)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305002491/p70805b1exv99wa6.txt)<br>|
| 28 (a)(7) | &nbsp;&nbsp; [<u>Amendment No. 6 dated September 1, 2005 to the Amended and Restated Declaration of Trust (ING Emerging</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305002491/p70805b1exv99wa7.txt)<br> [<u>Markets Debt Fund and ING Greater China Fund) – Filed as an Exhibit to Post-Effective Amendment No. 110</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305002491/p70805b1exv99wa7.txt)<br> [<u>to the Registrant's Form N-1A Registration Statement on September 30, 2005 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305002491/p70805b1exv99wa7.txt)<br> [<u>reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305002491/p70805b1exv99wa7.txt).<br>|
| 28 (a)(8) | &nbsp;&nbsp; [<u>Amendment No. 7 dated September 30, 2005 to the Amended and Restated Declaration of Trust (Class O shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305002491/p70805b1exv99wa8.txt)<br> [<u>for ING Global Equity Dividend Fund and ING Global Real Estate Fund) - Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305002491/p70805b1exv99wa8.txt)<br> [<u>Amendment No. 110 to the Registrant's Form N-1A Registration Statement on September 30, 2005 and</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305002491/p70805b1exv99wa8.txt)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305002491/p70805b1exv99wa8.txt)<br>|
| 28 (a)(9) | &nbsp;&nbsp; [<u>Amendment No. 8 dated November 1, 2005 to the Amended and Restated Declaration of Trust (ING Diversified</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305003081/p71557exv99wxayx9y.txt)<br> [<u>International Fund, ING Index Plus International Equity Fund, and ING International Capital Appreciation Fund)</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305003081/p71557exv99wxayx9y.txt)<br> [<u>– Filed as an Exhibit to Post-Effective Amendment No. 111 to the Registrant's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305003081/p71557exv99wxayx9y.txt)<br> [<u>Statement on December 6, 2005 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305003081/p71557exv99wxayx9y.txt).<br>|
| 28 (a)(10) | &nbsp;&nbsp; [<u>Amendment No. 9 dated November 10, 2005 to the Amended and Restated Declaration of Trust (ING</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304002121/p69309b1exv99wax10y.txt)<br> [<u>International Real Estate Fund) – Filed as an Exhibit to Post-Effective Amendment No. 111 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304002121/p69309b1exv99wax10y.txt)<br> [<u>Form N-1A Registration Statement on December 6, 2005 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304002121/p69309b1exv99wax10y.txt)<br>|
| 28 (a)(11) | &nbsp;&nbsp; [<u>Amendment No. 10 dated March 16, 2006 to the Amended and Restated Declaration of Trust (ING Global Bond</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306001654/p72107bexv99wa11.txt)<br> [<u>Fund) – Filed as an Exhibit to Post-Effective Amendment No. 116 to the Registrant's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306001654/p72107bexv99wa11.txt)<br> [<u>Statement on June 19, 2006 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306001654/p72107bexv99wa11.txt)<br>|
| 28 (a)(12) | &nbsp;&nbsp; [<u>Amendment No. 11 dated May 25, 2006 to the Amended and Restated Declaration of Trust – Filed as an Exhibit</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306001654/p72107bexv99wa12.txt)<br> [<u>to Post-Effective Amendment No. 116 to the Registrant's Form N-1A Registration Statement on June 19, 2006</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306001654/p72107bexv99wa12.txt)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306001654/p72107bexv99wa12.txt)<br>|
| 28 (a)(13) | &nbsp;&nbsp; [<u>Amendment No. 12 dated July 13, 2006 to the Amended and Restated Declaration of Trust (Class R shares for</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306002160/p72620bexv99wxayx13y.txt)<br> [<u>ING Diversified International Fund) – Filed as an Exhibit to Post-Effective Amendment No. 117 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306002160/p72620bexv99wxayx13y.txt)<br> [<u>Registrant's Form N-1A Registration Statement on August 14, 2006 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306002160/p72620bexv99wxayx13y.txt)<br>|

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------

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| | |
|:---|:---|
| 28 (a)(14) | &nbsp;&nbsp; [<u>Amendment No. 13 dated October 9, 2006 to the Amended and Restated Declaration of Trust (name change -</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306002943/p73225aexv99wxayx14y.txt)<br> [<u>ING Global Natural Resources Fund, formerly ING Precious Metals Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306002943/p73225aexv99wxayx14y.txt)<br> [<u>Post-Effective Amendment No. 119 to the Registrant's Form N-1A Registration Statement on December 7, 2006</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306002943/p73225aexv99wxayx14y.txt)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306002943/p73225aexv99wxayx14y.txt)<br>|
| 28 (a)(15) | &nbsp;&nbsp; [<u>Amendment No. 14 dated November 9, 2006 to the Amended and Restated Declaration of Trust (ING</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306002943/p73225aexv99wxayx15y.txt)<br> [<u>International Value Opportunities Fund) – Filed as an Exhibit to Post-Effective Amendment No. 119 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306002943/p73225aexv99wxayx15y.txt)<br> [<u>Registrant's Form N-1A Registration Statement on December 7, 2006 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306002943/p73225aexv99wxayx15y.txt)<br>|
| 28 (a)(16) | &nbsp;&nbsp; [<u>Amendment No. 15 dated November 9, 2006 to the Amended and Restated Declaration of Trust (authority to</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307000392/p73225bexv99wxayx16y.txt)<br> [<u>reclassify, reorganize, recapitalize, or convert issued or unissued interests of any class into interests of one or</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307000392/p73225bexv99wxayx16y.txt)<br> [<u>more other classes) – Filed as an Exhibit to Post-Effective Amendment No. 121 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307000392/p73225bexv99wxayx16y.txt)<br> [<u>Registration Statement on February 23, 2007 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307000392/p73225bexv99wxayx16y.txt)<br>|
| 28 (a)(17) | &nbsp;&nbsp; [<u>Amendment No. 16 dated November 9, 2006 to the Amended and Restated Declaration of Trust (abolishing</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307000392/p73225bexv99wxayx17y.txt)<br> [<u>Class M shares for ING Emerging Countries Fund) – Filed as an Exhibit to Post-Effective Amendment No. 121</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307000392/p73225bexv99wxayx17y.txt)<br> [<u>to the Registrant's Form N-1A Registration Statement on February 23, 2007 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307000392/p73225bexv99wxayx17y.txt)<br> [<u>reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307000392/p73225bexv99wxayx17y.txt).<br>|
| 28 (a)(18) | &nbsp;&nbsp; [<u>Amendment No. 17 dated February 28, 2007 to the Amended and Restated Declaration of Trust (name change -</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307000392/p73225bexv99wxayx18y.txt)<br> [<u>ING International Growth Opportunities Fund, formerly ING International Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307000392/p73225bexv99wxayx18y.txt)<br> [<u>Post-Effective Amendment No. 121 to the Registrant's Form N-1A Registration Statement on February 23, 2007</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307000392/p73225bexv99wxayx18y.txt)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307000392/p73225bexv99wxayx18y.txt)<br>|
| 28 (a)(19) | &nbsp;&nbsp; [<u>Amendment No. 18 dated March 2, 2007 to the Amended and Restated Declaration of Trust (ING International</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307001587/p74123bexv99wxayx19y.htm)<br> [<u>Equity Dividend Fund) – Filed as an Exhibit to Post-Effective Amendment No. 124 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307001587/p74123bexv99wxayx19y.htm)<br> [<u>N-1A Registration Statement on July 27, 2007 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307001587/p74123bexv99wxayx19y.htm).<br>|
| 28 (a)(20) | &nbsp;&nbsp; [<u>Amendment No. 19 dated July 12, 2007 to the Amended and Restated Declaration of Trust (ING Asia-Pacific</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307001587/p74123bexv99wxayx20y.htm)<br> [<u>Real Estate Fund, ING European Real Estate Fund, and Class I shares for ING Global Equity Dividend Fund;</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307001587/p74123bexv99wxayx20y.htm)<br> [<u>and ING Global Natural Resources Fund; and Class O shares for ING Index Plus International Equity Fund) –</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307001587/p74123bexv99wxayx20y.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 124 to the Registrant's Form N-1A Registration Statement</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307001587/p74123bexv99wxayx20y.htm)<br> [<u>on July 27, 2007 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307001587/p74123bexv99wxayx20y.htm).<br>|
| 28 (a)(21) | &nbsp;&nbsp; [<u>Amendment No. 20 dated September 12, 2007 to the Amended and Restated Declaration of Trust (Class W</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312507242515/dex99a21.htm)<br> [<u>shares for ING Diversified International Fund, ING Emerging Countries Fund, ING Foreign Fund, ING Global</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312507242515/dex99a21.htm)<br> [<u>Equity Dividend Fund, ING Global Natural Resources Fund, ING Global Real Estate Fund, ING International</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312507242515/dex99a21.htm)<br> [<u>Equity Dividend Fund, ING International Real Estate Fund, and ING International SmallCap Fund) – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312507242515/dex99a21.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 128 to the Registrant's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312507242515/dex99a21.htm)<br> [<u>November 9, 2007 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312507242515/dex99a21.htm).<br>|
| 28 (a)(22) | &nbsp;&nbsp; [<u>Amendment No. 21 dated December 17, 2007 to the Amended and Restated Declaration of Trust (name change</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312508040250/dex99a22.txt)<br> [<u>– ING International SmallCap Multi-Manager Fund, formerly ING International SmallCap Fund) – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312508040250/dex99a22.txt)<br> [<u>exhibit to Post-Effective Amendment No. 131 to the Registrant's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312508040250/dex99a22.txt)<br> [<u>February 27, 2008 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312508040250/dex99a22.txt).<br>|
| 28 (a)(23) | &nbsp;&nbsp; [<u>Amendment No. 22 dated May 30, 2008 to the Amended and Restated Declaration of Trust (Class O shares for</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312508127986/dex99a23.txt)<br> [<u>ING Diversified International Fund, ING Global Bond Fund, ING Greater China Fund, and ING International</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312508127986/dex99a23.txt)<br> [<u>SmallCap Multi-Manager Fund) – Filed as an Exhibit to Post-Effective Amendment No. 132 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312508127986/dex99a23.txt)<br> [<u>Form N-1A Registration Statement on June 4, 2008 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312508127986/dex99a23.txt).<br>|
| 28 (a)(24) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series with respect to ING International Value Opportunities Fund</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311001001/d28690_ex-a24.htm)<br> [<u>effective August 1, 2008 – Filed as an exhibit to Post-Effective Amendment No. 152 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311001001/d28690_ex-a24.htm)<br> [<u>N-1A Registration Statement on September 30, 2011 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311001001/d28690_ex-a24.htm).<br>|
| 28 (a)(25) | &nbsp;&nbsp; [<u>Amendment No. 23 effective September 27, 2008 to the Amended and Restated Declaration of Trust (dissolution</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312509039277/dex99a24.htm)<br> [<u>of ING International Value Opportunities Fund) – Filed as an Exhibit to Post-Effective Amendment No. 134 to</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312509039277/dex99a24.htm)<br> [<u>the Registrant's Form N-1A Registration Statement on February 26, 2009 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312509039277/dex99a24.htm).<br>|
| 28 (a)(26) | &nbsp;&nbsp; [<u>Amendment No. 24 dated March 27, 2009 to the Amended and Restated Declaration of Trust (Class Q shares for</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465909035871/a09-14527_1ex99dba25.htm)<br> [<u>ING International Capital Appreciation Fund) – Filed as an Exhibit to Post-Effective Amendment No. 135 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465909035871/a09-14527_1ex99dba25.htm)<br> [<u>Registrant's Form N-1A Registration Statement on May 29, 2009 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465909035871/a09-14527_1ex99dba25.htm).<br>|

---

------

---

| | |
|:---|:---|
| 28 (a)(27) | &nbsp;&nbsp; [<u>Amendment No. 25 dated May 14, 2009 to the Amended and Restated Declaration of Trust (Class W shares for</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465909035871/a09-14527_1ex99dba26.htm)<br> [<u>ING Global Bond Fund, ING Global Value Choice Fund, and ING International Value Choice Fund) – Filed as</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465909035871/a09-14527_1ex99dba26.htm)<br> [<u>an Exhibit to Post-Effective Amendment No. 135 to the Registrant's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465909035871/a09-14527_1ex99dba26.htm)<br> [<u>May 29, 2009 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465909035871/a09-14527_1ex99dba26.htm).<br>|
| 28 (a)(28) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series with respect to ING Disciplined International SmallCap Fund</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311001001/d28690_ex-a28.htm)<br> [<u>effective July 13, 2009 – Filed as an exhibit to Post-Effective Amendment No. 152 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311001001/d28690_ex-a28.htm)<br> [<u>N-1A Registration Statement on September 30, 2011 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311001001/d28690_ex-a28.htm).<br>|
| 28 (a)(29) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series with respect to ING Emerging Markets Fixed Income Fund</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311001001/d28690_ex-a29.htm)<br> [<u>effective July 13, 2009 – Filed as an exhibit to Post-Effective Amendment No. 152 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311001001/d28690_ex-a29.htm)<br> [<u>N-1A Registration Statement on September 30, 2011 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311001001/d28690_ex-a29.htm).<br>|
| 28 (a)(30) | &nbsp;&nbsp; [<u>Amendment No. 26 effective August 10, 2009 to the Amended and Restated Declaration of Trust (dissolution of</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312509199705/dex99a27.htm)<br> [<u>ING International Growth Opportunities Fund) – Filed as an Exhibit to Post-Effective Amendment No. 137 to</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312509199705/dex99a27.htm)<br> [<u>the Registrant's Form N-1A Registration Statement on September 29, 2009 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312509199705/dex99a27.htm).<br>|
| 28 (a)(31) | &nbsp;&nbsp; [<u>Amendment No. 27 effective August 21, 2009 to the Amended and Restated Declaration of Trust (dissolution of</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312509199705/dex99a28.htm)<br> [<u>ING Disciplined International SmallCap Fund and ING Emerging Markets Fixed Income Fund) – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312509199705/dex99a28.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 137 to the Registrant's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312509199705/dex99a28.htm)<br> [<u>September 29, 2009 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312509199705/dex99a28.htm)<br>|
| 28 (a)(32) | &nbsp;&nbsp; [<u>Amendment No. 28 dated September 10, 2009 to the Amended and Restated Declaration of Trust (Class I shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312509199705/dex99a29.htm)<br> [<u>for ING Russia Fund) – Filed as an Exhibit to Post-Effective Amendment No. 137 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312509199705/dex99a29.htm)<br> [<u>N-1A Registration Statement on September 29, 2009 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312509199705/dex99a29.htm).<br>|
| 28 (a)(33) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series with respect to ING International Equity Dividend Fund effective</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311001001/d28690_ex-a33.htm)<br> [<u>September 14, 2009 – Filed as an exhibit to Post-Effective Amendment No. 152 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311001001/d28690_ex-a33.htm)<br> [<u>Registration Statement on September 30, 2011 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311001001/d28690_ex-a33.htm).<br>|
| 28 (a)(34) | &nbsp;&nbsp; [<u>Amendment No. 29 effective October 13, 2009 to the Amended and Restated Declaration of Trust (Class W</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510040538/dex99a30.htm)<br> [<u>shares for ING International Capital Appreciation Fund) – Filed as an Exhibit to Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510040538/dex99a30.htm)<br> [<u>139 to the Registrant's Form N-1A Registration Statement on February 25, 2010 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510040538/dex99a30.htm)<br> [<u>reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510040538/dex99a30.htm).<br>|
| 28 (a)(35) | &nbsp;&nbsp; [<u>Amendment No. 30 dated November 20, 2009 to the Amended and Restated Declaration of Trust (converting</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510040538/dex99a31.htm)<br> [<u>Class Q shares into Class W shares and abolishing Class Q shares for ING Foreign Fund, ING Global Natural</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510040538/dex99a31.htm)<br> [<u>Resources Fund, ING Global Value Choice Fund, ING International SmallCap Multi-Manager Fund, and ING</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510040538/dex99a31.htm)<br> [<u>Russia Fund) – Filed as an Exhibit to Post-Effective Amendment No. 139 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510040538/dex99a31.htm)<br> [<u>Registration Statement on February 25, 2010 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510040538/dex99a31.htm).<br>|
| 28 (a)(36) | &nbsp;&nbsp; [<u>Amendment No. 31, effective March 5, 2010, to the Amended and Restated Declaration of Trust (converting</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510220619/dex99a32.htm)<br> [<u>Class Q shares into Class W shares and abolishing Class Q shares for ING Emerging Countries Fund and ING</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510220619/dex99a32.htm)<br> [<u>International Capital Appreciation Fund) – Filed as an Exhibit to Post-Effective Amendment No. 140 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510220619/dex99a32.htm)<br> [<u>Registrant's Form N-1A Registration Statement on September 30, 2010 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510220619/dex99a32.htm).<br>|
| 28 (a)(37) | &nbsp;&nbsp; [<u>Amendment No. 32 dated June 30, 2010 to Amended and Restated Declaration of Trust (name change – ING</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510220619/dex99a33.htm)<br> [<u>Global Opportunities Fund, formerly ING Foreign Fund) – Filed as an Exhibit to Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510220619/dex99a33.htm)<br> [<u>140 to the Registrant's Form N-1A Registration Statement on September 30, 2010 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510220619/dex99a33.htm)<br> [<u>reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510220619/dex99a33.htm).<br>|
| 28 (a)(38) | &nbsp;&nbsp; [<u>Amendment No. 33 dated September 30, 2010 to the Amended and Restated Declaration of Trust (Class I shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510274644/dex99a34.htm)<br> [<u>for ING International Growth Fund) – Filed as an Exhibit to Post-Effective Amendment No. 142 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510274644/dex99a34.htm)<br> [<u>Registrant's Form N-1A Registration Statement on December 6, 2010 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510274644/dex99a34.htm).<br>|
| 28 (a)(39) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series with respect to ING Asia-Pacific Real Estate Fund effective</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311001001/d28690_ex-a39.htm)<br> [<u>November 26, 2010 – Filed as an exhibit to Post-Effective Amendment No. 152 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311001001/d28690_ex-a39.htm)<br> [<u>Registration Statement on September 30, 2011 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311001001/d28690_ex-a39.htm).<br>|
| 28 (a)(40) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series with respect to ING European Real Estate Fund effective</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311001001/d28690_ex-a40.htm)<br> [<u>November 26, 2010 – Filed as an exhibit to Post-Effective Amendment No. 152 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311001001/d28690_ex-a40.htm)<br> [<u>Registration Statement on September 30, 2011 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311001001/d28690_ex-a40.htm).<br>|

---

------

---

| | |
|:---|:---|
| 28 (a)(41) | &nbsp;&nbsp; [<u>Amendment No. 34 dated November 18, 2010 to the Amended and Restated Declaration of Trust (Class I shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312511012882/dex99a35.htm)<br> [<u>for ING International Core Fund) – Filed as an Exhibit to Post-Effective Amendment No. 144 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312511012882/dex99a35.htm)<br> [<u>Form N-1A Registration Statement on January 24, 2011 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312511012882/dex99a35.htm).<br>|
| 28 (a)(42) | &nbsp;&nbsp; [<u>Amendment No. 35 dated May 19, 2011 to the Amended and Restated Declaration of Trust (Class R shares and</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465911041410/a11-21951_1ex99dba36.htm)<br> [<u>Class W shares for certain ING Funds) – Filed as an Exhibit to Post-Effective Amendment No. 149 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465911041410/a11-21951_1ex99dba36.htm)<br> [<u>Registrant's Form N-1A Registration Statement on July 28, 2011 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465911041410/a11-21951_1ex99dba36.htm)<br>|
| 28 (a)(43) | &nbsp;&nbsp; [<u>Amendment No. 36 dated July 15, 2011 to the Amended and Restated Declaration of Trust (ING Emerging</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465911041410/a11-21951_1ex99dba37.htm)<br> [<u>Markets Equity Fund) – Filed as an Exhibit to Post-Effective Amendment No. 149 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465911041410/a11-21951_1ex99dba37.htm)<br> [<u>N-1A Registration Statement filed on July 28, 2011 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465911041410/a11-21951_1ex99dba37.htm)<br>|
| 28 (a)(44) | &nbsp;&nbsp; [<u>Amendment No. 37 dated January 12, 2012 to the Amended and Restated Declaration of Trust (Class B shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912013316/a12-3899_1ex99dba44.htm)<br> [<u>for ING Emerging Markets Equity Fund) – Filed as an Exhibit to Post-Effective Amendment No. 157 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912013316/a12-3899_1ex99dba44.htm)<br> [<u>Registrant's Form N-1A Registration Statement on February 27, 2012 and incorporated herein by referenc</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912013316/a12-3899_1ex99dba44.htm)e.<br>|
| 28 (a)(45) | &nbsp;&nbsp; [<u>Amendment No. 38 dated February 29, 2012 to the Amended and Restated Declaration of Trust (name change –</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912013316/a12-3899_1ex99dba45.htm)<br> [<u>ING International Small Cap Fund, formerly ING International SmallCap Multi-Manager Fund) – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912013316/a12-3899_1ex99dba45.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 157 to the Registrant's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912013316/a12-3899_1ex99dba45.htm)<br> [<u>February 27, 2012 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912013316/a12-3899_1ex99dba45.htm).<br>|
| 28 (a)(46) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series with respect to ING International Capital Appreciation Fund,</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912013316/a12-3899_1ex99dba46.htm)<br> [<u>effective January 17, 2012 – Filed as an Exhibit to Post-Effective Amendment No. 157 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912013316/a12-3899_1ex99dba46.htm)<br> [<u>N-1A Registration Statement on February 27, 2012 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912013316/a12-3899_1ex99dba46.htm).<br>|
| 28 (a)(47) | &nbsp;&nbsp; [<u>Amendment No. 39 dated July 12, 2012 to the Amended and Restated Declaration of Trust (ING Diversified</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912072760/a12-22818_1ex99dba47.htm)<br> [<u>Emerging Markets Debt Fund) – Filed as an Exhibit to Post-Effective Amendment No. 165 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912072760/a12-22818_1ex99dba47.htm)<br> [<u>Form N-1A Registration Statement on October 31, 2012 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912072760/a12-22818_1ex99dba47.htm).<br>|
| 28 (a)(48) | &nbsp;&nbsp; [<u>Amendment No. 40 effective July 23, 2012 to the Amended and Restated Declaration of Trust (dissolving ING</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912072760/a12-22818_1ex99dba48.htm)<br> [<u>Emerging Countries Fund) – Filed as an Exhibit to Post-Effective Amendment No. 165 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912072760/a12-22818_1ex99dba48.htm)<br> [<u>N-1A Registration Statement on October 31, 2012 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912072760/a12-22818_1ex99dba48.htm).<br>|
| 28 (a)(49) | &nbsp;&nbsp; [<u>Amendment No. 41 dated August 1, 2012 to the Amended and Restated Declaration of Trust (Class W shares for</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912055285/a12-17808_1ex99dba47.htm)<br> [<u>ING International Core Fund) – Filed as an Exhibit to Post-Effective Amendment No. 160 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912055285/a12-17808_1ex99dba47.htm)<br> [<u>Form N-1A Registration Statement on August 7, 2012 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912055285/a12-17808_1ex99dba47.htm).<br>|
| 28 (a)(50) | &nbsp;&nbsp; [<u>Amendment No. 42 dated September 6, 2012 to the Amended and Restated Declaration of Trust (Class R6</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312512513371/d455242dex99a50.htm)<br> [<u>shares for ING Global Bond Fund and ING Global Real Estate Fund) – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312512513371/d455242dex99a50.htm)<br> [<u>Amendment No. 170 to the Registrant's Form N-1A Registration Statement on December 21, 2012 and</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312512513371/d455242dex99a50.htm)<br> [<u>incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312512513371/d455242dex99a50.htm).<br>|
| 28 (a)(51) | &nbsp;&nbsp; [<u>Amendment No. 43 dated November 14, 2012 to the Amended and Restated Declaration of Trust (name change</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312512513371/d455242dex99a51.htm)<br> [<u>– ING International Value Equity Fund, formerly ING Global Value Choice Fund) –Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312512513371/d455242dex99a51.htm)<br> [<u>Post-Effective Amendment No. 170 to the Registrant's Form N-1A Registration Statement on December 21, 2012</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312512513371/d455242dex99a51.htm)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312512513371/d455242dex99a51.htm)<br>|
| 28 (a)(52) | &nbsp;&nbsp; [<u>Amendment No. 44 dated November 15, 2012 to the Amended and Restated Declaration of Trust (name change</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312512513371/d455242dex99a52.htm)<br> [<u>– ING Emerging Markets Equity Dividend Fund, formerly ING Greater China Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312512513371/d455242dex99a52.htm)<br> [<u>Post-Effective Amendment No. 170 to the Registrant's Form N-1A Registration Statement on December 21, 2012</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312512513371/d455242dex99a52.htm)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312512513371/d455242dex99a52.htm)<br>|
| 28 (a)(53) | &nbsp;&nbsp; [<u>Amendment No. 45 dated November 29, 2012 to the Amended and Restated Declaration of Trust (Class P shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544312001371/d29996_ex-a52.htm)<br> [<u>for ING Global Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 167 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544312001371/d29996_ex-a52.htm)<br> [<u>Form N-1A Registration Statement on November 30, 2012 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544312001371/d29996_ex-a52.htm).<br>|
| 28 (a)(54) | &nbsp;&nbsp; [<u>Amendment No. 46 dated January 10, 2013 to the Amended and Restated Declaration of Trust (ING Global</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465913015169/a13-5982_1ex99dba54.htm)<br> [<u>Perspectives Fund) – Filed as an Exhibit to Post-Effective Amendment No. 174 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465913015169/a13-5982_1ex99dba54.htm)<br> [<u>Registration Statement on February 27, 2013 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465913015169/a13-5982_1ex99dba54.htm)<br>|
| 28 (a)(55) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series with respect to ING Index Plus International Equity Fund,</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465913015169/a13-5982_1ex99dba55.htm)<br> [<u>effective December 7, 2012 – Filed as an Exhibit to Post-Effective Amendment No. 174 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465913015169/a13-5982_1ex99dba55.htm)<br> [<u>N-1A Registration Statement on February 27, 2013 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465913015169/a13-5982_1ex99dba55.htm).<br>|

---

------

---

| | |
|:---|:---|
| 28 (a)(56) | &nbsp;&nbsp; [<u>Amendment No. 47 dated July 1, 2013 to the Amended and Restated Declaration of Trust (name change – ING</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312513474691/d633332dex9928a56.htm)<br> [<u>Multi-Manager International Equity Fund, formerly ING International Growth Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312513474691/d633332dex9928a56.htm)<br> [<u>Post-Effective Amendment No. 183 to the Registrant's Form N-1A Registration Statement on December 16, 2013</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312513474691/d633332dex9928a56.htm)<br> [<u>and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312513474691/d633332dex9928a56.htm).<br>|
| 28 (a)(57) | &nbsp;&nbsp; [<u>Amendment No. 48 effective July 15, 2013 to the Amended and Restated Declaration of Trust (dissolution of</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312513474691/d633332dex9928a57.htm)<br> [<u>ING International Value Choice Fund) – Filed as an Exhibit to Post-Effective Amendment No. 183 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312513474691/d633332dex9928a57.htm)<br> [<u>Registrant's Form N-1A Registration Statement on December 16, 2013 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312513474691/d633332dex9928a57.htm).<br>|
| 28 (a)(58) | &nbsp;&nbsp; [<u>Amendment No. 49 dated November 21, 2013 to the Amended and Restated Declaration of Trust (Class A,</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312514069423/d633332dex99a58.htm)<br> [<u>Class B, Class C, Class O, Class R, and Class W shares for ING Multi-Manager International Equity Fund) –</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312514069423/d633332dex99a58.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/895430/000119312514069423/d633332dex99a58.htm)<br> [<u>on February 26, 2014 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312514069423/d633332dex99a58.htm).<br>|
| 28 (a)(59) | &nbsp;&nbsp; [<u>Amendment No. 50 dated May 1, 2014 to the Amended and Restated Declaration of Trust (name change of each</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914051371/a14-17093_1ex99dba59.htm)<br> [<u>existing series of the Trust) – Filed as an Exhibit to Post-Effective Amendment No. 186 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914051371/a14-17093_1ex99dba59.htm)<br> [<u>N-1A Registration Statement on July 14, 2014 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914051371/a14-17093_1ex99dba59.htm).<br>|
| 28 (a)(60) | &nbsp;&nbsp; [<u>Amendment No. 51 dated May 22, 2014 to the Amended and Restated Declaration of Trust (Class R6 shares for</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914051371/a14-17093_1ex99dba60.htm)<br> [<u>Voya Global Real Estate Fund) – Filed as an Exhibit to Post-Effective Amendment No. 186 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914051371/a14-17093_1ex99dba60.htm)<br> [<u>Form N-1A Registration Statement on July 14, 2014 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914051371/a14-17093_1ex99dba60.htm).<br>|
| 28 (a)(61) | &nbsp;&nbsp; [<u>Amendment No. 52 effective October 1, 2014 to the Amended and Restated Declaration of Trust (abolition of</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914088182/a14-26317_1ex99dba61.htm)<br> [<u>Class B, Class C, and Class R shares of Voya Global Natural Resources Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914088182/a14-26317_1ex99dba61.htm)<br> [<u>Post-Effective Amendment No. 188 to the Registrant's Form N-1A Registration Statement on December 22, 2014</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914088182/a14-26317_1ex99dba61.htm)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914088182/a14-26317_1ex99dba61.htm)<br>|
| 28 (a)(62) | &nbsp;&nbsp; [<u>Amendment No. 53 effective November 24, 2014 to the Amended and Restated Declaration of Trust (dissolution</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914088182/a14-26317_1ex99dba62.htm)<br> [<u>of Voya Global Opportunities Fund) – Filed as an Exhibit to Post-Effective Amendment No. 188 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914088182/a14-26317_1ex99dba62.htm)<br> [<u>Registrant's Form N-1A Registration Statement on December 22, 2014 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914088182/a14-26317_1ex99dba62.htm).<br>|
| 28 (a)(63) | &nbsp;&nbsp; [<u>Amendment No. 54 dated December 1, 2014 to the Amended and Restated Declaration of Trust (name change –</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914088182/a14-26317_1ex99dba62.htm)<br> [<u>Voya Global Value Advantage Fund, formerly Voya International Value Equity Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914088182/a14-26317_1ex99dba62.htm)<br> [<u>Post-Effective Amendment No. 188 to the Registrant's Form N-1A Registration Statement on December 22, 2014</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914088182/a14-26317_1ex99dba62.htm)<br> [<u>and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914088182/a14-26317_1ex99dba62.htm).<br>|
| 28 (a)(64) | &nbsp;&nbsp; [<u>Amendment No. 55 effective May 26, 2015 to the Amended and Restated Declaration of Trust (dissolution of</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465916099999/a16-3908_1ex99dba64.htm)<br> [<u>Voya Global Natural Resources Fund) – Filed as an Exhibit to Post-Effective Amendment No. 192 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465916099999/a16-3908_1ex99dba64.htm)<br> [<u>Registrant's Form N-1A Registration Statement on February 25, 2016 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465916099999/a16-3908_1ex99dba64.htm).<br>|
| 28 (a)(65) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series with respect to Voya Emerging Markets Equity Dividend Fund,</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312516783443/d303260dex99a65.htm)<br> [<u>effective January 15, 2016 – Filed as an Exhibit to Post-Effective Amendment No. 195 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312516783443/d303260dex99a65.htm)<br> [<u>N-1A Registration Statement on December 2, 2016 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312516783443/d303260dex99a65.htm)<br>|
| 28 (a)(66) | &nbsp;&nbsp; [<u>Amendment No. 56 dated May 1, 2016 to the Amended and Restated Declaration of Trust (name change – Voya</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312516783443/d303260dex99a66.htm)<br> [<u>Global Equity Fund, formerly Voya Global Value Advantage Fund) – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312516783443/d303260dex99a66.htm)<br> [<u>Amendment No. 195 to the Registrant's Form N-1A Registration Statement on December 2, 2016 and</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312516783443/d303260dex99a66.htm)<br> [<u>incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312516783443/d303260dex99a66.htm).<br>|
| 28 (a)(67) | &nbsp;&nbsp; [<u>Amendment No. 57 dated September 15, 2016 to the Amended and Restated Declaration of Trust (Voya Global</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312516783443/d303260dex99a67.htm)<br> [<u>Corporate Leaders® 100 Fund and Voya Global High Dividend Low Volatility Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312516783443/d303260dex99a67.htm)<br> [<u>Post-Effective Amendment No. 195 to the Registrant's Form N-1A Registration Statement on December 2, 2016</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312516783443/d303260dex99a67.htm)<br> [<u>and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312516783443/d303260dex99a67.htm).<br>|
| 28 (a)(68) | &nbsp;&nbsp; [<u>Amendment No. 58 dated November 17, 2016 to the Amended and Restated Declaration of Trust (Voya CBRE</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312516783443/d303260dex99a68.htm)<br> [<u>Global Infrastructure Fund and Voya CBRE Long/Short Fund) – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312516783443/d303260dex99a68.htm)<br> [<u>Amendment No. 195 to the Registrant's Form N-1A Registration Statement on December 2, 2016 and</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312516783443/d303260dex99a68.htm)<br> [<u>incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312516783443/d303260dex99a68.htm).<br>|

---

------

---

| | |
|:---|:---|
| 28 (a)(69) | &nbsp;&nbsp; [<u>Amendment No. 59 dated January 12, 2017 to the Amended and Restated Declaration of Trust (Class T shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917011592/a17-3150_1ex99dba69.htm)<br> [<u>for Voya CBRE Global Infrastructure Fund, Voya CBRE Long/Short Fund, Voya Diversified Emerging Markets</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917011592/a17-3150_1ex99dba69.htm)<br> [<u>Debt Fund, Voya Global Bond Fund, Voya Global Corporate Leaders® 100 Fund, Voya Global Equity Fund,</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917011592/a17-3150_1ex99dba69.htm)<br> [<u>Voya Global High Dividend Low Volatility Fund, Voya Global Perspectives® Fund, Voya Global Real Estate</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917011592/a17-3150_1ex99dba69.htm)<br> [<u>Fund, and Voya International Real Estate Fund) – Filed as an Exhibit to Post-Effective Amendment No. 199 to</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917011592/a17-3150_1ex99dba69.htm)<br> [<u>the Registrant's Form N-1A Registration Statement on February 24, 2017 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917011592/a17-3150_1ex99dba69.htm). <br>|
| 28 (a)(70) | &nbsp;&nbsp; [<u>Amendment No. 60 dated January 20, 2017 to the Amended and Restated Declaration of Trust (name change –</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917011592/a17-3150_1ex99dba70.htm)<br> [<u>Voya Multi-Manager International Factors Funds, formerly International Core Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917011592/a17-3150_1ex99dba70.htm)<br> [<u>Post-Effective Amendment No. 199 to the Registrant's Form N-1A Registration Statement on February 24, 2017</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917011592/a17-3150_1ex99dba70.htm)<br> [<u>and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917011592/a17-3150_1ex99dba70.htm). <br>|
| 28 (a)(71) | &nbsp;&nbsp; [<u>Amendment No. 61 effective May 2, 2017 to the Amended and Restated Declaration of Trust (abolishment of</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917044997/a17-14916_1ex99dba71.htm)<br> [<u>Class B shares for Voya Diversified International Fund, Voya Global Bond Fund, Voya Global Equity Dividend</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917044997/a17-14916_1ex99dba71.htm)<br> [<u>Fund, Voya Global Equity Fund, Voya Global Real Estate Fund, Voya International Real Estate Fund, Voya</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917044997/a17-14916_1ex99dba71.htm)<br> [<u>Multi-Manager Emerging Markets Equity Fund, Voya Multi-Manager International Equity Fund, Voya</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917044997/a17-14916_1ex99dba71.htm)<br> [<u>Multi-Manager International Small Cap Fund, and Voya Russia Fund) – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917044997/a17-14916_1ex99dba71.htm)<br> [<u>Amendment No. 206 to the Registrant's Form N-1A Registration Statement on July 14, 2017 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917044997/a17-14916_1ex99dba71.htm)<br> [<u>herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917044997/a17-14916_1ex99dba71.htm).<br>|
| 28 (a)(72) | &nbsp;&nbsp; [<u>Amendment No. 62 effective January 11, 2018 to the Amended and Restated Declaration of Trust (establishment</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dba72.htm)<br> [<u>of Class P3 shares for Voya Global Bond Fund, Voya Global Real Estate Fund, Voya Multi-Manager Emerging</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dba72.htm)<br> [<u>Markets Equity Fund, Voya Multi-Manager International Equity Fund and Voya Multi-Manager International</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dba72.htm)<br> [<u>Factors Fund) - Filed as an Exhibit to Post-Effective Amendment No. 209 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dba72.htm)<br> [<u>Registration Statement on February 23, 2018 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dba72.htm).<br>|
| 28 (a)(73) | &nbsp;&nbsp; [<u>Amendment No. 63 effective May 1, 2018 to the Amended and Restated Declaration of Trust (change of name</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dba73.htm)<br> [<u>for Voya International High Dividend Low Volatility Fund, formerly, Voya Global High Dividend Low Volatility</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dba73.htm)<br> [<u>Fund) – Filed as an Exhibit to Post-Effective Amendment No. 212 to the Registrant's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dba73.htm)<br> [<u>Statement on February 26, 2019 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dba73.htm).<br>|
| 28 (a)(74) | &nbsp;&nbsp; [<u>Amendment No. 64. effective May 18, 2017 to the Amended and Restated Declaration of Trust (dissolution of</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dba74.htm)<br> [<u>Voya Diversified International Fund) – Filed as an Exhibit to Post-Effective Amendment No. 212 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dba74.htm)<br> [<u>Registrant's Form N-1A Registration Statement on February 26, 2019 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dba74.htm).<br>|
| 28 (a)(75) | &nbsp;&nbsp; [<u>Amendment No. 65 effective September 14, 2018 to the Amended and Restated Declaration of Trust</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dba75.htm)<br> [<u>(establishment of Class P3 shares for Voya International High Dividend Low Volatility Fund and Voya</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dba75.htm)<br> [<u>Multi-Manager International Small Cap Fund) – Filed as an Exhibit to Post-Effective Amendment No. 212 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dba75.htm)<br> [<u>Registrant's Form N-1A Registration Statement on February 26, 2019 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dba75.htm).<br>|
| 28 (a)(76) | &nbsp;&nbsp; [<u>Amendment No. 66 effective November 16, 2018 to the Amended and Restated Declaration of Trust</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dba76.htm)<br> [<u>(establishment of Class C shares for Voya CBRE Global Infrastructure Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dba76.htm)<br> [<u>Post-Effective Amendment No. 212 to the Registrant's Form N-1A Registration Statement on February 26, 2019</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dba76.htm)<br> [<u>and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dba76.htm).<br>|
| 28 (a)(77) | &nbsp;&nbsp; [<u>Amendment No. 67 effective January 25, 2019 to the Amended and Restated Declaration of Trust (establishment</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dba77.htm)<br> [<u>of Class W shares for Voya CBRE Global Infrastructure Fund and Class P shares for Voya Multi-Manager</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dba77.htm)<br> [<u>Emerging Markets Equity Fund, Voya Multi-Manager International Equity Fund, and Voya Multi-Manager</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dba77.htm)<br> [<u>International Factors Fund) – Filed as an Exhibit to Post-Effective Amendment No. 212 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dba77.htm)<br> [<u>N-1A Registration Statement on February 26, 2019 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dba77.htm)<br>|
| 28 (a)(78) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series with respect to Voya CBRE Long/Short Fund effective, March 19,</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dba78.htm)<br> [<u>2019 – Filed as an exhibit to Post-Effective Amendment No. 215 to the Registrant's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dba78.htm)<br> [<u>Statement on October 31, 2019 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dba78.htm).<br>|
| 28 (a)(79) | &nbsp;&nbsp; [<u>Amendment No. 68 effective May 23, 2019 to the Amended and Restated Declaration of Trust (Voya Global</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dba79.htm)<br> [<u>Diversified Payment Fund II) – Filed as an exhibit to Post-Effective Amendment No. 215 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dba79.htm)<br> [<u>Form N-1A Registration Statement on October 31, 2019 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dba79.htm).<br>|

---

------

---

| | |
|:---|:---|
| 28 (a)(80) | &nbsp;&nbsp; [<u>Amendment No. 69 effective September 12, 2019 to the Amended and Restated Declaration of Trust (establish</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dba80.htm)<br> [<u>of Class R6 shares for Voya Global Equity Dividend Fund and Voya International High Dividend Low Volatility</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dba80.htm)<br> [<u>Fund) – Filed as an exhibit to Post-Effective Amendment No. 215 to the Registrant's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dba80.htm)<br> [<u>Statement on October 31, 2019 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dba80.htm)<br>|
| 28 (a)(81) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series with respect to Voya International Real Estate Fund, effective</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465920024699/a20-9592_1ex99dba81.htm)<br> [<u>October 4, 2019 – Filed as an exhibit to Post-Effective Amendment No. 218 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465920024699/a20-9592_1ex99dba81.htm)<br> [<u>Registration Statement on February 25, 2020 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465920024699/a20-9592_1ex99dba81.htm).<br>|
| 28 (a)(82) | &nbsp;&nbsp; [<u>Amendment No. 71 effective November 8, 2019 to the Amended and Restated Declaration of Trust (Voya Global</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465920024699/a20-9592_1ex99dba82.htm)<br> [<u>Diversified Payment Fund) – Filed as an exhibit to Post-Effective Amendment No. 218 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465920024699/a20-9592_1ex99dba82.htm)<br> [<u>N-1A Registration Statement on February 25, 2020 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465920024699/a20-9592_1ex99dba82.htm)<br>|
| 28 (a)(83) | &nbsp;&nbsp; [<u>Amendment No. 72 effective May 23, 2019 to the Amended and Restated Declaration of Trust (Abolishment of</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465920024699/a20-9592_1ex99dba83.htm)<br> [<u>Class O shares) – Filed as an exhibit to Post-Effective Amendment No. 218 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465920024699/a20-9592_1ex99dba83.htm)<br> [<u>Registration Statement on February 25, 2020 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465920024699/a20-9592_1ex99dba83.htm).<br>|
| 28 (a)(84) | &nbsp;&nbsp; [<u>Amendment No. 70 effective September 12, 2019 to the Amended and Restated Declaration of Trust (amending</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99a84.htm)<br> [<u>Declaration of Trust language) – Filed as an exhibit to Post-Effective Amendment No. 220 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99a84.htm)<br> [<u>Form N-1A Registration Statement on December 18, 2020 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99a84.htm)<br>|
| 28 (a)(85) | &nbsp;&nbsp; [<u>Amendment No. 73 effective February 28, 2929 to the Amended and Restated Declaration of Trust (Name</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99a85.htm)<br> [<u>change from Voya Global Equity Fund to Voya Global High Dividend Low Volatility Fund) – Filed as an exhibit</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99a85.htm)<br> [<u>to Post-Effective Amendment No. 220 to the Registrant's Form N-1A Registration Statement on December 18,</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99a85.htm)<br> [<u>2020 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99a85.htm)<br>|
| 28 (a)(86) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series with respect to Voya Global Corporate Leaders® 100 Fund,</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99a86.htm)<br> [<u>effective January 29, 2020 – Filed as an exhibit to Post-Effective Amendment No. 220 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99a86.htm)<br> [<u>N-1A Registration Statement on December 18, 2020 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99a86.htm)<br>|
| 28 (a)(87) | &nbsp;&nbsp; [<u>Amendment No. 74 effective March 20, 2020 to the Amended and Restated Declaration of Trust (dissolution of</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99a87.htm)<br> [<u>Voya CBRE Global Infrastructure Fund and Voya Global Real Estate Fund) – Filed as an exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99a87.htm)<br> [<u>Post-Effective Amendment No. 220 to the Registrant's Form N-1A Registration Statement on December 18, 2020</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99a87.htm)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99a87.htm)<br>|
| 28 (a)(88) | &nbsp;&nbsp; [<u>Amendment No. 75 effective June 8, 2020 to the Amended and Restated Declaration of Trust (Dissolution of</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99a88.htm)<br> [<u>Voya CBRE Long/Short Fund) – Filed as an exhibit to Post-Effective Amendment No. 220 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99a88.htm)<br> [<u>Form N-1A Registration Statement on December 18, 2020 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99a88.htm)<br>|
| 28 (a)(89) | &nbsp;&nbsp; [<u>Amendment No. 76 effective September 21, 2020 to the Amended and Restated Declaration of Trust (Dissolution</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99a89.htm)<br> [<u>of Voya Global Equity Dividend Fund) – Filed as an exhibit to Post-Effective Amendment No. 220 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99a89.htm)<br> [<u>Registrant's Form N-1A Registration Statement on December 18, 2020 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99a89.htm)<br>|
| 28 (a)(90) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series with respect to Voya Diversified Emerging Markets Debt Fund,</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321001018/f8134d2.htm)<br> [<u>effective November 19, 2020 – Filed as an exhibit to Post-Effective Amendment No. 221 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321001018/f8134d2.htm)<br> [<u>Form N-1A Registration Statement on February 25, 2021 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321001018/f8134d2.htm)<br>|
| 28 (a)(91) | &nbsp;&nbsp; [<u>Amendment No. 77 effective July 28, 2021 to the Amended and Restated Declaration of Trust (Dissolution of</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321007376/f10483d2.htm)<br> [<u>Voya Global Corporate Leaders® 100 Fund) – Filed as an exhibit to Post-Effective Amendment No. 222 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321007376/f10483d2.htm)<br> [<u>Registrant's Form N-1A Registration Statement on December 20, 2021 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321007376/f10483d2.htm).<br>|
| 28 (a)(92) | &nbsp;&nbsp; [<u>Certificate of Amendment to Certificate of Trust of Voya Mutual Funds, dated July 23, 2021 (Change the</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d2.htm)<br> [<u>registered office and the registered agent of the Registrant) – Filed as an exhibit to Amendment No. 225 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d2.htm)<br> [<u>Registrant's Form N-1A Registration Statement on November 18, 2022 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d2.htm)<br>|
| 28 (a)(93) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series with respect to Voya Russia Fund, effective May 4, 2022 – Filed</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d3.htm)<br> [<u>as an exhibit to Amendment No. 225 to the Registrant's Form N-1A Registration Statement on November 18,</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d3.htm)<br> [<u>2022 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d3.htm).<br>|

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| | |
|:---|:---|
| 28 (a)(94) | &nbsp;&nbsp; [<u>Amendment No. 78, dated September 30, 2022, to Amended and Restated Declaration of Trust of Voya Mutual</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d4.htm)<br> [<u>Funds (abolition of Class P shares for Voya Multi-Manager International Equity Fund and Voya Multi-Manager</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d4.htm)<br> [<u>International Factors Fund and abolition of Class P3 shares for Voya International High Dividend Low Volatility</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d4.htm)<br> [<u>Fund and Voya Multi-Manager International Small Cap Fund) – Filed as an exhibit to Amendment No. 225 to</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d4.htm)<br> [<u>the Registrant's Form N-1A Registration Statement on November 18, 2022 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d4.htm).<br>|
| 28 (a)(95) | &nbsp;&nbsp; [<u>Amendment No. 79, dated November 17, 2022, to Amended and Restated Declaration of Trust of Voya Mutual</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d5.htm)<br> [<u>Funds (Voya VACS Series EME Fund) – Filed as an exhibit to Amendment No. 225 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d5.htm)<br> [<u>N-1A Registration Statement on November 18, 2022 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d5.htm)<br>|
| 28 (a)(96) | &nbsp;&nbsp; [<u>Amendment No. 80, dated November 17, 2022, to Amended and Restated Declaration of Trust of Voya Mutual</u>](f24379d3.htm)<br> [<u>Funds (Voya Multi-Manager International Small Cap Fund – Class R6 shares) – Filed herein</u>](f24379d3.htm).<br>|
| 28 (a)(97) | &nbsp;&nbsp; [<u>Amendment No. 81, dated January 11, 2023, to Amended and Restated Declaration of Trust of Voya Mutual</u>](f24379d4.htm)<br> [<u>Funds (Abolish Class T shares - Voya Global Bond Fund, Voya Global Diversified Payment Fund, Voya Global</u>](f24379d4.htm)<br> [<u>High Dividend Low Volatility Fund, Voya Global Perspectives Fund, and Voya International High Dividend Low</u>](f24379d4.htm)<br> [<u>Volatility Fund) – Filed herein</u>](f24379d4.htm).<br>|
| 28 (b)(1) | &nbsp;&nbsp; [<u>Amended and Restated By-laws of Registrant dated March 18, 2018 - Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbb1.htm)<br> [<u>Amendment No. 212 to the Registrant's Form N-1A Registration Statement on February 26, 2019 and</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbb1.htm)<br> [<u>incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbb1.htm).<br>|
| 28 (c)(1) | Not applicable. |
| 28 (d)(1) | &nbsp;&nbsp; [<u>Amended and Restated Investment Management Agreement between Voya Mutual Funds and Voya Investments,</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465916099999/a16-3908_1ex99dbd1.htm)<br> [<u>LLC effective November 18, 2014, as amended and restated on May 1, 2015 – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465916099999/a16-3908_1ex99dbd1.htm)<br> [<u>Post-Effective Amendment No. 192 to the Registrant's Form N-1A Registration Statement on February 25, 2016</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465916099999/a16-3908_1ex99dbd1.htm)<br> [<u>and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465916099999/a16-3908_1ex99dbd1.htm).<br>|
| 28 (d)(1)(i) | &nbsp;&nbsp; [<u>Waiver letter dated March 1, 2023 with respect to the Amended and Restated Investment Management</u>](f24379d5.htm)<br> [<u>Agreement between Voya Mutual Funds and Voya Investments, LLC effective November 18, 2014, as amended</u>](f24379d5.htm)<br> [<u>and restated on May 1, 2015 for the period from March 1, 2023 through March 1, 2024 (Class P shares of Voya</u>](f24379d5.htm)<br> [<u>Multi-Manager Emerging Markets Equity Fund) – Filed herein</u>](f24379d5.htm).<br>|
| 28 (d)(1)(ii) | &nbsp;&nbsp; [<u>Waiver Letter dated March 1, 2023 with respect to the Amended and Restated Investment Management</u>](f24379d6.htm)<br> [<u>Agreement between Voya Mutual Funds and Voya Investments, LLC effective November 18, 2014, as amended</u>](f24379d6.htm)<br> [<u>and restated on May 1, 2015 for the period from March 1, 2023 through March 1, 2024 (Voya Multi-Manager</u>](f24379d6.htm)<br> [<u>International Factors Fund) – Filed herein</u>](f24379d6.htm).<br>|
| 28 (d)(1)(iii) | &nbsp;&nbsp; [<u>Waiver Letter dated May 4, 2022 with respect to the Amended and Restated Investment Management Agreement</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d6.htm)<br> [<u>between Voya Mutual Funds and Voya Investments, LLC effective November 18, 2014, as amended and restated</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d6.htm)<br> [<u>on May 1, 2015 for the period of May 4, 2022 through December 31, 2023 (Voya Russia Fund) – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d6.htm)<br> [<u>exhibit to Amendment No. 225 to the Registrant's Form N-1A Registration Statement on November 18, 2022</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d6.htm)<br> [<u>and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d6.htm).<br>|
| 28 (d)(1)(iv) | &nbsp;&nbsp; [<u>Amended Schedule A, dated November 18, 2022, to the Amended and Restated Investment Management</u>](f24379d7.htm)<br> [<u>Agreement between Voya Mutual Funds and Voya Investments, LLC effective November 18, 2014, as amended</u>](f24379d7.htm)<br> [<u>and restated on May 1, 2015 – Filed herein</u>](f24379d7.htm).<br>|
| 28 (d)(1)(v) | &nbsp;&nbsp; [<u>Amended Schedule B and Amended Schedule C, effective November 19, 2020, to the Amended and Restated</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321001018/f8134d7.htm)<br> [<u>Investment Management Agreement between Voya Mutual Funds and Voya Investments, LLC effective</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321001018/f8134d7.htm)<br> [<u>November 18, 2014, as amended and restated on May 1, 2015 – Filed as an exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321001018/f8134d7.htm)<br> [<u>Amendment No. 221 to the Registrant's Form N-1A Registration Statement on February 25, 2021 and</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321001018/f8134d7.htm)<br> [<u>incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321001018/f8134d7.htm).<br>|
| 28 (d)(2) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between Voya Investments, LLC and Voya Investment Management Co. LLC dated</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465915013838/a15-2496_1ex99dbd2.htm)<br> [<u>November 18, 2014 – Filed as an Exhibit to Post-Effective Amendment No. 189 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465915013838/a15-2496_1ex99dbd2.htm)<br> [<u>Registration Statement on February 25, 2015 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465915013838/a15-2496_1ex99dbd2.htm)<br>|

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|:---|:---|
| 28 (d)(2)(i) | &nbsp;&nbsp; [<u>First Amendment effective May 22, 2015 to Sub-Advisory Agreement between Voya Investments, LLC and Voya</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465915086602/a15-25371_1ex99dbd2i.htm)<br> [<u>Investment Management Co. LLC dated November 18, 2014 – Filed as an Exhibit to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465915086602/a15-25371_1ex99dbd2i.htm)<br> [<u>No. 191 to the Registrant's Form N-1A Registration Statement on December 23, 2015 and incorporated herein</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465915086602/a15-25371_1ex99dbd2i.htm)<br> [<u>by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465915086602/a15-25371_1ex99dbd2i.htm).<br>|
| 28 (d)(2)(ii) | &nbsp;&nbsp; [<u>Amended Schedule A (with redaction), dated November 18, 2022, to the Sub-Advisory Agreement between Voya</u>](f24379d8.htm)<br> [<u>Investments, LLC and Voya Investment Management Co. LLC dated November 18, 2014 –Filed herein</u>](f24379d8.htm).<br>|
| 28 (d)(2)(iii) | &nbsp;&nbsp; [<u>Second Amendment, dated May 1, 2018 to Sub-Advisory Agreement between Voya Investment, LLC and Voya</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbd2iii.htm)<br> [<u>Investment Management Co. LLC dated November 18, 2014 – Filed as an Exhibit to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbd2iii.htm)<br> [<u>No. 212 to the Registrant's Form N-1A Registration Statement on February 26, 2019 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbd2iii.htm)<br> [<u>reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbd2iii.htm).<br>|
| 28 (d)(3) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement between Voya Investments, LLC and NNIP Advisors B.V. (Voya Russia Fund) effective</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d9.htm)<br> [<u>April 11, 2022 – Filed as an exhibit to Amendment No. 225 to the Registrant's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d9.htm)<br> [<u>Statement on November 18, 2022 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d9.htm).<br>|
| 28 (d)(3)(i) | &nbsp;&nbsp; [<u>Termination letter dated June 15, 2022 with respect to the Sub-Advisory Agreement between Voya Investments,</u>](f24379d9.htm)<br> [<u>LLC and NNIP Advisors B.V. (Voya Russia Fund) dated April 11, 2022 – Filed herein</u>](f24379d9.htm).<br>|
| 28 (d)(4) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement (with redaction) between Voya Investments, LLC and Acadian Asset Management LLC</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465915086602/a15-25371_1ex99dbd7.htm)<br> [<u>effective November 18, 2014 – Filed as an Exhibit to Post-Effective Amendment No. 191 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465915086602/a15-25371_1ex99dbd7.htm)<br> [<u>Form N-1A Registration Statement on December 23, 2015 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465915086602/a15-25371_1ex99dbd7.htm)<br>|
| 28 (d)(5) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement (with redaction) between Voya Investments, LLC and Baillie Gifford Overseas Limited</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465915086602/a15-25371_1ex99dbd8.htm)<br> [<u>effective November 18, 2014 – Filed as an Exhibit to Post-Effective Amendment No. 191 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465915086602/a15-25371_1ex99dbd8.htm)<br> [<u>Form N-1A Registration Statement on December 23, 2015 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465915086602/a15-25371_1ex99dbd8.htm).<br>|
| 28 (d)(5)(i) | &nbsp;&nbsp; [<u>Side Letter dated February 2015 to Sub-Advisory Agreement between Voya Investments, LLC and Baillie</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465916099999/a16-3908_1ex99dbd8i.htm)<br> [<u>Gifford Overseas Limited effective November 18, 2014 – Filed as an Exhibit to Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465916099999/a16-3908_1ex99dbd8i.htm)<br> [<u>192 to the Registrant's Form N-1A Registration Statement on February 25, 2016 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465916099999/a16-3908_1ex99dbd8i.htm)<br> [<u>reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465916099999/a16-3908_1ex99dbd8i.htm).<br>|
| 28 (d)(6) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement (with redaction) between Voya Investments, LLC and Wellington Management</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465915086602/a15-25371_1ex99dbd12.htm)<br> [<u>Company LLP effective November 18, 2014 – Filed as an Exhibit to Post-Effective Amendment No. 191 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465915086602/a15-25371_1ex99dbd12.htm)<br> [<u>Registrant's Form N-1A Registration Statement on December 23, 2015 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465915086602/a15-25371_1ex99dbd12.htm)<br>|
| 28 (d)(6)(i) | &nbsp;&nbsp; [<u>Amended Schedule A (with redaction) effective October 1, 2021 with respect to the Sub-Advisory Agreement</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321007376/f10483d4.htm)<br> [<u>between Voya Investments, LLC and Wellington Management Company LLP effective November 18, 2014 -</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321007376/f10483d4.htm)<br> [<u>Filed as an exhibit to Post-Effective Amendment No. 222 to the Registrant's Form N-1A Registration Statement</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321007376/f10483d4.htm)<br> [<u>on December 20, 2021 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321007376/f10483d4.htm). <br>|
| 28 (d)(7) | &nbsp;&nbsp; [<u>Amended and Restated Sub-Advisory Agreement (with redaction) between Voya Investments, LLC and Delaware</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbd9.htm)<br> [<u>Investments Fund Advisers effective November 18, 2014, amended and restated effective March 1, 2019 – Filed</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbd9.htm)<br> [<u>as an Exhibit to Post-Effective Amendment No. 212 to the Registrant's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbd9.htm)<br> [<u>February 26, 2019 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbd9.htm)<br>|
| 28 (d)(7)(i) | &nbsp;&nbsp; [<u>Amended Schedule A (with redaction) effective November 18, 2022 to the Amended and Restated Sub-Advisory</u>](f24379d10.htm)<br> [<u>Agreement between Voya Investments, LLC and Delaware Investments Fund Advisers effective November 18,</u>](f24379d10.htm)<br> [<u>2014, as amended and restated effective March 1, 2019 – Filed herein</u>](f24379d10.htm).<br>|
| 28 (d)(8) | &nbsp;&nbsp; [<u>Sub-Sub-Investment Advisory Agreement between Delaware Investments Fund Advisers and Macquarie Funds</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dbd10.htm)<br> [<u>Management Hong Kong Limited dated March 1, 2019 – Filed as an exhibit to Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dbd10.htm)<br> [<u>215 to the Registrant's Form N-1A Registration Statement on October 31, 2019 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dbd10.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dbd10.htm)<br>|
| 28 (d)(9) | &nbsp;&nbsp; [<u>Sub-Sub-Investment Advisory Agreement between Delaware Investments Fund Advisers and Macquarie</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dbd11.htm)<br> [<u>Investment Management Global Limited dated March 1, 2019 – Filed as an exhibit to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dbd11.htm)<br> [<u>No. 215 to the Registrant's Form N-1A Registration Statement on October 31, 2019 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dbd11.htm)<br> [<u>reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dbd11.htm).<br>|

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| 28 (d)(10) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement (with redaction) between Voya Investments, LLC and Polaris Capital Management,</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917011592/a17-3150_1ex99dbd14.htm)<br> [<u>LLC effective January 20, 2017 – Filed as an Exhibit to Post-Effective Amendment No. 199 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917011592/a17-3150_1ex99dbd14.htm)<br> [<u>Form N-1A Registration Statement on February 24, 2017 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917011592/a17-3150_1ex99dbd14.htm). <br>|
| 28 (d)(10)(i) | &nbsp;&nbsp; [<u>Amended Schedule A (with redaction) effective January 1, 2023 to the Sub-Advisory Agreement between Voya</u>](f24379d11.htm)<br> [<u>Investments, LLC and Polaris Capital Management, LLC effective January 20, 2017 – Filed herein</u>](f24379d11.htm).<br>|
| 28 (d)(11) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement (with redaction) between Voya Investments, LLC and Van Eck Associates Corporation</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465915086602/a15-25371_1ex99dbd16.htm)<br> [<u>dated August 24, 2015 – Filed as an Exhibit to Post-Effective Amendment No. 191 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465915086602/a15-25371_1ex99dbd16.htm)<br> [<u>N-1A Registration Statement on December 23, 2015 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465915086602/a15-25371_1ex99dbd16.htm)<br>|
| 28 (d)(11)(i) | &nbsp;&nbsp; [<u>Amended Schedule A (with redaction) effective November 18, 2022 to the Sub-Advisory Agreement between</u>](f24379d12.htm)<br> [<u>Voya Investments, LLC and Van Eck Associates Corporation dated August 24, 2015 – Filed herein</u>](f24379d12.htm).<br>|
| 28 (d)(12) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement (with redaction) between Voya Investments, LLC and Victory Capital Management Inc.</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465915086602/a15-25371_1ex99dbd17.htm)<br> [<u>dated March 2, 2015 – Filed as an Exhibit to Post-Effective Amendment No. 191 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465915086602/a15-25371_1ex99dbd17.htm)<br> [<u>Registration Statement on December 23, 2015 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465915086602/a15-25371_1ex99dbd17.htm).<br>|
| 28 (d)(13) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement (with redaction) between Voya Investments, LLC and PanAgora Asset Management,</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917011592/a17-3150_1ex99dbd17.htm)<br> [<u>Inc. effective January 20, 2017 – Filed as an Exhibit to Post-Effective Amendment No. 199 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917011592/a17-3150_1ex99dbd17.htm)<br> [<u>Form N-1A Registration Statement on February 24, 2017 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917011592/a17-3150_1ex99dbd17.htm). <br>|
| 28 (d)(13)(i) | &nbsp;&nbsp; [<u>Amended Schedule A (with redaction) dated May 31, 2019, to the Sub-Advisory Agreement between Voya</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917011592/a17-3150_1ex99dbd17.htm)<br> [<u>Investments, LLC and PanAgora Asset Management, Inc. effective January 20, 2017 – Filed as an exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917011592/a17-3150_1ex99dbd17.htm)<br> [<u>Post-Effective Amendment No. 215 to the Registrant's Form N-1A Registration Statement on October 31, 2019</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917011592/a17-3150_1ex99dbd17.htm)<br> [<u>and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917011592/a17-3150_1ex99dbd17.htm).<br>|
| 28 (d)(14) | &nbsp;&nbsp; [<u>Expense Limitation Agreement between Voya Investments, LLC and Voya Mutual Funds effective January 1,</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312516783443/d303260dex99d18.htm)<br> [<u>2016 – Filed as an Exhibit to Post-Effective Amendment No. 195 to the Registrant's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312516783443/d303260dex99d18.htm)<br> [<u>Statement on December 2, 2016 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312516783443/d303260dex99d18.htm).<br>|
| 28 (d)(14)(i) | &nbsp;&nbsp; [<u>Amended Schedule A, effective February 28, 2023, to the Expense Limitation Agreement between Voya</u>](f24379d13.htm)<br> [<u>Investments, LLC and Voya Mutual Funds effective January 1, 2016 – Filed herein</u>](f24379d13.htm).<br>|
| 28 (d)(14)(ii) | &nbsp;&nbsp; [<u>Side Letter Agreement dated March 1, 2023 to the Expense Limitation Agreement between Voya Investments,</u>](f24379d14.htm)<br> [<u>LLC and Voya Mutual Funds for the period from March 1, 2023 through March 1, 2024 (Voya Multi-Manager</u>](f24379d14.htm)<br> [<u>Emerging Markets Equity Fund) – Filed herein</u>](f24379d14.htm).<br>|
| 28 (d)(14)(iii) | &nbsp;&nbsp; [<u>Side Letter Agreement dated March 1, 2023 to the Expense Limitation Agreement between Voya Investments,</u>](f24379d15.htm)<br> [<u>LLC and Voya Mutual Funds for the period from March 1, 2023 through March 1, 2024 (Voya Multi-Manager</u>](f24379d15.htm)<br> [<u>International Small Cap Fund) – Filed herein</u>](f24379d15.htm).<br>|
| 28 (d)(14)(iv) | &nbsp;&nbsp; [<u>Side Letter Agreement dated February 28, 2023 to the Expense Limitation Agreement between Voya</u>](f24379d16.htm)<br> [<u>Investments, LLC and Voya Mutual Funds for the period from February 28, 2023 through March 1, 2024 (Voya</u>](f24379d16.htm)<br> [<u>Multi-Manager International Small Cap Fund – Class R6) – Filed herein</u>](f24379d16.htm).<br>|
| 28 (d)(14)(v) | &nbsp;&nbsp; [<u>Side Letter Agreement dated January 1, 2023 to the Expense Limitation Agreement between Voya Investments,</u>](f24379d17.htm)<br> [<u>LLC and Voya Mutual Funds for the period from January 1, 2023 through March 1, 2024 (Voya Multi-Manager</u>](f24379d17.htm)<br> [<u>International Equity Fund – Class I) – Filed herein</u>](f24379d17.htm).<br>|
| 28 (d)(14)(vi) | &nbsp;&nbsp; [<u>Side Letter Agreement dated March 1, 2023 to the Expense Limitation Agreement between Voya Investments,</u>](f24379d18.htm)<br> [<u>LLC and Voya Mutual Funds for the period from March 1, 2023 through March 1, 2024 (Voya Multi-Manager</u>](f24379d18.htm)<br> [<u>International Factors Fund) – Filed herein</u>](f24379d18.htm).<br>|
| 28 (d)(14)(vii) | &nbsp;&nbsp; [<u>Termination Letter, effective May 4, 2022, to the Expense Limitation Agreement between Voya Investments,</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d12.htm)<br> [<u>LLC and Voya Mutual Funds with respect to Voya Russia Fund – Filed as an exhibit to Amendment No. 225 to</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d12.htm)<br> [<u>the Registrant's Form N-1A Registration Statement on November 18, 2022 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d12.htm)<br>|
| 28 (d)(14)(viii) | &nbsp;&nbsp; [<u>Recoupment Letter, dated March 1, 2019 to the Expense Limitation Agreement between Voya Investments, LLC</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbd17v.htm)<br> [<u>and Voya Mutual Funds (Voya International High Dividend Low Volatility Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbd17v.htm)<br> [<u>Post-Effective Amendment No. 212 to the Registrant's Form N-1A Registration Statement on February 26, 2019</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbd17v.htm)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbd17v.htm)<br>|

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| | |
|:---|:---|
| 28 (d)(15) | &nbsp;&nbsp; [<u>Amended and Restated Expense Limitation Agreement between Voya Investments, LLC, Voya Investment</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbd19.htm)<br> [<u>Distributor, LLC and Voya Mutual Funds, effective January 1, 2016, as amended as restated May 31, 2017 (Voya</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbd19.htm)<br> [<u>Global High Dividend Low Volatility Fund, formerly Voya Global Equity Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbd19.htm)<br> [<u>Post-Effective Amendment No. 209 to the Registrant's Form N-1A Registration Statement on February 23, 2018</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbd19.htm)<br> [<u>and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbd19.htm).<br>|
| 28 (d)(15)(i) | &nbsp;&nbsp; [<u>Amended Schedule A, effective January 12, 2023 to the Amended and Restated Expense Limitation Agreement</u>](f24379d19.htm)<br> [<u>between Voya Investments, LLC, Voya Investment Distributor, LLC and Voya Mutual Funds, effective January 1,</u>](f24379d19.htm)<br> [<u>2016, as amended as restated May 31, 2017 (Voya Global High Dividend Low Volatility Fund, formerly, Voya</u>](f24379d19.htm)<br> [<u>Global Equity Fund) – Filed herein</u>](f24379d19.htm).<br>|
| 28 (e)(1) | &nbsp;&nbsp; [<u>Underwriting Agreement between Voya Mutual Funds and Voya Investments Distributor, LLC dated</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914088182/a14-26317_1ex99dbe1.htm)<br> [<u>November 18, 2014 – Filed as an Exhibit to Post-Effective Amendment No. 188 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914088182/a14-26317_1ex99dbe1.htm)<br> [<u>Registration Statement on December 22, 2014 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914088182/a14-26317_1ex99dbe1.htm).<br>|
| 28 (e)(1)(i) | &nbsp;&nbsp; [<u>Amended Schedule A, dated October 2021, to the Underwriting Agreement between Voya Mutual Funds and</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321007376/f10483d5.htm)<br> [<u>Voya Investments Distributor, LLC dated November 18, 2014- Filed as an exhibit to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321007376/f10483d5.htm)<br> [<u>No. 222 to the Registrant's Form N-1A Registration Statement on December 20, 2021 and incorporated herein</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321007376/f10483d5.htm)<br> [<u>by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321007376/f10483d5.htm).<br>|
| 28 (e)(2) | &nbsp;&nbsp; [<u>Placement Agent Agreement, effective November 18, 2022, between Voya Mutual Funds and Voya Investment</u>](f24379d20.htm)<br> [<u>Distributor, LLC – Filed herein</u>](f24379d20.htm).<br>|
| 28 (f)(1) | &nbsp;&nbsp; [<u>Deferred Compensation Plan for Independent Directors as Amended and Restated dated January 11, 2023 – Filed</u>](f24379d21.htm)<br> [<u>herein</u>](f24379d21.htm).<br>|
| 28 (g)(1) | &nbsp;&nbsp; [<u>Custody Agreement with The Bank of New York Mellon dated January 6, 2003 - Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015304000358/p68314x1exv99wg1.txt)<br> [<u>Post-Effective Amendment No. 101 to the Registrant's Form N-1A Registration Statement on February 13, 2004</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015304000358/p68314x1exv99wg1.txt)<br> [<u>and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015304000358/p68314x1exv99wg1.txt).<br>|
| 28 (g)(1)(i) | &nbsp;&nbsp; [<u>Amended Exhibit A, effective February 9, 2023, to the Custody Agreement with The Bank of New York Mellon</u>](f24379d22.htm)<br> [<u>dated January 6, 2003 – Filed herein</u>](f24379d22.htm).<br>|
| 28 (g)(1)(ii) | &nbsp;&nbsp; [<u>Amendment, dated January 1, 2019 to the Custody Agreement, dated January 6, 2003, between the Registrant</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbg1ii.htm)<br> [<u>and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 212 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbg1ii.htm)<br> [<u>Registrant's Form N-1A Registration Statement on February 26, 2019 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbg1ii.htm).<br>|
| 28 (g)(1)(iii) | &nbsp;&nbsp; [<u>Amendment, effective November 21, 2022, to the Custody Agreement, dated January 6, 2003, between the</u>](f24379d23.htm)<br> [<u>Registrant and The Bank of New York Mellon – Filed herein</u>](f24379d23.htm).<br>|
| 28 (g)(1)(iv) | &nbsp;&nbsp; [<u>Amendment, dated October 16, 2019, to the Multi-Broker Supplement to the Custody Agreement – Hong Kong</u>](f24379d24.htm)<br> [<u>– China Connect Service dated January 31, 2017 – Filed herein</u>](f24379d24.htm).<br>|
| 28 (g)(1)(v) | &nbsp;&nbsp; [<u>Supplement to the Custody Agreement –Hong Kong – China Connect Service dated April 1, 2019, between the</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dbg1iii.htm)<br> [<u>Registrant and The Bank of New York Mellon – Filed as an exhibit to Post-Effective Amendment No. 215 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dbg1iii.htm)<br> [<u>Registrant's Form N-1A Registration Statement on October 31, 2019 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dbg1iii.htm).<br>|
| 28 (g)(1)(vi) | &nbsp;&nbsp; [<u>Amended Annex A, effective July 1, 2019, to the Supplement to the Custody Agreement –Hong Kong – China</u>](f24379d25.htm)<br> [<u>Connect Service dated April 1, 2019, between the Registrant and The Bank of New York Mellon – Filed herein</u>](f24379d25.htm).<br>|
| 28 (g)(1)(vii) | &nbsp;&nbsp; [<u>Supplement to the Custody Agreement – Hong Kong – China Connect Service dated November 19, 2018,</u>](f24379d26.htm)<br> [<u>between the Registrant and The Bank of New York Mellon – Filed herein</u>](f24379d26.htm).<br>|
| 28 (g)(1)(viii) | &nbsp;&nbsp; [<u>Amended Annex A, effective December 21, 2020, to the Supplement to the Custody Agreement – Hong Kong-</u>](f24379d27.htm)<br> [<u>China Connect Service dated November 19, 2018 – Filed herein</u>](f24379d27.htm).<br>|
| 28 (g)(1)(ix) | &nbsp;&nbsp; [<u>Supplement to the Custody Agreement – Hong Kong – China Connect Service dated June 2, 2016, between the</u>](f24379d28.htm)<br> [<u>Registrant and The Bank of New York Mellon – Filed herein</u>](f24379d28.htm).<br>|
| 28 (g)(1)(x) | &nbsp;&nbsp; [<u>Supplement to the Custody Agreement – Hong Kong – China Connect Service dated April 29, 2016, between the</u>](f24379d29.htm)<br> [<u>Registrant and The Bank of New York Mellon – Filed herein</u>](f24379d29.htm).<br>|
| 28 (g)(1)(xi) | &nbsp;&nbsp; [<u>Amended Annex A, effective July 29, 2019, to the Supplement to the Custody Agreement – Hong Kong- China</u>](f24379d30.htm)<br> [<u>Connect Service dated April 29, 2016 – Filed herein</u>](f24379d30.htm).<br>|

---

------

---

| | |
|:---|:---|
| 28 (g)(2) | &nbsp;&nbsp; [<u>Foreign Custody Manager Agreement with The Bank of New York Mellon dated January 6, 2003 – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015303001743/p67867b1exv99wgw13.txt)<br> [<u>Exhibit to Post-Effective Amendment No. 99 to the Registrant's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015303001743/p67867b1exv99wgw13.txt)<br> [<u>August 29, 2003 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015303001743/p67867b1exv99wgw13.txt).<br>|
| 28 (g)(2)(i) | &nbsp;&nbsp; [<u>Amendment, dated September 6, 2012, to the Foreign Custody Manager Agreement with The Bank of New York</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d10.htm)<br> [<u>Mellon dated January 6, 2003 – Filed as an Exhibit to Post-Effective Amendment No. 223 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d10.htm)<br> [<u>Form N-1A Registration Statement on February 23, 2022 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d10.htm)<br>|
| 28 (g)(2)(ii) | &nbsp;&nbsp; [<u>Amended Exhibit A, effective February 9, 2023, to the Foreign Custody Manager Agreement with The Bank of</u>](f24379d31.htm)<br> [<u>New York Mellon dated January 6, 2003 – Filed herein</u>](f24379d31.htm).<br>|
| 28 (g)(2)(iii) | &nbsp;&nbsp; [<u>Amended Schedule 2 dated July 21, 2021 to the Foreign Custody Manager Agreement with The Bank of New</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d11.htm)<br> [<u>York Mellon dated January 6, 2003 – Filed as an Exhibit to Post-Effective Amendment No. 223 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d11.htm)<br> [<u>Registrant's Form N-1A Registration Statement on February 23, 2022 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d11.htm)<br>|
| 28 (g)(2)(iv) | &nbsp;&nbsp; [<u>Amendment dated July 13, 2021, to the Foreign Custody Manager Agreement with The Bank of New York</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d12.htm)<br> [<u>Mellon dated January 6, 2003 – Filed as an Exhibit to Post-Effective Amendment No. 223 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d12.htm)<br> [<u>Form N-1A Registration Statement on February 23, 2022 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d12.htm)<br>|
| 28 (g)(3) | &nbsp;&nbsp; [<u>Securities Lending Agreement and Guaranty with The Bank of New York Mellon dated August 7, 2003 – Filed</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015304000358/p68314x1exv99wg3.txt)<br> [<u>as an Exhibit to Post-Effective Amendment No. 111 to the Registrant's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015304000358/p68314x1exv99wg3.txt)<br> [<u>February 13, 2004 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015304000358/p68314x1exv99wg3.txt).<br>|
| 28 (g)(3)(i) | &nbsp;&nbsp; [<u>Amended Exhibit A, effective April 4, 2022, to the Securities Lending Agreement and Guaranty with The Bank</u>](f24379d32.htm)<br> [<u>of New York Mellon dated August 7, 2003 – Filed herein</u>](f24379d32.htm).<br>|
| 28 (g)(3)(ii) | &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/895430/000110465919010596/a19-1128_1ex99dbg3ii.htm)<br> [<u>between Voya Mutual Funds and The Bank of New York Mellon - Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbg3ii.htm)<br> [<u>Amendment No. 212 to the Registrant's Form N-1A Registration Statement on February 26, 2019 and</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbg3ii.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbg3ii.htm)<br>|
| 28 (g)(3)(iii) | &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/895430/000110465919058231/a19-19353_1ex99dbg3ii.htm)<br> [<u>between Voya Mutual Funds and The Bank of New York Mellon – Filed as an exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dbg3ii.htm)<br> [<u>Amendment No. 215 to the Registrant's Form N-1A Registration Statement on October 31, 2019 and</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dbg3ii.htm)<br> [<u>incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dbg3ii.htm).<br>|
| 28 (g)(3)(iv) | &nbsp;&nbsp; [<u>Amendment to Securities Lending Agreement and Guaranty to Article IV, effective March 21, 2019 between the</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99g3iv.htm)<br> [<u>Bank of New York Mellon and the Registrant dated August 7, 2003 – Filed as an exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99g3iv.htm)<br> [<u>Amendment No. 220 to the Registrant's Form N-1A Registration Statement on December 18, 2020 and</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99g3iv.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99g3iv.htm)<br>|
| 28 (h)(1) | &nbsp;&nbsp; [<u>Transfer Agency Services Agreement between BNY Mellon Investment Servicing (US) Inc. (formerly, PNC</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465909035871/a09-14527_1ex99dbh3.htm)<br> [<u>Global Investment Servicing (U.S.) Inc.) and Voya Mutual Funds dated February 25, 2009 – Filed as an Exhibit</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465909035871/a09-14527_1ex99dbh3.htm)<br> [<u>to Post-Effective Amendment No. 135 to the Registrant's Form N-1A Registration Statement on May 29, 2009</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465909035871/a09-14527_1ex99dbh3.htm)<br> [<u>and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465909035871/a09-14527_1ex99dbh3.htm).<br>|
| 28 (h)(1)(i) | &nbsp;&nbsp; [<u>Amendment, effective February 8, 2011, to the Transfer Agency Services Agreement between BNY Mellon</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465911041410/a11-21951_1ex99dbh3ii.htm)<br> [<u>Investment Servicing (US) Inc. and Voya Mutual Funds dated February 25, 2009 - Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465911041410/a11-21951_1ex99dbh3ii.htm)<br> [<u>Post-Effective Amendment No. 149 to the Registrant's Form N-1A Registration Statement on July 28, 2011 and</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465911041410/a11-21951_1ex99dbh3ii.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465911041410/a11-21951_1ex99dbh3ii.htm)<br>|
| 28 (h)(1)(ii) | &nbsp;&nbsp; [<u>Amendment, effective January 1, 2019, to the Transfer Agency Services Agreement between BNY Mellon</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbh1ii.htm)<br> [<u>Investment Servicing (US) Inc. and Voya Mutual Funds dated February 25, 2009 – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbh1ii.htm)<br> [<u>Post-Effective Amendment No. 212 to the Registrant's Form N-1A Registration Statement on February 26, 2019</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbh1ii.htm)<br> [<u>and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbh1ii.htm).<br>|
| 28 (h)(1)(iii) | &nbsp;&nbsp; [<u>Amendment, effective May 1, 2019, to the Transfer Agency Services Agreement between BNY Mellon</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99h1iii.htm)<br> [<u>Investment Servicing (US) Inc. and Voya Mutual Funds dated February 25, 2009 – Filed as an exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99h1iii.htm)<br> [<u>Post-Effective Amendment No. 220 to the Registrant's Form N-1A Registration Statement on December 18, 2020</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99h1iii.htm)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99h1iii.htm)<br>|

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------

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| | |
|:---|:---|
| 28 (h)(1)(iv) | &nbsp;&nbsp; [<u>Amendment, effective November 5, 2019, to the Transfer Agency Services Agreement between BNY Mellon</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dbh1i.htm)<br> [<u>Investment Servicing (US) Inc. and Voya Mutual Funds dated February 25, 2009 – Filed as an exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dbh1i.htm)<br> [<u>Post-Effective Amendment No. 215 to the Registrant's Form N-1A Registration Statement on October 31, 2019</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dbh1i.htm)<br> [<u>and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dbh1i.htm).<br>|
| 28 (h)(1)(v) | &nbsp;&nbsp; [<u>Amendment, effective May 1, 2020, to the Transfer Agency Services Agreement between BNY Mellon</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99h1v.htm)<br> [<u>Investment Servicing (US) Inc. and Voya Mutual Funds dated February 25, 2009 – Filed as an exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99h1v.htm)<br> [<u>Post-Effective Amendment No. 220 to the Registrant's Form N-1A Registration Statement on December 18, 2020</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99h1v.htm)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312520321397/d45546dex99h1v.htm)<br>|
| 28 (h)(1)(vi) | &nbsp;&nbsp; [<u>Amendment, effective April 4, 2022, to the Transfer Agency Services Agreement between BNY Mellon</u>](f24379d33.htm)<br> [<u>Investment Servicing (US) Inc. and Voya Mutual Funds dated February 25, 2009 – Filed herein</u>](f24379d33.htm).<br>|
| 28(h)(1)(vii) | &nbsp;&nbsp; [<u>Amendment, effective October 21, 2022 to the Transfer Services Agreement between BNY Mellon Investment</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007773/f23706d3.htm)<br> [<u>Servicing (US) Inc. and Voya Mutual Funds dated February 25, 2009, as amended – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007773/f23706d3.htm)<br> [<u>Post-Effective Amendment No. 224 to the Registrant's Form N-1A Registration Statement on December 20,</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007773/f23706d3.htm)<br> [<u>2022 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007773/f23706d3.htm)<br>|
| 28 (h)(1)(viii) | &nbsp;&nbsp; [<u>Amendment, effective November 18, 2022, to the Transfer Agency Services Agreement between BNY Mellon</u>](f24379d34.htm)<br> [<u>Investment Servicing (US) Inc. and Voya Mutual Funds dated February 25, 2009, as amended – Filed herein</u>](f24379d34.htm). <br>|
| 28(h)(1)(ix) | &nbsp;&nbsp; [<u>Amendment, dated as of February 9, 2023, to the Transfer Agency Services Agreement between BNY Mellon</u>](f24379d35.htm)<br> [<u>Investment Servicing (US) Inc. and Voya Mutual Funds dated February 25, 2009, as amended – Filed herein</u>](f24379d35.htm).<br>|
| 28 (h)(2) | &nbsp;&nbsp; [<u>Fund Accounting Agreement with The Bank of New York Melon dated January 6, 2003 – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015304000358/p68314x1exv99wh4.txt)<br> [<u>Post-Effective Amendment No. 101 to the Registrant's Form N-1A Registration Statement on February 13, 2004</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015304000358/p68314x1exv99wh4.txt)<br> [<u>and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015304000358/p68314x1exv99wh4.txt).<br>|
| 28 (h)(2)(i) | &nbsp;&nbsp; [<u>Amendment, effective February 9, 2023 to the Fund Accounting Agreement with The Bank of New York Melon</u>](f24379d36.htm)<br> [<u>dated January 6, 2003 – Filed herein.</u>](f24379d36.htm)<br>|
| 28 (h)(2)(ii) | &nbsp;&nbsp; [<u>Amended Exhibit A, effective February 9, 2023, to the Fund Accounting Agreement with The Bank of New York</u>](f24379d37.htm)<br> [<u>Mellon dated January 6, 2003 – Filed herein.</u>](f24379d37.htm)<br>|
| 28 (h)(2)(iii) | &nbsp;&nbsp; [<u>Investment Company Reporting Modernization Services Amendment to Fund Accounting Agreement dated</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbh2ii.htm)<br> [<u>February 1, 2018 to the Fund Accounting Agreement with The Bank of New York Mellon dated January 6, 2003</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbh2ii.htm)<br> [<u>– Filed as an Exhibit to Post-Effective Amendment No. 209 to the Registrant's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbh2ii.htm)<br> [<u>Statement on February 23, 2018 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbh2ii.htm).<br>|
| 28 (h)(2)(iv) | &nbsp;&nbsp; [<u>Amendment, dated January 1, 2019 to the Fund Accounting Agreement with The Bank of New York Mellon</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbh2iii.htm)<br> [<u>dated January 6, 2003 – Filed as an Exhibit to Post-Effective Amendment No. 212 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbh2iii.htm)<br> [<u>N-1A Registration Statement on February 26, 2019 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbh2iii.htm).<br>|
| 28 (h)(3) | &nbsp;&nbsp; [<u>Fund of Funds Investment Agreement with BlackRock, Inc. effective January 19, 2022 – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d13.htm)<br> [<u>Post-Effective Amendment No. 223 to the Registrant's Form N-1A Registration Statement on February 23, 2022</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d13.htm)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d13.htm)<br>|
| 28 (h)(3)(i) | &nbsp;&nbsp; [<u>Amended and Restated Schedule A dated April 4, 2022 to the Fund of Funds Investment Agreement with</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d20.htm)<br> [<u>BlackRock, Inc. dated January 19, 2022 – Filed as an exhibit to Amendment No. 225 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d20.htm)<br> [<u>N-1A Registration Statement on November 18, 2022 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d20.htm).<br>|
| 28 (h)(4) | &nbsp;&nbsp; [<u>Schwab Rule 12d1-4 Fund of Funds Investment Agreement, dated January 19, 2022, between the Registrant and</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d14.htm)<br> [<u>Schwab Strategic Trust – Filed as an Exhibit to Post-Effective Amendment No. 223 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d14.htm)<br> [<u>N-1A Registration Statement on February 23, 2022 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d14.htm)<br>|
| 28 (h)(4)(i) | &nbsp;&nbsp; [<u>Amendment, dated April 5, 2022, to Schwab Rule 12d1-4 Fund of Funds Investment Agreement, dated</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d21.htm)<br> [<u>January 19, 2022, between the Registrant and Schwab Strategic Trust – Filed as an exhibit to Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d21.htm)<br> [<u>225 to the Registrant's Form N-1A Registration Statement on November 18, 2022 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d21.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d21.htm)<br>|
| 28 (h)(5) | &nbsp;&nbsp; [<u>Rule 12d1-4 Fund of Funds Investment Agreement, dated January 19, 2022, between the Registrant and Teachers</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d15.htm)<br> [<u>Advisors, LLC – Filed as an Exhibit to Post-Effective Amendment No. 223 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d15.htm)<br> [<u>Registration Statement on February 23, 2022 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d15.htm)<br>|

---

------

---

| | |
|:---|:---|
| 28 (h)(5)(i) | &nbsp;&nbsp; [<u>First Amendment, dated April 5, 2022, to Rule 12d1-4 Fund of Funds Investment Agreement, dated January 19,</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d22.htm)<br> [<u>2022, between the Registrant and Teachers Advisors, LLC – Filed as an exhibit to Amendment No. 225 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d22.htm)<br> [<u>Registrant's Form N-1A Registration Statement on November 18, 2022 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d22.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>](f24379d38.htm)<br> [<u>the Registrant and the Vanguard Group, Inc. – Filed herein.</u>](f24379d38.htm)<br>|
| 28 (h)(6)(i) | &nbsp;&nbsp; [<u>Amended Schedule A, dated September 26, 2022, to Rule 12d1-4 Fund of Funds Investment Agreement, dated</u>](f24379d39.htm)<br> [<u>January 19, 2022, between the Registrant and the Vanguard Group, Inc. – Filed herein.</u>](f24379d39.htm)<br>|
| 28 (h)(7) | &nbsp;&nbsp; [<u>Rule 12d1-4 Fund of Funds Investment Agreement, effective October 5, 2022, between the Registrant and the</u>](f24379d40.htm)<br> [<u>SPDR Series Trust, SPDR Index Shares Funds and SSGA Active Trust – Filed herein.</u>](f24379d40.htm)<br>|
| 28 (h)(8) | &nbsp;&nbsp; [<u>BNY Mellon ETF Investment Adviser, LLC Fund of Funds Investment Agreement, dated as of January 25, 2023,</u>](f24379d41.htm)<br> [<u>between the Registrant and the BNY Mellon ETF Investment Adviser, LLC – Filed herein.</u>](f24379d41.htm)<br>|
| 28 (i)(1) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel – Filed as an Exhibit to Post-Effective No. 84 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/895430/000095014701501840/ex99i2.txt)<br> [<u>Registration Statement filed in November 9, 2001 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095014701501840/ex99i2.txt).<br>|
| 28 (i)(2) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel to the legality of the securities being registered with respect to ING Foreign</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015303001224/p67518bexv99wi2.txt)<br> [<u>Fund – Filed as an Exhibit to Post-Effective Amendment No. 98 to the Registrant's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015303001224/p67518bexv99wi2.txt)<br> [<u>Statement on June 27, 2003 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015303001224/p67518bexv99wi2.txt).<br>|
| 28 (i)(3) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel to the legality of the securities being registered with respect to ING Global</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015303001743/p67867b1exv99wiw3.txt)<br> [<u>Equity Dividend Fund – Filed as an Exhibit to Post-Effective Amendment No. 99 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015303001743/p67867b1exv99wiw3.txt)<br> [<u>Registration Statement on August 29, 2003 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015303001743/p67867b1exv99wiw3.txt).<br>|
| 28 (i)(4) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel to the legality of securities being registered with respect to Class I shares for</u>](https://www.sec.gov/Archives/edgar/data/895430/000095012404004216/p69481bexv99wi4.txt)<br> [<u>ING Global Real Estate – Filed as an Exhibit to Post-Effective Amendment No. 102 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000095012404004216/p69481bexv99wi4.txt)<br> [<u>N-1A Registration Statement on September 8, 2004 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095012404004216/p69481bexv99wi4.txt).<br>|
| 28 (i)(5) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel to the legality of the securities being registered with respect to ING</u>](https://www.sec.gov/Archives/edgar/data/895430/000095012405000367/p69735bxexv99wi5.txt)<br> [<u>International Value Choice Fund – Filed as an Exhibit to Post-Effective Amendment No. 106 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/895430/000095012405000367/p69735bxexv99wi5.txt)<br> [<u>Form N-1A Registration Statement on January 25, 2005 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095012405000367/p69735bxexv99wi5.txt).<br>|
| 28 (i)(6) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel to the legality of the securities being registered with respect to Class O shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305002491/p70805b1exv99wi6.txt)<br> [<u>for ING Global Equity Dividend Fund – Filed as an Exhibit to Post-Effective Amendment No. 110 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305002491/p70805b1exv99wi6.txt)<br> [<u>Registrant's Form N-1A Registration Statement on September 30, 2005 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305002491/p70805b1exv99wi6.txt).<br>|
| 28 (i)(7) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel to the legality of the securities being registered with respect to ING Emerging</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305003081/p71557exv99wxiyx7y.txt)<br> [<u>Markets Fixed Income Fund, ING Capital Appreciation Fund, ING Greater China Fund, ING Index Plus</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305003081/p71557exv99wxiyx7y.txt)<br> [<u>International Equity Fund, and ING Diversified International Fund - Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305003081/p71557exv99wxiyx7y.txt)<br> [<u>Amendment No. 112 to the Registrant's Form N-1A Registration Statement on December 7, 2005 and</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305003081/p71557exv99wxiyx7y.txt)<br> [<u>incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015305003081/p71557exv99wxiyx7y.txt).<br>|
| 28 (i)(8) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel to the legality of the securities being registered with respect to ING</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306000509/p71602bexv99wi8.txt)<br> [<u>International Real Estate Fund – Filed as an Exhibit to Post-Effective Amendment No. 114 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306000509/p71602bexv99wi8.txt)<br> [<u>Form N-1A Registration Statement on February 27, 2006 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306000509/p71602bexv99wi8.txt)<br>|
| 28 (i)(9) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel to the legality of the securities being registered with respect to ING Global</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306001654/p72107bexv99wi9.txt)<br> [<u>Bond Fund – Filed as an Exhibit to Post-Effective Amendment No. 116 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306001654/p72107bexv99wi9.txt)<br> [<u>Registration Statement on June 19, 2006 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306001654/p72107bexv99wi9.txt).<br>|
| 28 (i)(10) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel to the legality of the securities being registered with respect to Class R shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306002160/p72620bexv99wxiyx10y.txt)<br> [<u>for ING Diversified International Fund – Filed as an Exhibit to Post-Effective Amendment No. 117 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306002160/p72620bexv99wxiyx10y.txt)<br> [<u>Registrant's Form N-1A Registration Statement on August 14, 2006 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306002160/p72620bexv99wxiyx10y.txt).<br>|
| 28 (i)(11) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel to the legality of the securities being registered with respect to ING Disciplined</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306003033/p73274b1exv99wxiyx11y.txt)<br> [<u>International SmallCap Fund – Filed as an Exhibit to Post-Effective Amendment No. 118 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306003033/p73274b1exv99wxiyx11y.txt)<br> [<u>Form N-1A Registration Statement on December 19, 2006 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015306003033/p73274b1exv99wxiyx11y.txt).<br>|
| 28 (i)(12) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel to the legality of the securities being registered with respect to ING</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307000392/p73225bexv99wxiyx12y.txt)<br> [<u>International Value Opportunities Fund – Filed as an Exhibit to Post-Effective Amendment No. 121 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307000392/p73225bexv99wxiyx12y.txt)<br> [<u>Registrant's Form N-1A Registration Statement on February 23, 2007 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307000392/p73225bexv99wxiyx12y.txt).<br>|

---

------

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| | |
|:---|:---|
| 28 (i)(13) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel to the legality of the securities being registered with respect to ING</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307001122/p73535bexv99wxiyx13y.txt)<br> [<u>International Equity Dividend Fund – Filed as an Exhibit to Post-Effective Amendment No. 123 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307001122/p73535bexv99wxiyx13y.txt)<br> [<u>Registrant's Form N-1A Registration Statement on May 14, 2007 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307001122/p73535bexv99wxiyx13y.txt)<br>|
| 28 (i)(14) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel to the legality of the securities being registered with respect to ING Global</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307001587/p74123bexv99wxiyx13y.htm)<br> [<u>Equity Dividend Fund and ING Global Natural Resources Fund – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307001587/p74123bexv99wxiyx13y.htm)<br> [<u>Amendment No. 124 to the Registrant's Form N-1A Registration Statement on July 27, 2007 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307001587/p74123bexv99wxiyx13y.htm)<br> [<u>herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307001587/p74123bexv99wxiyx13y.htm).<br>|
| 28 (i)(15) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel to the legality of the securities being registered with respect to ING</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307002143/p74132bexv99wxiyx15y.htm)<br> [<u>Asia-Pacific Real Estate Fund and ING European Real Estate Fund – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307002143/p74132bexv99wxiyx15y.htm)<br> [<u>Amendment No. 126 to the Registrant's Form N-1A Registration Statement on October 12, 2007 and</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307002143/p74132bexv99wxiyx15y.htm)<br> [<u>incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307002143/p74132bexv99wxiyx15y.htm).<br>|
| 28 (i)(16) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Class W shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307002633/p74477a2exv99wxiyx16y.htm)<br> [<u>for ING Diversified International Fund, ING Emerging Countries Fund, ING Foreign Fund, ING Global Equity</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307002633/p74477a2exv99wxiyx16y.htm)<br> [<u>Dividend Fund, ING Global Real Estate Fund, ING Global Natural Resources Fund, ING International Equity</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307002633/p74477a2exv99wxiyx16y.htm)<br> [<u>Dividend Fund, ING International Real Estate Fund, and ING International Small Cap Fund – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307002633/p74477a2exv99wxiyx16y.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 129 to the Registrant's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307002633/p74477a2exv99wxiyx16y.htm)<br> [<u>December 14, 2007 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000095015307002633/p74477a2exv99wxiyx16y.htm).<br>|
| 28 (i)(17) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Class O shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312507242515/dex99i17.htm)<br> [<u>for ING Index Plus International Equity Fund – Filed as an Exhibit to Post-Effective Amendment No. 128 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312507242515/dex99i17.htm)<br> [<u>Registrant's Form N-1A Registration Statement on November 9, 2007 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312507242515/dex99i17.htm).<br>|
| 28 (i)(18) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Class O shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312508127986/dex99i18.txt)<br> [<u>for ING Diversified International Fund, ING Greater China Fund, ING International SmallCap Multi-Manager</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312508127986/dex99i18.txt)<br> [<u>Fund, and ING Global Bond Fund – Filed as an Exhibit to Post-Effective Amendment No. 132 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312508127986/dex99i18.txt)<br> [<u>Registrant's Form N-1A Registration Statement on June 4, 2008 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312508127986/dex99i18.txt).<br>|
| 28 (i)(19) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Class W shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465909035871/a09-14527_1ex99dbi19.htm)<br> [<u>for ING Global Value Choice Fund, ING International Value Choice Fund, and ING Global Bond Fund – Filed</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465909035871/a09-14527_1ex99dbi19.htm)<br> [<u>as an Exhibit to Post-Effective Amendment No. 135 to the Registrant's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465909035871/a09-14527_1ex99dbi19.htm)<br> [<u>May 29, 2009 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465909035871/a09-14527_1ex99dbi19.htm).<br>|
| 28 (i)(20) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Class Q shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465909043120/a09-17514_1ex99dbi20.htm)<br> [<u>for ING International Capital Appreciation Fund – Filed as an Exhibit to Post-Effective Amendment No. 136 to</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465909043120/a09-17514_1ex99dbi20.htm)<br> [<u>the Registrant's Form N-1A Registration Statement on July 14, 2009 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465909043120/a09-17514_1ex99dbi20.htm).<br>|
| 28 (i)(21) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Class I shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312509199705/dex99i21.htm)<br> [<u>for ING Russia Fund – Filed as an Exhibit to Post-Effective Amendment No. 137 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312509199705/dex99i21.htm)<br> [<u>Registration Statement on September 29, 2009 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312509199705/dex99i21.htm)<br>|
| 28 (i)(22) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Class W shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510040538/dex99i22.htm)<br> [<u>for ING International Capital Appreciation Fund – Filed as an Exhibit to Post-Effective Amendment No. 139 to</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510040538/dex99i22.htm)<br> [<u>the Registrant's Form N-1A Registration Statement on February 25, 2010 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510040538/dex99i22.htm).<br>|
| 28 (i)(23) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to ING</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510274644/dex99i23.htm)<br> [<u>International Growth Fund – Filed as an Exhibit to Post-Effective Amendment No. 142 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510274644/dex99i23.htm)<br> [<u>N-1A Registration Statement on December 6, 2010 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312510274644/dex99i23.htm). <br>|
| 28 (i)(24) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to ING</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312511012882/dex99i24.htm)<br> [<u>International Core Fund – Filed as an Exhibit to Post-Effective Amendment No. 144 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312511012882/dex99i24.htm)<br> [<u>N-1A Registration Statement on January 24, 2011 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312511012882/dex99i24.htm)<br>|
| 28 (i)(25) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Class R shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465911041410/a11-21951_1ex99dbi25.htm)<br> [<u>for ING Global Real Estate Fund and ING Global Bond Fund; and Class W shares for ING Greater China Fund,</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465911041410/a11-21951_1ex99dbi25.htm)<br> [<u>ING Index Plus International Equity Fund, and ING Russia Fund – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465911041410/a11-21951_1ex99dbi25.htm)<br> [<u>Amendment No. 149 to the Registrant's Form N-1A Registration Statement on July 28, 2011 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465911041410/a11-21951_1ex99dbi25.htm)<br> [<u>herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465911041410/a11-21951_1ex99dbi25.htm).<br>|

---

------

---

| | |
|:---|:---|
| 28 (i)(26) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Class I shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311000957/d28689_ex-i26.htm)<br> [<u>for ING Emerging Markets Equity Fund – Filed has an Exhibit to Post-Effective Amendment No. 151 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311000957/d28689_ex-i26.htm)<br> [<u>Registrant's Form N-1A Registration Statement on September 28, 2011 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311000957/d28689_ex-i26.htm).<br>|
| 28 (i)(27) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Class A,</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311001001/d28690_ex-i27.htm)<br> [<u>Class C, Class R, and Class W shares, for ING Emerging Markets Equity Fund – Filed as an exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311001001/d28690_ex-i27.htm)<br> [<u>Post-Effective Amendment No. 152 to the Registrant's Form N-1A Registration Statement on September 30,</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311001001/d28690_ex-i27.htm)<br> [<u>2011 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544311001001/d28690_ex-i27.htm).<br>|
| 28 (i)(28) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Class B shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912013316/a12-3899_1ex99dbi28.htm)<br> [<u>for ING Emerging Markets Equity Fund – Filed as an Exhibit to Post-Effective Amendment No. 157 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912013316/a12-3899_1ex99dbi28.htm)<br> [<u>Registrant's Form N-1A Registration Statement on February 27, 2012 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912013316/a12-3899_1ex99dbi28.htm).<br>|
| 28 (i)(29) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Class W shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912055285/a12-17808_1ex99dbi29.htm)<br> [<u>for ING International Core Fund – Filed as an Exhibit to Post-Effective Amendment No. 160 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912055285/a12-17808_1ex99dbi29.htm)<br> [<u>Form N-1A Registration Statement on August 7, 2012 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912055285/a12-17808_1ex99dbi29.htm).<br>|
| 28 (i)(30) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to ING</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912072760/a12-22818_1ex99dbi30.htm)<br> [<u>Diversified Emerging Markets Debt Fund – Filed as an Exhibit to Post-Effective Amendment No. 165 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912072760/a12-22818_1ex99dbi30.htm)<br> [<u>Registrant's Form N-1A Registration Statement on October 31, 2012 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465912072760/a12-22818_1ex99dbi30.htm).<br>|
| 28 (i)(31) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Class R6 shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465913046174/a13-14046_1ex99dbi31.htm)<br> [<u>for ING Global Bond Fund– Filed as an Exhibit to Post-Effective Amendment No. 181 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465913046174/a13-14046_1ex99dbi31.htm)<br> [<u>N-1A Registration Statement on May 31, 2013 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465913046174/a13-14046_1ex99dbi31.htm).<br>|
| 28 (i)(32) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Class P shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544312001371/d29996_ex-i32.htm)<br> [<u>for ING Global Bond Fund – Filed as an Exhibit to Post-Effective Amendment No. 167 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544312001371/d29996_ex-i32.htm)<br> [<u>N-1A Registration Statement on November 30, 2012 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544312001371/d29996_ex-i32.htm).<br>|
| 28 (i)(33) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to ING Global</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544313000848/e52770ex-i33.htm)<br> [<u>Perspectives® Fund – Filed as an Exhibit to Post-Effective Amendment No. 177 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544313000848/e52770ex-i33.htm)<br> [<u>Registration Statement on March 27, 2013 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000114544313000848/e52770ex-i33.htm).<br>|
| 28 (i)(34) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Class A,</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312514069423/d633332dex99i34.htm)<br> [<u>Class B, Class C, Class O, Class R, and Class W shares for ING Multi-Manager International Equity Fund –</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312514069423/d633332dex99i34.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/895430/000119312514069423/d633332dex99i34.htm)<br> [<u>on February 26, 2014 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312514069423/d633332dex99i34.htm).<br>|
| 28 (i)(35) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Class R6 shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914051371/a14-17093_1ex99dbi35.htm)<br> [<u>for Voya Global Real Estate Fund – Filed as an Exhibit to Post-Effective Amendment No. 186 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914051371/a14-17093_1ex99dbi35.htm)<br> [<u>Form N-1A Registration Statement on July 14, 2014 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465914051371/a14-17093_1ex99dbi35.htm).<br>|
| 28 (i)(36) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Class A and</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312516783443/d303260dex99i37.htm)<br> [<u>Class I shares for Voya Global Corporate Leaders® 100 Fund and Voya Global High Dividend Low Volatility</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312516783443/d303260dex99i37.htm)<br> [<u>Fund – Filed as an Exhibit to Post-Effective Amendment No. 195 to the Registrant's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312516783443/d303260dex99i37.htm)<br> [<u>Statement on December 2, 2016 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000119312516783443/d303260dex99i37.htm).<br>|
| 28 (i)(37) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Class T shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917035614/a17-13893_1ex99dbi38.htm)<br> [<u>for Voya Global Corporate Leaders® 100 Fund, Voya Global Equity Fund, Voya Global High Dividend Low</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917035614/a17-13893_1ex99dbi38.htm)<br> [<u>Volatility Fund, Voya Global Real Estate Fund, Voya Global Bond Fund, Voya International Real Estate Fund,</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917035614/a17-13893_1ex99dbi38.htm)<br> [<u>Voya Global Perspectives® Fund and Voya Diversified Emerging Markets Debt Fund – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917035614/a17-13893_1ex99dbi38.htm)<br> [<u>Post-Effective Amendment No. 203 to the Registrant's Form N-1A Registration Statement on May 26, 2017 and</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917035614/a17-13893_1ex99dbi38.htm)<br> [<u>incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917035614/a17-13893_1ex99dbi38.htm). <br>|
| 28 (i)(38) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Voya CBRE</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917044997/a17-14916_1ex99dbi38.htm)<br> [<u>Global Infrastructure Fund and Voya CBRE Long/Short Fund – Filed as an Exhibit to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917044997/a17-14916_1ex99dbi38.htm)<br> [<u>No. 206 to the Registrant's Form N-1A Registration Statement on July 14, 2017 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917044997/a17-14916_1ex99dbi38.htm)<br> [<u>reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465917044997/a17-14916_1ex99dbi38.htm).<br>|

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| | |
|:---|:---|
| 28 (i)(39) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Class P3 shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbi39.htm)<br> [<u>for Voya Global Bond Fund, Voya Global Real Estate Fund, Voya Multi-Manager Emerging Markets Equity</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbi39.htm)<br> [<u>Fund, Voya Multi-Manager International Equity Fund, and Voya Multi-Manager International Factors Fund –</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbi39.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 209 to the Registrant's Form N-1A Registration Statement</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbi39.htm)<br> [<u>on February 23, 2018 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbi39.htm).<br>|
| 28 (i)(40) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Class C and</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbi40.htm)<br> [<u>Class W shares for Voya CBRE Global Infrastructure Fund; Class P shares for Voya Multi-Manager Emerging</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbi40.htm)<br> [<u>Markets Equity Fund, Voya Multi-Manager International Equity Fund and Voya Multi-Manager International</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbi40.htm)<br> [<u>Factors Fund; and Class P3 shares for Voya International High Dividend Low Volatility Fund and Voya</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbi40.htm)<br> [<u>Multi-Manager International Small Cap Fund – Filed as an Exhibit to Post-Effective Amendment No. 212 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbi40.htm)<br> [<u>Registrant's Form N-1A Registration Statement on February 26, 2019 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919010596/a19-1128_1ex99dbi40.htm).<br>|
| 28 (i)(41) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Voya Global</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dbi41.htm)<br> [<u>Diversified Payment Fund II - Filed as an exhibit to Post-Effective Amendment No. 215 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dbi41.htm)<br> [<u>N-1A Registration Statement on October 31, 2019 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465919058231/a19-19353_1ex99dbi41.htm).<br>|
| 28 (i)(42) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Class R6 shares</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465920024699/a20-9592_1ex99dbi42.htm)<br> [<u>for Voya Global High Dividend Low Volatility Fund (formerly, Voya Global Equity Fund) and Voya International</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465920024699/a20-9592_1ex99dbi42.htm)<br> [<u>High Dividend Low Volatility Fund – Filed as an exhibit to Post-Effective Amendment No. 218 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465920024699/a20-9592_1ex99dbi42.htm)<br> [<u>Registrant's Form N-1A Registration Statement on February 25, 2020 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465920024699/a20-9592_1ex99dbi42.htm).<br>|
| 28 (i)(43) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered with respect to Class R6 shares</u>](f24379d42.htm)<br> [<u>for Voya Multi-Manager International Small Cap Fund – Filed herein.</u>](f24379d42.htm)<br>|
| 28 (j)(1) | [<u>Consent of Ropes & Gray LLP – Filed herein.</u>](f24379d43.htm) |
| 28 (j)(2) | [<u>Consent of Ernst & Young LLP – Filed herein.</u>](f24379d44.htm) |
| 28 (k) | Not applicable.  |
| 28 (l) | Not applicable.  |
| 28 (m)(1) | &nbsp;&nbsp; [<u>Fourth Amended and Restated Service and Distribution Plan (Class A shares) dated November 16, 2017 – Filed</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbm1.htm)<br> [<u>as an Exhibit to Post-Effective Amendment No. 209 to the Registrant's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbm1.htm)<br> [<u>February 23, 2018 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbm1.htm).<br>|
| 28 (m)(1)(i) | &nbsp;&nbsp; [<u>Amended Schedule A dated October 7, 2021 to the Fourth Amended and Restated Service and Distribution Plan</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d20.htm)<br> [<u>(Class A shares) dated November 16, 2017 – Filed as an Exhibit to Post-Effective Amendment No. 223 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d20.htm)<br> [<u>Registrant's Form N-1A Registration Statement on February 23, 2022 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d20.htm)<br>|
| 28 (m)(2) | &nbsp;&nbsp; [<u>Fourth Amended and Restated Service and Distribution Plan (Class C shares) dated November 16, 2017 – Filed</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbm2.htm)<br> [<u>as an Exhibit to Post-Effective Amendment No. 209 to the Registrant's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbm2.htm)<br> [<u>February 23, 2018 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbm2.htm).<br>|
| 28 (m)(2)(i) | &nbsp;&nbsp; [<u>Amended Schedule A dated October 7, 2021 to the Fourth Amended and Restated Service and Distribution Plan</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d21.htm)<br> [<u>(Class C shares) dated November 16, 2017 – Filed as an Exhibit to Post-Effective Amendment No. 223 to the</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d21.htm)<br> [<u>Registrant's Form N-1A Registration Statement on February 23, 2022 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d21.htm)<br>|
| 28 (m)(3) | &nbsp;&nbsp; [<u>Third Amended and Restated Service and Distribution Plan (Class A shares for Voya Global Diversified Payment</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbm3.htm)<br> [<u>Fund and Voya Russia Fund) dated November 16, 2017 – Filed as an Exhibit to Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbm3.htm)<br> [<u>209 to the Registrant's Form N-1A Registration Statement on February 23, 2018 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbm3.htm)<br> [<u>reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbm3.htm).<br>|
| 28 (m)(3)(i) | &nbsp;&nbsp; [<u>Amended Schedule A dated November 19, 2020 to the Third Amended and Restated Service and Distribution</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321001018/f8134d27.htm)<br> [<u>Plan (Class A shares for Voya Global Diversified Payment Fund and Voya Russia Fund) dated November 16,</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321001018/f8134d27.htm)<br> [<u>2017 – Filed as an exhibit to Post-Effective Amendment No. 221 to the Registrant's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321001018/f8134d27.htm)<br> [<u>Statement on February 25, 2021 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321001018/f8134d27.htm)<br>|
| (m)(3)(ii) | &nbsp;&nbsp; [<u>Termination of the Rule 12b-1 Plan effective May 4, 2022 to the Third Amended and Restated Service and</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d24.htm)<br> [<u>Distribution Plan (Class A shares of Voya Russia Fund) dated November 16, 2017 – Filed as an exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d24.htm)<br> [<u>Amendment No. 225 to the Registrant's Form N-1A Registration Statement on November 18, 2022 and</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d24.htm)<br> [<u>incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007203/f23542d24.htm).<br>|

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| | |
|:---|:---|
| 28 (m)(4) | &nbsp;&nbsp; [<u>Third Amended and Restated Shareholder Service and Distribution Plan (Class R shares) dated November 16,</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbm7.htm)<br> [<u>2017 – Filed as an Exhibit to Post-Effective Amendment No. 209 to the Registrant's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbm7.htm)<br> [<u>Statement on February 23, 2018 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbm7.htm).<br>|
| 28 (m)(4)(i) | &nbsp;&nbsp; [<u>Amended Schedule A dated November 19, 2020 to the Third Amended and Restated Shareholder Service and</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321001018/f8134d28.htm)<br> [<u>Distribution Plan (Class R shares) dated November 16, 2017 – Filed as an exhibit to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321001018/f8134d28.htm)<br> [<u>No. 221 to the Registrant's Form N-1A Registration Statement on February 25, 2021 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321001018/f8134d28.htm)<br> [<u>reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321001018/f8134d28.htm).<br>|
| 28 (m)(5) | &nbsp;&nbsp; [<u>Third Amended and Restated Service and Distribution Plan (Class C shares for Voya Russia Fund) dated</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbm9.htm)<br> [<u>November 16, 2017 – Filed as an Exhibit to Post-Effective Amendment No. 209 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbm9.htm)<br> [<u>Registration Statement on February 23, 2018 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000110465918011641/a18-5291_1ex99dbm9.htm).<br>|
| 28 (n)(1) | &nbsp;&nbsp; [<u>Nineteenth Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3, dated January 12, 2023 – Filed</u>](f24379d45.htm)<br> [<u>herein.</u>](f24379d45.htm)<br>|
| 28 (o) | Not applicable.  |
| 28 (p)(1) | [<u>Voya Funds and Advisers Code of Ethics, amended November 4, 2022 – Filed herein.</u>](f24379d46.htm) |
| 28 (p)(2) | [<u>Acadian Asset Management, Inc Code of Ethics, updated as of January 2023 – Filed herein.</u>](f24379d47.htm) |
| 28 (p)(3) | [<u>Baillie Gifford Overseas Limited Code of Ethics dated January 2023 – Filed herein.</u>](f24379d48.htm) |
| 28 (p)(4) | &nbsp;&nbsp; [<u>Delaware Investments Code of Ethics, effective September 8, 2020 – Filed as an exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321001018/f8134d31.htm)<br> [<u>Amendment No. 221 to the Registrant's Form N-1A Registration Statement on February 25, 2021 and</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321001018/f8134d31.htm)<br> [<u>incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386321001018/f8134d31.htm).<br>|
| 28 (p)(5) | [<u>PanAgora Asset Management, Inc. Code of Ethics dated January 1, 2023 – Filed herein.</u>](f24379d49.htm) |
| 28 (p)(6) | [<u>Polaris Capital Management, LLC Code of Ethics updated December 2022 – Filed herein.</u>](f24379d50.htm) |
| 28 (p)(7) | [<u>Van Eck Associates Corporation Code of Ethics updated August 29, 2022 – Filed herein.</u>](f24379d51.htm) |
| 28 (p)(8) | &nbsp;&nbsp; [<u>Victory Capital Management Inc. Code of Ethics effective January 1, 2022 – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d31.htm)<br> [<u>Post-Effective Amendment No. 223 to the Registrant's Form N-1A Registration Statement on February 23, 2022</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d31.htm)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322001011/f11138d31.htm)<br>|
| 28 (p)(9) | [<u>Wellington Management Company LLP Code of Ethics, dated November 1, 2022 – Filed herein.</u>](f24379d52.htm) |

---

**Item 29. Persons Controlled by or Under Common Control with Registrant**

None.

**Item 30. Indemnification**

Article 5, Section 5.02 of the Amended and Restated Declaration of Trust provides for the indemnification of Registrant's Trustees, officers, employees, and agents against liabilities incurred by them in connection with the defense or disposition of any action or proceeding in which they may be involved or with which they may be threatened, while in office or thereafter, by reason of being or having been in such office, except with respect to matters as to which it has been determined that they acted with willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of their office ("disabling conduct").

Section 9 of Registrant's Amended and Restate Investment Management Agreement provides for the indemnification of Registrant's Investment Manager and any Sub-Adviser against all liabilities incurred by it in performing its obligations under the agreement, except with respect to matters involving its disabling conduct.

Section 9 of Registrant's Distribution Agreement provides for the indemnification of Registrant's Distributor against all liabilities incurred by it in performing its obligations under the Agreement, except with respect to matters involving its disabling conduct.

Section 4 of the Shareholder Service Agreement provides for the indemnification of Registrant's Distributor against all liabilities incurred by it in performing its obligations under the Agreement, except with respect to matters involving its disabling conduct.

------

Registrant has obtained from a major insurance carrier a trustees' and officers' liability policy covering certain types of errors and omissions.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended ("1933 Act") may be permitted to trustees, officers, and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the U.S. 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 registrant of expenses incurred or paid by a trustee, officer, or controlling person of the registrant in the successful defense of any action, suit, or proceeding) is asserted by such trustee, officer, or controlling person in connection with the securities being registered, the registrant 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 1933 Act and will be governed by the 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 each sub-adviser of Voya Mutual Funds and each director, 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. |
| Voya Investments, LLC  | 801-48282 |
| Acadian Asset Management LLC | 801-28078 |
| Baillie Gifford Overseas Limited | 801-21051 |
| Delaware Management Company | 812-13521 |
| PanAgora Asset Management, Inc. | 801-35497 |
| Polaris Capital Management, LLC | 801-43216 |
| VanEck Associates Corporation | 801-21340 |
| Victory Capital Management Inc. | 801-46878 |
| Voya Investment Management Co. LLC | 801-9046 |
| Wellington Management Company LLP | 801-15908 |

---

**Item 32. Principal Underwriter**

(a) Voya Investments Distributor, LLC is the principal underwriter for Voya Balanced Portfolio, Inc.; Voya Credit 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 Strategic Allocation Portfolios, Inc.; 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 Principal Underwriter 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 Principal Underwriter 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 Registrant |
| 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 |  |
| James M. Fink<br> 5780 Powers Ferry Road NW<br> Atlanta, Georgia 30327<br>| Senior Vice President | Executive Vice President |

---

------

---

| | | |
|:---|:---|:---|
| Name and Principal Business Address | Positions and Offices with Voya Investments <br> Distributor, LLC<br>| Positions and Offices with the Registrant |
| Stacy L. Hughes<br> 5780 Powers Ferry Road NW<br> Atlanta, Georgia 30327<br>| Chief Information Security Officer |  |
| Michelle P. Luk<br> 230 Park Avenue<br> New York, New York 10169<br>| Senior Vice President and Treasurer |  |
| Francis G. O'Neill<br> One Orange Way<br> Windsor, Connecticut 06095<br>| &nbsp;&nbsp; Senior Vice President and Chief Risk <br> Officer<br>|  |
| Niccole A. Peck<br> 5780 Powers Ferry Road NW<br> Atlanta, Georgia 30327<br>| Vice President and Assistant Treasurer |  |
| Monia Piacenti<br> One Orange Way<br> Windsor, Connecticut 06095<br>| Anti-Money Laundering Officer | Anti-Money Laundering Officer |
| Justina Y. Richards<br> 5780 Powers Ferry Road NW<br> Atlanta, Georgia 30327<br>| Vice President and Assistant Treasurer |  |
| 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 |
| Jacob J. Tuzza<br> 230 Park Avenue<br> New York, New York 10169<br>| &nbsp;&nbsp; Director, President and Chief Executive <br> Officer<br>|  |
| Katrina Walker<br> 5780 Powers Ferry Road NW<br> Atlanta, Georgia 30327<br>| Vice President and Assistant Treasurer |  |
| 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>|  |

---

(c) Not applicable.

**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 Registrant, (b) the Investment Adviser, (c) the Distributor, (d) the Custodians, (e) the Transfer Agent, and (f) the Sub-Advisers. The address of each is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Voya Mutual Funds 7337 East Doubletree Ranch Road, Suite 100 Scottsdale, AZ 85258

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Voya Investments, LLC 7337 East Doubletree Ranch Road, Suite 100 Scottsdale, AZ 85258

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Voya Investments Distributor, LLC 7337 East Doubletree Ranch Road, Suite 100 Scottsdale, AZ 85258

------

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

---

| | |
|:---|:---|
| (d) | &nbsp;&nbsp; Bank of New York Mellon<br> 240 Greenwich Street <br> New York, NY 10286<br>|
| (e) | &nbsp;&nbsp; BNY Mellon Investment Servicing (U.S.) Inc. <br> 301 Bellevue Parkway<br> Wilmington, DE 19809<br>|
| (f) (1) | &nbsp;&nbsp; Acadian Asset Management, LLC<br> One Post Office Square, 20th Floor<br> Boston, MA 02109<br>|
| (f) (2) | &nbsp;&nbsp; Baillie Gifford Overseas Limited<br> Calton Square, 1 Greenside Row<br> Edinburgh, Scotland EH1 3AN<br>|
| (f) (3) | &nbsp;&nbsp; Delaware Management Company<br> 2005 Market Street<br> Philadelphia, PA 19103<br>|
| (f) (4) | &nbsp;&nbsp; PanAgora Asset Management, Inc.<br> 470 Atlantic Avenue, 8th Floor<br> Boston, MA 02210<br>|
| (f) (5) | &nbsp;&nbsp; Polaris Capital Management, LLC<br> 121 High Street<br> Boston, MA 02110<br>|
| (f) (6) | &nbsp;&nbsp; Van Eck Associates Corporation<br> 666 Third Avenue, 9th Floor<br> New York, NY 10017<br>|
| (f) (7) | &nbsp;&nbsp; Victory Capital Management Inc.<br> 15935 La Cantera Pkwy<br> San Antonio, TX 78256<br>|
| (f) (8) | &nbsp;&nbsp; Voya Investment Management Co. LLC<br> 230 Park Avenue<br> New York, NY 100169<br>|
| (f) (9) | &nbsp;&nbsp; Wellington Management Company LLP<br> 280 Congress Street<br> Boston, MA 02210<br>|

---

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings** 

Registrant hereby undertakes that if it is requested by the holders of at least 10% of its outstanding shares to call a meeting of shareholders for the purpose of voting upon the question of removal of a trustee, it will do so and will assist in communications with other shareholders as required by Section 16(c) of the 1940 Act.

------

**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. 225 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. 225 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 24th day of February, 2023.

VOYA MUTUAL FUNDS

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> Andy Simonoff\*<br>| Chief Executive Officer | February 24, 2023 |
| _________________________________ <br> Todd Modic\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President,<br> Chief/Principal Financial Officer and Assistant <br> Secretary<br>| February 24, 2023 |
| _________________________________ <br> Fred Bedoya\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; Vice President, Treasurer and Principal Accounting <br> Officer<br>| February 24, 2023 |
| _________________________________ <br> Colleen D. Baldwin\*<br>| Trustee | February 24, 2023 |
| _________________________________<br> John V. Boyer\*<br>| Trustee | February 24, 2023 |
| _________________________________<br> Patricia W. Chadwick\*<br>| Trustee | February 24, 2023 |
| _________________________________ <br> Martin J. Gavin\*<br>| Trustee | February 24, 2023 |
| _________________________________ <br> Joseph E. Obermeyer\*<br>| Trustee | February 24, 2023 |
| _________________________________<br> Sheryl K. Pressler\*<br>| Trustee | February 24, 2023 |
| _________________________________<br> Christopher P. Sullivan\*<br>| Trustee | February 24, 2023 |

---

\*By: /s/ Joanne F. Osberg

------

Joanne F. Osberg

Attorney-in-Fact\*\*

\*\* [<u>Powers of Attorney for Todd Modic, Fred Bedoya and each Trustee were filed as an attachment to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007773/f23706d2.htm)[<u>No. 224 on December 20, 2022 and are incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/895430/000168386322007773/f23706d2.htm)[<u>Power of Attorney for Andy Simonoff is attached hereto.</u>](f24379d2.htm)

------

## Ex-99

#### Voya Balanced Portfolio, Inc.

#### 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 Strategic Allocation Portfolios, Inc.

#### Voya Variable Funds

#### Voya Variable Insurance Trust

#### Voya Variable Portfolios, Inc.

#### Voya Variable Products Trust

#### (the "Registrants")
<u>POWER OF ATTORNEY</u> 

Know All Persons by These Presents, that the undersigned, Andy Simonoff, hereby constitutes and appoints Todd Modic, Joanne F. Osberg, Nicholas C.D. Ward, and Gizachew Wubishet, his true and lawful attorneys-in-fact and agents, to execute in his name, place, and stead, in his capacity as officer of the above referenced Registrants, the Registration Statements of such entities on Form N-1A and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the U.S. Securities and Exchange Commission; and any of said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of any of said attorneys being hereby ratified and approved.

DATED: January 27, 2023

---

| |
|:---|
| <br> /s/ Andy Simonoff  |
| <br> Andy Simonoff  |
| President and Chief Executive Officer  |

---

## Ex-99

(a)(97)

**AMENDMENT NO. 81**

**TO AMENDED AND RESTATED DECLARATION OF TRUST**

**OF VOYA MUTUAL FUNDS**

THIS AMENDMENT NO. 81 TO THE AMENDED AND RESTATED DECLARATION OF TRUST OF VOYA MUTUAL FUNDS is made as of January 11, 2023, by the undersigned, constituting a majority of the Trustees of Voya Mutual Funds (the "Trust").

**WHEREAS,** the Amended and Restated Declaration of Trust ("Declaration of Trust") adopted as of June 3, 2004, designated certain series of Interests of the Trust;

**WHEREAS,** pursuant to Sections 6.01 and 9.03 of the Declaration of Trust, the Board of Trustees has authorized an amendment to the Declaration of Trust to abolish Class T shares for the following series of the Trust, effective on such date as determined by the appropriate officers of the Trust, with the advice of counsel:

Voya Global Bond Fund

Voya Global Diversified Payment Fund

Voya Global High Dividend Low Volatility Fund

Voya Global Perspectives Fund

Voya International High Dividend Low Volatility Fund

**NOW, THEREFORE**, the Board of Trustees hereby amends the Declaration of Trust, effective January 12, 2023, as follows:

The first two sentences of Section 8.08 of the Declaration of Trust are hereby amended and restated to read in full as follows:

"The Trustees may establish and designate series of Interests in accordance with the provisions of Section 6.01 hereof. The Trustees hereby establish and designate the series shown in the chart below under the heading "Series," and establish and designate the classes of each such series shown in the chart below under the heading "Classes":

---

| | |
|:---|:---|
| **<u>Series</u>** | **<u>Classes</u>** |
| ING Asia-Pacific Real Estate Fund | ING Asia-Pacific Real Estate Fund – Class A |
|  | ING Asia-Pacific Real Estate Fund – Class B |
|  | ING Asia-Pacific Real Estate Fund – Class C |
|  | ING Asia-Pacific Real Estate Fund – Class I |
| Voya Diversified Emerging Markets Debt | Voya Diversified Emerging Markets Debt Fund – |
| Fund | Class A |
|  | Voya Diversified Emerging Markets Debt Fund – |
|  | Class C |
|  | Voya Diversified Emerging Markets Debt Fund – |
|  | Class I |

---

---

| | |
|:---|:---|
| **<u>Series</u>** | **<u>Classes</u>** |
|  | Voya Diversified Emerging Markets Debt Fund – |
|  | Class T |
|  | Voya Diversified Emerging Markets Debt Fund – |
|  | Class W |
| Voya Emerging Markets Equity Dividend | Voya Emerging Markets Equity Dividend Fund – |
| Fund | Class A |
|  | Voya Emerging Markets Equity Dividend Fund – |
|  | Class B |
|  | Voya Emerging Markets Equity Dividend Fund – |
|  | Class C |
|  | Voya Emerging Markets Equity Dividend Fund – |
|  | Class I |
|  | Voya Emerging Markets Equity Dividend Fund – |
|  | Class O |
|  | Voya Emerging Markets Equity Dividend Fund – |
|  | Class R |
|  | Voya Emerging Markets Equity Dividend Fund – |
|  | Class W |
| ING European Real Estate Fund | ING European Real Estate Fund – Class A |
|  | ING European Real Estate Fund – Class B |
|  | ING European Real Estate Fund – Class C |
|  | ING European Real Estate Fund – Class I |
| Voya Global Bond Fund | Voya Global Bond Fund – Class A |
|  | Voya Global Bond Fund – Class C |
|  | Voya Global Bond Fund – Class I |
|  | Voya Global Bond Fund – Class P |
|  | Voya Global Bond Fund – Class P3 |
|  | Voya Global Bond Fund – Class R |
|  | Voya Global Bond Fund – Class R6 |
|  | Voya Global Bond Fund – Class W |
| Voya Global Diversified Payment Fund | Voya Global Diversified Payment Fund – Class A |
|  | Voya Global Diversified Payment Fund – Class C |
|  | Voya Global Diversified Payment Fund – Class I |
|  | Voya Global Diversified Payment Fund – Class R |
|  | Voya Global Diversified Payment Fund – Class R6 |
|  | Voya Global Diversified Payment Fund – Class W |
| Voya Global High Dividend Low Volatility | Voya Global High Dividend Low Volatility Fund – |
| Fund | Class A |
|  | Voya Global High Dividend Low Volatility Fund – |
|  | Class C |

---

---

| | |
|:---|:---|
| **<u>Series</u>** | **<u>Classes</u>** |
|  | Voya Global High Dividend Low Volatility Fund – |
|  | Class I |
|  | Voya Global High Dividend Low Volatility Fund – |
|  | Class R |
|  | Voya Global High Dividend Low Volatility Fund – |
|  | Class R6 |
|  | Voya Global High Dividend Low Volatility Fund – |
|  | Class W |
| Voya Global Perspectives Fund | Voya Global Perspectives Fund – Class A |
|  | Voya Global Perspectives Fund – Class C |
|  | Voya Global Perspectives Fund – Class I |
|  | Voya Global Perspectives Fund – Class R |
|  | Voya Global Perspectives Fund – Class W |
| ING Index Plus International Equity Fund | ING Index Plus International Equity Fund – Class A |
|  | ING Index Plus International Equity Fund – Class B |
|  | ING Index Plus International Equity Fund – Class C |
|  | ING Index Plus International Equity Fund – Class I |
|  | ING Index Plus International Equity Fund – Class O |
|  | ING Index Plus International Equity Fund – Class R |
|  | ING Index Plus International Equity Fund – Class W |
| ING International Capital Appreciation Fund | ING International Capital Appreciation Fund – Class A |
|  | ING International Capital Appreciation Fund – Class B |
|  | ING International Capital Appreciation Fund – Class C |
|  | ING International Capital Appreciation Fund – Class I |
|  | ING International Capital Appreciation Fund – Class R |
|  | ING International Capital Appreciation Fund – Class W |
| ING International Equity Dividend Fund | ING International Equity Dividend Fund – Class A |
|  | ING International Equity Dividend Fund – Class B |
|  | ING International Equity Dividend Fund – Class C |
|  | ING International Equity Dividend Fund – Class I |
|  | ING International Equity Dividend Fund – Class W |
| Voya International High Dividend Low | Voya International High Dividend Low Volatility Fund – |
| Volatility Fund | Class A |
|  | Voya International High Dividend Low Volatility Fund – |
|  | Class I |
|  | Voya International High Dividend Low Volatility Fund – |
|  | Class R6 |
| Voya International Real Estate Fund | Voya International Real Estate Fund – Class A |
|  | Voya International Real Estate Fund – Class C |

---

---

| | |
|:---|:---|
| **<u>Series</u>** | **<u>Classes</u>** |
|  | Voya International Real Estate Fund – Class I |
|  | Voya International Real Estate Fund – Class R |
|  | Voya International Real Estate Fund – Class T |
|  | Voya International Real Estate Fund – Class W |
| Voya Multi-Manager Emerging Markets | Voya Multi-Manager Emerging Markets Equity Fund – |
| Equity Fund | Class A |
|  | Voya Multi-Manager Emerging Markets Equity Fund – |
|  | Class C |
|  | Voya Multi-Manager Emerging Markets Equity Fund – |
|  | Class I |
|  | Voya Multi-Manager Emerging Markets Equity Fund – |
|  | Class P |
|  | Voya Multi-Manager Emerging Markets Equity Fund – |
|  | Class P3 |
|  | Voya Multi-Manager Emerging Markets Equity Fund – |
|  | Class R |
|  | Voya Multi-Manager Emerging Markets Equity Fund – |
|  | Class W |
| Voya Multi-Manager International Equity | Voya Multi-Manager International Equity Fund – |
| Fund | Class A |
|  | Voya Multi-Manager International Equity Fund – |
|  | Class C |
|  | Voya Multi-Manager International Equity Fund – |
|  | Class I |
|  | Voya Multi-Manager International Equity Fund – |
|  | Class P3 |
|  | Voya Multi-Manager International Equity Fund – |
|  | Class R |
|  | Voya Multi-Manager International Equity Fund – |
|  | Class W |
| Voya Multi-Manager International Factors | Voya Multi-Manager International Factors Fund – |
| Fund | Class I |
|  | Voya Multi-Manager International Factors Fund – |
|  | Class P3 |
|  | Voya Multi-Manager International Factors Fund – |
|  | Class W |
| Voya Multi-Manager International Small Cap | Voya Multi-Manager International Small Cap Fund – |
| Fund | Class A |
|  | Voya Multi-Manager International Small Cap Fund – |
|  | Class C |

---

---

| | |
|:---|:---|
| **<u>Series</u>** | **<u>Classes</u>** |
|  | Voya Multi-Manager International Small Cap Fund – |
|  | Class I |
|  | Voya Multi-Manager International Small Cap Fund – |
|  | Class R |
|  | Voya Multi-Manager International Small Cap Fund – |
|  | Class R6 |
|  | Voya Multi-Manager International Small Cap Fund – |
|  | Class W |
| Voya Russia Fund | Voya Russia Fund – Class A |
|  | Voya Russia Fund – Class C |
|  | Voya Russia Fund – Class I |
|  | Voya Russia Fund – Class R |
|  | Voya Russia Fund – Class W |
| Voya VACS Series EME Fund | Undesignated |

---

**REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK**

IN WITNESS WHEREOF, the undersigned have caused these presents to be executed as of the day and year first above written.

---

| | |
|:---|:---|
| <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/ Patricia W. Chadwick</u>_____________ | <u>/s/ Christopher P. Sullivan</u>___________ |
| Patricia W. Chadwick, as Trustee | Christopher P. Sullivan, as Trustee |

---

/s/ Martin J. Gavin__________________

Martin J. Gavin, as Trustee

M:\Funds\Legal Admin\Registration Statements\1- Annual Updates\International\2023\485b\Filing Documents\Exhibits\(a)(98) VMF-A&R DecTrt-81-Abolish Class T 2301F.docx

## Ex-99

(a)(96)

**AMENDMENT NO. 80**

**TO AMENDED AND RESTATED DECLARATION OF TRUST**

**OF VOYA MUTUAL FUNDS**

THIS AMENDMENT NO. 80 TO THE AMENDED AND RESTATED DECLARATION OF TRUST OF VOYA MUTUAL FUNDS is made as of November 17, 2022, by the undersigned, constituting a majority of the Trustees of Voya Mutual Funds (the "Trust").

**WHEREAS,** the Amended and Restated Declaration of Trust ("Declaration of Trust") adopted as of June 3, 2004, designated certain series of Interests of the Trust; and

**WHEREAS,** pursuant to Section 9.03 of the Declaration of Trust, the Board of Trustees has authorized an amendment to the Declaration of Trust to establish an additional class of shares for Voya Multi-Manager International Small Cap Fund to be known as follows:

Voya Multi-Manager International Small Cap Fund – Class R6

**NOW, THEREFORE**, the Board of Trustees hereby amends the Declaration of Trust as follows:

The first two sentences of Section 8.08 of the Declaration of Trust are hereby amended and restated to read in full as follows:

"The Trustees may establish and designate series of Interests in accordance with the provisions of Section 6.01 hereof. The Trustees hereby establish and designate the series shown in the chart below under the heading "Series," and establish and designate the classes of each such series shown in the chart below under the heading "Classes":

---

| | |
|:---|:---|
| **<u>Series</u>** | **<u>Classes</u>** |
| ING Asia-Pacific Real Estate Fund | ING Asia-Pacific Real Estate Fund – Class A |
|  | ING Asia-Pacific Real Estate Fund – Class B |
|  | ING Asia-Pacific Real Estate Fund – Class C |
|  | ING Asia-Pacific Real Estate Fund – Class I |
| Voya Diversified Emerging Markets Debt | Voya Diversified Emerging Markets Debt Fund – |
| Fund | Class A |
|  | Voya Diversified Emerging Markets Debt Fund – |
|  | Class C |
|  | Voya Diversified Emerging Markets Debt Fund – |
|  | Class I |
|  | Voya Diversified Emerging Markets Debt Fund – |
|  | Class T |
|  | Voya Diversified Emerging Markets Debt Fund – |
|  | Class W |

---

---

| | |
|:---|:---|
| **<u>Series</u>** | **<u>Classes</u>** |
| Voya Emerging Markets Equity Dividend | Voya Emerging Markets Equity Dividend Fund – |
| Fund | Class A |
|  | Voya Emerging Markets Equity Dividend Fund – |
|  | Class B |
|  | Voya Emerging Markets Equity Dividend Fund – |
|  | Class C |
|  | Voya Emerging Markets Equity Dividend Fund – |
|  | Class I |
|  | Voya Emerging Markets Equity Dividend Fund – |
|  | Class O |
|  | Voya Emerging Markets Equity Dividend Fund – |
|  | Class R |
|  | Voya Emerging Markets Equity Dividend Fund – |
|  | Class W |
| ING European Real Estate Fund | ING European Real Estate Fund – Class A |
|  | ING European Real Estate Fund – Class B |
|  | ING European Real Estate Fund – Class C |
|  | ING European Real Estate Fund – Class I |
| Voya Global Bond Fund | Voya Global Bond Fund – Class A |
|  | Voya Global Bond Fund – Class C |
|  | Voya Global Bond Fund – Class I |
|  | Voya Global Bond Fund – Class P |
|  | Voya Global Bond Fund – Class P3 |
|  | Voya Global Bond Fund – Class R |
|  | Voya Global Bond Fund – Class R6 |
|  | Voya Global Bond Fund – Class T |
|  | Voya Global Bond Fund – Class W |
| Voya Global Diversified Payment Fund | Voya Global Diversified Payment Fund – Class A |
|  | Voya Global Diversified Payment Fund – Class C |
|  | Voya Global Diversified Payment Fund – Class I |
|  | Voya Global Diversified Payment Fund – Class R |
|  | Voya Global Diversified Payment Fund – Class R6 |
|  | Voya Global Diversified Payment Fund – Class T |
|  | Voya Global Diversified Payment Fund – Class W |
| Voya Global High Dividend Low Volatility | Voya Global High Dividend Low Volatility Fund – |
| Fund | Class A |
|  | Voya Global High Dividend Low Volatility Fund – |
|  | Class C |
|  | Voya Global High Dividend Low Volatility Fund – |
|  | Class I |

---

---

| | |
|:---|:---|
| **<u>Series</u>** | **<u>Classes</u>** |
|  | Voya Global High Dividend Low Volatility Fund – |
|  | Class R |
|  | Voya Global High Dividend Low Volatility Fund – |
|  | Class R6 |
|  | Voya Global High Dividend Low Volatility Fund – |
|  | Class T |
|  | Voya Global High Dividend Low Volatility Fund – |
|  | Class W |
| Voya Global Perspectives Fund | Voya Global Perspectives Fund – Class A |
|  | Voya Global Perspectives Fund – Class C |
|  | Voya Global Perspectives Fund – Class I |
|  | Voya Global Perspectives Fund – Class R |
|  | Voya Global Perspectives Fund – Class T |
|  | Voya Global Perspectives Fund – Class W |
| ING Index Plus International Equity Fund | ING Index Plus International Equity Fund – Class A |
|  | ING Index Plus International Equity Fund – Class B |
|  | ING Index Plus International Equity Fund – Class C |
|  | ING Index Plus International Equity Fund – Class I |
|  | ING Index Plus International Equity Fund – Class O |
|  | ING Index Plus International Equity Fund – Class R |
|  | ING Index Plus International Equity Fund – Class W |
| ING International Capital Appreciation Fund | ING International Capital Appreciation Fund – Class A |
|  | ING International Capital Appreciation Fund – Class B |
|  | ING International Capital Appreciation Fund – Class C |
|  | ING International Capital Appreciation Fund – Class I |
|  | ING International Capital Appreciation Fund – Class R |
|  | ING International Capital Appreciation Fund – Class W |
| ING International Equity Dividend Fund | ING International Equity Dividend Fund – Class A |
|  | ING International Equity Dividend Fund – Class B |
|  | ING International Equity Dividend Fund – Class C |
|  | ING International Equity Dividend Fund – Class I |
|  | ING International Equity Dividend Fund – Class W |
| Voya International High Dividend Low | Voya International High Dividend Low Volatility Fund – |
| Volatility Fund | Class A |
|  | Voya International High Dividend Low Volatility Fund – |
|  | Class I |
|  | Voya International High Dividend Low Volatility Fund – |
|  | Class R6 |
|  | Voya International High Dividend Low Volatility Fund – |
|  | Class T |

---

---

| | |
|:---|:---|
| **<u>Series</u>** | **<u>Classes</u>** |
| Voya International Real Estate Fund | Voya International Real Estate Fund – Class A |
|  | Voya International Real Estate Fund – Class C |
|  | Voya International Real Estate Fund – Class I |
|  | Voya International Real Estate Fund – Class R |
|  | Voya International Real Estate Fund – Class T |
|  | Voya International Real Estate Fund – Class W |
| Voya Multi-Manager Emerging Markets | Voya Multi-Manager Emerging Markets Equity Fund – |
| Equity Fund | Class A |
|  | Voya Multi-Manager Emerging Markets Equity Fund – |
|  | Class C |
|  | Voya Multi-Manager Emerging Markets Equity Fund – |
|  | Class I |
|  | Voya Multi-Manager Emerging Markets Equity Fund – |
|  | Class P |
|  | Voya Multi-Manager Emerging Markets Equity Fund – |
|  | Class P3 |
|  | Voya Multi-Manager Emerging Markets Equity Fund – |
|  | Class R |
|  | Voya Multi-Manager Emerging Markets Equity Fund – |
|  | Class W |
| Voya Multi-Manager International Equity | Voya Multi-Manager International Equity Fund – |
| Fund | Class A |
|  | Voya Multi-Manager International Equity Fund – |
|  | Class C |
|  | Voya Multi-Manager International Equity Fund – |
|  | Class I |
|  | Voya Multi-Manager International Equity Fund – |
|  | Class P3 |
|  | Voya Multi-Manager International Equity Fund – |
|  | Class R |
|  | Voya Multi-Manager International Equity Fund – |
|  | Class W |
| Voya Multi-Manager International Factors | Voya Multi-Manager International Factors Fund – |
| Fund | Class I |
|  | Voya Multi-Manager International Factors Fund – |
|  | Class P3 |
|  | Voya Multi-Manager International Factors Fund – |
|  | Class W |
| Voya Multi-Manager International Small Cap | Voya Multi-Manager International Small Cap Fund – |
| Fund | Class A |

---

---

| | |
|:---|:---|
| **<u>Series</u>** | **<u>Classes</u>** |
|  | Voya Multi-Manager International Small Cap Fund – |
|  | Class C |
|  | Voya Multi-Manager International Small Cap Fund – |
|  | Class I |
|  | Voya Multi-Manager International Small Cap Fund – |
|  | Class R |
|  | Voya Multi-Manager International Small Cap Fund – |
|  | Class R6 |
|  | Voya Multi-Manager International Small Cap Fund – |
|  | Class W |
| Voya Russia Fund | Voya Russia Fund – Class A |
|  | Voya Russia Fund – Class C |
|  | Voya Russia Fund – Class I |
|  | Voya Russia Fund – Class R |
|  | Voya Russia Fund – Class W |
| Voya VACS Series EME Fund | Undesignated |

---

**REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK**

IN WITNESS WHEREOF, the undersigned have caused these presents to be executed as of the day and year first above written.

---

| | |
|:---|:---|
| <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/ Patricia W. Chadwick</u>____________ | <u>/s/ Dina Santoro</u>___________________ |
| Patricia W. Chadwick, as Trustee | Dina Santoro, 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

![](g2evhavv023pfy1gf72ud.jpg)

(d)(1)(i)

March 1, 2023

Voya Mutual Funds

7337 E. Doubletree Ranch Road

Suite 100

Scottsdale, AZ 85258-2034

Ladies and Gentlemen:

By this letter dated March 1, 2023, we have agreed to waive the management fee payable to us under the Amended and Restated Investment Management Agreement, dated November 18, 2014, as amended and restated on May 1, 2015, between Voya Investments, LLC and Voya Mutual Funds ("VMF") (the "Agreement"), with respect to Class P shares of Voya Multi- Manager Emerging Markets Equity Fund (the "Fund"), a series of VMF. Such waiver will be in an amount equal to the management fees allocated to, and otherwise payable by, the Class P shares of the Fund, thereby reducing the post-waiver fee rate payable by the Class P shares to 0.00%.

By this letter, we agree to waive the management fee for the period from March 1, 2023 through March 1, 2024.

Notwithstanding the foregoing, termination or modification of this letter requires approval by the Board of Trustees of VMF.

**REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK**

![](gwcocaleuowslw6nn3rgd.jpg)

March 1, 2023

Please indicate your agreement to this reduction in fee by executing below in the place indicated.

Very sincerely,

By: /s/ Todd Modic

Name: Todd Modic

Title: Senior Vice President

Voya Investments, LLC

ACCEPTED AND AGREED TO:

Voya Mutual Funds

By: /s/ Kimberly A. Anderson

Name: Kimberly A. Anderson

Title: Senior Vice President, Duly Authorized

## Ex-99

![](gxxu3oaj9518m3j3wloxt.jpg)

(d)(1)(ii)

March 1, 2023

Voya Mutual Funds

7337 E. Doubletree Ranch Road

Suite 100

Scottsdale, AZ 85258-2034

Re: Management Fee Waiver

Ladies and Gentlemen:

By this letter dated March 1, 2023, we have agreed to waive a portion of the management fee payable to us under the Investment Management Agreement, dated November 18, 2014, as amended and restated on May 1, 2015, between Voya Investments, LLC ("VIL") and Voya Mutual Funds ("VMF") (the "Agreement"), with respect to Voya Multi-Manager International Factors Fund (the "Fund"), a series of VMF. By this letter, we agree to waive that fee, as indicated in the table below, for the period from March 1, 2023 through March 1, 2024.

This waiver (the "Waiver") is "outside" the Fund's expense limit arrangements under a separate expense limitation agreement (the "ELA"). This means that the Waiver does not reduce the Fund's net operating expense ratio before the ELA is applied. The Waiver is deducted after the ELA is applied. However, with respect to any share class of the Fund that has a 0.00% expense limit, the Waiver cannot further reduce the 0.00% net expense ratio experienced by shareholders with respect to that share class.

VIL acknowledges that any fees waived during the term of this Agreement shall not be eligible for recoupment at any time in the future.

---

| | |
|:---|:---|
| &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>Waiver</u>** |
|  | (as a percentage of |
|  | average daily net assets) |
| Voya Multi-Manager International | 0.01% |
| Factors Fund |  |

---

Notwithstanding the foregoing, termination or modification of this letter requires approval by the Board of Trustees of VMF.

**REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK**

![](gph24og2hemt2pjprfy6z.jpg)

March 1, 2023 Page 2

![](gjsyvmvw9mr04rfmfupf7.jpg)

March 1, 2023

Please indicate your agreement to this reduction in fee for the aforementioned 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 Mutual Funds

By: /s/ Kimberly A. Anderson

Name: Kimberly A. Anderson

Title: Senior Vice President, Duly Authorized

## Ex-99

![](gjaoasdzomrx8cy368d8q.jpg)

(d)(1)(iv)

November 18, 2022

Todd Modic

Senior Vice President

Voya Investments, LLC

7337 E. Doubletree Ranch Road

Suite 100

Scottsdale, AZ 85258-2034

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 Mutual Funds ("VMF") 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 EME Fund (the "Fund"), a newly established series of VMF, effective on November 18, 2022, 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 Mutual Funds

ACCEPTED AND AGREED TO:

Voya Investments, LLC

By: <u>/s/ Todd Modic__________________</u>

Name: Todd Modic

Title: Senior Vice President, Duly Authorized

![](gghx40p2ru1k3ashpkj7j.jpg)

**AMENDED SCHEDULE A**

**with respect to the**

**AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENT**

---

| | |
|:---|:---|
|  | **between** |
|  | **VOYA MUTUAL FUNDS** |
|  | **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;**<u>Series</u>** | **<u>Annual Investment Management Fee</u>** |
|  | (as a percentage of average daily net assets) |
| &nbsp;&nbsp;Voya Global Bond Fund | 0.500% on all assets |
|  | <u>Direct Investments</u>[<sup>1</sup>](#page_2) |
| &nbsp;&nbsp;Voya Global Diversified | 0.400% on assets |
| &nbsp;&nbsp;Voya Global Diversified |  |
| &nbsp;&nbsp;Payment Fund | <u>Underlying Funds</u>[<sup>2</sup>](#page_2) |
|  | <u>Underlying Funds</u>[<sup>2</sup>](#page_2) |
|  | 0.180% on assets |
| &nbsp;&nbsp;Voya Global High Dividend | 0.500% on all assets |
| &nbsp;&nbsp;Low Volatility Fund | 0.500% on all assets |
| &nbsp;&nbsp;Low Volatility Fund |  |

---

1"Direct Investments" is an investment in a financial instrument issued by an issuer that is not a part of the Voya family of funds, including, but not limited to: a security issued by an investment company that is not a part of the Voya family of funds, including exchange traded funds; a security issued by a non-mutual fund issuer, such as an operating company; and derivative instruments other than call options written by Voya Investment Management Co. LLC. The phrase "family of funds" shall have the same meaning as "fund complex" as defined in Item 17 of Form N-1A, as it was in effect as of the date of this contract.

2"Underlying Funds" shall mean open-end investment companies registered under the 1940 Act within the Voya family of funds. The phrase "family of funds" shall have the same meaning as "fund complex" defined in Item 17 of Form N-1A, as it was in effect as of the date of this contract.

![](gd0ns7ybgmzz95yh2cka2.jpg)

---

| | |
|:---|:---|
| &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;**<u>Annual Investment Management Fee</u>** |
|  | (as a percentage of average daily net assets) |
|  | <u>Direct Investments</u>[<sup>1</sup>](#page_3) |
| &nbsp;&nbsp;Voya Global Perspectives<sup>®</sup> | 0.400% on assets |
| &nbsp;&nbsp;Voya Global Perspectives<sup>®</sup> |  |
| &nbsp;&nbsp;Fund | <u>Underlying Funds</u>[<sup>2</sup>](#page_3) |
|  | <u>Underlying Funds</u>[<sup>2</sup>](#page_3) |
|  | 0.200% on assets |
| &nbsp;&nbsp;Voya International High | 0.500% on all assets |
| &nbsp;&nbsp;Dividend Low Volatility Fund | 0.500% on all assets |
| &nbsp;&nbsp;Dividend Low Volatility Fund |  |
| &nbsp;&nbsp;Voya Multi-Manager | <u>Actively Managed Assets</u>[<sup>3</sup>](#page_3) |
| &nbsp;&nbsp;Voya Multi-Manager | 1.100% on assets |
| &nbsp;&nbsp;Emerging Markets Equity | <u>Passively Managed Assets</u>[<sup>4</sup>](#page_3) |
| &nbsp;&nbsp;Fund | <u>Passively Managed Assets</u>[<sup>4</sup>](#page_3) |
|  | 0.700% on assets |
| &nbsp;&nbsp;Voya Multi-Manager | 0.850% on all assets |
| &nbsp;&nbsp;International Equity Fund | 0.850% on all assets |
| &nbsp;&nbsp;International Equity Fund |  |
| &nbsp;&nbsp;Voya Multi-Manager | 0.650% on all assets |
| &nbsp;&nbsp;International Factors Fund | 0.650% on all assets |
| &nbsp;&nbsp;International Factors Fund |  |
| &nbsp;&nbsp;Voya Multi-Manager | 1.000% of the first $500 million of assets; |
| &nbsp;&nbsp;Voya Multi-Manager | 0.950% of the next $500 million of assets; and |
| &nbsp;&nbsp;International Small Cap Fund | 0.950% of the next $500 million of assets; and |
| &nbsp;&nbsp;International Small Cap Fund | 0.900% thereafter |
|  | 0.900% thereafter |
| &nbsp;&nbsp;Voya Russia Fund | 1.350% on all assets |
| &nbsp;&nbsp;Voya VACS Series EME Fund | 0.00% on all assets |

---

**Effective Date:** November 18, 2022, to reflect the addition of Voya VACS Series EME Fund.

1"Direct Investments" shall mean assets which are not Underlying Funds.

2"Underlying Funds" shall mean open-end investment companies registered under the 1940 Act within the Voya family of funds. The phrase "family of funds" shall have the same meaning as "fund complex" defined in Item 17 of Form N-1A, as it was in effect as of the date of this contract.

3"Actively Managed Assets" shall mean assets which are not "Passively Managed Assets."

4"Passively Managed Assets" shall mean assets which are managed with a goal of replicating an index.

## Ex-99

![](gmsix52ogl5qe5q40ob5o.jpg)

(d)(2)(ii)

November 18, 2022

Catrina Willingham

Vice President – Division 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, 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 EME Fund (the "Fund"), a newly established series of Voya Equity Trust, effective on November 18, 2022, 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 sub-advisory fee rate for the Fund, is attached hereto.

Please signify your acceptance to the act as Sub-Adviser under the Agreement with respect to the aforementioned 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 – Division Controller, Duly Authorized

![](gxbomwk13ucadzcuxd99l.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;**<u>Annual Sub-Advisory Fee</u>** |
|  | **(as a percentage of average daily** |
| &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>** | **assets allocated to the Sub-Adviser)** |
| &nbsp;&nbsp;Voya Global Bond Fund | 0.1800% |
|  | <u>Direct Investments</u>[<sup>1</sup>](#page_2) |
| &nbsp;&nbsp;Voya Global Diversified Payment | 0.1350% |
| &nbsp;&nbsp;Voya Global Diversified Payment |  |
| &nbsp;&nbsp;Fund | <u>Underlying Funds</u>[<sup>2</sup>](#page_2) |
|  | <u>Underlying Funds</u>[<sup>2</sup>](#page_2) |
|  | 0.0360% |
| &nbsp;&nbsp;Voya Global High Dividend Low | 0.2300% |
| &nbsp;&nbsp;Volatility Fund | 0.2300% |
| &nbsp;&nbsp;Volatility Fund |  |

---

1"A "Direct Investment" is an investment in a financial instrument issued by an issuer that is not a part of the Voya family of funds, including, but not limited to: a security issued by an investment company that is not a part of the Voya family of funds, including exchange traded funds; a security issued by a non-mutual fund issuer, such as an operating company; and derivative instruments other than call options written by Voya Investment Management Co. LLC. The phrase "family of funds" shall have the same meaning as "fund complex" as defined in Item 17 of Form N-1A, as it was in effect as of the date of this contract.

2"Underlying Funds" shall mean open-end investment companies registered under the 1940 Act within the Voya family of funds. The phrase "family of funds" shall have the same meaning as "fund complex" as defined in Item 17 of Form N-1A, as it was in effect as of the date of this contract.

![](gkk3xejerrxljjjsb4v0k.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>Direct Investments</u>[<sup>3</sup>](#page_3) |
| &nbsp;&nbsp;Voya Global Perspectives<sup>®</sup> Fund | 0.1350% |
| &nbsp;&nbsp;Voya Global Perspectives<sup>®</sup> Fund | <u>Underlying Funds</u>[<sup>4</sup>](#page_3) |
|  | <u>Underlying Funds</u>[<sup>4</sup>](#page_3) |
|  | 0.0450% |
| &nbsp;&nbsp;Voya International High Dividend | 0.2300% |
| &nbsp;&nbsp;Low Volatility Fund | 0.2300% |
| &nbsp;&nbsp;Low Volatility Fund |  |
| &nbsp;&nbsp;Voya Multi-Manager Emerging | [REDACTION] |
| &nbsp;&nbsp;Markets Equity Fund | [REDACTION] |
| &nbsp;&nbsp;Markets Equity Fund |  |
| &nbsp;&nbsp;Voya Multi-Manager International | [REDACTION] |
| &nbsp;&nbsp;Factors Fund | [REDACTION] |
| &nbsp;&nbsp;Factors Fund |  |
| &nbsp;&nbsp;Voya Russia Fund | 0.5625% |
| &nbsp;&nbsp;Voya VACS Series EME Fund | [REDACTION] |

---

**Effective Date:** November 18, 2022, to reflect the addition of Voya VACS Series EME Fund.

3"Direct Investments" shall mean assets which are not Underlying Funds.

4"Underlying Funds" shall mean open-end investment companies registered under the 1940 Act within the Voya family of funds. The phrase "family of funds" shall have the same meaning as "fund complex" as defined in Item 17 of Form N-1A, as it was in effect as of the date of this contract.

## Ex-99

![](gqz1wooj1jffx72bx94bf.jpg)

**NNinvestment partners**

(d)(3)(i)

Voya Investments, LLC

7337 East Doubletree Ranch Road,

Suite 100 Scottsdale, AZ 85258-2034

Attention: Todd Modic

---

| | |
|:---|:---|
| **Re**Termination letter | **Date** June 15, 2022 |
|  | **Page** 1 of 1 |
| Dear Sir or Madam: |  |

---

This letter is to inform you that the Sub-Advisory Agreement, dated April 11, 2022, between Voya Investments, LLC ("VIL") and NNIP Advisors B.V. ("NNIP") (the "Agreement") will terminate in alignment with Section 18 of the Agreement as agreed between VIL and NNIP, effective at the close of business on the date following the end of a 90 days period after the date of this letter.

VIL reserves the right to seek termination of the Agreement prior to the expiry of the 90 days period mentioned above. VIL will send a prior notice to NNIP regarding such earlier termination.

We would like thank you for your business and hope to continue our partnership in the future.

Very truly yours,

NNIP Advisors B.V.

---

| | |
|:---|:---|
| By; /s/ Edwin Rietkerk | By: /s/ Martijn Christian Maria Canisius |
| Name: Edwin Rietkerk | Name: Martijn Christian Maria Canisius |
| Title: | Title: |

---

## Ex-99

![](gmwq3z7lrtfa7ig80x0l7.jpg)

(d)(7)(i)

November 18, 2022

Macquarie Investment Management │MIM Americas

2005 Market Street

Philadelphia, PA 19103

Attention: Alexandra Parson, SVP, Subadvisory Senior Relationship Manager

Dear Ms. Parson:

Pursuant to the Amended and Restated Sub-Advisory Agreement, effective as of November 18, 2014, as amended and restated effective as of March 1, 2019, between Voya Investments, LLC and Delaware Investments Fund Advisers (the "Agreement"), we hereby notify you of our intention retain you as Sub-Adviser to render investment advisory services to Voya VACS Series EME Fund (the "Fund"), a newly established series of Voya Mutual Funds, effective on November 18, 2022, 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 sub-advisory fee rate for the Fund, is attached hereto.

Please signify your acceptance to act as Sub-Adviser under the Agreement with respect to the aforementioned 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:

Delaware Investments Fund Advisers

By: <u>/s/ Susan Natalini</u>___________

Name: <u>Susan Natalini</u>_____________

Title: <u>SVP</u>_____________________, Duly Authorized

![](g1rjj7cio4ezqt7nzp71t.jpg)

**AMENDED SCHEDULE A**

**with respect to the**

**AMENDED AND RESTATED SUB-ADVISORY AGREEMENT**

**between**

**VOYA INVESTMENTS, LLC**

**and**

**DELAWARE INVESTMENTS FUND ADVISERS**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Annual Sub-Advisory Fee[<sup>1</sup>](#page_2)</u>** |
|  | **(as a percentage of average daily net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&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>** | **allocated to the Sub-Adviser)** |
| &nbsp;&nbsp;Voya Multi-Manager Emerging | [REDACTED] |
| &nbsp;&nbsp;Markets Equity Fund |  |
| &nbsp;&nbsp;Voya VACS Series EME Fund | [REDACTED] |

---

**Effective date:** November 18, 2022, to reflect the addition of Voya VACS Series EME Fund.

1For purposes of calculating the fees under this Agreement, the assets of Voya Multi-Manager Emerging Markets Equity Fund shall be aggregated with the assets of Voya VACS Series EME Fund.

## Ex-99

![](gpzo882qtaphqrwt2o6k9.jpg)

January 1, 2023

Mr. Bernard Maitai

Polaris Capital Management, LLC

121 High Street

Boston, MA 02110-2475

**Re: Sub-Advisory Fee Rate for Voya Multi-Manager International Equity Fund**

Dear Mr. Maitai:

Pursuant to the Sub-Advisory Agreement, effective as of January 20, 2017 (the "Agreement"), between Voya Investments, LLC and Polaris Capital Management, LLC, we hereby notify you of our intention to modify the annual sub-advisory fee rate for Voya Multi- Manager International Equity Fund (the "Fund"), effective on January 1, 2023, 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>Schedule A</u>** of the Agreement. The **<u>Amended Schedule A</u>**, which indicates the annual sub-advisory fee rate for the Fund, is attached hereto.

Please signify your acceptance to the modified sub-advisory fee rate for the Fund by signing below where indicated.

Very sincerely,

By: <u>/s/ Todd Modic</u>____________________

Name: Todd Modic

Title: Senior Vice President, Duly Authorized

Voya Investments, LLC

ACCEPTED AND AGREED TO:

Polaris Capital Management LLC

By: /s/ Bernard Horn, Jr.

Name: <u>Bernard Horn, Jr.</u>__________

Title: <u>President</u>________________, Duly Authorized

**SCHEDULE A**

**with respect to the**

**SUB-ADVISORY AGREEMENT**

**between**

**VOYA INVESTMENTS, LLC**

**and**

**POLARIS CAPITAL MANAGEMENT, LLC**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Annual Sub-Adviser 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series | **(as a percentage of average daily net assets** |
|  | **allocated to the Sub-Adviser)** |
| &nbsp;&nbsp;Voya Multi-Manager International Equity | [REDACTED] |
| &nbsp;&nbsp;Fund | [REDACTED] |
| &nbsp;&nbsp;Fund |  |

---

**Effective Date:** January 1, 2023, in connection with a modification to the sub-advisory fee rate.

## Ex-99

![](gkzkbjoc9fgznvv245pb8.jpg)

November 18, 2022

(d)(11)(i)

Van Eck Securities Corporation

666 Third Avenue

New York, NY 10017

Attention: Brendan D. Gundersen, Managing Director

Dear Mr. Gunderson:

Pursuant to the Sub-Advisory Agreement, dated August 24, 2015, between Voya Investments, LLC and Van Eck Associates Corporation (the "Agreement"), we hereby notify you of our intention retain you as Sub-Adviser to render investment advisory services to Voya VACS Series EME Fund (the "Fund"), a newly established series of Voya Mutual Funds, effective on November 18, 2022, 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 sub-advisory fee rate for the Fund, is attached hereto.

Please signify your acceptance to act as Sub-Adviser under the Agreement with respect to the aforementioned 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:

Van Eck Associates Corporation

By: <u>/s/ Matthew Babinsky</u>_______

Name: <u>Matthew Babinsky</u>_________

Title: <u>Assistant Vice President</u>____, Duly Authorized

![](gy27rohq6d2566najjpm4.jpg)

**AMENDED SCHEDULE A**

**with respect to the**

**SUB-ADVISORY AGREEMENT**

**between**

**VOYA INVESTMENTS, LLC**

**and**

**VAN ECK ASSOCIATES CORPORATION**

---

| | |
|:---|:---|
|  | **<u>Annual Sub-Advisory Fee[<sup>1</sup>](#page_2)</u>** |
|  | **<u>(as a percentage of average daily</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;**<u>Series</u>** | **<u>assets allocated to the Sub-Adviser)</u>** |
| &nbsp;&nbsp;Voya Multi-Manager Emerging Markets | [REDACTED] |
| &nbsp;&nbsp;Equity Fund | [REDACTED] |
| &nbsp;&nbsp;Voya VACS Series EME Fund | [REDACTED] |

---

**Effective date:** November 18, 2022, to reflect the addition of Voya VACS Series EME Fund.

1For purposes of calculating the fees under this Agreement, the assets of Voya Multi-Manager Emerging Markets Equity Fund shall be aggregated with the assets of Voya VACS Series EME Fund.

## Ex-99

(d)(14)(i)

**AMENDED SCHEDULE A**

**to the**

**EXPENSE LIMITATION AGREEMENT**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **VOYA MUTUAL FUNDS** | **VOYA MUTUAL FUNDS** | **VOYA MUTUAL FUNDS** | **VOYA MUTUAL FUNDS** |  |  |  |  |
|  | **OPERATING EXPENSE LIMITS** | **OPERATING EXPENSE LIMITS** | **OPERATING EXPENSE LIMITS** | **OPERATING EXPENSE LIMITS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Name of Fund<sup>1</sup></u>** |  |  | **Maximum Operating Expense Limit** | **Maximum Operating Expense Limit** | **Maximum Operating Expense Limit** | **Maximum Operating Expense Limit** |  |  |
|  |  |  | (as a percentage of average net assets) | (as a percentage of average net assets) | (as a percentage of average net assets) | (as a percentage of average net assets) |  |  |
| &nbsp;&nbsp; Voya VACS Series EME Fund |  |  |  | 0.15% | 0.15% |  |  |  |
| &nbsp;&nbsp; Initial Term Expires March 1, 2024 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Name of Fund<sup>1</sup></u>** |  |  | **Maximum Operating Expense Limit** | **Maximum Operating Expense Limit** | **Maximum Operating Expense Limit** | **Maximum Operating Expense Limit** |  |  |
|  |  |  | (as a percentage of average net assets) | (as a percentage of average net assets) | (as a percentage of average net assets) | (as a percentage of average net assets) |  |  |
|  |  |  |  | <u>Share Classes</u> | <u>Share Classes</u> |  |  |  |
|  | **<u>A</u>** | **<u>C</u>** | **<u>I</u>** | **<u>P</u>** | **<u>P3</u>** | **<u>R</u>** | **<u>R6</u>** | **<u>W</u>** |
| &nbsp;&nbsp; Voya Global Bond Fund | 0.90% | 1.65% | 0.65% | 0.15% | 0.00% | 1.15% | 0.65% | 0.65% |
| &nbsp;&nbsp; Initial Term Expires March 1, 2008 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Initial Term for Class O Shares |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Expires March 1, 2010 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Initial Term for Class W Shares |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Expires March 1, 2011 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Initial Term for Class R Shares |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Expires March 1, 2012 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Initial Term for Class P Shares |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Expires March 1, 2014 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Term for Class I Shares Expires |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; March 1, 2014 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Initial Term for Class R6 Shares |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Expires March 1, 2015 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Initial Term for Class P3 Expires |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; March 1, 2019 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Voya Global Diversified Payment | 1.16% | 1.91% | 0.85% | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | 1.41% | 0.85% | 0.91% |
| &nbsp;&nbsp; Fund<sup>2</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Term Expires March 1, 2022 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Voya Global Perspectives<sup>®</sup> Fund<sup>3</sup> | 1.23% | 1.98% | 0.98% | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | 1.48% | &nbsp;&nbsp;&nbsp;&nbsp; N/A | 0.98% |
| &nbsp;&nbsp; Term Expires March 1, 2015 |  |  |  |  |  |  |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Name of Fund<sup>1</sup></u>** |  |  | **Maximum Operating Expense Limit** | **Maximum Operating Expense Limit** | **Maximum Operating Expense Limit** | **Maximum Operating Expense Limit** |  |  |
|  |  |  | (as a percentage of average net assets) | (as a percentage of average net assets) | (as a percentage of average net assets) | (as a percentage of average net assets) |  |  |
|  |  |  |  | <u>Share Classes</u> | <u>Share Classes</u> |  |  |  |
|  | **<u>A</u>** | **<u>C</u>** | **<u>I</u>** | **<u>P</u>** | **<u>P3</u>** | **<u>R</u>** | **<u>R6</u>** | **<u>W</u>** |
| &nbsp;&nbsp; Voya International High Dividend | 0.90% | N/A | 0.65% | N/A | 0.00% | N/A | 0.62% | N/A |
| &nbsp;&nbsp; Low Volatility Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Term Expires March 1, 2020 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Initial Term for Class P3 Expires |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; March 1, 2020 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Initial Term for Class R6 Expires |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; March 1, 2021 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Voya Multi-Manager Emerging | 1.60% | 2.35% | 1.35% | 0.15% | 0.00% | 1.85% | &nbsp;&nbsp;&nbsp;&nbsp; N/A | 1.35% |
| &nbsp;&nbsp; Markets Equity Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Term Expires March 1, 2014 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Initial Term for Class P3 Expires |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; March 1, 2019 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Initial Term for Class P Expires |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; March 1, 2020 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Voya Multi-Manager International | N/A | N/A | 0.97% | 0.15% | 0.00% | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A |
| &nbsp;&nbsp; Equity Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Term Expires March 1, 2018 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Initial Term for Class P3 Expires |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; March 1, 2019 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Initial Term for Class P Expires |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; March 1, 2020 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Voya Multi-Manager International | N/A | N/A | 0.75% | 0.15% | 0.00% | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | 0.75% |
| &nbsp;&nbsp; Factors Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Term Expires March 1, 2018 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Initial Term for Class P3 Expires |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; March 1, 2019 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Initial Term for Class P Expires |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; March 1, 2020 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Voya Multi-Manager International | 1.95% | 2.60% | 1.40% | N/A | 0.00% | N/A | 1.40% | 1.60% |
| &nbsp;&nbsp; Small Cap Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Term Expires March 1, 2017 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Initial Term for Class P3 Expires |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; March 1, 2020 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Initial Term for Class R6 Expires |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; March 1, 2024 |  |  |  |  |  |  |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Name of Fund<sup>1</sup></u>** |  |  | **Maximum Operating Expense Limit** | **Maximum Operating Expense Limit** | **Maximum Operating Expense Limit** | **Maximum Operating Expense Limit** |  |  |
|  |  |  | (as a percentage of average net assets) | (as a percentage of average net assets) | (as a percentage of average net assets) | (as a percentage of average net assets) |  |  |
|  |  |  |  | <u>Share Classes</u> | <u>Share Classes</u> |  |  |  |
|  | **<u>A</u>** | **<u>C</u>** | **<u>I</u>** | **<u>P</u>** | **<u>P3</u>** | **<u>R</u>** | **<u>R6</u>** | **<u>W</u>** |
| &nbsp;&nbsp; Voya Russia Fund | 2.15% | N/A | 1.90% | N/A | N/A | N/A | N/A | 1.90% |
| &nbsp;&nbsp; Term for Class A, Class I, and |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Class W Shares Expires March 1, 2015 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; _____________________ |  |  |  |  |  |  |  |  |

---

This Agreement shall automatically renew for one-year terms with respect to a Fund unless otherwise terminated in accordance with the Agreement.

These operating expense limits take into account operating expenses incurred at the Underlying Fund level The maximum operating expense limit includes the acquired fund fees and expenses.

**Effective Date: February 28, 2023, to reflect the addition of Class R6 shares for Voya Multi- Manager International Small Cap Fund.**

## Ex-99

![](grjpnr7oxk0h4sr6wo83j.jpg)

March 1, 2023 (d)(14)(ii) <br>

Voya Mutual Funds

7337 E. Doubletree Ranch Road

Suite 100

Scottsdale, AZ 85258-2034

Re: Expense Limitations

Ladies and Gentlemen:

By execution of this letter agreement to the Expense Limitation Agreement ("ELA") between Voya Investments, LLC ("VIL") and Voya Mutual Funds ("VMF"), on behalf of Voya Multi-Manager Emerging Markets Equity Fund (the "Fund"), intending to be legally bound hereby, VIL, the investment manager to the Fund, agrees that, from March 1, 2023 through March 1, 2024, VIL shall waive all or a portion of its investment management fee and/or reimburse expenses in amounts necessary so that after such waivers and/or reimbursements, the maximum total operating expense ratios of the Fund shall be as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Name of Fund</u>** | &nbsp;&nbsp;&nbsp;**<u>Maximum Operating Expense Limit</u>** | &nbsp;&nbsp;&nbsp;**<u>Maximum Operating Expense Limit</u>** | &nbsp;&nbsp;&nbsp;**<u>Maximum Operating Expense Limit</u>** | &nbsp;&nbsp;&nbsp;**<u>Maximum Operating Expense Limit</u>** | &nbsp;&nbsp;&nbsp;**<u>Maximum Operating Expense Limit</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Name of Fund</u>** | &nbsp;&nbsp;&nbsp;(as a percentage of average net assets) | &nbsp;&nbsp;&nbsp;(as a percentage of average net assets) | &nbsp;&nbsp;&nbsp;(as a percentage of average net assets) | &nbsp;&nbsp;&nbsp;(as a percentage of average net assets) | &nbsp;&nbsp;&nbsp;(as a percentage of average net assets) |
|  |  |  | <u>Share Classes</u> |  |  |
|  | &nbsp;&nbsp;<u>A</u> | &nbsp;&nbsp;&nbsp;&nbsp;<u>C</u> | <u>I</u> | <u>R</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>W</u> |
| Voya Multi-Manager Emerging | 1.50% | 2.25% | 1.15% | 1.75% | 1.25% |
| Markets Equity Fund |  |  |  |  |  |

---

We are willing to be bound by this letter agreement to lower our fee for the period from March 1, 2023 through March 1, 2024. The method of computation to determine the amount of the fee waiver and the definitions as set forth in the ELA shall apply, subject to possible recoupment by VIL within 36 months. This letter agreement shall terminate upon termination of the ELA.

**REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK**

![](gr725wr7hy850lyjh64ki.jpg)

March 1, 2023

Notwithstanding the foregoing, termination or modification of this letter agreement requires approval by the Board of Trustees of VMF.

Very sincerely,

By: /s/ Todd Modic

Name: Todd Modic

Title: Senior Vice President Voya Investments, LLC

ACCEPTED AND AGREED TO: Voya Mutual Funds

By: /s/ Kimberly A. Anderson

Name: Kimberly A. Anderson

Title: Senior Vice President, Duly Authorized

## Ex-99

![](gdnyhelzzi2x1a8t1xeec.jpg)

(d)(14)(iii)

March 1, 2023

Voya Mutual Funds

7337 E. Doubletree Ranch Road

Suite 100

Scottsdale, AZ 85258-2034

Re: Expense Limitations

Ladies and Gentlemen:

By execution of this letter agreement to the Expense Limitation Agreement ("ELA") between Voya Investments, LLC ("VIL") and Voya Mutual Funds ("VMF"), on behalf of Voya Multi-Manager International Small Cap Fund (the "Fund"), intending to be legally bound hereby, VIL, the investment manager to the Fund, agrees that, from March 1, 2023 through March 1, 2024, VIL shall waive all or a portion of its investment management fee and/or reimburse expenses in amounts necessary so that after such waivers and/or reimbursements, the maximum total operating expense ratios of the Fund shall be as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Name of Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**<u>Maximum Operating Expense Limit</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**<u>Maximum Operating Expense Limit</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**<u>Maximum Operating Expense Limit</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**<u>Maximum Operating Expense Limit</u>** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(as a percentage of average net assets) | &nbsp;&nbsp;&nbsp;&nbsp;(as a percentage of average net assets) | &nbsp;&nbsp;&nbsp;&nbsp;(as a percentage of average net assets) | &nbsp;&nbsp;&nbsp;&nbsp;(as a percentage of average net assets) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;<u>Share Classes</u> | &nbsp;&nbsp;&nbsp;&nbsp;<u>Share Classes</u> |  |
|  | &nbsp;&nbsp;<u>A</u> | &nbsp;&nbsp;&nbsp;&nbsp;<u>C</u> | &nbsp;&nbsp;&nbsp;<u>I</u> | &nbsp;&nbsp;&nbsp;&nbsp;<u>W</u> |
| Voya Multi-Manager | 1.53% | 2.28% | 1.20% | 1.28% |
| International Small Cap Fund |  |  |  |  |

---

We are willing to be bound by this letter agreement to lower our fee for the period from March 1, 2023 through March 1, 2024. The method of computation to determine the amount of the fee waiver and the definitions as set forth in the ELA shall apply. VIL acknowledges that

&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)it shall not be entitled to collect on or make a claim for waived fees at any time in the future, and (2) it shall not be entitled to collect on or make a claim for reimbursed expenses at any time in the future. This letter agreement shall terminate upon termination of the ELA.

**REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK**

![](goeu1glc66ajyfgwd09pb.jpg)

March 1, 2023

Notwithstanding the foregoing, termination or modification of this letter agreement requires approval by the Board of Trustees of VMF.

Sincerely,

By: /s/ Todd Modic

Name: Todd Modic

Title: Senior Vice President

Voya Investments, LLC

ACCEPTED AND AGREED TO:

Voya Mutual Funds

By: /s/ Kimberly A. Anderson

Name: Kimberly A. Anderson

Title: Senior Vice President, Duly Authorized

## Ex-99

![](gr8av3hd7n5iu5bliotwf.jpg)

February 28, 2023 (d)(14)(iv) <br>

Voya Mutual Funds

7337 E. Doubletree Ranch Road

Suite 100

Scottsdale, AZ 85258-2034

Re: Expense Limitation

Ladies and Gentlemen:

By execution of this letter agreement to the Expense Limitation Agreement ("ELA") between Voya Investments, LLC ("VIL") and Voya Mutual Funds ("VMF"), on behalf of Voya Multi-Manager International Small Cap Fund (the "Fund"), intending to be legally bound hereby, VIL, the investment manager to the Fund, agrees that, from February 28, 2023 through March 1, 2024, VIL shall waive all or a portion of its investment management fee and/or reimburse expenses in amounts necessary so that after such waivers and/or reimbursements, the maximum total operating expense ratio of the Class R6 shares of the Fund shall be as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Name of Fund</u>** | **<u>Maximum Operating Expense Limit</u>** |
|  | (as a percentage of average net assets) |
|  | <u>Share Class</u> |
|  | <u>R6</u> |
| Voya Multi-Manager | 1.20% |
| International Small Cap Fund |  |

---

We are willing to be bound by this letter agreement to lower our fee for the period from February 28, 2023 through March 1, 2024. The method of computation to determine the amount of the fee waiver and the definitions as set forth in the ELA shall apply. VIL acknowledges that (1)it shall not be entitled to collect on or make a claim for waived fees at any time in the future, and (2) it shall not be entitled to collect on or make a claim for reimbursed expenses at any time in the future. This letter agreement shall terminate upon termination of the ELA.

**REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK**

![](g4ityu5s3cn86qqlfo1xv.jpg)

February 28, 2023

Notwithstanding the foregoing, termination or modification of this letter agreement requires approval by the Board of Trustees of VMF.

Very sincerely,

By: /s/ Todd Modic

Name: Todd Modic

Title: Senior Vice President Voya Investments, LLC

ACCEPTED AND AGREED TO: Voya Mutual Funds

By: /s/ Kimberly A. Anderson

Name: Kimberly A. Anderson

Title: Senior Vice President, Duly Authorized

## Ex-99

![](gu24gl9sco1lx3cght7i9.jpg)

(d)(14)(v)

January 1, 2023

Voya Mutual Funds

7337 E. Doubletree Ranch Road

Suite 100

Scottsdale, AZ 85258-2034

Re: Expense Limitation

Ladies and Gentlemen:

By execution of this letter agreement to the Expense Limitation Agreement ("ELA") between Voya Investments, LLC ("VIL") and Voya Mutual Funds ("VMF"), on behalf of Voya Multi-Manager International Equity Fund (the "Fund"), intending to be legally bound hereby, VIL, the investment manager to the Fund, agrees that, from January 1, 2023 through March 1, 2024, VIL shall waive all or a portion of its investment management fee and/or reimburse expenses in amounts necessary so that after such waivers and/or reimbursements, the maximum total operating expense ratio of the Class I shares of the Fund shall be as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Name of Fund</u>** | **<u>Maximum Operating Expense Limit</u>** |
|  | (as a percentage of average net assets) |
|  | <u>Share Class</u> |
|  | <u>I</u> |
| Voya Multi-Manager | 0.90% |
| International Equity Fund |  |

---

We are willing to be bound by this letter agreement to lower our fee for the period from January 1, 2023 through March 1, 2024. The method of computation to determine the amount of the fee waiver and the definitions as set forth in the ELA shall apply. VIL acknowledges that

&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)it shall not be entitled to collect on or make a claim for waived fees at any time in the future, and (2) it shall not be entitled to collect on or make a claim for reimbursed expenses at any time in the future. This letter agreement shall terminate upon termination of the ELA.

**REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK**

![](gpgqmcp1iyynmsis2k8mn.jpg)

January 1, 2023

Notwithstanding the foregoing, termination or modification of this letter agreement requires approval by the Board of Trustees of VMF.

Very sincerely,

By: /s/ Todd Modic

Name: Todd Modic

Title: Senior Vice President

Voya Investments, LLC

ACCEPTED AND AGREED TO:

Voya Mutual Funds

By: /s/ Kimberly A. Anderson

Name: Kimberly A. Anderson

Title: Senior Vice President, Duly Authorized

## Ex-99

![](ger5i8oor8jbz949lu795.jpg)

(d)(14)(vi)

March 1, 2023

Voya Mutual Funds

7337 E. Doubletree Ranch Road

Suite 100

Scottsdale, AZ 85258-2034

Re: Expense Limitations

Ladies and Gentlemen:

By execution of this letter agreement to the Expense Limitation Agreement ("ELA") between Voya Investments, LLC ("VIL") and Voya Mutual Funds ("VMF"), on behalf of Voya Multi-Manager International Factors Fund (the "Fund"), intending to be legally bound hereby, VIL, the investment manager to the Fund, agrees that, from March 1, 2023 through March 1, 2024, VIL shall waive all or a portion of its investment management fee and/or reimburse expenses in amounts necessary so that after such waivers and/or reimbursements, the maximum total operating expense ratios of the Fund shall be as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Name of Fund</u>** | **<u>Maximum Operating Expense Limit</u>** | **<u>Maximum Operating Expense Limit</u>** |
|  | (as a percentage of average net assets) | (as a percentage of average net assets) |
|  | <u>Share Classes</u> | <u>Share Classes</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>I</u> | <u>W</u> |
| Voya Multi-Manager | 0.73% | 0.73% |
| International Factors Fund |  |  |

---

We are willing to be bound by this letter agreement to lower our fees for the period from March 1, 2023 through March 1, 2024. The method of computation to determine the amount of the fee waiver and the definitions as set forth in the ELA shall apply. VIL acknowledges that

&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)it shall not be entitled to collect on or make a claim for waived fees at any time in the future, and (2) it shall not be entitled to collect on or make a claim for reimbursed expenses at any time in the future. This letter agreement shall terminate upon termination of the ELA.

**REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK**

![](gwriq9yx81e0ihvdij0vb.jpg)

March 1, 2023

Notwithstanding the foregoing, termination or modification of this letter agreement requires approval by the Board of Trustees of VMF.

Very sincerely,

By: /s/ Todd Modic

Name: Todd Modic

Title: Senior Vice President

Voya Investments, LLC

ACCEPTED AND AGREED TO:

Voya Mutual Funds

By: /s/ Kimberly A. Anderson

Name: Kimberly A. Anderson

Title: Senior Vice President, Duly Authorized

## Ex-99

![](gzprmltmkrsr4zc4g3zrz.jpg)

(d)(15)(i)

**AMENDED SCHEDULE A**

**to the**

**AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT**

**VOYA MUTUAL FUNDS**

**OPERATING EXPENSE LIMITS**

The Operating Expense Limit and the expiration date of the initial term for each class of the below listed Funds shall be the average annual net assets of each class of such Funds multiplied by the percentage set forth below for such class:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Name of Fund</u>\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Maximum Operating Expense Limit</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Maximum Operating Expense Limit</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Maximum Operating Expense Limit</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Maximum Operating Expense Limit</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Maximum Operating Expense Limit</u>** |
|  |  | (as a percentage of average net assets) | (as a percentage of average net assets) | (as a percentage of average net assets) |  |
|  |  |  | <u>Share Classes</u> |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>A</u> | &nbsp;&nbsp;<u>C</u> | <u>I</u> | <u>R6</u> | <u>W</u> |
| &nbsp;&nbsp;Voya Global High Dividend Low Volatility | 0.85% | 1.60% | 0.60% | 0.57% | 0.60% |
| &nbsp;&nbsp;Fund[<sup>1</sup>](#page_1) |  |  |  |  |  |
| &nbsp;&nbsp;Term Expires March 1, 2022 |  |  |  |  |  |

---

**Effective Date: January 12, 2023, to reflect the removal of Class T shares.**

\*This Agreement shall renew automatically for one-year terms with respect to a Fund unless otherwise terminated in accordance with the Agreement.

1With respect to classes A and C of Voya Global High Dividend Low Volatility Fund, the Distributor will waive the distribution and/or service fees otherwise payable to it under the Underwriting Agreement in amounts up to 0.25%, computed based on each class' average daily net assets. The amount of distribution and/or service fees that the Distributor will waive during any given period with respect to a class of shares of Voya Global High Dividend Low Volatility Fund will be the amount necessary to achieve the expense limit for that class reflected in this Agreement, after taking into account any advisory fees waived or reimbursed by the Investment Manager for that class during that period. The amounts waived by the Distributor in any given period will not exceed 0.25% of the distribution and/or service fees otherwise receivable by the Distributor.

## Ex-99

(e)(2)

**PLACEMENT AGENT AGREEMENT**

**VOYA MUTUAL FUNDS**

**AGREEMENT**, effective as of November 18, 2022, by and between Voya Mutual Funds (the "Trust"), a Delaware statutory trust, and Voya Investments Distributor, LLC (the "Placement Agent"), a Delaware limited liability company.

**WHEREAS**, the Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified open-end investment company and offers its shares continuously in transactions not requiring registration under the Securities Act of 1933 as amended (the "1933 Act"), to other investment companies registered under the 1940 Act ("Acquiring Funds"); and

**WHEREAS**, the Placement Agent is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, and is a member of the Financial Industry Regulatory Authority ("FINRA"); and

**WHEREAS**, the Trust and the Placement Agent wish to enter into this Agreement whereby the Placement Agent will act as the Trust's principal underwriter for the sale of shares (the "Shares") of the separate series of the Trust, and any other series which may be designated from time to time hereafter (the "Funds") listed on the attached **<u>Schedule A</u>** to Acquiring Funds.

**NOW, THEREFORE**, the parties hereto agree 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;**I.Appointment of the Placement Agent**

The Trust hereby appoints the Placement Agent as the principal underwriter and placement agent of the Trust to sell Shares of the Funds to Acquiring Funds and any other eligible persons, and the Placement Agent hereby accepts such appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.Purchase of Shares from the 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;A.The Trust herewith engages the Placement Agent to act as exclusive placement agent of the Shares of the Funds, named and described on **<u>Schedule A</u>** attached hereto and incorporated by reference. Said sales shall be made only to investors and under circumstances consistent with the offering and sale of such Shares in transactions not requiring registration under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.All Shares sold by the Placement Agent under this Agreement shall be sold at the net asset value per share ("Offering Price") determined in the manner described in the offering documents provided by the Funds ("Offering Documents"), as they may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.Redemption of Shares by the 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;A.Any of the outstanding Shares of each Fund may be tendered for redemption at any time, and the Trust agrees to redeem any such Shares so tendered in accordance with the provisions of the applicable Offering Documents and the Trust's Amended and Restated Declaration of Trust

and By-Laws. The redemption price is the net asset value per share next determined after the initial receipt of proper request for redemption.

B.The right to redeem Shares or to receive payment with respect to any redemption may be suspended only in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. **Duties of the Trust** 

A.The Trust shall furnish to the Placement Agent copies of all information, financial statements and other papers which the Placement Agent may reasonably request for use in connection with the sale of the Shares of the Trust.

B.The Trust shall take, from time to time, subject to the necessary approval of its

shareholders, all necessary action to fix the number of its authorized Shares and to effect such registrations or filings, if any, as may be required under federal or applicable state laws, in order that there will be available for sale at least the number of Shares as eligible investors may reasonably be expected to purchase.

**V.Duties of the Placement Agent**

In selling the Shares of the Trust, the Placement Agent shall use its best efforts to conform with the requirements of all applicable federal and state laws and regulations, and the regulations of the FINRA, relating to the sale of such securities. Except as provided below, the Placement Agent is not authorized by the Trust to give any information or make any representations, other than those contained in the registration statement for the Trust and its Shares, the applicable Offering Documents, and any sales literature specifically approved by a principal of the Placement Agent. The Placement Agent shall furnish applicable federal and state regulatory authorities with any information or reports in connection with its services under this Agreement which such authorities may request in order to ascertain whether the Trust's operations are being conducted in a manner consistent with any applicable law or regulations. Nothing contained in this Agreement shall prevent the Placement Agent from entering into placement agent agreements with other investment companies.

VI. Allocation of Expenses

The Trust will pay all expenses in connection with the offering and sale of Shares of the Funds, including:

1. expenses pertaining to the preparation, printing, and distribution of any reports or communications, including the Offering Documents, provided that the Placement Agent will pay the expenses of printing and distribution of any such documents provided to potential shareholders of the Trust;

2. any filing and other fees to state securities regulatory authorities necessary to register and maintain registration of the Shares; and

&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. expenses of the Trust's administration, including all costs and expenses in connection with the issuance, transfer and registration of the Shares, including, but not limited to, any taxes and other governmental charges in connection therewith.

VII. Compensation

The Trust shall not pay any compensation to the Placement Agent for its services as a placement agent hereunder, nor shall the Trust reimburse the Placement Agent for any expenses related to such services.

VIII. Records

All records maintained by the Placement Agent in connection with this Agreement shall be the property of the Trust and shall be returned to the Trust upon termination of this Agreement, free from any claims or retention of rights by the Placement Agent. The Placement Agent shall keep confidential any information obtained pursuant to this Agreement and shall disclose such information, only if the Trust has authorized such disclosure, or if such disclosure is expressly required by applicable federal or state regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. **Duration and Termination of this Agreement** 

This Agreement shall become effective on November 18, 2022 or on such later date approved by the Trust's Board of Trustees ("Board"), including a majority of those Trustees who are not parties to this Agreement or interested persons (as such term is defined in the 1940 Act) thereof. Unless terminated as provided herein, the Agreement shall continue in full force and effect for two years from the effective date of this Agreement with respect to the Funds listed on **<u>Schedule A</u>**. Thereafter, unless earlier terminated with respect to a Fund, this Agreement shall continue in effect from year to year for successive one (1) year periods if approved at least annually (i) by a vote of a majority of the outstanding voting securities of the Fund or by a vote of the Trustees of the Trust, and (ii) by a vote of a majority of the Trustees of the Trust who are not interested persons or parties to this Agreement (other than as Trustees of the Trust), cast in person at a meeting called for the purpose of voting on this Agreement. With respect to any Fund that was added to **<u>Schedule A</u>** hereto after the date of this Agreement, the Agreement shall become effective on the later of: (i) the date **<u>Schedule A</u>** is amended to reflect the addition of such Fund under the Agreement; or (ii) the date upon which the Shares of the Fund are first sold to eligible investors, subject to the condition that the Fund's Board of Trustees, including a majority of those Trustees who are not interested persons (as such term is defined in the 1940 Act) of the Placement Agent shall have approved this Agreement, with respect to such Fund.

This Agreement may be terminated at any time without penalty on at least sixty (60) days' notice by the Trust's Board or by a majority vote of its shareholders, with respect to any Fund by a majority vote of the shareholders of the capital stock of such Fund, or by the Placement Agent on sixty (60) days' notice.

This Agreement shall terminate automatically in the event of its assignment.

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

**X.Amendment**

No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. If shareholder approval of an amendment is required under the 1940 Act, no such amendment shall become effective until approved by the requisite number of outstanding Shares of the Fund. Otherwise, a written amendment of this Agreement is effective upon the approval of the Board and the Manager.

XI. Miscellaneous

This Agreement shall be subject to the laws of the State of Delaware and shall be interpreted and construed to further and promote the operation of the Trust as an open-end investment company. As used herein, the terms "Net Asset Value," "Investment Company," "Open-End Investment Company," "Assignment," "Principal Underwriter," "Interested Person," and "Majority of the Outstanding Voting Securities," shall have the meanings set forth in the 1933 Act and the 1940 Act, as applicable, and the rules and regulations promulgated thereunder.

XII. Liability

Nothing contained herein shall be deemed to protect the Placement Agent against any liability to the Trust or its shareholders to which the Placement Agent would otherwise be subject by reason of willful misfeasance, bad faith or negligence in the performance of the Placement Agent's duties hereunder, or by reason of the Placement Agent's reckless disregard of its obligations and duties hereunder.

REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

**IN WITNESS WHEREOF**, the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first above written.

**VOYA MUTUAL FUNDS**

By: <u>/s/ Kimberly A. Anderson</u>__________

Name: Kimberly A. Anderson

Title: Senior Vice President

**VOYA INVESTMENTS DISTRIBUTOR, LLC**

By: <u>/s/ Andrew K. Schlueter</u>____________

Name: Andrew K. Schlueter

Title: Senior Vice President

**SCHEDULE A**

**with respect to the**

**PLACEMENT AGENT AGREEMENT**

**between**

**VOYA MUTUAL FUNDS**

**and**

**VOYA INVESTMENTS DISTRIBUTOR, LLC**

**<u>Name of Fund</u>**

Voya VACS Series EME Fund

## Ex-99

(f)(1)

**DEFERRED COMPENSATION PLAN FOR INDEPENDENT DIRECTORS**

**as amended and restated January 11, 2023**

WHEREAS, the Deferred Compensation Plan for Independent Directors (the "<u>A Plan</u>") was adopted by resolution of the Boards of Trustees of ING Asia Pacific High Dividend Equity Income Fund, ING Equity Trust, ING Emerging Markets High Dividend Equity Fund, ING Funds Trust, ING Global Equity Dividend and Premium Opportunity Fund, ING Global Advantage and Premium Opportunity Fund, ING Investors Trust, ING Mayflower Trust, ING Mutual Funds, ING Partners, Inc., ING Senior Income Fund, ING Variable Insurance Trust, ING Variable Products Trust, ING Separate Portfolios Trust, and ING Infrastructure, Industrials and Materials Fund (the "<u>A Funds</u>") on September 15, 2005, amended September 12, 2007 and amended and restated on January 1, 2010, and amended and restated on May 22, 2013;

WHEREAS, the Deferred Compensation Plan (the "<u>B Plan</u>") was adopted by resolution of the Boards of Directors/Trustees of ING VP Balanced Portfolio, Inc., ING Strategic Allocation Portfolios, Inc., ING VP Intermediate Bond Portfolio, ING VP Money Market Fund, ING Variable Funds, and ING Variable Portfolios, Inc. (the "<u>B Funds</u>") on April 24, 1997 and amended and restated on June 26, 2002, on January 1, 2009 and December 20, 2010, and amended and restated on May 22, 2013;

WHEREAS, the Boards of Trustees of the A Funds and the Boards of Directors/Trustees of the B Funds previously amended and restated the A Plan and the B Plan, respectively, each effective as of May 22, 2013, as provided herein, such that each plan shall henceforth be constituted and administered as set forth herein as the "Deferred Compensation Plan for Independent Directors" (the "<u>Plan</u>") of the registrants listed on **Appendix A** to the Plan. The Boards of Directors/Trustees previously amended and restated the Plan on January 22, 2015, on July 9, 2015, on January 14, 2016, on January 11, 2018, on January 25, 2019, on January 24, 2020, and on January 14, 2021.

NOW THEREFORE, each of the A Plan and the B Plan, as renamed the Plan, shall be amended and restated as follows:

**_____________________________**

**ARTICLE I.**

**<u>ESTABLISHMENT AND PURPOSE</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;1.1.The Plan has been established by resolution of the Boards of Directors/Trustees (the "<u>Board</u>") of the registrants listed on **Appendix A** to the Plan. These registrants or their portfolio series, if they have issued more than one series, are collectively referred to under the Plan as the "<u>Funds</u>." The purpose of the Plan is to provide retirement benefits for those directors or trustees, as the case may be, of each Fund who are not employees of the Funds, Voya Investments Distributor, LLC, or Voya Investments, LLC or its successor (the "<u>Investment Manager</u>"), or any affiliate of the Investment Manager ("<u>Independent Directors</u>"). The Plan shall be maintained and administered as an unfunded plan of deferred compensation that is intended to comply with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>") and the regulations and guidance promulgated thereunder ("<u>Section 409A</u>").

Effective January 1, 2016, notwithstanding any other provision of the Plan, Compensation payable by the portfolio series listed on **Appendix B** shall no longer be eligible for deferral under the Plan. On and after such date, such portfolio series shall not be included in the term "Funds" as used herein where such inclusion would be inconsistent with the intent of the preceding sentence. Compensation deferred prior to such date shall continue to be deferred in accordance with the terms of the Plan and the applicable Deferral Agreement.

1.2.The provisions of the Plan, as set forth herein or as subsequently amended, are applicable only for Independent Directors who are such on or after May 22, 2013 (the "<u>Effective Date</u>"). The terms of the A Plan and/or the B Plan shall govern with respect to any director/trustee who is not an active Independent Director on or after the Effective Date.

1.3.The Plan shall be administered by the Board or by such person or persons as the Board may designate to carry out administrative functions hereunder (the "<u>Plan Administrator</u>"). The Plan Administrator shall have complete discretion to interpret and administer the Plan in accordance with its terms, and its determinations shall be final and binding on all persons except for the provisions of ARTICLE VIII, whereunder action by the full Board shall be required.

1.4.This plan document evidences the Plan for each Fund, but each Fund maintains its own separate Plan.

**ARTICLE II.**

**<u>DEFINITIONS</u>**

2.1.Whenever used in the Plan, the following terms shall have the meanings set forth below unless otherwise expressly provided. When the defined term is intended, the term is capitalized. The definition of any term in the singular shall also include the plural, and vice versa, whichever is appropriate in the context.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1.<u>"Account</u>" means the bookkeeping account maintained for each Participant that represents the Participant's total interest under each Plan as of any Valuation Date. An Account shall consist of the sum of deferrals of Compensation credited to such Account pursuant to Section 4.1 and any investment earnings including from reinvestment of dividends or losses on these amounts. A Participant shall have a fully vested, non-forfeitable interest at all times in his or her Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2."<u>Beneficiary or Beneficiaries</u>" means the person, persons, or legal entities designated by the Participant in the Participant's Deferral Agreement who are entitled to receive payments under the Plan that become payable to such person, persons, or legal entities in the event of the Participant's death. If more than one designated beneficiary survives the Participant, payments shall be made equally, unless otherwise provided in the beneficiary designation. Nothing herein shall prevent the Participant from designating

primary and secondary beneficiaries. Secondary beneficiaries are considered designated beneficiaries and are entitled to payments under the Plan only in the event that there are no primary beneficiaries surviving the Participant. The Participant may change his or her beneficiary designation at any time by filing a properly completed form with the Plan Administrator. To be effective, a properly completed beneficiary designation form must be on file with the Plan Administrator at the time of the Participant's death.

2.1.3."<u>Compensation</u>" means the annual retainer fees earned by a Participant for service as an Independent Director of the Funds, the annual retainer fee earned by a Participant for service as Chair or Vice-Chair of the Board or a Committee of the Board, and any fees earned by a Participant for attendance at meetings of the Board and any of its Committees, all or a portion of which may be deferred.

2.1.4."<u>Deferral Agreement</u>" means the annual written agreement between the Funds and the Participant to defer Compensation under the Plan.

2.1.5."<u>Deferred Compensation</u>" means the amount, as mutually agreed to by the Participant and the Funds, by which any Compensation not yet earned shall be reduced in return for the benefits provided under the Plan.

2.1.6."<u>Lump Sum</u>" means a single payment of the entire balance credited to the Participant's bookkeeping account under ARTICLE IV with respect to one or more Funds at the time payment is required to be made hereunder.

2.1.7."<u>Notional Fund</u>" means any open-end management investment company registered under the Investment Company Act of 1940 with respect to which the Investment Manager serves as investment adviser, shares of which are sold to the public, and which the Plan Administrator designates as a Notional Fund under the Plan.

2.1.8."<u>Participant</u>" means any Independent Director of a Fund who fulfills the eligibility and enrollment requirements of ARTICLE III.

2.1.9."<u>Retirement or Retires</u>" means the time at which the Participant has a separation from service for purposes of Treas. Reg. 1.409A-3(a)(1) from a Fund in conformity with the Retirement Policy of the Board in effect at the time of such cessation of service, provided such Retirement Policy provides for retirement solely after a specified age or solely after a combination of a specified age and years of service.

2.1.10."<u>Termination of Services</u>" means the time at which the Participant has a separation from service for purposes of Treas. Reg. 1.409A-3(a)(1) from a Fund for any reason other than Retirement or death.

2.1.11."<u>Unforeseeable Emergency</u>" means a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the

Participant's spouse or a dependent (as defined in Section 152(a) of the Code) of the Participant, loss of the Participant's property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. For purposes of the Plan, a determination of an Unforeseeable Emergency by the Plan Administrator shall comply with the provisions of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.12."<u>Valuation Date</u>" means each day on which the Plan Administrator determines the value of Participant Accounts.

**ARTICLE III.**

**<u>PARTICIPATION IN THE PLAN</u>**

3.1.<u>Eligibility</u>: Any Independent Director of the Funds on or after the Effective Date shall be eligible to participate in the Plan, <u>provided</u> that the terms of the A Plan and/or the B Plan shall govern with respect to any director/trustee who is not an active Independent Director on or after the Effective Date.

3.2.<u>Enrollment in the Plan</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)An Independent Director may become a Participant by executing a Deferral Agreement whereunder that Independent Director agrees to defer all or a portion of Compensation not yet earned and agrees to the provisions of the Plan. An Independent Director who does not elect to participate by completing and filing with the Plan Administrator a Deferral Election shall not be a Plan Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)An election by the Independent Director to defer Compensation under the Plan for any calendar year shall not be effective unless such election is made on or before December 31 of the preceding year, except that an Independent Director may elect to participate in the Plan within 30 days of the date upon which such Independent Director first meets the eligibility requirements of Section 3.1, with deferral of Compensation to begin on the first day of the month subsequent to the month in which the election is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)An Independent Director who defers Compensation may not modify the Independent Director's Deferral Agreement to change the amount deferred during the calendar year; <u>provided</u>, <u>however</u>, that a Participant must make a new election no later than December 31 each year for Compensation to be earned in the immediately following and subsequent calendar years, with such new election being effective for the deferral of Compensation to begin on the first day of January and then with respect only to Compensation earned on or after that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In the Deferral Agreement, the Participant shall elect the time at which his or her Account will be distributed. With respect to an election made on or after the Effective Dated, a Participant may elect to be paid either in a lump sum or in three or five annual installments. A Participant may change his

or her distribution election with respect to the Participant's Account, by notifying the Plan Administrator in writing of the Participant's new distribution election; <u>provided</u>, <u>however</u>, that such election may not take effect until at least 12 months after the date on which the election is made, the payment date must defer payment for a period of no less than five years from the date such payment would otherwise have been made, and the election must be made no later than 12 months prior to the Participant's Retirement or Termination of Services. Notwithstanding the foregoing, no change to a Deferral Agreement under this Section 4.02(d) shall be effective if such change does not comply with the applicable provisions of the Code, including but not limited to, Section 409A.

**ARTICLE IV.**

**<u>ACCUMULATION OF DEFERRED COMPENSATION</u>**

4.1.The Plan Administrator shall establish an Account on behalf of each Participant, the value of which at any given time shall determine the benefits payable to the Participant under ARTICLES V and VI and the withdrawal values under ARTICLE VII. Beginning on the date the Participant first enrolls in the Plan, the Account shall be credited with an amount equal to the Participant's Deferred Compensation at such times as the Compensation subject to deferral would otherwise have been paid. Until the Account is removed from the books of the Funds, the Account shall be further adjusted each Valuation Date for notional investment experience as described in Section 4.2 and reduced by any fees or expenses charged against the Account.

4.2.Amounts credited to the Participant's Account shall be periodically adjusted for notional investment experience. In each case such notional investment experience shall be determined by treating such Account as though an equivalent dollar amount had been invested and reinvested in any or all of the Notional Funds. The Plan Administrator shall designate the Notional Funds that are available for notional investing under the Plan. The Plan Administrator shall have the right to add or eliminate Notional Funds at any time and for any or no reason. The Notional Funds used as a basis for determining notional investment experience with respect to the Participant's Account shall be designated by the Participant pursuant to the administrative practices established by the Plan Administrator for this purpose, <u>provided</u> that a Participant may designate no more than five Notional Funds in total. The Notional Funds designated by a Participant may be changed by the Participant once per calendar month (or such other frequency as established by the Plan Administrator) on a prospective basis by the Participant making a change to his or her investment elections. If at any time any Notional Fund that has previously been designated by the Plan Administrator as a notional investment shall cease to exist or shall be unavailable for any reason, or if the Participant fails to designate one or more Notional Funds pursuant to this Section 4.2, the Plan Administrator may, at its discretion and upon notice to the Participant, treat any amounts previously notionally invested or to be notionally invested in such Notional Fund as being invested in the Voya Money Market Fund or if the Voya

Money Market Fund ceases to exist or is unavailable for any reason, such other short-term high-quality fixed-income Notional Fund as the Plan Administrator may from time to time designate, in all cases only until such time as the Participant shall have made another investment election in accordance with the foregoing procedures. The Participant's Account shall continue to be adjusted for notional investment experience until such time as the Participant's Account has been distributed in full.

4.3.It is specifically provided that neither the Plan Administrator nor the Funds shall be obligated to make actual cash deposits to a Participant's Account, but only to make bookkeeping entries as if deposits had been made. If for its own convenience the Funds should make deposits, it is further provided that any sums thus deposited shall remain a general unrestricted asset of the Funds and shall not be deemed as being held in trust, escrow, or in any other fiduciary manner for the benefit of the Participant. The value of a Participant's Account will fluctuate due to the investment experience of the Notional Funds which such Participant has chosen from time to time and at the time at which benefits become payable under the Plan, the value of the Participant's Account may be less than the total amount of Compensation deferred under the Plan. The Funds are not responsible or liable for any amount by which the total amount of Compensation deferred exceeds the value of the Account and the Funds shall have no obligation to restore any such difference.

4.4.If a Notional Fund is dissolved or liquidated, a Participant's deferrals under the Plan which are treated as though invested in such Notional Fund shall be redirected to one or more Notional Funds designated by the Participant based upon the relative allocations identified by the Participant at that time, or, if the Participant has not designated any remaining Notional Funds, redirected to a Fund operated as a money market Fund in accordance with Rule 2a-7 under the Investment Company Act of 1940.

**ARTICLE V.**

**<u>BENEFITS ON RETIREMENT</u>**

5.1.If the Participant continues in the service of one or more Funds until Retirement, the Funds shall pay to such Participant the amount then and thereafter standing credited to the Participant's Account described in ARTICLE IV with respect to such Funds at the time as elected by the Participant in the Participant's Deferral Agreement. Installment payments shall be substantially equal over the period elected. Any excess amounts remaining in the Account with respect to such Funds shall be paid out in the final installment. With respect to benefits payable in a Lump Sum, the Lump Sum shall be an amount equal to the current value of the Participant's Account with respect to such Funds one month prior to such date elected by the Participant in the Deferral Agreement, paid to the Participant on or about the first day of the month specified by the Participant in the Deferral Agreement, with no interest or earnings being credited after the date payment is due to be made. Notwithstanding the foregoing, if required by Section 409A, distribution shall not be made until the expiration of six calendar months from the date the payment was otherwise required to be made and the value of such Participant's Account shall reflect notional earnings for this six-month period.

5.2.Should the Participant die at any time after Retirement, whether prior to or after the Participant has begun to receive the retirement payments provided for in Section 5.1, the Participant's designated Beneficiary or Beneficiaries shall be entitled to receive the balance of such payments in a Lump Sum equal to the current value of the deceased Participant's Account on the date as of which such payment is processed. If no Beneficiary or Beneficiaries are designated at the time the Participant dies, then the Participant's surviving spouse, or if no surviving spouse, his or her estate shall be paid by the Plan as promptly as possible after due proof of death, but in all events within 90 days of the receipt of such proof of death, a Lump Sum amount equal to the value of the Participant's Account on the Valuation Date immediately preceding or coincident with the date as of which such payment is processed, with no interest or earnings being credited after the date the payment is due to be made. Notwithstanding the foregoing, if required by Section 409A, distribution shall not be made until the expiration of six calendar months from the date the payment was otherwise required to be made and the value of such Participant's Account shall reflect notional earnings for this six-month period.

**ARTICLE VI.**

**<u>BENEFITS ON TERMINATION OF SERVICES OR</u>**

**<u>DEATH PRIOR TO RETIREMENT</u>**

6.1.In the event there is a Termination of Services with respect to one or more Funds for reason other than death or Retirement, such Funds shall pay to the Participant the amount then and thereafter standing credited to the Participant's Account described in ARTICLE IV with respect to such Funds at the time and in the manner as elected by the Participant in the Participant's Deferral Agreement. Installment

payments shall be substantially equal over the period elected. Any excess amounts remaining in the Account with respect to such Funds shall be paid out in the final installment. With respect to benefits payable in a Lump Sum, the Lump Sum shall be an amount equal to the current value of the Participant's bookkeeping account one month prior to such date elected by the Participant in the Deferral Agreement. The Lump Sum or the initial installment payment shall be paid to the Participant as soon as administratively practicable after the date elected by the Participant, on or about the first day of the month specified by the Participant in the Deferral Agreement (with such month being no less than one month following the Termination of Services), with no interest or earnings being credited after the date the payment is due to be made. Notwithstanding the foregoing, if required by Section 409A, distribution shall not be made until the expiration of six calendar months from the date the payment was otherwise required to be made and the value of such Participant's Account shall reflect notional earnings for this six-month period.

6.2.In the event the Participant dies before the Participant's Retirement or Termination of Services, or prior to the date the Participant has received all of the payments under Section 6.1, the Participant's designated Beneficiary or Beneficiaries shall be entitled to receive the balance remaining of such payments in a Lump Sum equal to the value of the deceased Participant's Account on the Valuation Date immediately preceding or coincident with the date of Participant's death. If no Beneficiary or Beneficiaries are designated at the time the Participant dies, then the Participant's surviving spouse, or if no surviving spouse, his or her estate shall be paid by the Plan as promptly as possible after due proof of death, but in all events within 90 days of the receipt of such proof of death, a Lump Sum amount equal to the value of the Participant's Account on the Valuation Date immediately preceding or coincident with the date as of which such payment is due to be made, with no interest or earnings being credited after the date the payment is processed. Notwithstanding the foregoing, if required by Section 409A, distribution shall not be made until the expiration of six calendar months from the date the payment was otherwise required to be made and the value of such Participant's Account shall reflect notional earnings for this six-month period.

6.3.The Plan Administrator may, in its sole and absolute discretion and after providing written notice to the Participant, cause the Plan to pay to the Participant as promptly as possible a Lump Sum equal to the value of the Participant's Account on the Valuation Date immediately preceding or coincident with the date as of which such payment is made ("<u>Cash-Out Payment</u>"); <u>provided</u> that the Cash-Out Payment results in the termination and liquidation of the entirety of the Participant's interest under the Plan (including all plans with which the Plan is required to be aggregated pursuant to Treas. Reg. §1.409A-1(c)(2) (collectively, the "<u>Controlled Group</u>")); <u>provided</u>, <u>further</u>, that the Cash-Out Payment may not be greater than the applicable dollar amount under Section 402(g)(1)(B) of the Code (which amount for 2023 is $22,500). Notwithstanding the foregoing, no Cash-Out Payment shall be made to a Participant who continues to be a participant in a plan that is a member of the Controlled Group and this Section 6.3 shall be

applied to a Participant's Account separately with respect to the portions of such account attributable to each group of plans constituting a Controlled Group.

**ARTICLE VII.**

**<u>WITHDRAWALS</u>**

7.1.In the event of an Unforeseeable Emergency, the Participant may apply to the Plan Administrator for early withdrawal from the Plan of an amount limited to that which is necessary to meet the emergency and/or suspend his or her deferral under the Plan. If such application for withdrawal is approved by the Plan Administrator, the withdrawal will be effective at the latter of the date specified in the Participant's application or the date of approval by the Plan Administrator. Whenever an application for withdrawal is honored, the Plan Administrator shall pay the Participant from the Participant's Account described in ARTICLE IV only those amounts necessary to meet the emergency. The Participant's Account shall be appropriately adjusted to reflect the amounts withdrawn. The Plan Administrator shall make the required findings and such findings shall be conclusive and binding upon all interested persons.

**ARTICLE VIII.**

**<u>LIQUIDATION AND DISSOLUTION OF A FUND</u>**

8.1.Notwithstanding anything in the foregoing to the contrary, to the extent permitted by Treas. Reg. 1.409A-3(j)(4)(ix), in the event of the liquidation, dissolution or winding up of a Fund that qualifies as a corporate dissolution under Section 331 of the Code (or analogous Code provision in the case of a Fund that is taxable as a partnership), the Plan maintained by such Fund shall be terminated and all unpaid amounts in the bookkeeping accounts of the Participants with respect to such Fund as of the effective date of such dissolution shall be paid in a Lump Sum to the Participants on such effective date or as soon as administratively practicable thereafter, but in all events by the later of: (1) the end of the calendar year in which the deferred compensation plan termination occurs; or (2) the end of the first calendar year in which the payment is administratively practicable. For this purpose, a sale, conveyance or transfer of the Fund's assets to a trust, partnership, association or another corporation in exchange for cash, shares or other securities with the transfer being made subject to, or with the assumption by the transferee of, the liabilities of the Fund shall not be deemed a dissolution of the Fund. In such a case, if the Participant does not continue to provide services to such other trust, partnership, association or corporation following the transaction, the Participant will be treated as having had a separation from service for purposes of Treas. Reg. §1.409A-3(a)(1) and will become entitled to payment under ARTICLE VI, but if the Participant continues to provide services to the other trust, partnership, association or corporation following the transaction, the parties to the transaction will, pursuant to Treas. Reg. §1.409A-1(h)(4), treat the Participant as not having had a separation from service and the Participant will not become entitled to payment under ARTICLE VI by reason of the transaction.

**ARTICLE IX.**

**<u>AMENDMENT OR TERMINATION OF PLAN</u>**

9.1.The Board may at any time terminate the Plan. Upon such termination, the Participant will be deemed to have revoked the election to defer Compensation as of the date of such termination and on and after that date, all Compensation deferrals shall cease. Distributions of Participant Accounts shall be made in accordance with the Deferral Elections on file at the time of Plan termination and no distribution may be accelerated as a result of the termination of the Plan, except to the extent permitted under Section 409A.

9.2.The Board may amend the provisions of the Plan at any time; <u>provided</u>, <u>however</u>, that no amendment shall adversely affect the rights of the Participant or the designated Beneficiary or Beneficiaries, if any, as to the receipt of payments under the Plan to the extent of any Compensation deferred before the time of the amendment unless the Participant agrees to such amendment. No Participant consent shall be required for prospective amendments or retroactive amendments that do not adversely affect Plan Participants. Notwithstanding anything herein to the contrary, the Board may amend the provisions of the Plan to comply with the requirements of applicable law, including but not limited to, Section 409A, without Participant consent irrespective of the impact any such amendment may have on Plan Participants.

**ARTICLE X.**

**<u>PARTICIPANT STATUS</u>**

10.1.The Participant in the Plan shall have only the status of general unsecured creditor of each Fund. The Plan constitutes a mere promise by each Fund to make payments in the future. Nothing is the Plan shall be deemed to constitute an employment agreement.

**ARTICLE XI.**

**<u>NON-ASSIGNABILITY CLAUSE</u>**

11.1.It is expressly provided that neither the Participant nor the Participant's Beneficiary or Beneficiaries, nor any other designee, shall have any right to commute, sell, assign, transfer or otherwise convey the right to receive any payments hereunder, which payments and rights thereto are expressly declared to be non-assignable and non-transferable and, in the event of any attempted assignment or transfer, the Funds shall have no further liability hereunder. Moreover, no unpaid benefits shall be subject to attachment, garnishment or execution, or be transferable by operation of law in the event of bankruptcy or insolvency, or pursuant to a separation or divorce. The rights of the Participant or the Participant's Beneficiary or Beneficiaries to payments under the Plan are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Participant or the Participant's Beneficiary or Beneficiaries. Notwithstanding the foregoing,

a Participant's Account may be used to pay any amounts the Participant owes to the Funds or an affiliate of the Funds on the date payment is required to be made by the Plan.

**ARTICLE XII.**

**<u>APPLICABLE LAW</u>**

12.1.The Plan shall be construed under the law of the State of Arizona.

**ARTICLE XIII.**

**<u>EFFECTIVE DATE</u>**

13.1.This amendment and restatement of the Plan shall be effective on the date of its adoption by the Funds' Boards of Directors or on such later date as may be provided in the vote, resolution or consent in which such adoption takes place.

**<u>APPENDIX A</u>**

Up-to-date as of January 11, 2023

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

VOYA BALANCED PORTFOLIO, INC.

VOYA CREDIT INCOME FUND

VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY 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 STRATEGIC ALLOCATION PORTFOLIOS, INC.

VOYA VARIABLE FUNDS

VOYA VARIABLE INSURANCE TRUST

VOYA VARIABLE PORTFOLIOS, INC.

VOYA VARIABLE PRODUCTS TRUST

**<u>APPENDIX B</u>**

VOYA GOVERNMENT MONEY MARKET FUND, a series of VOYA MUTUAL FUNDS

VOYA GOVERNMENT MONEY MARKET PORTFOLIO, a series of

VOYA GOVERNMENT MONEY MARKET PORTFOLIO

VOYA GOVERNMENT LIQUID ASSETS PORTFOLIO, a series of

VOYA INVESTORS TRUST

## Ex-99

![](gvkgzixub7hw0jwif78e3.jpg)

(g)(1)(i)

February 9, 2023

Michael Rothemeyer

Vice President

The Bank of New York Mellon

135 Santilli Highway

Room 026-0026

Everett, MA 02149

Dear Mr. Rothemeyer:

Pursuant to the terms and conditions of the Custody Agreement, Foreign Custody Manager Agreement, and Fund Accounting Agreement, each dated January 6, 2003, the Fund Accounting, Custody &Transfer Agency for Voya Funds Fee Schedule, effective January 1, 2019, and the Letter of Instruction and Indemnification Agreement In Connection With Signature Guarantees and Signature Verifications, dated January 12, 2011 (collectively, the "Agreements"), we hereby notify you of the addition of Voya Short Duration High Income Fund, a newly established series of Voya Funds Trust (the "Fund"), effective on February 9, 2023, to be included on the ***Amended Exhibit A*** to the Agreements. This ***Amended Exhibit A*** supersedes the previous ***Amended Exhibit A*** dated November 18, 2022.

**REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK**

![](g459095y1rbo1b3l4x9oi.jpg)

Please signify your acceptance to provide services under the Agreements with respect to the aforementioned Fund by signing below where indicated. If you have any questions, please contact me at (480) 477-2190.

Very sincerely,

---

| | |
|:---|:---|
| By: | /s/ Todd Modic |
| Name: | Todd Modic |
| Title: | Senior Vice President |
|  | Voya Funds Trust |

---

ACCEPTED AND AGREED TO:

The Bank of New York Mellon

---

| | | |
|:---|:---|:---|
| By: | /s/ Sean Brumble |  |
| Name: | Sean Brumble |  |
| Title: | Managing Director | , Duly Authorized |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **AMENDED EXHIBIT A** |  |
| **<u>Fund</u>** | **<u>Effective Date</u>** |
| **Voya Asia Pacific High Dividend Equity Income Fund** | March 27, 2007 |
| **Voya Balanced Portfolio, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Balanced Portfolio | July 7, 2003 |
| **Voya Corporate Leaders Trust Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Corporate Leaders<sup>®</sup> Trust Fund – Series B | May 17, 2004 |
| **Voya Emerging Markets High Dividend Equity Fund** | April 26, 2011 |
| **Voya Equity Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Corporate Leaders<sup>®</sup> 100 Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Multi-Asset Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Large-Cap Growth Fund | June 9, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Large Cap Value Fund | December 4, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Mid Cap Research Enhanced Index Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya MidCap Opportunities Fund | June 9, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Multi-Manager Mid Cap Value Fund | September 30, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Small Cap Growth Fund | April 4, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Small Company Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya U.S. High Dividend Low Volatility Fund | December 5, 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series MCV Fund | November 18, 2022 |
| **Voya Funds Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya GNMA Income Fund | April 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Government Money Market Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya High Yield Bond Fund | April 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Intermediate Bond Fund | April 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Short Duration High Income Fund | February 9, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Short Term Bond Fund | December 17, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Strategic Income Opportunities Fund | October 15, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series HYB Fund | November 18, 2022 |
| **Voya Global Advantage and Premium Opportunity Fund** | October 27, 2005 |
| **Voya Global Equity Dividend and Premium Opportunity Fund** | March 28, 2005 |
| **Voya Government Money Market Portfolio** | July 7, 2003 |
| **Voya Infrastructure, Industrials and Materials Fund** | January 26, 2010 |
| **Voya Intermediate Bond Portfolio** | July 7, 2003 |
| **Voya Investors Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Balanced Income Portfolio | April 28, 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Perspectives<sup>®</sup> Portfolio | May 1, 2013 |

---

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Effective Date</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Government Liquid Assets Portfolio | January 6, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya High Yield Portfolio | November 5, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Large Cap Growth Portfolio | May 3, 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Large Cap Value Portfolio | May 11, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Limited Maturity Bond Portfolio | January 6, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Retirement Conservative Portfolio | August 12, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Retirement Growth Portfolio | August 12, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Retirement Moderate Growth Portfolio | August 12, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Retirement Moderate Portfolio | August 12, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya U.S. Stock Index Portfolio | November 5, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Index Series S Portfolio | October 21, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio | April 30, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> CBRE Global Real Estate Portfolio | January 3, 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> CBRE Real Estate Portfolio | January 3, 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Invesco Growth and Income Portfolio | January 13, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio | January 13, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio | January 13, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio | January 13, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio | January 13, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> T. Rowe Price Equity Income Portfolio | January 13, 2003 |
| **Voya Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Bond Fund | June 19, 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Diversified Payment Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global High Dividend Low Volatility Fund | November 3, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Perspectives<sup>®</sup> Fund | March 28, 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya International High Dividend Low Volatility Fund | December 5, 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Multi-Manager Emerging Markets Equity Fund | September 30, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Multi-Manager International Equity Fund | December 15, 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Multi-Manager International Factors Fund | February 1, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Multi-Manager International Small Cap Fund | November 3, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russia Fund | November 3, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series EME Fund | November 18, 2022 |
| **Voya Partners, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Bond Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2025 Portfolio | March 7, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2030 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2035 Portfolio | March 7, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2040 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2045 Portfolio | March 7, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2050 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2055 Portfolio | December 4, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2060 Portfolio | February 9, 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2065 Portfolio | May 1, 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution Income Portfolio | March 7, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya International High Dividend Low Volatility Portfolio | November 30, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2025 Portfolio | April 29, 2005 |

---

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Effective Date</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2030 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2035 Portfolio | April 29, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2040 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2045 Portfolio | April 29, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2050 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2055 Portfolio | December 4, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2060 Portfolio | February 9, 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2065 Portfolio | May 1, 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Aggressive Portfolio | May 1, 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Balanced Portfolio | June 29, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Conservative Portfolio | April 30, 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Income Portfolio | April 29, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Moderately Aggressive Portfolio | April 30, 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Moderately Conservative Portfolio | June 29, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Baron Growth Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Columbia Contrarian Core Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Columbia Small Cap Value II Portfolio | April 28, 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Invesco Comstock Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Invesco Equity and Income Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Invesco Global Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio | January 10, 2005 |
| **Voya Separate Portfolios Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Emerging Markets Hard Currency Debt Fund | July 20, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Investment Grade Credit Fund | May 16, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Securitized Credit Fund | August 6, 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target In-Retirement Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2025 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2030 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2035 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2040 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2045 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2050 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2055 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2060 Fund | October 15, 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2065 Fund | May 1, 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series EMCD Fund | November 18, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series EMHCD Fund | November 18, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series SC Fund | November 18, 2022 |
| **Voya Strategic Allocation Portfolios, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Strategic Allocation Conservative Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Strategic Allocation Growth Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Strategic Allocation Moderate Portfolio | July 7, 2003 |

---

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Effective Date</u>** |
| **Voya Variable Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Growth and Income Portfolio | July 7, 2003 |
| **Voya Variable Insurance Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> BrandywineGLOBAL – Bond Portfolio | February 9, 2015 |
| **Voya Variable Portfolios, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Emerging Markets Index Portfolio | November 30, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global High Dividend Low Volatility Portfolio | January 16, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Plus LargeCap Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Plus MidCap Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Plus SmallCap Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya International Index Portfolio | March 4, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Large Cap Growth Index Portfolio | May 1, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Large Cap Index Portfolio | March 4, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Large Cap Value Index Portfolio | May 1, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Mid Cap Growth Index Portfolio | May 1, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Mid Cap Index Portfolio | March 4, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Small Cap Index Portfolio | March 4, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Small Company Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya U.S. Bond Index Portfolio | March 4, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Index Series EM Portfolio | October 21, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Index Series I Portfolio | October 21, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Index Series MC Portfolio | October 21, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Index Series SC Portfolio | October 21, 2022 |
| **Voya Variable Products Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya MidCap Opportunities Portfolio | October 6, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya SmallCap Opportunities Portfolio | October 6, 2003 |

---

## Ex-99

(g)(1)(iii)

<u>AMENDMENT</u>

This Amendment is an amendment to the Custody Agreement dated as of January 6, 2003 (as amended) between each entity listed on Exhibit A thereto (each a "Fund" and collectively the "Funds") and The Bank of New York Mellon ("Custodian") (the "Agreement").

The date of this Amendment is as of __<u>November 21</u>__, 2022 (the "Effective Date").

Each intending to be legally bound, and each acknowledging receipt of sufficient consideration with respect to the provisions set forth in this Amendment, each Fund and Custodian hereby agrees 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;1.Section 8 of Article III of the Agreement is amended and restated as follows:

"8. (a) To the extent that Custodian has received all accurate, relevant and necessary information with respect to the Fund's Accounts and with respect to the Fund's identification or classification for purposes of taxes, withholding, tax certification and reporting requirements, claims for tax exemptions or tax refunds and interest, penalties, additions to tax and other related expenses, in each case as may be required by applicable tax laws or by a tax authority inquiry, or as may be requested by Custodian in connection with the matters set forth in this Section 8 (such information, "Tax Information") within the time stipulated, Custodian will perform the following services with respect to taxes, withholding, tax certification and reporting requirements and claims for tax exemptions or tax refunds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Unless prohibited by law or regulation, upon reasonable request of the Fund, Custodian will provide to the Fund such information received by Custodian in its capacity as custodian that could assist the Fund or its designee in the submission of any reports or returns with respect to taxes, withholding, tax certification and reporting requirements, claims for tax exemptions or tax refunds and interest, penalties, additions to tax and other related expenses. An Authorized Person will inform Custodian in writing as to which party or parties will receive information from Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Custodian will, upon receipt of sufficient Tax Information from the Fund (as reasonably determined by Custodian), file claims for exemptions or refunds with respect to withheld taxes in those markets where it provides such services and subject to Custodian's service level description (in each case as made available to the Fund from time to time). Where the Fund (for whatever reason) fails or neglects to provide Custodian with or to review and confirm the Tax Information within a reasonable time as stipulated by Custodian, then such failure or neglect may result in the disapplication of withholding tax relief or the obligation on the Fund to immediately return amounts already refunded by a tax authority. The Fund may, however, elect to appoint its own tax agent to file claims for exemptions or refunds in any or all markets, with advance notice to Custodian of such appointment and completion of standard documentation agreed between Custodian and the Fund; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Custodian or the applicable Subcustodian will withhold appropriate amounts, as required by applicable tax laws, with respect to amounts received and Custodian is authorized to debit the relevant Account in the amount of a tax-related obligation and to pay such amount to the appropriate taxing authority.

The Fund's receipt of the foregoing services is dependent upon its subscription to Custodian's information reporting system, and the Fund will be responsible for enrolling its designated Authorized Persons in such system. The Fund acknowledges that Custodian may, at any time, amend the scope of its tax service offering and prior notice of such changes will be made available to Custodian's customers through its information reporting system. Such changes may require additional documentation, attestations or declarations to be entered into by the Fund in order to continue receiving the relevant tax service in a particular market. Subject to the Fund's full compliance with the requirements referenced in the preceding sentence, and not including any change related to a matter outside the reasonable control of Custodian, no change in the scope of the tax service offering will result in a material diminution of such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Fund acknowledges that Custodian is a service provider and not an economic beneficiary of any transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Without limiting any obligations of Custodian set forth in Section 8(a) of this Agreement, the Fund is responsible for understanding its obligations relating to taxes, withholding, tax certification and reporting requirements, claims for tax exemptions or tax refunds and interest, penalties, additions to tax and other related expenses, and the Fund is liable for the same with respect to any assets held on behalf of the Fund and any transaction related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Fund will provide Custodian with Tax Information to enable Custodian to comply with Custodian's obligations under any applicable tax laws or with any tax authority enquiry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)In no event will Custodian be liable to the Fund or any third party for any inability of Custodian, a Subcustodian or any of their respective agents to file claims for exemptions or refunds or otherwise obtain relief from any tax-related obligations due to (i) the Fund's failure to provide, or delay in providing, Tax Information to Custodian, (ii) any failure of the Fund to comply with applicable tax laws or (iii) any failure or refusal of any taxing authority to provide such relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Fund acknowledges and agrees that none of Custodian nor any BNY Affiliate is a tax adviser and none of Custodian nor any BNY Affiliate will, under any circumstances, provide tax advice to the Fund. The Fund will obtain its own independent tax advice for any tax-related matters."

2. Article IX of the Agreement is amended and restated as follows:

**"ARTICLE IX**

**TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.As between Custodian and a particular Fund, this Agreement shall continue until December 31, 2027 (the "Initial Term") and thereafter shall automatically renew for additional successive one (1) year extension periods (each a "Renewal Term"), unless and until either Custodian or such Fund provides prior written notice to the other party of its intention not to renew this Agreement at least one hundred eighty (180) days in advance of the end of the Initial Term or the then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.If a Fund or Custodian with respect to a particular Fund materially breaches this Agreement (or repeatedly breaches this Agreement where such repeated breaches constitute a material breach of this Agreement) (a "Defaulting Party") the other party (the "Non-Defaulting Party") may give written notice thereof to the Defaulting Party ("Breach Notice"), and if such material breach shall not have been remedied within thirty (30) days after the Breach Notice is given, then the Non-Defaulting Party may terminate this Agreement by giving written notice of termination to the Defaulting Party ("Breach Termination Notice"), in which case this Agreement shall terminate on the 30th day following the date the Breach Termination Notice is given, or such later date as may be specified in the Breach Termination Notice (but not later than the last day of the Initial Term or then-current Renewal Term, as appropriate). In all cases, termination by the Non-Defaulting Party shall not constitute a waiver by the Non-Defaulting Party of any other rights it might have under this Agreement or otherwise against the Defaulting Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Notwithstanding any other provision of this Agreement, Custodian may terminate this Agreement by written notice to a Fund if such Fund shall terminate its fund accounting agreement with The Bank of New York Mellon, effective on the date of termination of such fund accounting agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.In the event of termination of this Agreement by a Fund the Fund shall designate a successor custodian or custodians each of which shall meet the requirements of the 1940 Act, and in the event of termination of this Agreement by Custodian the applicable Fund shall on or before the termination date deliver to Custodian written notice designating a successor custodian or custodians; in the absence of such designation by the applicable Fund, Custodian may designate a successor custodian which shall be a bank or trust company having not less than $2,000,000 aggregate capital, surplus and undivided profits. Upon receipt of a notice of acceptance by the successor custodian Custodian shall upon termination of the Agreement deliver directly to the successor custodian all Securities and money then owned by the applicable Fund and held by it as Custodian, after deducting all fees, expenses and other amounts for the payment or reimbursement of which it shall then be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.In addition to the termination provisions set forth in Section 1 and Section 2 of this Article IX, and for clarity subject to the terms of Section 4 and Section 6 of this Article IX, a Fund shall have the right to terminate all, but not part, of the services provided to it under this Agreement for any reason at any time after January 1, 2023 and before January 1, 2027 by giving Custodian written notice of such termination at least three hundred sixty-five (365) days prior to the termination date specified in the notice.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.If a successor custodian is not designated by a Fund or Custodian in accordance with Section 4 of this Article IX, the Fund shall upon termination of this Agreement and upon the delivery by Custodian of all Securities (other than Securities which cannot be delivered to the Fund) and money then owned by the Fund be deemed to be its own custodian and Custodian shall thereby be relieved of all duties and responsibilities pursuant to this Agreement, other than the duty with respect to Securities which cannot be delivered to the Fund to hold such Securities hereunder in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.For clarity, a Fund will be deemed to have terminated this Agreement if any of such Fund's assets are moved to a service provider other than Custodian without the prior written consent of Custodian."

3. A new Section 11 of Article X of the Agreement is added as follows:

"11. Upon agreement of the Fund and Custodian, Custodian will provide consolidated recordkeeping services reflecting on statements provided to the Fund securities and other assets not held by Custodian (for purposes of this Section 11, "Non-Custody Assets"). Non-Custody Assets are designated on Custodian's books as "assets not held in custody" or by other similar designation. The Fund acknowledges and agrees that (a) the Fund will have no security entitlement against Custodian with respect to Non-Custody Assets; and (b) Custodian will rely, without independent verification, on information provided by the Fund or its designee regarding Non-Custody Assets."

4. Capitalized terms not defined in this Amendment have their respective meanings as defined in the Agreement.

5. As hereby amended and supplemented, the Agreement shall remain in full force and effect. In the event of a conflict between the terms hereof and the Agreement, this Amendment shall control.

6. The Agreement, as amended hereby, together with its Exhibits and Schedules, constitutes the complete understanding and agreement of the parties with respect to the subject matter thereof and supersedes all prior communications with respect thereto.

7. This Amendment may be executed in one or more counterparts and such execution may occur by manual signature on a copy of this Amendment physically delivered, on a copy of this Amendment transmitted by facsimile transmission or on a copy of this Amendment transmitted as an imaged document attached to an email, or by "**Electronic Signature**", which is hereby defined to mean inserting an image, representation or symbol of a signature into an electronic copy of this Amendment by electronic, digital or other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts of this Amendment or of executed signature pages to counterparts of this Amendment, in either case by facsimile transmission or as an imaged document attached to an email transmission, shall constitute effective execution and delivery

of this Amendment and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Amendment.

8. If any provision of the Agreement including this Amendment is found to be invalid, illegal or unenforceable, no other provision of this contract shall be affected and all other provisions shall be enforced to the full extent of the law.

9. This Amendment shall be governed by the laws of the State of New York, without regard to its principles of conflicts of laws.

[Remainder of this page intentionally left blank]

[Signature page follows]

**IN WITNESS WHEREOF**, each of the parties hereto has caused this Amendment to be executed as of the Effective Date by its duly authorized representative designated below. An authorized representative, if executing this Amendment by Electronic Signature, affirms authorization to execute this Amendment by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment and an agreement with its terms.

Agreed:

---

| | | | |
|:---|:---|:---|:---|
| Each Entity Listed on Exhibit A to the Agreement | Each Entity Listed on Exhibit A to the Agreement | Each Entity Listed on Exhibit A to the Agreement | The Bank of New York Mellon |
| By: | <u>/s/ Todd Modic</u>___________ | By: | <u>/s/ Sean Brumble</u>__________ |
| Name: Todd Modic | Name: Todd Modic | Name: Sean Brumble | Name: Sean Brumble |
| Title: | Senior Vice President | Title: | Managing Director |

---

## Ex-99

<u>AMENDMENT</u> (g)(1)(iv) <br>

This Amendment is an amendment to the Multi-Broker Supplement to the Custody Agreement Hong Kong - China Connect Service dated January 31, 2017 relating to each separate Portfolio listed on Annex A thereto and The Bank of New York Mellon (the "Supplement").

The date of this Amendment is as of October 16, 2019.

Intending to be legally bound, and acknowledging sufficient consideration with respect to this Amendment, the parties to this Amendment hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The second sentence of paragraph (c) of the Supplement is hereby amended and restated as follows:

Client shall be responsible for all trade instructions issued to its broker engaged for trades in China Connect Securities and is responsible for engaging its own broker or brokers (**Broker;** which term will include HSBC Broker and any Designated Connect Broker unless otherwise specified) for Connect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The fourth sentence of paragraph (c) of the Supplement is hereby amended and restated as follows:

Where Client engages any of Hong Kong and Shanghai Banking Corporation Limited and its broker affiliate company, HSBC Securities Brokers (Asia) Limited (**HSBC Broker**) or such other brokers as it may from time to time include in its SPSA "Plus" service (any such other broker being a **Designated Connect Broker**), the special terms outlined in paragraph (e)(ii) below will apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The first paragraph of paragraph (e) of the Supplement is hereby re-designated as paragraph (e)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The second paragraph of paragraph (e) of the Supplement is hereby amended and restated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Where however HSBC Broker or a Designated Connect Broker is the executing Broker for Client on a sale trade, the settlement mentioned above is always on the basis that the trade will be on a delivery versus payment basis on trade date subject to Client meeting its requirements under paragraph (c) above and BNYM thereby issuing settlement instructions (i.e., this is synthetic delivery versus payment). The third paragraph of paragraph (e) of the Supplement is hereby re- designated as paragraph (e)(iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Paragraph (g) of the Supplement is hereby amended and restated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Trades can fail in certain circumstances (including if Client fails to adhere to the terms of this Letter and including if instructions to BNYM are not forthcoming or are late). Where there is a failure of delivery of China Connect Securities from the relevant SPSA account/China Connect Account to the executing Broker, a buy-in procedure may be commenced under provisions of the General Rules of CCASS against that executing Broker. The executing

Broker will be permitted to submit an explanation to HKSCC within a short duration at the end of that trading day to explain the shortfall due from a failed delivery from an SPSA account/China Connect Account. If HKSCC accepts the explanation, the "Securities on-hold" provisions for delivery (and withholding from selling arrangement) will not apply to all China Connect Securities of that same security/share or ISIN in the relevant SPSA account/China Connect Account and pending deliveries will be processed for settlement with the failed trade being subject to buy-in procedure. HKSCC may grant a buy-in exemption in respect of a failed delivery from an SPSA account/China Connect Account but this will be subject to evidencing that there are sufficient securities available to cover the shortfall. If the conditions are met, the buy-in will be waived; however, in the absence of waiver a buy-in will be enforced the next trading day. Client may be made responsible for the costs/penalty resulting from any default by the executing Broker where buy-in is utilised. Where there is a failure on a purchase, the Broker may settle in the market and hold shares on its participant account, but cash will not be debited from the applicable Cash Account; the Broker may claim its cost of funding and expenses from Client. Client acknowledges and agrees it understands and accepts the matters set out in this paragraph (g) (together with paragraph (e) above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Annex A of the Supplement is hereby amended and restated as set forth in Annex A to this Amendment.

Agreed:

Each Separate Legal Entity Listed on Annex A Hereto

---

| | |
|:---|:---|
| By: | <u>/s/ Todd Modic</u>____________________ |
| Name: | Todd Modic |
| Title: | Senior Vice President |
| The Bank of New York Mellon | The Bank of New York Mellon |
| By: | <u>/s/ Michael Rothemeyer</u>_____________ |
| Name: | Michael Rothemeyer |
| Title: | Vice President |

---

<u>ANNEX A</u>

This Annex A, amended and restated effective as of October 16, 2019, is the Annex A to that certain Multi- Broker Supplement to the Custody Agreement Hong Kong - China Connect Service dated as of January 31, 2017 by and between each of the Portfolios listed on this Annex A and The Bank of New York Mellon.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CUSTODY ACCOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLEEVE (if applicable) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NUMBER |  |
| &nbsp;&nbsp;Voya Asia Pacific High | &nbsp;&nbsp;405906 | &nbsp;&nbsp;405907 |
| &nbsp;&nbsp;Dividend Equity Income Fund |  |  |
| &nbsp;&nbsp;Voya Emerging Markets High | &nbsp;&nbsp;405899 | &nbsp;&nbsp;405901 |
| &nbsp;&nbsp;Dividend Equity Fund |  |  |
| &nbsp;&nbsp;Voya Emerging Markets Index | &nbsp;&nbsp;472592 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Portfolio |  |  |
| &nbsp;&nbsp;Voya Infrastructure, Industrials | &nbsp;&nbsp;471153 | &nbsp;&nbsp;471149 |
| &nbsp;&nbsp;and Materials Fund |  |  |
| &nbsp;&nbsp;Voya Multi-Manager Emerging | &nbsp;&nbsp;472158 | &nbsp;&nbsp;472392 |
| &nbsp;&nbsp;Markets Equity Fund |  |  |
| &nbsp;&nbsp;Voya Multi-Manager | &nbsp;&nbsp;472499 | &nbsp;&nbsp;472492 |
| &nbsp;&nbsp;International Equity Fund |  | &nbsp;&nbsp;941468 |
| &nbsp;&nbsp;Voya Multi-Manager | &nbsp;&nbsp;464301 | &nbsp;&nbsp;464216 |
| &nbsp;&nbsp;International Small Cap Fund |  | &nbsp;&nbsp;471162 |
| &nbsp;&nbsp;VY<sup>®</sup> Invesco Oppenheimer | &nbsp;&nbsp;464508 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Global Portfolio |  |  |
| &nbsp;&nbsp;VY<sup>®</sup> JPMorgan Emerging | &nbsp;&nbsp;58096 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Markets Equity Portfolio |  |  |
| &nbsp;&nbsp;VY<sup>®</sup> T. Rowe Price | &nbsp;&nbsp;464576 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;International Stock Portfolio |  |  |

---

Note: (1) each entity listed in the Portfolio column is a Client, although with respect to each sleeve listed in the Sleeve column, for purposes of the account structure set forth in paragraph (a) that structure is established with respect to a particular sleeve commensurate with the account structure established under the CA with respect to such sleeve (and the terms China Connect Account and Cash Account have the meanings that correspond to that account structure established under the CA), (2) the provisions of paragraph (q) (including with respect to an HSBC Termination) are intended to apply on a sleeve-by- sleeve basis and (3) a sleeve may be considered to be the investor in China Connect Securities.

## Ex-99

(g)(1)(vi)

<u>ANNEX A</u>

This Annex A, amended and restated effective as of July 1, 2019, is the Annex A to that certain Bond Connect Supplement to the Custody Agreement Hong Kong – China Connect Service dated as of April 1, 2019 by and between each of the Portfolios listed on this Annex A and The Bank of New York Mellon.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PORTFOLIO | CUSTODY ACCOUNT | &nbsp;&nbsp;SLEEVE ACCOUNT NUMBER |
|  | NUMBER | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(if applicable) |
| &nbsp;&nbsp;Voya Balanced Income Portfolio | 405867 | &nbsp;&nbsp;405868 |
| &nbsp;&nbsp;Voya Balanced Portfolio | 464428 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Voya Diversified Emerging | 473424 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Markets Debt Fund |  |  |
| &nbsp;&nbsp;Voya Emerging Markets Local | 472952 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Currency Debt Fund |  |  |
| &nbsp;&nbsp;Voya Global Bond Fund | 464773 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Voya Global Bond Portfolio | 464548 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Voya Intermediate Bond Fund | 464006 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Voya Strategic Income | 473423 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Opportunities Fund |  |  |

---

Note: (1) each entity listed in the Portfolio column is a Client, although with respect to each sleeve listed in the Sleeve column, for purposes of the account structure set forth in paragraph (a) that structure is established with respect to a particular sleeve commensurate with the account structure established under the CA with respect to such sleeve (and the terms BNYM China Connect Account, China Connect Account, SPSA account, and Cash Account have the meanings that correspond to that account structure established under the CA); (2) the provisions of paragraph (o) (including with respect to an HSBC Termination) are intended to apply on a sleeve- by-sleeve basis; and (3) a sleeve may be considered to be the investor in Bond Connect.

Agreed and accepted by

Each Separate Legal Entity Listed on this Annex A

---

| | |
|:---|:---|
| By: | <u>/s/ Todd Modic</u>______________ |
| Name: Todd Modic | Name: Todd Modic |
| Title: | Senior Vice President |

---

Acknowledged by

The Bank of New York Mellon

By: <u>/s/ Michael Rothemeyer</u>_______

Name: Michael Rothemeyer

Title: Vice President

## Ex-99

![](gpne0c29rusuorhh0sypd.jpg)

**SUPPLEMENT TO THE CUSTODY AGREEMENT**

**HONG KONG – CHINA – STOCK CONNECT SERVICE**

Date: November 19, 2018

To: The Bank of New York Mellon

Re: Hong Kong - China – Stock Connect Service

Dear Sir or Madam:

Reference is made to the Custody Agreement entered into between the Voya funds set forth on Exhibit A thereto and The Bank of New York Mellon (previously The Bank of New York) as custodian (**BNYM**) dated January 6, 2003, as amended or supplemented from time to time (**CA**). Each separate Portfolio listed on Annex A hereto, as it may be amended from time to time, is referred to separately herein as the **Client**. This letter (**Letter**) serves as a supplement to the CA.

This Letter relates to the Hong Kong - China – Stock Connect Service (as the same is defined in the Rules of the Stock Exchange of Hong Kong and as hereafter referred to in this Letter, the **China Connect Service** or **Connect**). Connect is a trading and clearing service between Shanghai Stock Exchange, Shenzhen Stock Exchange, China Securities Depository and Clearing Corporation Limited (**China Connect Clearing House**), the Stock Exchange of Hong Kong (**SEHK**) and the Hong Kong Stock Exchange's clearing and nominee company, Hong Kong Securities Clearing Company Ltd. (**HKSCC**). The service applies to securities (**China Connect Securities**) listed and traded on a China Connect Market via the China Connect Service.

Where used in this Letter, the term **China Connect Market System** has the meaning given to it in the Rules of the SEHK and the terms **China Connect Market, China Connect Market Operator** and **China Connect Clearing Participant** have the meanings given to them in the General Rules of the Central Clearing and Settlement Service established and operated by HKSCC (**CCASS**), as may be amended from time to time.

With respect to each Client, this Letter sets out the terms and conditions upon which BNYM supports and provides access to Connect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In respect of the China Connect Securities, BNYM will (and is authorised to):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)establish, maintain and operate a segregated account/sub-account and ledger for each Client in accordance with the CA and on BNYM's books and records (each a **BNYM China Connect Account**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)at BNYM's appointed subcustodian, the Hong Kong and Shanghai Banking Corporation Limited (**Subcustodian**), direct the establishment and maintenance in the books and records of the Subcustodian of an account for each Client for the deposit, custody and safekeeping of such securities (each a **China Connect Account**).

Client acknowledges and agrees that in respect of the China Connect Securities and Connect, the Subcustodian and its clearing affiliate is a participant with HKSCC and Client is opting to utilise the Special Segregated Account (SPSA) offering available at HKSCC through the Subcustodian for multiple broker appointments and transactions in China Connect Securities. An SPSA account will be established and maintained with HKSCC with respect to Client using

Voya funds

![](gyym4xnxyhxu2bpqffhwt.jpg)

the applicable unique identity and i.d. code, and Client shall provide all information as is reasonably required to open and maintain such SPSA account.

Client is referred to the matters in paragraphs (i) and (j) below regarding HKSCC and its account with China Connect Clearing House.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In accordance with the requirements of the China Connect Service for trades of China Connect Securities to be on market, Client agrees and undertakes to ensure that all transfers of China Connect Securities into or out of a relevant SPSA account/China Connect Account that it instructs BNYM to effect will not, unless permitted by the China Securities Regulatory Commission (**CSRC**), be in relation to the trading of China Connect Securities other than through the relevant China Connect Market System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)(i) Client instructions issued to BNYM for trades of China Connect Securities through Connect (**Instructions**) must be in the China Connect Service format required by BNYM (as specified in the BNYM service level description (**Service Level Description**) from time to time) that enables the special process detailed in the Service Level Description and such Instructions must be received by BNYM by the BNYM deadline (as specified in the Service Level Description from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Client shall be responsible for all trade instructions issued to its broker engaged for trades in China Connect Securities. Client is the sole entity responsible for making the decision as to which settlement option(s) set forth in this Letter it desires to use, and Client is fully responsible to understand the ramifications of that decision. Client is responsible for engaging its own broker or brokers (**Broker** which term will include HSBC Broker and any Designated Connect Broker (as defined below) unless otherwise specified) for Connect. BNYM is not party to any brokerage arrangement or agreement entered into between a Client and any Broker and takes no responsibility for such brokerage services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Client must ensure that Instructions it provides to BNYM are correct and at all times consistent with the trading instructions it issues to a Broker. Client acknowledges and agrees that, prior to issuing trading instructions, it is responsible to ensure it has: (1) sufficient Yuan Renminbi – CNH or, as the case may be, so long as permitted through the China Connect Market System, US Dollars-USD or Hong Kong Dollars-HKD, for a purchase of China Connect Securities in its cash account(s) with BNYM which is designated for use in respect of Client's China Connect Account (**Cash Account**); and/or (2) sufficient China Connect Securities for a sale of China Connect Securities in its BNYM China Connect Account and corresponding SPSA account/China Connect Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)**"Plus" Service Optionality**: Where Client engages Hong Kong and Shanghai Banking Corporation Limited and its broker affiliate company HSBC Securities Brokers (Asia) Limited (**HSBC Broker**) or such other brokers as HSBC Broker may from time to time include in its SPSA "Plus" service (any such other broker being a **Designated Connect Broker**) with respect to Connect and transactions in China Connect Securities, the settlement terms outlined in paragraph (e)(i) (for sales) and paragraph (e)(ii) (for purchases) will apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)**Broker Alledgement Option:** If agreed by BNYM, the Subcustodian and HSBC Broker, sales of China Connect Securities will be settled against Broker alledgement only. If this is agreed, Client acknowledges that, in respect of sales of China Connect Securities, Client exclusively appoints HSBC Broker as its broker and no other trading

Voya funds

![](gr602rkref0ppselr0a2o.jpg)

options will be available for sales and any purported sale of China Connect Securities through any other broker will not be permitted or supported (and will fail). Purchases of China Connect Securities may be transacted utilising any Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Client shall provide such information as may be required for Connect, including the particulars of its appointed Brokers from time to time and Client authorises BNYM to disclose such details to the Subcustodian. Client acknowledges and agrees that the pre-trade checking procedure of SEHK will be carried out against the relevant SPSA account(s) and balances of securities must be satisfactory for this procedure and for Client's executing Brokers for the settlement of a trade. Client agrees and acknowledges, where the Broker Alledgement option applies, that sale trades of China Connect Securities shall be carried out on instructions issued by Client to HSBC Broker independent of Instructions of Client to BNYM. In all other cases of sale and purchase trades, these will be settled on the basis of Instructions of Client as issued by BNYM to the Subcustodian. Settlement of sale trades are as described under paragraph (e)(i) below and settlement of purchase trades are as described under paragraph (e)(ii) below. Client further authorises the performance of all acts and taking of all actions (such acts and actions described in this paragraph (d), the **Settlement Tasks**) which either of BNYM or the Subcustodian considers in its discretion necessary for completing the settlement of trades of China Connect Securities. Settlement Tasks shall include but are not limited to generating settlement instructions in respect of the trades and effecting the transfer of the relevant China Connect Securities of a trade into or out of the relevant SPSA account/China Connect Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)**"Plus" Service Settlement-** Settlement of sale or purchase trades under the normal market settlement (and outside of the Real time DVP/RVP now supported for Connect) may not occur on the trade date. Title, property or interests in China Connect Securities are subject to the "Securities on hold" provisions of the General Rules of CCASS pursuant to which title, property or interest in any China Connect Securities shall not pass to a purchaser unless and until HKSCC has received payment in full for such securities and such payment is good and irrevocable or otherwise agreed by HKSCC. Accordingly, market settlement can occur on trade date if executing brokers and their cash clearing bank agents are able to utilise the same day cash settlement run to achieve settlement on trade date but this is not mandatory and settlement may still occur later than the trade date (T+1) and is subject to a provisional/reversible credit in the Client account until settlement finality. Where, however, HSBC Broker or a Designated Connect Broker is the executing Broker for Client on a sale trade (including where the Broker Alledgement option applies for sales where HSBC Broker is the executing Broker), the market settlement mentioned above does not apply and there is no provisional/reversible credit; rather it is always on the basis that the trade will be on a delivery versus payment basis on trade date, subject to Client meeting its requirements under paragraph

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)above and BNYM thereby issuing settlement instructions (i.e., this is synthetic delivery versus payment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)**Purchase Settlement-** Purchase trades and their settlement will be dependent on the executing Broker for Client meeting the requirements of full, good and irrevocable payment to HKSCC (settlement can occur on trade date or may be deferred to T+1 as explained under paragraph (e)(i) above) and will be on a receive versus payment basis. Except, however, where HSBC Broker (or another Designated Connect Broker offering the "Plus" service) is the executing Broker for a purchase trade, settlement will occur on trade date (or a date instructed for deferred settlement) notwithstanding the market/HKSCC good and irrevocable payment requirement (i.e., this is synthetic receive versus payment).

Voya funds

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

![](g5aaxysc1r2kb2wmrxjcd.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Client acknowledges and agrees that BNYM shall not be liable for paying and/or reporting any tax, levy, impost, duty, assessment, deduction, charge or withholding of a similar nature, and any addition, penalty or interest payable in connection with any failure to pay or any delay in paying any of the same that may be charged or chargeable on or in respect of the holding, trading and/or income, interests and other entitlements that may be derived from the China Connect Securities in Client's BNYM China Connect Account or relevant SPSA account/China Connect Account (**Taxes**), nor responsible for the obligation to withhold Taxes or comply with any filing or registration obligations regarding Taxes except as otherwise required by any applicable law, rule, operating procedure, order, directive, notice, guidance, market practice or request (in all cases whether or not having the force of law) of any government agency, court of competent jurisdiction, central depository, exchange, clearing or settlement facility and/or any regulatory or supervisory authority (the foregoing, **Applicable Requirements**). Where BNYM or any of its affiliates, or the Subcustodian or any of its affiliates, are required to do any of the above by such Applicable Requirements, Client undertakes to reimburse and indemnify BNYM or its affiliates on demand for the amount of Taxes that BNYM has paid and to provide such information as BNYM may require to fulfil its duties within the timeframe which BNYM advises. For the avoidance of doubt, Client acknowledges and agrees that neither the Subcustodian nor BNYM is providing Client with any advice in relation to Taxes nor is the Subcustodian or BNYM acting as agent or representative with respect to such Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Connect is a no fail market although trades can fail in certain circumstances (including if Client fails to adhere to the terms of this Letter and including if instructions to BNYM are not forthcoming, cannot be matched or are late). Where there is a failure of delivery of China Connect Securities from the relevant SPSA account/China Connect Account to the executing Broker, a buy-in procedure may be commenced under provisions of the General Rules of CCASS against that executing Broker. The executing Broker will be permitted to submit an explanation to HKSCC within a short duration at the end of that trading day to explain the shortfall due from a failed delivery from an SPSA account. If HKSCC accepts the explanation, the "Securities on hold" provisions for delivery (and withholding from selling arrangement) will not apply to all China Connect Securities of that same security/share or ISIN in the relevant SPSA account/China Connect Account and pending deliveries will be processed for settlement with the failed trade being subject to buy-in procedure. HKSCC may grant a buy-in exemption in respect of a failed delivery from an SPSA account but this will be subject to evidencing that there are sufficient securities available to cover the shortfall. If the conditions are met, the buy-in will be waived; however, in the absence of waiver a buy-in will be enforced the next trading day. Client may be made responsible for the costs/penalty resulting from any default by the executing Broker where buy-in is utilised. Where there is a failure on a purchase, the Broker may settle in the market and hold shares on its participant account, but cash will not be debited from the applicable Cash Account; the Broker may claim its cost of funding and expenses from Client. Client acknowledges and agrees it understands and accepts the matters set out in this paragraph (g) (together with paragraph (e) above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Client acknowledges and agrees that it is the investor in the China Connect Securities and shall be responsible for the consequences of trading of China Connect Securities through the China Connect Service. Client therefore further acknowledges and agrees that it understands and shall comply with all applicable laws, rules, regulations, orders, directives, guidelines, market practice, notices, operating procedures, policies or requests of any government agency, central depository, exchange, clearing or settlement facility and/or any regulatory or supervisory authority with competent jurisdiction (whether or not having the force of law and as the same

Voya funds

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may be amended) which shall include, but is not limited to, China Connect Clearing House, HKSCC, SEHK, a China Connect Market Operator and CCASS generally and as each of the same concern the China Connect Service, and activities arising from the China Connect Service and/or regarding investments in China Connect Securities. Such applicable laws, rules and regulations shall include, but shall not be limited to: (i) any restrictions on investments in China Connect Securities (**Investment Restrictions**); (ii) percentage limits that may be imposed on the maximum holdings of a non-PRC (People's Republic of China) investor (either on its own or in aggregate with other non-PRC investors) in China Connect Securities (**Foreign Ownership Limits**); and (iii) disclosure of interest reporting obligations in respect of China Connect Securities (**Disclosures of Interest**). For the avoidance of doubt, Client acknowledges and agrees that: (i) BNYM's duties and service provision does not comprise any investment advice and BNYM takes no responsibility for advising or verifying whether Client is eligible to invest in China Connect Securities and Client should undertake its own due diligence and take advice under its own laws, regulations and applicable investment criteria/limitations as to the suitability of such investment; and (ii) neither BNYM nor the Subcustodian shall be responsible for monitoring any Investment Restrictions or Foreign Ownership Limits applicable to any China Connect Securities or for making any Disclosures of Interest in any China Connect Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Client acknowledges and agrees that China Connect Securities are held centrally by HKSCC for the account of the CCASS Participant (in this case the Subcustodian and its affiliate) in an omnibus account with China Connect Clearing House and that HKSCC and China Connect Clearing House are intermediaries and depositories in Hong Kong and the People's Republic of China and, accordingly will be subject to the requirements and laws of these jurisdictions and as the same apply to Client's title, property or interests in such China Connect Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Client understands that China Connect Securities are uncertificated and are held by HKSCC in computerised form in the account maintained by HKSCC with China Connect Clearing House, and, as such, that the China Connect Securities credited to Client's China Connect Account are not registered or recorded with China Connect Clearing House in Client's name, Subcustodian's name or BNYM's name. All China Connect Securities will be recorded in the name of HKSCC with China Connect Clearing House. BNYM does not take responsibility for Client's investment in China Connect Securities and Client's title, property and interest in China Connect Securities and any ability to enforce the same by virtue of this registration (and the position of HKSCC stated under paragraph (i) above) and the relevant property rights, insolvency rules and procedures and remedies under the laws and regulations of Hong Kong or the People's Republic of China (and any conflict between the same).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Client acknowledges and agrees that under the General Rules of CCASS, if HKSCC receives insufficient funds or securities from the China Connect Clearing House to meet HKSCC's aggregate liabilities to China Connect Clearing Participants, it may make a partial or pro rata payment or delivery to China Connect Clearing Participants to whom such liabilities are due, and that should HKSCC elect to make such a partial or pro rata payment or delivery with respect to Client's China Connect Service transactions Client hereby indemnifies and shall hold BNYM harmless, and, further, Client shall have no recourse against BNYM for the balance of any money or securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Client acknowledges and agrees that there are certain responsibilities, risks and limitations presented to, and imposed upon, it in respect of use of the China Connect Service. These include the following (such list is not exhaustive): Investment Restrictions, Foreign Ownership

Voya funds

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Limits and Disclosures of Interest (all as detailed above), unavailability of an investor compensation fund, lack of support for certain trading strategies (such as day trading and short selling), limitations on exercise of shareholder rights and benefits, suspension of trading without cause or notice, trade failure or trade rejection at SEHK, tax liability, strict settlement practices, loss recovery limitations, market rules, counterparty insolvency risk and responsibility for the matters under paragraph (j) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)Client acknowledges and agrees that BNYM shall not be liable, or in any way responsible, for acts, omissions, errors, timeliness, default and/or solvency of any Broker, stock exchange, depository or clearing entity in connection with the China Connect Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)Client and BNYM acknowledge and agree that Client will pay the fees and expenses associated with BNYM's services under this Letter as agreed between Client and BNYM under the CA (and as such fees and expenses are amended from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)No provision of this Letter may be amended except in a writing signed by Client and BNYM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)If Client wishes to terminate its use of the China Connect Service under this Letter with BNYM it will provide 30 days written notice of termination to BNYM. BNYM may terminate its services under this Letter with respect to Client by 60 days written notice of termination to Client. Client agrees that the Subcustodian may terminate or cease to provide its services or support the China Connect Service either generally or in respect of Client and Client is at particular risk of such termination if paragraphs (c) and (d) above or any other terms of this Letter are breached (**HSBC Termination**). If there is an HSBC Termination in respect of a Client, BNYM shall by written notice to such Client terminate its services under this Letter with respect to such Client at such time that the HSBC Termination takes place with respect to such Client and notwithstanding the 60 day notice provision set forth above BNYM's services under this Letter shall terminate at the time that the HSBC Termination takes place.

Without limitation to the foregoing, Client authorises BNYM and the Subcustodian to perform any such acts (or refrain from taking any such acts) as BNYM or the Subcustodian considers in their respective discretion necessary or advisable for complying with CCASS and all relevant market rules for the China Connect Service, and with all instructions issued to BNYM or a Broker and all Settlement Tasks and other requirements (whether in relation to Taxes or otherwise). Client further agrees to provide all assistance that BNYM may reasonably require in performing such acts required by applicable law or regulation.

This Letter and the agreements, undertakings and indemnities given herein are supplemental and additional to the provisions of the CA. For clarity, the services provided in connection with the China Connect Service are part of BNYM's performance of its services under the CA. Except as contemplated in and as modified by the terms of this Letter, the terms of the CA shall apply to the provision of services in connection with the China Connect Service; in clarification of the preceding provisions of this sentence, with respect to the provision of services in connection with the China Connect Service any difference between an item as stated in this Letter and the terms of the CA shall be resolved entirely in favor of the item as stated in this Letter. This Letter shall be governed by and construed in accordance with the same governing law as in the CA. For the avoidance of doubt, this Letter does not affect the duties or obligations of BNYM under the Foreign Custody Manager Agreement between the Voya funds, which are party thereto and BNYM dated January 6, 2003, as amended or supplemented from time to time.

Voya funds

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A copy of the Agreement and Declaration of Trust, relating to any Client that is a series of a Massachusetts business trust (Trust) is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this Letter has been executed on behalf of the relevant Trust by an officer of such Trust as an officer and not individually and the obligations of such Trust arising out of this Letter are not binding upon any of the trustees, officers or shareholders of such Trust individually but are binding only upon the assets and property of such Trust.

Upon the date this Letter, if a Client listed on Annex A hereto is listed on Annex A of a prior letter relating to the Hong Kong – China Connect Service, such prior letter shall be of no force or effect with respect to such Client.

This Letter shall be governed by and construed in accordance with the same governing law as in the CA.

Agreed and accepted by

---

| | |
|:---|:---|
| By: | <u>/s/ Todd Modic</u>_____________ |
| Name: Todd Modic | Name: Todd Modic |
| Title: | Senior Vice President |
|  | For and on behalf of |

---

Each Separate Legal Entity Listed on Annex A Hereto

November 19, 2018

Acknowledged by

The Bank of New York Mellon

By: <u>/s/ Michael Rothemeyer</u>______

Name: Michael Rothemeyer

Title: Vice President

Voya funds

![](gge5a6y8rg0p2eagttup0.jpg)

<u>ANNEX A</u>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PORTFOLIO | CUSTODY ACCOUNT | SLEEVE (if applicable) |
|  | NUMBER |  |
| &nbsp;&nbsp;Voya Multi-Manager | 472158 | 472394 |
| &nbsp;&nbsp;Emerging Markets Equity |  |  |
| &nbsp;&nbsp;Fund |  |  |
| &nbsp;&nbsp;Voya Multi-Manager | 472499 | 473411 |
| &nbsp;&nbsp;International Equity Fund |  |  |
| &nbsp;&nbsp;Voya Multi-Manager | 472496 | 938465 |
| &nbsp;&nbsp;International Factors Fund |  |  |

---

Note: (1) each entity listed in the Portfolio column is a Client, although with respect to each sleeve listed in the Sleeve column, for purposes of the account structure set forth in paragraph (a) that structure is established with respect to a particular sleeve commensurate with the account structure established under the CA with respect to such sleeve (and the terms BNYM China Connect Account, China Connect Account, SPSA account, and Cash Account have the meanings that correspond to that account structure established under the CA), (2) the provisions of paragraph (p) (including with respect to an HSBC Termination) are intended to apply on a sleeve-by-sleeve basis and (3) a sleeve may be considered to be the investor in China Connect Securities.

Voya funds

## Ex-99

(g)(1)(viii)

<u>ANNEX A</u>

This Annex A, amended and restated effective as of December 31, 2020, is the Annex A to that certain Supplement to the Custody Agreement Hong Kong – China - Stock Connect Service dated as of November 19, 2018 by and between each of the Portfolios listed on this Annex A and The Bank of New York Mellon.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>PORTFOLIO</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>CUSTODY ACCOUNT</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>SLEEVE (if applicable)</u> |
|  | <u>NUMBER</u> |  |
| &nbsp;&nbsp;Voya Multi-Manager | 472158 | 472394 |
| &nbsp;&nbsp;Emerging Markets Equity |  | 473280 |
| &nbsp;&nbsp;Voya Multi-Manager | 472499 | 473411 |
| &nbsp;&nbsp;International Equity Fund |  | 941469 |
| &nbsp;&nbsp;Voya Multi-Manager | 472496 | 938465 |
| &nbsp;&nbsp;International Factors Fund |  |  |

---

Note: (1) each entity listed in the Portfolio column is a Client, although with respect to each sleeve listed in the Sleeve column, for purposes of the account structure set forth in paragraph (a) that structure is established with respect to a particular sleeve commensurate with the account structure established under the CA with respect to such sleeve (and the terms China Connect Account and Cash Account have the meanings that correspond to that account structure established under the CA), (2) the provisions of paragraph (p) (including with respect to an HSBC Termination) are intended to apply on a sleeve-by-sleeve basis and (3) a sleeve may be considered to be the investor in China Connect Securities.

Agreed and accepted by

Each Separate Legal Entity Listed on this Annex A

By: <u>/s/ Todd Modic</u>__________

Name: Todd Modic

Title: Senior Vice President

Acknowledged by

The Bank of New York Mellon

By: <u>/s/ Michael Rothemeyer</u>___

Name: Michael Rothemeyer

Title: Vice President

## Ex-99

![](gz0ifxflw27shb3m6by7z.jpg)

(g)(1)(ix)

**SUPPLEMENT TO THE CUSTODY AGREEMENT**

**HONG KONG - CHINA CONNECT SERVICE**

Date: June 2, 2016

To: The Bank of New York Mellon

Re: Hong Kong - China Connect Service

Dear Sir or Madam:

Reference is made to the Custody Agreement entered into between the Voya funds set forth on Exhibit A thereto and The Bank of New York Mellon (previously The Bank of New York) (**BNYM**) as custodian dated January 6, 2003, as amended or supplemented from time to time (**CA)**. This letter (**Letter**) serves as a supplement to the CA and relates to the Portfolios listed on Annex A hereto. Each separate Portfolio listed on Annex A hereto, as it may be updated from time to time, is referred to separately herein as the **Client**.

This Letter relates to the Hong Kong - China Connect Service (as the same is defined in the Rules of the Stock Exchange of Hong Kong and as hereafter referred to in this Letter, the **China Connect Service** or **Connect**). Connect is a trading and clearing service between Shanghai Stock Exchange (**SSE**), China Securities Depository and Clearing Corporation Limited (**China Connect Clearing House**), the Stock Exchange of Hong Kong (**SEHK**) and the Hong Kong Stock Exchange's clearing and nominee company, Hong Kong Securities Clearing Company Ltd. (**HKSCC**). The service applies to securities (**China Connect Securities**) listed and traded on a China Connect Market via the China Connect Service.

Where used in this Letter, the term **China Connect Market System** has the meaning given to it in the Rules of the SEHK and the terms **China Connect Market, China Connect Market Operator** and **China Connect Clearing Participant** have the meanings given to them in the General Rules of the Central Clearing and Settlement Service established and operated by HKSCC (**CCASS**), as may be amended from time to time.

With respect to each Client, this Letter sets out the terms and conditions upon which BNYM and its affiliates support and provide access to Connect.

&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)In respect of the China Connect Securities, BNYM will (and is authorised to) establish, maintain and operate a segregated account/sub-account and ledger for each Client on its books and records and such account or accounts as required pursuant to the CA and maintained for custody and safekeeping by its appointed subcustodian the Hong Kong and Shanghai Banking Corporation Limited (**Subcustodian**) for the deposit of such securities (**China Connect Account**).

Voya funds

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

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(b)In accordance with the requirements of the China Connect Service for trades of China Connect Securities to be on market, Client agrees and undertakes to ensure that all transfers of China Connect Securities into or out of its China Connect Account: (i) will not, unless permitted by the China Securities Regulatory Commission (**CSRC**), be in relation to the trading of China Connect Securities other than through the relevant China Connect Market System; and/or (ii) will only be made on a "no change of beneficial ownership" basis (except as noted under paragraph (d) below).

(c)Client instructions issued to BNYM for trades of China Connect Securities (**Instructions**) must be in the China Connect Service format required by BNYM (as specified in the BNYM service level description (**Service Level Description**) from time to time) and such Instructions must be received by BNYM by the BNYM deadline (as specified in the Service Level Description from time to time). Client shall be responsible for all trade instructions issued to its broker engaged for trades in China Connect Securities. With respect to Connect and transactions in China Connect Securities, Client is engaging Hong Kong and Shanghai Banking Corporation Limited and its broker affiliate company to act as Client's broker (**HSBC Broker**). BNYM is not party to any brokerage arrangement or agreement entered into between a Client and HSBC Broker (or any other broker) and takes no responsibility for such brokerage services. Client must ensure that Instructions it provides to BNYM are correct and at all times consistent with the trading instructions it issues to HSBC Broker. Client acknowledges and agrees that, prior to issuing trading instructions, it must ensure it has either sufficient Yuan Renminbi – 'CNH' (for a purchase of China Connect Securities) or sufficient China Connect Securities (for a sale of China Connect Securities) in its China Connect Account and/or Cash Account (as defined below).

(d)Client authorises the Subcustodian to disclose to HSBC Broker the balance of the China Connect Securities in its China Connect Account at such interval and time and via such means as may be agreed from time to time between the Subcustodian and HSBC Broker (**Disclosure**). Client further authorises the performance of all acts and taking of all actions (such acts and actions described in this paragraph (d), the **Settlement Tasks**) which either of BNYM or the Subcustodian considers in its discretion necessary for completing the settlement of trades of China Connect Securities in Client's China Connect Account executed (or purportedly executed) by HSBC Broker. Client agrees and acknowledges that trades and transactions shall be carried out on Client instructions issued to HSBC Broker independent of Instructions of Client to BNYM and that Client will be issuing instructions to HSBC Broker in advance of issuing Instructions to BNYM. Client understands and agrees that BNYM will not be able to review or reconcile, and shall have absolutely no duty to review or reconcile, Client instructions to HSBC Broker against Client Instructions issued to BNYM prior to trade execution and settlement and that BNYM shall have no responsibility or liability with respect to trade instructions relating to China Connect Securities (including no responsibility or liability with respect to any inconsistency between Client instructions issued to HSBC Broker and Instructions of Client to BNYM), and further, Subcustodian's Settlement Tasks as authorized hereunder shall include but are not limited to carrying out settlement in respect of the trades, effecting the transfer/debit of the relevant China Connect Securities of a trade into or out of the relevant China Connect Account, on a delivery versus payment basis (i.e., HSBC offered synthetic delivery versus

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payment), or making debits/credits into and out of the cash account(s) which the relevant Client maintains with BNYM or the Subcustodian and which is designated for use in respect of such Client's China Connect Account (**Cash Account**) for trades on a delivery versus payment basis (i.e., HSBC offered synthetic delivery versus payment). With respect to a trade by Client in China Connect Securities, BNYM shall carry out post settlement checking and reconciliation with the Subcustodian pursuant to BNYM's standard operating procedures and shall update its relevant accounts and records accordingly.

(e)Client acknowledges and agrees that BNYM shall not be liable for paying and/or reporting any tax, levy, impost, duty, assessment, deduction, charge or withholding of a similar nature, and any addition, penalty or interest payable in connection with any failure to pay or any delay in paying any of the same that may be charged or chargeable on or in respect of the holding, trading and/or income, interests and other entitlements that may be derived from the China Connect Securities in Client's China Connect Account (**Taxes**), nor responsible for the obligation to withhold Taxes or comply with any filing or registration obligations regarding Taxes except as otherwise required by any applicable law, rule, operating procedure, order, directive, notice, guidance, market practice or request (in all cases whether or not having the force of law) of any government agency, court of competent jurisdiction, central depository, exchange, clearing or settlement facility and/or any regulatory or supervisory authority (the foregoing, **Applicable Requirements**). Where BNYM or any of its affiliates, or the Subcustodian or any of its affiliates, are required to do any of the above by such Applicable Requirements, Client undertakes to reimburse and indemnify BNYM or its affiliates on demand for the amount of Taxes that BNYM has paid and to provide such information as BNYM may require to fulfil its duties within the timeframe which BNYM advises. For the avoidance of doubt, Client acknowledges and agrees that neither the Subcustodian nor BNYM is providing Client with any advice in relation to Taxes nor is the Subcustodian or BNYM acting as agent or representative with respect to such Taxes.

(f)Client acknowledges and agrees that it is the investor in the China Connect Securities and shall be responsible for the consequences of trading of China Connect Securities through the China Connect Service. Client further acknowledges and agrees that it understands and shall comply with all applicable laws, rules, regulations, orders, directives, guidelines, market practice, notices, operating procedures, policies or requests of any government agency, central depository, exchange, clearing or settlement facility and/or any regulatory or supervisory authority with competent jurisdiction (whether or not having the force of law and as the same may be amended) which shall include, but is not limited to, China Securities Depository and Clearing Corporation, HKSCC, SEHK, a China Connect Market Operator and CCASS generally and as each of the same concern the China Connect Service, and activities arising from the China Connect Service and/or regarding investments in China Connect Securities. Such applicable laws, rules and regulations shall include, but shall not be limited to: (i) any restrictions on investments in China Connect Securities (**Investment Restrictions**); (ii) percentage limits that may be imposed on the maximum holdings of a non-PRC (People's Republic of China) investor (either on its own or in aggregate with other non-PRC investors) in China Connect Securities (**Foreign Ownership Limits**); and (iii) disclosure of interest reporting obligations in respect of

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China Connect Securities (**Disclosures of Interest**). For the avoidance of doubt, Client acknowledges and agrees that: (i) BNYM's duties and service provision does not comprise any investment advice and BNYM takes no responsibility for advising or verifying whether Client is eligible to invest in China Connect Securities and Client should undertake its own due diligence and take advice under its own laws, regulations and applicable investment criteria/limitations as to the suitability of such investment; and (ii) neither BNYM nor the Subcustodian shall be responsible for monitoring any Investment Restrictions or Foreign Ownership Limits applicable to any China Connect Securities or for making any Disclosures of Interest in any China Connect Securities.

(g)Client acknowledges and agrees that China Connect Securities are held centrally by HKSCC for the account of the CCASS Participant (in this case the Subcustodian and its affiliate) in an omnibus account with China Connect Clearing House and that HKSCC and China Connect Clearing House are intermediaries and depositories in Hong Kong and the People's Republic of China and, accordingly will be subject to the requirements and laws of these jurisdictions. HKSCC does not guarantee the title to any China Connect Securities held through it in any manner, and any of Client's title, property or interests in China Connect Securities shall be subject to the "Securities on-hold" provisions of the General Rules of CCASS pursuant to which title, property or interest in any China Connect Securities shall not pass to a purchaser unless and until HKSCC has received payment in full for such securities and such payment is good and irrevocable or otherwise agreed by

HKSCC.

(h)Client understands that China Connect Securities are uncertificated and are held by HKSCC in an account maintained by HKSCC with China Connect Clearing House, and, as such, that the China Connect Securities credited to Client's China Connect Account are not registered or recorded with China Connect Clearing House in Client's name, Subcustodian's name or BNYM's name. All China Connect Securities will be recorded in the name of HKSCC with China Connect Clearing House. BNYM cannot guarantee nor does it take any liability or responsibility for Client's investment in China Connect Securities and Client's title, property and interest in China Connect Securities and any ability to enforce the same by virtue of this registration and the relevant property rights, insolvency rules and procedures and remedies under the laws and regulations of Hong Kong or the People's Republic of China (and any conflict between the same).

(i)Client acknowledges and agrees that: (i) the China Connect market is a no fail market, although trades may fail to settle in Client's China Connect Account in exceptional circumstances or if the provisions of this Letter are not adhered to; and (ii) under the General Rules of CCASS, if HKSCC receives insufficient funds or securities from the China Connect Clearing House to meet HKSCC's aggregate liabilities to China Connect Clearing Participants, it may make a partial or pro rata payment or delivery to China Connect Clearing Participants to whom such liabilities are due, and that should HKSCC elect to make such a partial or pro rata payment or delivery with respect to Client's China Connect Service transactions Client hereby indemnifies and shall hold BNYM harmless, and, further, Client shall have no recourse against BNYM for the balance of any money or securities.

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(j)Client acknowledges and agrees that there are certain responsibilities, risks and limitations presented to, and imposed upon, it in respect of use of the China Connect Service. These include the following (such list is not exhaustive): the matters contemplated in the Service Level Description, Investment Restrictions, Foreign Ownership Limits and Disclosures of Interest (all as detailed above), unavailability of an investor compensation fund, lack of support for certain trading strategies (such as day trading and short selling), limitations on exercise of shareholder rights and benefits, suspension of trading without cause or notice, trade failure or trade rejection at SEHK, tax liability, strict settlement practices, loss recovery limitations, market rules, counterparty insolvency risk and responsibility for the matters under paragraph (h) above.

(k)Client acknowledges and agrees that (i) BNYM shall not be liable, or in any way responsible, for (and Client therefore has no recourse against BNYM for) acts, omissions, errors, timeliness, fraud, default and/or solvency of any broker (including HSBC Broker), stock exchange, depository or clearing entity in connection with the China Connect Service and that (ii) BNYM shall assume no additional responsibility beyond those noted in this Letter as a result of Client transacting in China Connect Securities.

(l)BNYM hereby confirms that it is not appointing or instructing HSBC Broker for the purposes of the China Connect Service.

(m)Client agrees that except in the event of wilful misconduct, negligence or wilful default of BNYM, Client shall indemnify and hold BNYM harmless from any liabilities, costs and expenses (including, without limitation, overdraft charges and market fines) arising from any provision/non provision of instructions to BNYM that do not match an instruction to HSBC Broker or for the circumstances of reliance on the instruction to HSBC Broker and the process and Settlement Tasks described in paragraph (d) above or instructions which require a trade where this is not supported under the service under this Letter or instructions that are otherwise not in accordance with BNYM's requirements as referred to in this Letter or the Service Level Description. Nothing in the preceding sentence shall limit any other indemnification protections available to BNYM under the terms of the CA.

(n)Client and BNYM acknowledge and agree that any fees and expenses associated with BNYM's services under this Letter are as agreed between Client and BNYM under the CA (and as such fees and expenses are amended from time to time).

(o)No provision of this Letter may be amended except in a writing signed by Client and BNYM.

(p)If Client wishes to terminate its use of the China Connect Service under this Letter with BNYM it will provide 30 days written notice of termination to BNYM. BNYM may terminate its provision of services under this Letter with respect to a Client by 60 days written notice of termination to Client. Client agrees that the Subcustodian and/or HSBC Broker may terminate or cease to provide its services or support the China Connect Service either generally or in respect of Client and Client is at risk of such termination if paragraph

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)above or any other terms of this Letter are breached (**HSBC Termination**). BNYM shall by written notice to a Client terminate its services under this Letter with respect to such Client at such time that the HSBC Termination takes place with respect to such Client.

Without limitation to the foregoing, Client authorises BNYM and the Subcustodian to perform any such acts (or refrain from taking any such acts) as BNYM or the Subcustodian considers in their respective discretion necessary or advisable for complying with CCASS and all relevant market rules for the China Connect Service, and with all instructions issued to BNYM and HSBC Broker and all Settlement Tasks and other requirements (whether in relation to Taxes or otherwise). Client further agrees to provide all assistance that BNYM may reasonably require in performing such acts required by applicable law or regulation.

This Letter and the agreements, undertakings and indemnities given herein are supplemental and additional to the provisions of the CA. For clarity, the services provided in connection with the China Connect Service are part of BNYM's performance of its services under the CA. Except as contemplated in and as modified by the terms of this Letter, the terms of the CA shall apply to the provision of services in connection with the China Connect Service; in clarification of the preceding provisions of this sentence, with respect to the provision of services in connection with the China Connect Service any difference between an item as stated in this Letter and the terms of the CA shall be resolved entirely in favor of the item as stated in this Letter. This Letter shall be governed by and construed in accordance with the same governing law as in the CA. This Letter does not affect the duties or obligations of BNYM under the Foreign Custody Manager Agreement between the Voya funds which are party thereto and BNYM (previously The Bank of New York) dated January 6, 2003, as amended or supplemented from time to time.

A copy of the Agreement and Declaration of Trust relating to any Client that is a series of a Massachusetts business trust (**Trust**) is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this Letter has been executed on behalf of the relevant Trust by an officer of such Trust as an officer and not individually and the obligations of such Trust arising out of this Letter are not binding upon any of the trustees, officers or shareholders of such Trust individually but are binding only upon the assets and property of such Trust.

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Agreed and accepted by

By: <u>/s/ Todd Modic</u>___________

Name: Todd Modic

Title: Senior Vice President For and on behalf of

Each Separate Legal Entity Listed on Annex A Hereto June 2, 2016

Acknowledged by

The Bank of New York Mellon

By: <u>/s/ Mary Jean Milner</u>______

Name: <u>Mary Jean Milner</u>_________

Title: <u>Managing Director</u>________

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<u>ANNEX A</u>

Voya Mutual Funds - Voya Multi-Manager Emerging Markets Equity Fund

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## Ex-99

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(g)(1)(x)

**SUPPLEMENT TO THE CUSTODY AGREEMENT**

**HONG KONG - CHINA CONNECT SERVICE**

Date: April 29, 2016

To: The Bank of New York Mellon

Re: Hong Kong - China Connect Service

Dear Sir or Madam:

Reference is made to the Custody Agreement entered into between the Voya funds set forth on Exhibit A thereto and The Bank of New York Mellon (previously The Bank of New York) as custodian (**BNYM**) dated January 6, 2003, as amended or supplemented from time to time (**CA**). Each separate Portfolio listed on Annex A hereto, as it may be updated from time to time, is referred to separately herein as the **Client**. This letter (**Letter**) serves as a supplement to the CA.

This Letter relates to the Hong Kong - China Connect Service (as the same is defined in the Rules of the Stock Exchange of Hong Kong and as hereafter referred to in this Letter, the **China Connect Service** or **Connect**). Connect is a trading and clearing service between Shanghai Stock Exchange (**SSE**), China Securities Depository and Clearing Corporation Limited (**China Connect Clearing House**), the Stock Exchange of Hong Kong (**SEHK**) and the Hong Kong Stock Exchange's clearing and nominee company, Hong Kong Securities Clearing Company Ltd. (**HKSCC**). The service applies to securities (**China Connect Securities**) listed and traded on a China Connect Market via the China Connect Service.

Where used in this Letter, the term **China Connect Market System** has the meaning given to it in the Rules of the SEHK and the terms **China Connect Market, China Connect Market Operator** and **China Connect Clearing Participant** have the meanings given to them in the General Rules of the Central Clearing and Settlement Service established and operated by HKSCC (**CCASS**), as may be amended from time to time.

With respect to each Client, this Letter sets out the terms and conditions upon which BNYM supports and provides access to Connect.

&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)In respect of the China Connect Securities, BNYM will (and is authorised to):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)establish, maintain and operate a segregated account/sub-account and ledger for each Client on its books and records and as required pursuant to the CA (each a **BNYM China Connect Account**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)at BNYM's appointed subcustodian, the Hong Kong and Shanghai Banking Corporation Limited (**Subcustodian**), direct the establishment and maintenance in the books and records of the Subcustodian of an account for each Client for the deposit, custody and safekeeping of such securities (each a **China Connect Account**).

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Client acknowledges and agrees that in respect of the China Connect Securities and Connect, the Subcustodian and its clearing affiliate shall maintain a participant account with HKSCC for the holding and recording of Client's China Connect Securities (this will be opened by the Subcustodian and its clearing affiliate on a multiple segregated basis, as necessary). Client is referred to the matters in paragraphs (g) and (h) below regarding HKSCC and its account with China Connect Clearing House.

(b)In accordance with the requirements of the China Connect Service for trades of China Connect Securities to be on market, Client agrees and undertakes to ensure that all transfers of China Connect Securities into or out of its China Connect Account that it instructs BNYM to effect: (i) will not, unless permitted by the China Securities Regulatory Commission (**CSRC**), be in relation to the trading of China Connect Securities other than through the relevant China Connect Market System; and/or (ii) will only be made on a "no change of beneficial ownership" basis (excepting where trades are on the basis referred to in paragraph (d) below).

(c)Client instructions issued to BNYM for trades of China Connect Securities through Connect (**Instructions**) must be in the China Connect Service format required by BNYM (as specified in the BNYM service level description (**Service Level Description**) from time to time) that enables the special process detailed in the Service Level Description and such Instructions must be received by BNYM by the BNYM deadline (as specified in the Service Level Description from time to time). Client shall be responsible for all trade instructions issued to its broker engaged for trades in China Connect Securities. With respect to Connect and transactions in China Connect Securities, Client is engaging Hong Kong and Shanghai Banking Corporation Limited and its broker affiliate company to act as Client's broker (**HSBC Broker**). BNYM is not party to any brokerage arrangement or agreement entered into between a Client and HSBC Broker (or any other broker) and takes no responsibility for such brokerage services. Client must therefore ensure that Instructions it provides to BNYM are correct and at all times consistent with the trading instructions it issues to HSBC Broker. Client acknowledges and agrees that, prior to issuing trading instructions, it must ensure it has: (i) sufficient Yuan Renminbi – 'CNH' for a purchase of China Connect Securities in its Cash Account (as defined below); and/or (ii) sufficient China Connect Securities for a sale of China Connect Securities in its BNYM China Connect Account/China Connect Account.

(d)Client authorises the Subcustodian to disclose to HSBC Broker the balance of the China Connect Securities in its China Connect Account at such interval and time and via such means as may be agreed from time to time between the Subcustodian and HSBC Broker (**Disclosure**). Client further authorises the performance of all acts and taking of all actions (such acts and actions described in this paragraph (d), the **Settlement Tasks**) which either of BNYM or the Subcustodian considers in its discretion necessary for completing the settlement of trades of China Connect Securities in Client's China Connect Account executed (or purportedly executed) by HSBC Broker. Client agrees and acknowledges sale trades and transactions shall be carried out on instructions issued by Client to HSBC Broker independent of Instructions of Client to BNYM (purchase trades and transactions will be settled on the basis of Instructions of a Client as issued by BNYM to the Sub-Custodian).

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Settlement Tasks shall include but are not limited to generating settlement instructions in respect of the trades, effecting the transfer of the relevant China Connect Securities of a trade into or out of the relevant China Connect Account, on a delivery versus payment basis (i.e., HSBC offered synthetic delivery versus payment), or making credits into the cash account denominated in Yuan Renminbi – 'CNH' which the relevant Client maintains with BNYM or the Subcustodian and which is designated for use in respect of such Client's China Connect Account (each a **Cash Account**) for trades on a delivery versus payment basis (i.e., HSBC offered synthetic delivery versus payment).

(e)Client acknowledges and agrees that BNYM shall not be liable for paying and/or reporting any tax, levy, impost, duty, assessment, deduction, charge or withholding of a similar nature, and any addition, penalty or interest payable in connection with any failure to pay or any delay in paying any of the same that may be charged or chargeable on or in respect of the holding, trading and/or income, interests and other entitlements that may be derived from the China Connect Securities in Client's BNYM China Connect Account/China Connect Account (**Taxes**), nor responsible for the obligation to withhold Taxes or comply with any filing or registration obligations regarding Taxes except as otherwise required by any applicable law, rule, operating procedure, order, directive, notice, guidance, market practice or request (in all cases whether or not having the force of law) of any government agency, court of competent jurisdiction, central depository, exchange, clearing or settlement facility and/or any regulatory or supervisory authority (the foregoing, **Applicable Requirements**). Where BNYM or any of its affiliates, or the Subcustodian or any of its affiliates, are required to do any of the above by such Applicable Requirements, Client undertakes to reimburse and indemnify BNYM or its affiliates on demand for the amount of Taxes that BNYM has paid and to provide such information as BNYM may require to fulfil its duties within the timeframe which BNYM advises. For the avoidance of doubt, Client acknowledges and agrees that neither the Subcustodian nor BNYM is providing Client with any advice in relation to Taxes nor is the Subcustodian or BNYM acting as agent or representative with respect to such Taxes.

(f)Client acknowledges and agrees that it is the investor in the China Connect Securities and shall be responsible for the consequences of trading of China Connect Securities through the China Connect Service. Client therefore further acknowledges and agrees that it understands and shall comply with all applicable laws, rules, regulations, orders, directives, guidelines, market practice, notices, operating procedures, policies or requests of any government agency, central depository, exchange, clearing or settlement facility and/or any regulatory or supervisory authority with competent jurisdiction (whether or not having the force of law and as the same may be amended) which shall include, but is not limited to, China Connect Clearing House, HKSCC, SEHK, a China Connect Market Operator and CCASS generally and as each of the same concern the China Connect Service, and activities arising from the China Connect Service and/or regarding investments in China Connect Securities. Such applicable laws, rules and regulations shall include, but shall not be limited to: (i) any restrictions on investments in China Connect Securities (**Investment Restrictions**); (ii) percentage limits that may be imposed on the maximum holdings of a non-PRC (People's Republic of China) investor (either on its own or in aggregate with other non-PRC investors) in China Connect Securities (**Foreign Ownership Limits**); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)disclosure of interest reporting obligations in respect of China Connect Securities (**Disclosures of Interest**). For the avoidance of doubt, Client acknowledges and agrees that: (i) BNYM's duties and service provision does not comprise any investment advice and BNYM takes no responsibility for advising or verifying whether Client is eligible to invest in China Connect Securities and Client should undertake its own due diligence and take advice under its own laws, regulations and applicable investment criteria/limitations as to the suitability of such investment; and (ii) neither BNYM nor the Subcustodian shall be responsible for monitoring any Investment Restrictions or Foreign Ownership Limits applicable to any China Connect Securities or for making any Disclosures of Interest in any China Connect Securities.

(g)Client acknowledges and agrees that China Connect Securities are held centrally by HKSCC for the account of the CCASS Participant (in this case the Subcustodian and its affiliate) in an omnibus account with China Connect Clearing House and that HKSCC and China Connect Clearing House are intermediaries and depositories in Hong Kong and the People's Republic of China and, accordingly will be subject to the requirements and laws of these jurisdictions. HKSCC does not guarantee the title to any China Connect Securities held through it in any manner, and any of Client's title, property or interests in such China Connect Securities shall be subject to the "Securities on-hold" provisions of the General Rules of CCASS pursuant to which title, property or interest in any China Connect Securities shall not pass to a purchaser unless and until HKSCC has received payment in full for such securities and such payment is good and irrevocable or otherwise agreed by

HKSCC.

(h)Client understands that China Connect Securities are uncertificated and are held by HKSCC in computerised form in the account maintained by HKSCC with China Connect Clearing House, and, as such, that the China Connect Securities credited to Client's China Connect Account are not registered or recorded with China Connect Clearing House in Client's name, Subcustodian's name or BNYM's name. All China Connect Securities will be recorded in the name of HKSCC with China Connect Clearing House. BNYM cannot guarantee nor does it take any liability or responsibility for Client's investment in China Connect Securities and Client's title, property and interest in China Connect Securities and any ability to enforce the same by virtue of this registration (and the position of HKSCC stated under paragraph (g) above) and the relevant property rights, insolvency rules and procedures and remedies under the laws and regulations of Hong Kong or the People's Republic of China (and any conflict between the same).

(i)Client acknowledges and agrees that: (i) the China Connect market is a no fail market, although trades may fail to settle in Client's China Connect Account in exceptional circumstances or if the provisions of this Letter are not adhered to; and (ii) under the General Rules of CCASS, if HKSCC receives insufficient funds or securities from the China Connect Clearing House to meet HKSCC's aggregate liabilities to China Connect Clearing Participants, it may make a partial or pro rata payment or delivery to China Connect Clearing Participants to whom such liabilities are due, and that should HKSCC elect to make such a partial or pro rata payment or delivery with respect to Client's China Connect Service transactions Client hereby indemnifies and shall hold BNYM harmless,

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and, further, Client shall have no recourse against BNYM for the balance of any money or securities.

(j)Client acknowledges and agrees that there are certain responsibilities, risks and limitations presented to, and imposed upon, it in respect of use of the China Connect Service. These include the following (such list is not exhaustive): Investment Restrictions, Foreign Ownership Limits and Disclosures of Interest (all as detailed above), unavailability of an investor compensation fund, lack of support for certain trading strategies (such as day trading and short selling), limitations on exercise of shareholder rights and benefits, suspension of trading without cause or notice, trade failure or trade rejection at SEHK, tax liability, strict settlement practices, loss recovery limitations, market rules, counterparty insolvency risk and responsibility for the matters under paragraph (h) above.

(k)Client acknowledges and agrees that BNYM shall not be liable, or in any way responsible, for acts, omissions, errors, timeliness, default and/or solvency of any broker (including HSBC Broker), stock exchange, depository or clearing entity in connection with the China Connect Service.

(l)Client and BNYM acknowledge and agree that any fees and expenses associated with BNYM's services under this Letter are as agreed between Client and BNYM under the CA (and as such fees and expenses are amended from time to time).

(m)No provision of this Letter may be amended except in a writing signed by Client and BNYM.

(n)If Client wishes to terminate its use of the China Connect Service under this Letter with BNYM it will provide 30 days written notice of termination to BNYM. BNYM may terminate its provision of services under this Letter with respect to a Client by 60 days written notice of termination to Client. Client agrees that the Subcustodian and/or HSBC Broker may terminate or cease to provide its services or support the China Connect Service either generally or in respect of Client and Client is at risk of such termination if paragraph

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) above or any other terms of this Letter are breached (**HSBC Termination**). BNYM shall by written notice to a Client terminate its services under this Letter with respect to such Client at such time that the HSBC Termination takes place with respect to such Client.

Without limitation to the foregoing, Client authorises BNYM and the Subcustodian to perform any such acts (or refrain from taking any such acts) as BNYM or the Subcustodian considers in their respective discretion necessary or advisable for complying with CCASS and all relevant market rules for the China Connect Service, and with all instructions issued to BNYM and HSBC Broker and all Settlement Tasks and other requirements (whether in relation to Taxes or otherwise). Client further agrees to provide all assistance that BNYM may reasonably require in performing such acts required by applicable law or regulation.

This Letter and the agreements, undertakings and indemnities given herein are supplemental and additional to the provisions of the CA. For clarity, the services provided in connection with the China Connect Service are part of BNYM's performance of its services under the CA. Except as

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![](g4ku8f3g48bw2kej6np6d.jpg)

contemplated in and as modified by the terms of this Letter, the terms of the CA shall apply to the provision of services in connection with the China Connect Service; in clarification of the preceding provisions of this sentence, with respect to the provision of services in connection with the China Connect Service any difference between an item as stated in this Letter and the terms of the CA shall be resolved entirely in favor of the item as stated in this Letter. This Letter shall be governed by and construed in accordance with the same governing law as in the CA. This Letter does not affect the duties or obligations of BNYM under the Foreign Custody Manager Agreement between the Voya funds which are party thereto and BNYM (previously The Bank of New York) dated January 6, 2003, as amended or supplemented from time to time.

A copy of the Agreement and Declaration of Trust relating to any Client that is a series of a Massachusetts business trust (**Trust**) is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this Letter has been executed on behalf of the relevant Trust by an officer of such Trust as an officer and not individually and the obligations of such Trust arising out of this Letter are not binding upon any of the trustees, officers or shareholders of such Trust individually but are binding only upon the assets and property of such Trust.

Agreed and accepted by

By: <u>/s/ Todd Modic</u>___________

Name: Todd Modic

Title: Senior Vice President

For and on behalf of

Each Separate Legal Entity Listed on Annex A Hereto

April 29, 2016

Acknowledged by

The Bank of New York Mellon

---

| | |
|:---|:---|
| By: | <u>/s/ Mary Jean Milner</u>________ |
| Name: | <u>Mary Jean Milner</u>__________ |
| Title: | <u>Managing Director</u>_________ |

---

Voya funds

![](g8to0zjjrmazsio4hvh4d.jpg)

<u>ANNEX A</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;**BNY Mellon** | **BNY Mellon** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Custody Account Title** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Custody** |
|  | **Account Number** |
| &nbsp;&nbsp;&nbsp;Voya Emerging Markets High Dividend Equity Fund | 471840 |
| &nbsp;&nbsp;&nbsp;Voya Asia Pacific High Dividend Equity Income Fund | 470269 |
| &nbsp;&nbsp;&nbsp;Voya International High Dividend Equity Income Fund | 471090 |
| &nbsp;&nbsp;&nbsp;Voya Global Equity Dividend Fund | 464751 |
| &nbsp;&nbsp;&nbsp;Voya Global Equity Dividend and Premium Opportunity Fund | 464767 |

---

Voya funds

## Ex-99

(g)(1)(xi)

<u>ANNEX A</u>

This Annex A, amended and restated effective as of July 29, 2019, is the Annex A to that certain Supplement to the Custody Agreement Hong Kong - China Connect Service dated as of April 29, 2016, by and between each of the Portfolios listed on this Annex A and The Bank of New York Mellon.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PORTFOLIO | CUSTODY ACCOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLEEVE (if applicable) |
|  | NUMBER |  |
| &nbsp;&nbsp;Voya Global Equity Fund | 464218 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Voya Global Equity Portfolio | 471145 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Voya International High | 405893 | &nbsp;&nbsp;405895 |
| &nbsp;&nbsp;Dividend Equity Income Fund |  |  |

---

Note: (1) each entity listed in the Portfolio column is a Client, although with respect to each sleeve listed in the Sleeve column, for purposes of the account structure set forth in paragraph (a) that structure is established with respect to a particular sleeve commensurate with the account structure established under the CA with respect to such sleeve (and the terms China Connect Account and Cash Account have the meanings that correspond to that account structure established under the CA), (2) the provisions of paragraph (n) (including with respect to an HSBC Termination) are intended to apply on a sleeve-by- sleeve basis and (3) a sleeve may be considered to be the investor in China Connect Securities.

Agreed and accepted by

Each Separate Legal Entity Listed on this Annex A

---

| | |
|:---|:---|
| By: | <u>/s/ Todd Modic</u>___________ |
| Name: | Todd Modic |
| Title: | Senior Vice President |

---

Acknowledged by

The Bank of New York Mellon

---

| | |
|:---|:---|
| By: | /s/ Michael Rothemeyer________________ |
| Name: | Michael Rothemeyer |
| Title: | Vice President |

---

## Ex-99

![](gbtf11u61t523h1f5cfr6.jpg)

(g)(2)(ii)

February 9, 2023

Michael Rothemeyer

Vice President

The Bank of New York Mellon

135 Santilli Highway

Room 026-0026

Everett, MA 02149

Dear Mr. Rothemeyer:

Pursuant to the terms and conditions of the Custody Agreement, Foreign Custody Manager Agreement, and Fund Accounting Agreement, each dated January 6, 2003, the Fund Accounting, Custody &Transfer Agency for Voya Funds Fee Schedule, effective January 1, 2019, and the Letter of Instruction and Indemnification Agreement In Connection With Signature Guarantees and Signature Verifications, dated January 12, 2011 (collectively, the "Agreements"), we hereby notify you of the addition of Voya Short Duration High Income Fund, a newly established series of Voya Funds Trust (the "Fund"), effective on February 9, 2023, to be included on the ***Amended Exhibit A*** to the Agreements. This ***Amended Exhibit A*** supersedes the previous ***Amended Exhibit A*** dated November 18, 2022.

**REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK**

![](gwkys9oa3c3hfn3ze82iq.jpg)

Please signify your acceptance to provide services under the Agreements with respect to the aforementioned Fund by signing below where indicated. If you have any questions, please contact me at (480) 477-2190.

Very sincerely,

---

| | |
|:---|:---|
| By: | /s/ Todd Modic |
| Name: | Todd Modic |
| Title: | Senior Vice President |
|  | Voya Funds Trust |

---

ACCEPTED AND AGREED TO:

The Bank of New York Mellon

---

| | | |
|:---|:---|:---|
| By: | /s/ Sean Brumble |  |
| Name: | Sean Brumble |  |
| Title: | Managing Director | , Duly Authorized |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **AMENDED EXHIBIT A** |  |
| **<u>Fund</u>** | **<u>Effective Date</u>** |
| **Voya Asia Pacific High Dividend Equity Income Fund** | March 27, 2007 |
| **Voya Balanced Portfolio, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Balanced Portfolio | July 7, 2003 |
| **Voya Corporate Leaders Trust Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Corporate Leaders<sup>®</sup> Trust Fund – Series B | May 17, 2004 |
| **Voya Emerging Markets High Dividend Equity Fund** | April 26, 2011 |
| **Voya Equity Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Corporate Leaders<sup>®</sup> 100 Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Multi-Asset Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Large-Cap Growth Fund | June 9, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Large Cap Value Fund | December 4, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Mid Cap Research Enhanced Index Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya MidCap Opportunities Fund | June 9, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Multi-Manager Mid Cap Value Fund | September 30, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Small Cap Growth Fund | April 4, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Small Company Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya U.S. High Dividend Low Volatility Fund | December 5, 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series MCV Fund | November 18, 2022 |
| **Voya Funds Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya GNMA Income Fund | April 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Government Money Market Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya High Yield Bond Fund | April 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Intermediate Bond Fund | April 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Short Duration High Income Fund | February 9, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Short Term Bond Fund | December 17, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Strategic Income Opportunities Fund | October 15, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series HYB Fund | November 18, 2022 |
| **Voya Global Advantage and Premium Opportunity Fund** | October 27, 2005 |
| **Voya Global Equity Dividend and Premium Opportunity Fund** | March 28, 2005 |
| **Voya Government Money Market Portfolio** | July 7, 2003 |
| **Voya Infrastructure, Industrials and Materials Fund** | January 26, 2010 |
| **Voya Intermediate Bond Portfolio** | July 7, 2003 |
| **Voya Investors Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Balanced Income Portfolio | April 28, 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Perspectives<sup>®</sup> Portfolio | May 1, 2013 |

---

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Effective Date</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Government Liquid Assets Portfolio | January 6, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya High Yield Portfolio | November 5, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Large Cap Growth Portfolio | May 3, 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Large Cap Value Portfolio | May 11, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Limited Maturity Bond Portfolio | January 6, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Retirement Conservative Portfolio | August 12, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Retirement Growth Portfolio | August 12, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Retirement Moderate Growth Portfolio | August 12, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Retirement Moderate Portfolio | August 12, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya U.S. Stock Index Portfolio | November 5, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Index Series S Portfolio | October 21, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio | April 30, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> CBRE Global Real Estate Portfolio | January 3, 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> CBRE Real Estate Portfolio | January 3, 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Invesco Growth and Income Portfolio | January 13, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio | January 13, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio | January 13, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio | January 13, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio | January 13, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> T. Rowe Price Equity Income Portfolio | January 13, 2003 |
| **Voya Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Bond Fund | June 19, 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Diversified Payment Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global High Dividend Low Volatility Fund | November 3, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Perspectives<sup>®</sup> Fund | March 28, 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya International High Dividend Low Volatility Fund | December 5, 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Multi-Manager Emerging Markets Equity Fund | September 30, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Multi-Manager International Equity Fund | December 15, 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Multi-Manager International Factors Fund | February 1, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Multi-Manager International Small Cap Fund | November 3, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russia Fund | November 3, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series EME Fund | November 18, 2022 |
| **Voya Partners, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Bond Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2025 Portfolio | March 7, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2030 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2035 Portfolio | March 7, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2040 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2045 Portfolio | March 7, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2050 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2055 Portfolio | December 4, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2060 Portfolio | February 9, 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2065 Portfolio | May 1, 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution Income Portfolio | March 7, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya International High Dividend Low Volatility Portfolio | November 30, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2025 Portfolio | April 29, 2005 |

---

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Effective Date</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2030 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2035 Portfolio | April 29, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2040 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2045 Portfolio | April 29, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2050 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2055 Portfolio | December 4, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2060 Portfolio | February 9, 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2065 Portfolio | May 1, 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Aggressive Portfolio | May 1, 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Balanced Portfolio | June 29, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Conservative Portfolio | April 30, 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Income Portfolio | April 29, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Moderately Aggressive Portfolio | April 30, 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Moderately Conservative Portfolio | June 29, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Baron Growth Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Columbia Contrarian Core Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Columbia Small Cap Value II Portfolio | April 28, 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Invesco Comstock Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Invesco Equity and Income Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Invesco Global Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio | January 10, 2005 |
| **Voya Separate Portfolios Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Emerging Markets Hard Currency Debt Fund | July 20, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Investment Grade Credit Fund | May 16, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Securitized Credit Fund | August 6, 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target In-Retirement Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2025 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2030 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2035 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2040 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2045 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2050 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2055 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2060 Fund | October 15, 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2065 Fund | May 1, 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series EMCD Fund | November 18, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series EMHCD Fund | November 18, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series SC Fund | November 18, 2022 |
| **Voya Strategic Allocation Portfolios, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Strategic Allocation Conservative Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Strategic Allocation Growth Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Strategic Allocation Moderate Portfolio | July 7, 2003 |

---

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Effective Date</u>** |
| **Voya Variable Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Growth and Income Portfolio | July 7, 2003 |
| **Voya Variable Insurance Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> BrandywineGLOBAL – Bond Portfolio | February 9, 2015 |
| **Voya Variable Portfolios, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Emerging Markets Index Portfolio | November 30, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global High Dividend Low Volatility Portfolio | January 16, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Plus LargeCap Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Plus MidCap Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Plus SmallCap Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya International Index Portfolio | March 4, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Large Cap Growth Index Portfolio | May 1, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Large Cap Index Portfolio | March 4, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Large Cap Value Index Portfolio | May 1, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Mid Cap Growth Index Portfolio | May 1, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Mid Cap Index Portfolio | March 4, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Small Cap Index Portfolio | March 4, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Small Company Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya U.S. Bond Index Portfolio | March 4, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Index Series EM Portfolio | October 21, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Index Series I Portfolio | October 21, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Index Series MC Portfolio | October 21, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Index Series SC Portfolio | October 21, 2022 |
| **Voya Variable Products Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya MidCap Opportunities Portfolio | October 6, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya SmallCap Opportunities Portfolio | October 6, 2003 |

---

## Ex-99

![](gjt9v32qh4a7u7tlrj7y6.jpg)

(g)(3)(i)

April 4, 2022

Katherine Dinella

Vice President

The Bank of New York Mellon – Securities Lending

101Barclay Street, 4<sup>th</sup> Floor New York, NY 10286

Dear Ms. Dinella:

Pursuant to the terms and conditions of the Securities Lending Agreement and Guaranty, dated August 7, 2003 (the "Agreement"), we hereby notify you of the addition of Voya Small Cap Growth Fund (the "Fund"), a newly established series of Voya Equity Trust, effective on April 4, 2022, to be included on the **<u>Amended Exhibit A</u>** to the Agreement. This **<u>Amended Exhibit A</u>** supersedes the previous **<u>Amended Exhibit A</u>** dated May 1, 2020.

The **<u>Amended Exhibit A</u>** has also been updated to reflect: 1) the recent name change of VY<sup>®</sup> Invesco Oppenheimer Global Portfolio to VY<sup>®</sup> Invesco Global Portfolio; and 2) the removal of Voya Diversified Emerging Markets Debt Fund, Voya Global Equity Dividend Fund, Voya Index Solution 2020 Portfolio, Voya International High Dividend Equity Income Fund, Voya Natural Resources Equity Income Fund, Voya Solution 2020 Portfolio, and Voya Target Retirement 2020 Fund because these series recently liquidated or merged away.

**REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK**

![](gomexvkmm6rwnvdevrf45.jpg)

Please signify your acceptance to provide services under the Agreement with respect to the aforementioned Fund by signing below where indicated. If you have any questions, please contact me at (480) 477-2190.

Very sincerely,

---

| | |
|:---|:---|
| By: | /s/ Todd Modic |
| Name: | Todd Modic |
| Title: | Senior Vice President |
|  | Voya Equity Trust |
|  | Voya International High Dividend |
|  | &nbsp;&nbsp;&nbsp;Equity Income Fund |
|  | Voya Mutual Funds |
|  | Voya Natural Resources Equity Income |
|  | &nbsp;&nbsp;&nbsp;Fund |
|  | Voya Partners, Inc. |
|  | Voya Separate Portfolios Trust |

---

ACCEPTED AND AGREED TO:

The Bank of New York Mellon

---

| | |
|:---|:---|
| By: | /s/ Maria Fox |
| Name: | Maria Fox |
| Title: | <u>Director, Securities Finance__________</u>, Duly Authorized |
|  | <u>/s/ Todd Levy_____________________</u> |
|  | Todd Levy |
|  | Director, Securities Finance |

---

**AMENDED EXHIBIT A**

**with respect to the**

**SECURITIES LENDING AGREEMENT AND GUARANTY**

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>BNY Account Number</u>** |
| **Voya Asia Pacific High Dividend Equity Income Fund** | **<u>(domestic/global)</u>** |
| **Voya Asia Pacific High Dividend Equity Income Fund** | Composite – 405906 |
|  | Equity Sleeve – 405907 |
|  | Derivatives Sleeve – 405909 |
| **Voya Balanced Portfolio, Inc.** |  |
| Voya Balanced Portfolio | 464428 |
| **Voya Emerging Markets High Dividend Equity Fund** | Composite – 405899 |
|  | Equity Sleeve – 405901 |
|  | Derivatives Sleeve – 405904 |
| **Voya Equity Trust** |  |
| Voya Corporate Leaders<sup>®</sup> 100 Fund | 471161 |
| Voya Global Multi-Asset Fund | 464722 |
| Voya Large-Cap Growth Fund | 464733 |
| Voya Large Cap Value Fund | 471164 |
| Voya Mid Cap Research Enhanced Index Fund | 464727 |
| Voya MidCap Opportunities Fund | 464741 |
| Voya Multi-Manager Mid Cap Value Fund | Composite **–** 472138 |
|  | Hahn Sleeve **–** 472391 |
|  | LSV Sleeve **–** 473941 |
|  | Wellington Sleeve **–** 472393 |
|  | VIL Sleeve – 941479 |
| Voya Small Cap Growth Fund | 854265 |
| Voya Small Company Fund | 464729 |
| Voya SmallCap Opportunities Fund | 464743 |
| Voya U.S. High Dividend Low Volatility Fund | 473010 |
| **Voya Funds Trust** |  |
| Voya GNMA Income Fund | 464012 |
| Voya Government Money Market Fund | 464064 |
| Voya High Yield Bond Fund | 464010 |
| Voya Intermediate Bond Fund | 464006 |
| Voya Short Term Bond Fund | 473565 |
| Voya Strategic Income Opportunities Fund | 473423 |
| **Voya Global Advantage and Premium Opportunity Fund** | Composite – 405880 |
|  | Equity Sleeve – 405883 |
|  | Derivatives Sleeve – 405886 |

---

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>BNY Account Number</u>** |
| **Voya Global Equity Dividend and Premium Opportunity** | **<u>(domestic/global)</u>** |
| **Voya Global Equity Dividend and Premium Opportunity** | Composite – 405889 |
| **Fund** | Equity Sleeve – 405890 |
|  | Derivatives Sleeve – 405892 |
| **Voya Government Money Market Portfolio** | 464412 |
| **Voya Infrastructure, Industrials and Materials Fund** | Equity – 471149 |
|  | Composite – 471153 |
|  | Derivative – 471155 |
| **Voya Intermediate Bond Portfolio** | 464400 |
| **Voya Investors Trust** |  |
| Voya Balanced Income Portfolio | Composite – 405867 |
|  | SIO – 405868 |
|  | US HDLV – 405870 |
|  | INTL HDLV – 405871 |
|  | MASS – 405872 |
| Voya Global Perspectives<sup>®</sup> Portfolio | CASH AC – 405874 |
| Voya Global Perspectives<sup>®</sup> Portfolio | 473354 |
| Voya Government Liquid Assets Portfolio | 058081 |
| Voya High Yield Portfolio | 464018 |
| Voya Large Cap Growth Portfolio | 464706 |
| Voya Large Cap Value Portfolio | 470567 |
| Voya Limited Maturity Bond Portfolio | 058082 |
| Voya Retirement Conservative Portfolio | 471092 |
| Voya Retirement Growth Portfolio | 464996 |
| Voya Retirement Moderate Growth Portfolio | 464994 |
| Voya Retirement Moderate Portfolio | 464992 |
| Voya U.S. Stock Index Portfolio | 464701 |
| VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio | 470551 |
| VY<sup>®</sup> Clarion Global Real Estate Portfolio | 464280 |
| VY<sup>®</sup> Clarion Real Estate Portfolio | 058086 |
| VY<sup>®</sup> Invesco Growth and Income Portfolio | 058090 |
| VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio | 058096 |
| VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio | 279610 |
| VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio | 279605 |
| VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio | 058084 |
| VY<sup>®</sup> T. Rowe Price Equity Income Portfolio | 058087 |
| VY<sup>®</sup> T. Rowe Price International Stock Portfolio | 464576 |
| **Voya Mutual Funds** |  |
| Voya Global Bond Fund | 464773 |
| Voya Global Diversified Payment Fund | 471174 |
| Voya Global High Dividend Low Volatility Fund | 464218 |
| Voya Global Perspectives<sup>®</sup> Fund | 473352 |
| Voya International High Dividend Low Volatility Fund | 473009 |
| Voya Multi-Manager Emerging Markets Equity Fund | Composite – 472158 |
|  | JPM Sleeve – 472392 |

---

---

| | |
|:---|:---|
| **<u>Fund</u>** | &nbsp;&nbsp;**<u>BNY Account Number</u>** |
|  | &nbsp;&nbsp;**<u>(domestic/global)</u>** |
|  | &nbsp;&nbsp;Delaware Sleeve – 472394 |
|  | &nbsp;&nbsp;Van Eck Sleeve – 473280 |
|  | &nbsp;&nbsp;VIL Sleeve – 941478 |
| Voya Multi-Manager International Equity Fund | &nbsp;&nbsp;Composite – 472499 |
|  | &nbsp;&nbsp;Baillie Gifford Sleeve – 472492 |
|  | &nbsp;&nbsp;Lazard Sleeve – 473411 |
|  | &nbsp;&nbsp;Polaris Sleeve **–** 941469 |
|  | &nbsp;&nbsp;VIL Sleeve **–** 941476 |
|  | &nbsp;&nbsp;Wellington Sleeve – 941468 |
|  | &nbsp;&nbsp;Composite – 472496 |
| Voya Multi-Manager International Factors Fund | &nbsp;&nbsp;VIL Sleeve – 941482 |
|  | &nbsp;&nbsp;PanAgora Sleeve – 938465 |
|  | &nbsp;&nbsp;Voya IM Sleeve – 941467 |
| Voya Multi-Manager International Small Cap Fund | &nbsp;&nbsp;Composite – 464301 |
|  | &nbsp;&nbsp;Acadian Sleeve – 464216 |
|  | &nbsp;&nbsp;Victory Sleeve – 472970 |
|  | &nbsp;&nbsp;VIL Sleeve – 941477 |
|  | &nbsp;&nbsp;Wellington Sleeve - 471162 |
| Voya Russia Fund | &nbsp;&nbsp;464208 |
| **Voya Partners, Inc.** |  |
| Voya Global Bond Portfolio | &nbsp;&nbsp;464548 |
| Voya Index Solution 2025 Portfolio | &nbsp;&nbsp;471154 |
| Voya Index Solution 2030 Portfolio | &nbsp;&nbsp;472495 |
| Voya Index Solution 2035 Portfolio | &nbsp;&nbsp;471158 |
| Voya Index Solution 2040 Portfolio | &nbsp;&nbsp;472399 |
| Voya Index Solution 2045 Portfolio | &nbsp;&nbsp;471159 |
| Voya Index Solution 2050 Portfolio | &nbsp;&nbsp;472493 |
| Voya Index Solution 2055 Portfolio | &nbsp;&nbsp;471368 |
| Voya Index Solution 2060 Portfolio | &nbsp;&nbsp;472157 |
| Voya Index Solution 2065 Portfolio | &nbsp;&nbsp;402325 |
| Voya Index Solution Income Portfolio | &nbsp;&nbsp;471151 |
| Voya International High Dividend Low Volatility Portfolio | &nbsp;&nbsp;405916 |
| Voya Solution 2025 Portfolio | &nbsp;&nbsp;464594 |
| Voya Solution 2030 Portfolio | &nbsp;&nbsp;472590 |
| Voya Solution 2035 Portfolio | &nbsp;&nbsp;464596 |
| Voya Solution 2040 Portfolio | &nbsp;&nbsp;472398 |
| Voya Solution 2045 Portfolio | &nbsp;&nbsp;464574 |
| Voya Solution 2050 Portfolio | &nbsp;&nbsp;472589 |
| Voya Solution 2055 Portfolio | &nbsp;&nbsp;471370 |
| Voya Solution 2060 Portfolio | &nbsp;&nbsp;472798 |
| Voya Solution 2065 Portfolio | &nbsp;&nbsp;402329 |
| Voya Solution Aggressive Portfolio | &nbsp;&nbsp;473350 |
| Voya Solution Balanced Portfolio | &nbsp;&nbsp;471083 |
| Voya Solution Conservative Portfolio | &nbsp;&nbsp;471928 |
| Voya Solution Income Portfolio | &nbsp;&nbsp;464586 |
| Voya Solution Moderately Aggressive Portfolio | &nbsp;&nbsp;471926 |
| Voya Solution Moderately Conservative Portfolio | &nbsp;&nbsp;471082 |
| VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio | &nbsp;&nbsp;464515/464521 |

---

---

| | |
|:---|:---|
| **<u>Fund</u>** | &nbsp;&nbsp;**<u>BNY Account Number</u>** |
|  | &nbsp;&nbsp;**<u>(domestic/global)</u>** |
|  | &nbsp;&nbsp;Composite – 464501 |
| VY<sup>®</sup> Baron Growth Portfolio | &nbsp;&nbsp;464504 |
| VY<sup>®</sup> Columbia Contrarian Core Portfolio | &nbsp;&nbsp;464546 |
| VY<sup>®</sup> Columbia Small Cap Value II Portfolio | &nbsp;&nbsp;Team II, Sleeve 1 – 464785 |
|  | &nbsp;&nbsp;Team I, Sleeve II – 471330 |
|  | &nbsp;&nbsp;Composite – 471329 |
| VY<sup>®</sup> Invesco Comstock Portfolio | &nbsp;&nbsp;464512 |
| VY<sup>®</sup> Invesco Equity and Income Portfolio | &nbsp;&nbsp;464536 |
| VY<sup>®</sup> Invesco Global Portfolio | &nbsp;&nbsp;464508 |
| VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio | &nbsp;&nbsp;464506 |
| VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio | &nbsp;&nbsp;464534 |
| VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio | &nbsp;&nbsp;464530 |
| **Voya Separate Portfolios Trust** |  |
| Voya Emerging Markets Corporate Debt Fund | &nbsp;&nbsp;472953 |
| Voya Emerging Markets Hard Currency Debt Fund | &nbsp;&nbsp;472951 |
| Voya Emerging Markets Local Currency Debt Fund | &nbsp;&nbsp;472952 |
| Voya Investment Grade Credit Fund | &nbsp;&nbsp;470568 |
| Voya Securitized Credit Fund | &nbsp;&nbsp;Composite – 473623 |
|  | &nbsp;&nbsp;AB Sleeve – 473626 |
|  | &nbsp;&nbsp;CMB Sleeve – 473624 |
|  | &nbsp;&nbsp;Overlay Sleeve – 473628 |
|  | &nbsp;&nbsp;RMB Sleeve – 473625 |
| Voya Target In-Retirement Fund | &nbsp;&nbsp;473564 |
| Voya Target Retirement 2025 Fund | &nbsp;&nbsp;473557 |
| Voya Target Retirement 2030 Fund | &nbsp;&nbsp;473558 |
| Voya Target Retirement 2035 Fund | &nbsp;&nbsp;473559 |
| Voya Target Retirement 2040 Fund | &nbsp;&nbsp;473560 |
| Voya Target Retirement 2045 Fund | &nbsp;&nbsp;473561 |
| Voya Target Retirement 2050 Fund | &nbsp;&nbsp;473562 |
| Voya Target Retirement 2055 Fund | &nbsp;&nbsp;473563 |
| Voya Target Retirement 2060 Fund | &nbsp;&nbsp;473566 |
| Voya Target Retirement 2065 Fund | &nbsp;&nbsp;402324 |
| **Voya Strategic Allocation Portfolios, Inc.** |  |
| Voya Strategic Allocation Conservative Portfolio | &nbsp;&nbsp;464420 |
| Voya Strategic Allocation Growth Portfolio | &nbsp;&nbsp;464418 |
| Voya Strategic Allocation Moderate Portfolio | &nbsp;&nbsp;464416 |
| **Voya Variable Funds** |  |
| Voya Growth and Income Portfolio | &nbsp;&nbsp;464402 |
| **Voya Variable Insurance Trust** |  |
| VY<sup>®</sup> BrandywineGLOBAL – Bond Portfolio | &nbsp;&nbsp;405973 |
| **Voya Variable Portfolios, Inc.** |  |
| Voya Emerging Markets Index Portfolio | &nbsp;&nbsp;472592 |
| Voya Global High Dividend Low Volatility Portfolio | &nbsp;&nbsp;471145 |
| Voya Index Plus LargeCap Portfolio | &nbsp;&nbsp;464406 |

---

---

| | |
|:---|:---|
| **<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>BNY Account Number</u>** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(domestic/global)</u>** |
| Voya Index Plus MidCap Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464408 |
| Voya Index Plus SmallCap Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464410 |
| Voya International Index Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471167 |
| Voya Russell™ Large Cap Growth Index Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471346 |
| Voya Russell™ Large Cap Index Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471172 |
| Voya Russell™ Large Cap Value Index Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471352 |
| Voya Russell™ Mid Cap Growth Index Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471354 |
| Voya Russell™ Mid Cap Index Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471168 |
| Voya Russell™ Small Cap Index Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471166 |
| Voya Small Company Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464414 |
| Voya U.S. Bond Index Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471169 |
| **Voya Variable Products Trust** |  |
| Voya MidCap Opportunities Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464444 |
| Voya SmallCap Opportunities Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464450 |

---

## Ex-99

(h)(1)(vi)

Execution

**Amendment**

**To**

**Transfer Agency Services Agreement**

(Unified Agreement)

This Amendment To Transfer Agency Services Agreement ("**Amendment**"), dated as of April 4, 2022 ("**Effective Date**"), is being entered into by and between BNY Mellon Investment Servicing (US) Inc. ("**BNYM**") and each of the investment companies listed on the signature page to this Amendment (individually, "**Investment Company**"; collectively, "**Investment Companies**"), on its own behalf and to the extent the Investment Company has portfolios listed on Exhibit A hereto (individually, "**Portfolio**"; collectively, "**Portfolios**"), on behalf of each such Portfolio.

**<u>Background</u>**

BNYM (under its former name, PNC Global Investment Servicing (U.S.) Inc.) and the Investment Companies previously entered into that certain Transfer Agency Services Agreement, dated as of February 25, 2009, several amendments thereto amending Exhibit A, an Adoption Agreement, dated August 2, 2010, an Amendment To Transfer Agency Services Agreement, dated as of February 8, 2011, an Amendment To Transfer Agency Services Agreement, dated as of January 1, 2019, an Amendment To Transfer Agency Services Agreement, dated as of May 1, 2019, an Amendment To Transfer Agency Services Agreement, dated as of November 5, 2019, and an Amendment To Transfer Agency Services Agreement, dated as of May 1, 2020 (collectively, the "**Current Unified Agreement**"). The parties intend that the Current Unified Agreement be amended as set forth in this Amendment.

**<u>Terms</u>**

In consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree to all statements made above and as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Modifications to Current Unified Agreement</u>. The Current Unified Agreement is hereby amended by deleting and replacing Exhibit A in its entirety with the Exhibit A attached to this Amendment, dated as of April 4, 2022 (the "**Effective Date**"), between BNYM and the Investment Companies (the Current Unified Agreement as so amended being the "**Amended Unified Agreement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Adoption of Amended Unified Agreement by New Portfolios</u>. Each Portfolio that has been added to Exhibit A by virtue of this Amendment acknowledges and agrees that (i) by virtue of its execution of this Amendment, it becomes and is a party to the Amended Unified Agreement as of the Effective Date, or if BNYM commenced providing services to the Portfolio prior to the Effective Date, as of the date BNYM first provided services to the Portfolio, and (ii) it is bound by all terms and conditions of the Amended Unified Agreement as of such date. The term "Portfolio" has the same meaning in this Amendment as it has in the Amended Unified Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Remainder of Amended Unified Agreement</u>. Except as specifically modified by this Amendment, all terms and conditions of the Amended Unified Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Governing Law</u>. The governing law provision of the Amended Unified Agreement shall be the governing law provision of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Entire Agreement</u>. This Amendment constitutes the final, complete, exclusive and fully integrated record of the agreement of the parties with respect to the subject matter herein and the amendment of the

Execution

Amended Unified Agreement with respect to such subject matter, and supersedes all prior and contemporaneous proposals, agreements, contracts, representations and understandings, whether written, oral or electronic, between the parties with respect to the same subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Facsimile Signatures; Counterparts</u>. This Amendment may be executed in one more counterparts; such execution of counterparts may occur by manual signature, facsimile signature, manual signature transmitted by means of facsimile transmission or manual signature contained in an imaged document attached to an email transmission; and each such counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed copies of this Amendment or of executed signature pages to this Amendment by facsimile transmission or as an imaged document attached to an email transmission shall constitute effective execution and delivery hereof and may be used for all purposes in lieu of a manually executed copy of this Amendment.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their duly authorized officers as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **BNY Mellon Investment Servicing (US) Inc.** | **BNY Mellon Investment Servicing (US) Inc.** | **Voya Equity Trust** | **Voya Equity Trust** |
|  |  | **Voya Funds Trust** | **Voya Funds Trust** |
|  |  | **Voya Investors Trust** | **Voya Investors Trust** |
| By: | <u>/s/ Michael Rothemeyer</u>_______________ | **Voya Mutual Funds** | **Voya Mutual Funds** |
|  |  | **Voya Partners, Inc.** | **Voya Partners, Inc.** |
| Name: <u>Michael Rothemeyer</u>_________________ | Name: <u>Michael Rothemeyer</u>_________________ | **Voya Prime Rate Trust** | **Voya Prime Rate Trust** |
|  |  | **Voya Senior Income Fund** | **Voya Senior Income Fund** |
| Title: | <u>Director</u>___________________________ | **Voya Separate Portfolios Trust** | **Voya Separate Portfolios Trust** |
|  |  | **Voya Variable Insurance Trust** | **Voya Variable Insurance Trust** |
|  |  | **Voya Variable Products Trust** | **Voya Variable Products Trust** |
|  |  | Each on its own behalf and, to the extent | Each on its own behalf and, to the extent |
|  |  | applicable, on behalf of each of its Portfolios listed | applicable, on behalf of each of its Portfolios listed |
|  |  | on Exhibit A to the Amended Unified Agreement, | on Exhibit A to the Amended Unified Agreement, |
|  |  | each in its individual and separate capacity | each in its individual and separate capacity |
|  |  | By: | <u>/s/ Todd Modic</u>___________________ |
|  |  | Name: | <u>Todd Modic</u>______________________ |
|  |  | Title: | <u>Senior Vice President</u>_______________ |

---

Execution

**<u>EXHIBIT A</u>**

(Unified Agreement)

(Dated: April 4, 2022)

THIS EXHIBIT A (Unified Agreement) is Exhibit A to that certain Transfer Agency Services Agreement, dated as of February 25, 2009, between BNY Mellon Investment Servicing (US) Inc., formerly PNC Global Investment Servicing (U.S.) Inc., and the Investment Companies and Portfolios listed below.

**<u>Voya Equity Trust</u>**

Voya Corporate Leaders<sup>®</sup> 100 Fund

Voya Global Multi-Asset Fund

Voya Large-Cap Growth Fund

Voya Large Cap Value Fund

Voya Mid Cap Research Enhanced Index Fund

Voya MidCap Opportunities Fund

Voya Multi-Manager Mid Cap Value Fund

Voya Small Cap Growth Fund

Voya Small Company Fund

Voya SmallCap Opportunities Fund

Voya U.S High Dividend Low Volatility Fund

**<u>Voya Funds Trust</u>**

Voya Floating Rate Fund

Voya GNMA Income Fund

Voya Government Money Market Fund

Voya High Yield Bond Fund

Voya Intermediate Bond Fund

Voya Short Term Bond Fund

Voya Strategic Income Opportunities Fund

**<u>Voya Investors Trust</u>**

Voya Balanced Income Portfolio

Voya Global Perspectives<sup>®</sup> Portfolio

Voya Government Liquid Assets Portfolio

Voya High Yield Portfolio

Voya Large Cap Growth Portfolio

Voya Large Cap Value Portfolio

Voya Limited Maturity Bond Portfolio

Voya Retirement Conservative Portfolio

Voya Retirement Growth Portfolio

Voya Retirement Moderate Growth Portfolio

Voya Retirement Moderate Portfolio

Voya U.S. Stock Index Portfolio

VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio

VY<sup>®</sup> Clarion Global Real Estate Portfolio

VY<sup>®</sup> Clarion Real Estate Portfolio

VY<sup>®</sup> Invesco Growth and Income Portfolio

VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio

VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio

VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio

VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio

VY<sup>®</sup> T. Rowe Price Equity Income Portfolio

VY<sup>®</sup> T. Rowe Price International Stock Portfolio

![](g29r4cfuqur2k3m5v93ma.jpg)

Execution

**<u>Voya Mutual Funds</u>**

Voya Diversified Emerging Markets Debt Fund[<sup>1</sup>](#page_4)

Voya Global Bond Fund

Voya Global Diversified Payment Fund

Voya Global High Dividend Low Volatility Fund

Voya Global Perspectives<sup>®</sup> Fund

Voya International High Dividend Low Volatility Fund

Voya Multi-Manager Emerging Markets Equity Fund

Voya Multi-Manager International Equity Fund

Voya Multi-Manager International Factors Fund

Voya Multi-Manager International Small Cap Fund

Voya Russia Fund

**<u>Voya Partners, Inc.</u>**

Voya Global Bond Portfolio

Voya Index Solution 2020 Portfolio[<sup>2</sup>](#page_4)

Voya Index Solution 2025 Portfolio

Voya Index Solution 2030 Portfolio

Voya Index Solution 2035 Portfolio

Voya Index Solution 2040 Portfolio

Voya Index Solution 2045 Portfolio

Voya Index Solution 2050 Portfolio

Voya Index Solution 2055 Portfolio

Voya Index Solution 2060 Portfolio

Voya Index Solution 2065 Portfolio

Voya Index Solution Income Portfolio

Voya International High Dividend Low Volatility Portfolio

Voya Solution 2020 Portfolio[<sup>3</sup>](#page_4)

Voya Solution 2025 Portfolio

Voya Solution 2030 Portfolio

Voya Solution 2035 Portfolio

Voya Solution 2040 Portfolio

Voya Solution 2045 Portfolio

Voya Solution 2050 Portfolio

Voya Solution 2055 Portfolio

Voya Solution 2060 Portfolio

Voya Solution 2065 Portfolio

Voya Solution Aggressive Portfolio

Voya Solution Balanced Portfolio

Voya Solution Conservative Portfolio

Voya Solution Income Portfolio

Voya Solution Moderately Aggressive Portfolio

Voya Solution Moderately Conservative Portfolio

VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio

VY<sup>®</sup> Baron Growth Portfolio

VY<sup>®</sup> Columbia Contrarian Core Portfolio

VY<sup>®</sup> Columbia Small Cap Value II Portfolio

VY<sup>®</sup> Invesco Comstock Portfolio

1Liquidated at the close of business on January 22, 2021. Will not appear on future Exhibit A.

2Merged at the close of business on August 7, 2020 into Voya Index Solution Income Portfolio, a series of Voya Partners, Inc. Will not appear on future Exhibit A.

3Merged at the close of business on August 7, 2020 into Voya Solution Income Portfolio, a series of Voya Partners, Inc. Will not appear on future Exhibit A.

![](g9uzlcptgp3eriy6o9fpc.jpg)

Execution

VY<sup>®</sup> Invesco Equity and Income Portfolio

VY<sup>®</sup> Invesco Global Portfolio **(formerly, VY**<sup>®</sup> **Invesco Oppenheimer Global Portfolio, effective May 1, 2021)** VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio

VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio

VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio

**<u>Voya Prime Rate Trust[<sup>4</sup>](#page_5)</u>**

**<u>Voya Senior Income Fund</u>**

**<u>Voya Separate Portfolios Trust</u>**

Voya Emerging Markets Corporate Debt Fund

Voya Emerging Markets Hard Currency Debt Fund

Voya Emerging Markets Local Currency Debt Fund

Voya Investment Grade Credit Fund

Voya Securitized Credit Fund

Voya Target In-Retirement Fund

Voya Target Retirement 2020 Fund[<sup>5</sup>](#page_5)

Voya Target Retirement 2025 Fund

Voya Target Retirement 2030 Fund

Voya Target Retirement 2035 Fund

Voya Target Retirement 2040 Fund

Voya Target Retirement 2045 Fund

Voya Target Retirement 2050 Fund

Voya Target Retirement 2055 Fund

Voya Target Retirement 2060 Fund

Voya Target Retirement 2065 Fund

**<u>Voya Variable Insurance Trust</u>**

VY<sup>®</sup> BrandywineGLOBAL – Bond Portfolio

**<u>Voya Variable Products Trust</u>**

Voya MidCap Opportunities Portfolio

Voya SmallCap Opportunities Portfolio

4Voya Prime Rate Trust (the "Fund") was removed from the list of Voya funds, effective at the close of business on June 4, 2021, when Saba Capital Management, L.P. became the investment adviser to the Fund. Will not appear on future Exhibit A.

5Merged at the close of business on August 7, 2020 into Voya Target In-Retirement Fund, a series of Voya Separate Portfolios Trust. Will not appear on future Exhibit A.

## Ex-99

(h)(1)(viii)

Execution

**Amendment**

**To**

**Transfer Agency Services Agreement**

(Unified Agreement)

This Amendment To Transfer Agency Services Agreement ("**Amendment**"), dated as of November 18, 2022 ("**Effective Date**"), is being entered into by and between BNY Mellon Investment Servicing (US) Inc. ("**BNYM**") and each of the investment companies listed on the signature page to this Amendment (individually, "**Investment Company**"; collectively, "**Investment Companies**"), on its own behalf and to the extent the Investment Company has portfolios listed on Exhibit A hereto (individually, "**Portfolio**"; collectively, "**Portfolios**"), on behalf of each such Portfolio.

**<u>Background</u>**

BNYM (under its former name, PNC Global Investment Servicing (U.S.) Inc.) and the Investment Companies previously entered into that certain Transfer Agency Services Agreement, dated as of February 25, 2009, several amendments thereto amending Exhibit A, an Adoption Agreement, dated August 2, 2010, an Amendment To Transfer Agency Services Agreement, dated as of February 8, 2011, an Amendment To Transfer Agency Services Agreement, dated as of January 1, 2019, an Amendment To Transfer Agency Services Agreement, dated as of May 1, 2019, an Amendment To Transfer Agency Services Agreement, dated as of November 5, 2019, an Amendment To Transfer Agency Services Agreement, dated as of May 1, 2020, an Amendment To Transfer Agency Services Agreement, dated as of April 4, 2022, and an Amendment to Transfer Agency Services Agreement, dated as of October 21, 2022 (collectively, the "**Current Unified Agreement**"). The parties intend that the Current Unified Agreement be amended as set forth in this Amendment.

**<u>Terms</u>**

In consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree to all statements made above and as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Modifications to Current Unified Agreement</u>. The Current Unified Agreement is hereby amended by deleting and replacing Exhibit A in its entirety with the Exhibit A attached to this Amendment, dated as of November 18, 2022 (the "**Effective Date**"), between BNYM and the Investment Companies (the Current Unified Agreement as so amended being the "**Amended Unified Agreement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Adoption of Amended Unified Agreement by New Portfolios</u>. Each Portfolio that has been added to Exhibit A by virtue of this Amendment acknowledges and agrees that (i) by virtue of its execution of this Amendment, it becomes and is a party to the Amended Unified Agreement as of the Effective Date, or if BNYM commenced providing services to the Portfolio prior to the Effective Date, as of the date BNYM first provided services to the Portfolio, and (ii) it is bound by all terms and conditions of the Amended Unified Agreement as of such date. The term "Portfolio" has the same meaning in this Amendment as it has in the Amended Unified Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Remainder of Amended Unified Agreement</u>. Except as specifically modified by this Amendment, all terms and conditions of the Amended Unified Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Governing Law</u>. The governing law provision of the Amended Unified Agreement shall be the governing law provision of this Amendment.

Execution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Entire Agreement</u>. This Amendment constitutes the final, complete, exclusive and fully integrated record of the agreement of the parties with respect to the subject matter herein and the amendment of the Amended Unified Agreement with respect to such subject matter, and supersedes all prior and contemporaneous proposals, agreements, contracts, representations and understandings, whether written, oral or electronic, between the parties with respect to the same subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Facsimile Signatures; Counterparts</u>. This Amendment may be executed in one more counterparts; such execution of counterparts may occur by manual signature, facsimile signature, manual signature transmitted by means of facsimile transmission or manual signature contained in an imaged document attached to an email transmission; and each such counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed copies of this Amendment or of executed signature pages to this Amendment by facsimile transmission or as an imaged document attached to an email transmission shall constitute effective execution and delivery hereof and may be used for all purposes in lieu of a manually executed copy of this Amendment.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their duly authorized officers as of the Effective Date.

---

| | | |
|:---|:---|:---|
| **BNY Mellon Investment Servicing (US) Inc.** | **BNY Mellon Investment Servicing (US) Inc.** | **Voya Equity Trust** |
|  |  | **Voya Funds Trust** |
| By: | <u>/s/ Sean Brumble</u>____________________ | **Voya Mutual Funds** |
|  |  | **Voya Separate Portfolios Trust** |

---

Name: <u>Sean Brumble</u>______________________

Each on its own behalf and, to the extent

Title: <u>Managing Director</u>__________________ applicable, on behalf of each of its Portfolios listed on Exhibit A to the Amended Unified Agreement, each in its individual and separate capacity

---

| | |
|:---|:---|
| By: | <u>/s/ Todd Modic</u>____________________ |

---

Name: <u>Todd Modic</u>______________________

Title: <u>Senior Vice President</u>_______________

![](gjhu1hhdzk8tb0209hzj7.jpg)

Execution

**<u>EXHIBIT A</u>**

(Unified Agreement)

(Dated: November 18, 2022)

THIS EXHIBIT A (Unified Agreement) is Exhibit A to that certain Transfer Agency Services Agreement, dated as of February 25, 2009, between BNY Mellon Investment Servicing (US) Inc., formerly PNC Global Investment Servicing (U.S.) Inc., and the Investment Companies and Portfolios listed below.

**<u>Voya Credit Income Fund</u>**

**<u>Voya Equity Trust</u>**

Voya Corporate Leaders<sup>®</sup> 100 Fund

Voya Global Multi-Asset Fund

Voya Large-Cap Growth Fund

Voya Large Cap Value Fund

Voya Mid Cap Research Enhanced Index Fund

Voya MidCap Opportunities Fund

Voya Multi-Manager Mid Cap Value Fund

Voya Small Cap Growth Fund

Voya Small Company Fund

Voya SmallCap Opportunities Fund[<sup>1</sup>](#page_3)

Voya U.S High Dividend Low Volatility Fund

Voya VACS Series MCV Fund

**<u>Voya Funds Trust</u>**

Voya Floating Rate Fund

Voya GNMA Income Fund

Voya Government Money Market Fund

Voya High Yield Bond Fund

Voya Intermediate Bond Fund

Voya Short Term Bond Fund

Voya Strategic Income Opportunities Fund

Voya VACS Series HYB Fund

**<u>Voya Investors Trust</u>**

Voya Balanced Income Portfolio

Voya Global Perspectives<sup>®</sup> Portfolio

Voya Government Liquid Assets Portfolio

Voya High Yield Portfolio

Voya Large Cap Growth Portfolio

Voya Large Cap Value Portfolio

Voya Limited Maturity Bond Portfolio

Voya Retirement Conservative Portfolio

Voya Retirement Growth Portfolio

Voya Retirement Moderate Growth Portfolio

Voya Retirement Moderate Portfolio

Voya U.S. Stock Index Portfolio

Voya VACS Index Series S Portfolio

VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio

VY<sup>®</sup> CBRE Global Real Estate Portfolio

VY<sup>®</sup> CBRE Real Estate Portfolio

1Merged at the close of business on October 7, 2022 into Voya Small Cap Growth Fund, a series of Voya Equity Trust. Will not appear on future Exhibit A.

Execution

VY<sup>®</sup> Invesco Growth and Income Portfolio

VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio

VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio

VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio

VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio

VY<sup>®</sup> T. Rowe Price Equity Income Portfolio

**<u>Voya Mutual Funds</u>**

Voya Global Bond Fund

Voya Global Diversified Payment Fund

Voya Global High Dividend Low Volatility Fund

Voya Global Perspectives<sup>®</sup> Fund

Voya International High Dividend Low Volatility Fund

Voya Multi-Manager Emerging Markets Equity Fund

Voya Multi-Manager International Equity Fund

Voya Multi-Manager International Factors Fund

Voya Multi-Manager International Small Cap Fund

Voya Russia Fund

Voya VACS Series EME Fund

**<u>Voya Partners, Inc.</u>**

Voya Global Bond Portfolio

Voya Index Solution 2025 Portfolio

Voya Index Solution 2030 Portfolio

Voya Index Solution 2035 Portfolio

Voya Index Solution 2040 Portfolio

Voya Index Solution 2045 Portfolio

Voya Index Solution 2050 Portfolio

Voya Index Solution 2055 Portfolio

Voya Index Solution 2060 Portfolio

Voya Index Solution 2065 Portfolio

Voya Index Solution Income Portfolio

Voya International High Dividend Low Volatility Portfolio

Voya Solution 2025 Portfolio

Voya Solution 2030 Portfolio

Voya Solution 2035 Portfolio

Voya Solution 2040 Portfolio

Voya Solution 2045 Portfolio

Voya Solution 2050 Portfolio

Voya Solution 2055 Portfolio

Voya Solution 2060 Portfolio

Voya Solution 2065 Portfolio

Voya Solution Aggressive Portfolio

Voya Solution Balanced Portfolio

Voya Solution Conservative Portfolio

Voya Solution Income Portfolio

Voya Solution Moderately Aggressive Portfolio

Voya Solution Moderately Conservative Portfolio

VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio

VY<sup>®</sup> Baron Growth Portfolio

VY<sup>®</sup> Columbia Contrarian Core Portfolio

VY<sup>®</sup> Columbia Small Cap Value II Portfolio

VY<sup>®</sup> Invesco Comstock Portfolio

VY<sup>®</sup> Invesco Equity and Income Portfolio

VY<sup>®</sup> Invesco Global Portfolio

Execution

VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio

Execution

VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio

VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio

**<u>Voya Separate Portfolios Trust</u>**

Voya Emerging Markets Hard Currency Debt Fund

Voya Emerging Markets Local Currency Debt Fund Voya Investment Grade Credit Fund

Voya Securitized Credit Fund Voya Target In-Retirement Fund Voya Target Retirement 2025 Fund Voya Target Retirement 2030 Fund Voya Target Retirement 2035 Fund Voya Target Retirement 2040 Fund Voya Target Retirement 2045 Fund Voya Target Retirement 2050 Fund Voya Target Retirement 2055 Fund Voya Target Retirement 2060 Fund Voya Target Retirement 2065 Fund

Voya VACS Series EMCD Fund (formerly, Voya Emerging Markets Corporate Debt Fund, effective November 18, 2022)

Voya VACS Series EMHCD Fund Voya VACS Series SC Fund

**<u>Voya Variable Insurance Trust</u>**

VY<sup>®</sup> BrandywineGLOBAL – Bond Portfolio

**<u>Voya Variable Products Trust</u>**

Voya MidCap Opportunities Portfolio

Voya SmallCap Opportunities Portfolio

## Ex-99

(h)(1)(ix)

Execution

**Amendment**

**To**

**Transfer Agency Services Agreement**

(Unified Agreement)

This Amendment To Transfer Agency Services Agreement ("**Amendment**"), dated as of February 9, 2023 ("**Effective Date**"), is being entered into by and between BNY Mellon Investment Servicing (US) Inc. ("**BNYM**") and each of the investment companies listed on the signature page to this Amendment (individually, "**Investment Company**"; collectively, "**Investment Companies**"), on its own behalf and to the extent the Investment Company has portfolios listed on Exhibit A hereto (individually, "**Portfolio**"; collectively, "**Portfolios**"), on behalf of each such Portfolio.

**<u>Background</u>**

BNYM (under its former name, PNC Global Investment Servicing (U.S.) Inc.) and the Investment Companies previously entered into that certain Transfer Agency Services Agreement, dated as of February 25, 2009, several amendments thereto amending Exhibit A, an Adoption Agreement, dated August 2, 2010, an Amendment To Transfer Agency Services Agreement, dated as of February 8, 2011, an Amendment To Transfer Agency Services Agreement, dated as of January 1, 2019, an Amendment To Transfer Agency Services Agreement, dated as of May 1, 2019, an Amendment To Transfer Agency Services Agreement, dated as of November 5, 2019, an Amendment To Transfer Agency Services Agreement, dated as of May 1, 2020, an Amendment To Transfer Agency Services Agreement, dated as of April 4, 2022, an Amendment to Transfer Agency Services Agreement, dated as of October 21, 2022, and an Amendment to Transfer Agency Services Agreement, dated as of November 18, 2022 (collectively, the "**Current Unified Agreement**"). The parties intend that the Current Unified Agreement be amended as set forth in this Amendment.

**<u>Terms</u>**

In consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree to all statements made above and as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Modifications to Current Unified Agreement</u>. The Current Unified Agreement is hereby amended by deleting and replacing Exhibit A in its entirety with the Exhibit A attached to this Amendment, dated as of February 9, 2023 (the "**Effective Date**"), between BNYM and the Investment Companies (the Current Unified Agreement as so amended being the "**Amended Unified Agreement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Adoption of Amended Unified Agreement by New Portfolios</u>. Each Portfolio that has been added to Exhibit A by virtue of this Amendment acknowledges and agrees that (i) by virtue of its execution of this Amendment, it becomes and is a party to the Amended Unified Agreement as of the Effective Date, or if BNYM commenced providing services to the Portfolio prior to the Effective Date, as of the date BNYM first provided services to the Portfolio, and (ii) it is bound by all terms and conditions of the Amended Unified Agreement as of such date. The term "Portfolio" has the same meaning in this Amendment as it has in the Amended Unified Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Remainder of Amended Unified Agreement</u>. Except as specifically modified by this Amendment, all terms and conditions of the Amended Unified Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Governing Law</u>. The governing law provision of the Amended Unified Agreement shall be the governing law provision of this Amendment.

Execution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Entire Agreement</u>. This Amendment constitutes the final, complete, exclusive and fully integrated record of the agreement of the parties with respect to the subject matter herein and the amendment of the Amended Unified Agreement with respect to such subject matter, and supersedes all prior and contemporaneous proposals, agreements, contracts, representations and understandings, whether written, oral or electronic, between the parties with respect to the same subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Facsimile Signatures; Counterparts</u>. This Amendment may be executed in one more counterparts; such execution of counterparts may occur by manual signature, facsimile signature, manual signature transmitted by means of facsimile transmission or manual signature contained in an imaged document attached to an email transmission; and each such counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed copies of this Amendment or of executed signature pages to this Amendment by facsimile transmission or as an imaged document attached to an email transmission shall constitute effective execution and delivery hereof and may be used for all purposes in lieu of a manually executed copy of this Amendment.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their duly authorized officers as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **BNY Mellon Investment Servicing (US) Inc.** | **BNY Mellon Investment Servicing (US) Inc.** | **Voya Funds Trust** | **Voya Funds Trust** |
|  |  | Each on its own behalf and, to the extent | Each on its own behalf and, to the extent |
|  |  | applicable, on behalf of each of its Portfolios listed | applicable, on behalf of each of its Portfolios listed |
|  |  | on Exhibit A to the Amended Unified Agreement, | on Exhibit A to the Amended Unified Agreement, |
|  |  | each in its individual and separate capacity | each in its individual and separate capacity |
| By: | <u>/s/ Sean Brumble</u>____________________ | By: | <u>/s/ Todd Modic</u>___________________ |
| Name: | <u>Sean Brumble</u>______________________ | Name: | <u>Todd Modic</u>______________________ |
| Title: | <u>Managing Director</u>__________________ | Title: | <u>Senior Vice President</u>_______________ |

---

Execution

**<u>EXHIBIT A</u>**

(Unified Agreement)

(Dated: February 9, 2023)

THIS EXHIBIT A (Unified Agreement) is Exhibit A to that certain Transfer Agency Services Agreement, dated as of February 25, 2009, between BNY Mellon Investment Servicing (US) Inc., formerly PNC Global Investment Servicing (U.S.) Inc., and the Investment Companies and Portfolios listed below.

**<u>Voya Credit Income Fund</u>**

**<u>Voya Equity Trust</u>**

Voya Corporate Leaders<sup>®</sup> 100 Fund

Voya Global Multi-Asset Fund

Voya Large-Cap Growth Fund

Voya Large Cap Value Fund

Voya Mid Cap Research Enhanced Index Fund

Voya MidCap Opportunities Fund

Voya Multi-Manager Mid Cap Value Fund

Voya Small Cap Growth Fund

Voya Small Company Fund

Voya U.S High Dividend Low Volatility Fund

Voya VACS Series MCV Fund

**<u>Voya Funds Trust</u>**

Voya Floating Rate Fund

Voya GNMA Income Fund

Voya Government Money Market Fund

Voya High Yield Bond Fund

Voya Intermediate Bond Fund

Voya Short Duration High Income Fund

Voya Short Term Bond Fund

Voya Strategic Income Opportunities Fund

Voya VACS Series HYB Fund

**<u>Voya Investors Trust</u>**

Voya Balanced Income Portfolio

Voya Global Perspectives<sup>®</sup> Portfolio

Voya Government Liquid Assets Portfolio

Voya High Yield Portfolio

Voya Large Cap Growth Portfolio

Voya Large Cap Value Portfolio

Voya Limited Maturity Bond Portfolio

Voya Retirement Conservative Portfolio

Voya Retirement Growth Portfolio

Voya Retirement Moderate Growth Portfolio

Voya Retirement Moderate Portfolio

Voya U.S. Stock Index Portfolio

Voya VACS Index Series S Portfolio

VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio

VY<sup>®</sup> CBRE Global Real Estate Portfolio

VY<sup>®</sup> CBRE Real Estate Portfolio

VY<sup>®</sup> Invesco Growth and Income Portfolio

VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio

VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio

Execution

VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio

VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio

VY<sup>®</sup> T. Rowe Price Equity Income Portfolio

**<u>Voya Mutual Funds</u>**

Voya Global Bond Fund

Voya Global Diversified Payment Fund

Voya Global High Dividend Low Volatility Fund

Voya Global Perspectives<sup>®</sup> Fund

Voya International High Dividend Low Volatility Fund

Voya Multi-Manager Emerging Markets Equity Fund

Voya Multi-Manager International Equity Fund

Voya Multi-Manager International Factors Fund

Voya Multi-Manager International Small Cap Fund

Voya Russia Fund

Voya VACS Series EME Fund

**<u>Voya Partners, Inc.</u>**

Voya Global Bond Portfolio

Voya Index Solution 2025 Portfolio

Voya Index Solution 2030 Portfolio

Voya Index Solution 2035 Portfolio

Voya Index Solution 2040 Portfolio

Voya Index Solution 2045 Portfolio

Voya Index Solution 2050 Portfolio

Voya Index Solution 2055 Portfolio

Voya Index Solution 2060 Portfolio

Voya Index Solution 2065 Portfolio

Voya Index Solution Income Portfolio

Voya International High Dividend Low Volatility Portfolio

Voya Solution 2025 Portfolio

Voya Solution 2030 Portfolio

Voya Solution 2035 Portfolio

Voya Solution 2040 Portfolio

Voya Solution 2045 Portfolio

Voya Solution 2050 Portfolio

Voya Solution 2055 Portfolio

Voya Solution 2060 Portfolio

Voya Solution 2065 Portfolio

Voya Solution Aggressive Portfolio

Voya Solution Balanced Portfolio

Voya Solution Conservative Portfolio

Voya Solution Income Portfolio

Voya Solution Moderately Aggressive Portfolio

Voya Solution Moderately Conservative Portfolio

VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio

VY<sup>®</sup> Baron Growth Portfolio

VY<sup>®</sup> Columbia Contrarian Core Portfolio

VY<sup>®</sup> Columbia Small Cap Value II Portfolio

VY<sup>®</sup> Invesco Comstock Portfolio

VY<sup>®</sup> Invesco Equity and Income Portfolio

VY<sup>®</sup> Invesco Global Portfolio

VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio

VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio

VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio

Execution

Execution

**<u>Voya Separate Portfolios Trust</u>**

Voya Emerging Markets Hard Currency Debt Fund

Voya Emerging Markets Local Currency Debt Fund

Voya Investment Grade Credit Fund

Voya Securitized Credit Fund

Voya Target In-Retirement Fund

Voya Target Retirement 2025 Fund

Voya Target Retirement 2030 Fund

Voya Target Retirement 2035 Fund

Voya Target Retirement 2040 Fund

Voya Target Retirement 2045 Fund

Voya Target Retirement 2050 Fund

Voya Target Retirement 2055 Fund

Voya Target Retirement 2060 Fund

Voya Target Retirement 2065 Fund

Voya VACS Series EMCD Fund

Voya VACS Series EMHCD Fund

Voya VACS Series SC Fund

**<u>Voya Variable Insurance Trust</u>**

VY<sup>®</sup> BrandywineGLOBAL – Bond Portfolio

**<u>Voya Variable Products Trust</u>**

Voya MidCap Opportunities Portfolio

Voya SmallCap Opportunities Portfolio

## Ex-99

![](gs031fl0sqwepu29g69ge.jpg)

(h)(2)(i)

February 9, 2023

Michael Rothemeyer

Vice President

The Bank of New York Mellon

135 Santilli Highway

Room 026-0026

Everett, MA 02149

Dear Mr. Rothemeyer:

Pursuant to the terms and conditions of the Custody Agreement, Foreign Custody Manager Agreement, and Fund Accounting Agreement, each dated January 6, 2003, the Fund Accounting, Custody &Transfer Agency for Voya Funds Fee Schedule, effective January 1, 2019, and the Letter of Instruction and Indemnification Agreement In Connection With Signature Guarantees and Signature Verifications, dated January 12, 2011 (collectively, the "Agreements"), we hereby notify you of the addition of Voya Short Duration High Income Fund, a newly established series of Voya Funds Trust (the "Fund"), effective on February 9, 2023, to be included on the ***Amended Exhibit A*** to the Agreements. This ***Amended Exhibit A*** supersedes the previous ***Amended Exhibit A*** dated November 18, 2022.

**REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK**

![](giy9fnu9cdmm9se6gdlab.jpg)

Please signify your acceptance to provide services under the Agreements with respect to the aforementioned Fund by signing below where indicated. If you have any questions, please contact me at (480) 477-2190.

Very sincerely,

---

| | |
|:---|:---|
| By: | /s/ Todd Modic |
| Name: | Todd Modic |
| Title: | Senior Vice President |
|  | Voya Funds Trust |

---

ACCEPTED AND AGREED TO:

The Bank of New York Mellon

---

| | | |
|:---|:---|:---|
| By: | /s/ Sean Brumble |  |
| Name: | Sean Brumble |  |
| Title: | Managing Director | , Duly Authorized |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **AMENDED EXHIBIT A** |  |
| **<u>Fund</u>** | **<u>Effective Date</u>** |
| **Voya Asia Pacific High Dividend Equity Income Fund** | March 27, 2007 |
| **Voya Balanced Portfolio, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Balanced Portfolio | July 7, 2003 |
| **Voya Corporate Leaders Trust Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Corporate Leaders<sup>®</sup> Trust Fund – Series B | May 17, 2004 |
| **Voya Emerging Markets High Dividend Equity Fund** | April 26, 2011 |
| **Voya Equity Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Corporate Leaders<sup>®</sup> 100 Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Multi-Asset Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Large-Cap Growth Fund | June 9, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Large Cap Value Fund | December 4, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Mid Cap Research Enhanced Index Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya MidCap Opportunities Fund | June 9, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Multi-Manager Mid Cap Value Fund | September 30, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Small Cap Growth Fund | April 4, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Small Company Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya U.S. High Dividend Low Volatility Fund | December 5, 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series MCV Fund | November 18, 2022 |
| **Voya Funds Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya GNMA Income Fund | April 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Government Money Market Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya High Yield Bond Fund | April 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Intermediate Bond Fund | April 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Short Duration High Income Fund | February 9, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Short Term Bond Fund | December 17, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Strategic Income Opportunities Fund | October 15, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series HYB Fund | November 18, 2022 |
| **Voya Global Advantage and Premium Opportunity Fund** | October 27, 2005 |
| **Voya Global Equity Dividend and Premium Opportunity Fund** | March 28, 2005 |
| **Voya Government Money Market Portfolio** | July 7, 2003 |
| **Voya Infrastructure, Industrials and Materials Fund** | January 26, 2010 |
| **Voya Intermediate Bond Portfolio** | July 7, 2003 |
| **Voya Investors Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Balanced Income Portfolio | April 28, 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Perspectives<sup>®</sup> Portfolio | May 1, 2013 |

---

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Effective Date</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Government Liquid Assets Portfolio | January 6, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya High Yield Portfolio | November 5, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Large Cap Growth Portfolio | May 3, 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Large Cap Value Portfolio | May 11, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Limited Maturity Bond Portfolio | January 6, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Retirement Conservative Portfolio | August 12, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Retirement Growth Portfolio | August 12, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Retirement Moderate Growth Portfolio | August 12, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Retirement Moderate Portfolio | August 12, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya U.S. Stock Index Portfolio | November 5, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Index Series S Portfolio | October 21, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio | April 30, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> CBRE Global Real Estate Portfolio | January 3, 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> CBRE Real Estate Portfolio | January 3, 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Invesco Growth and Income Portfolio | January 13, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio | January 13, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio | January 13, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio | January 13, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio | January 13, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> T. Rowe Price Equity Income Portfolio | January 13, 2003 |
| **Voya Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Bond Fund | June 19, 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Diversified Payment Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global High Dividend Low Volatility Fund | November 3, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Perspectives<sup>®</sup> Fund | March 28, 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya International High Dividend Low Volatility Fund | December 5, 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Multi-Manager Emerging Markets Equity Fund | September 30, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Multi-Manager International Equity Fund | December 15, 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Multi-Manager International Factors Fund | February 1, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Multi-Manager International Small Cap Fund | November 3, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russia Fund | November 3, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series EME Fund | November 18, 2022 |
| **Voya Partners, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Bond Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2025 Portfolio | March 7, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2030 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2035 Portfolio | March 7, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2040 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2045 Portfolio | March 7, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2050 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2055 Portfolio | December 4, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2060 Portfolio | February 9, 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2065 Portfolio | May 1, 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution Income Portfolio | March 7, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya International High Dividend Low Volatility Portfolio | November 30, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2025 Portfolio | April 29, 2005 |

---

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Effective Date</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2030 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2035 Portfolio | April 29, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2040 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2045 Portfolio | April 29, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2050 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2055 Portfolio | December 4, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2060 Portfolio | February 9, 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2065 Portfolio | May 1, 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Aggressive Portfolio | May 1, 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Balanced Portfolio | June 29, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Conservative Portfolio | April 30, 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Income Portfolio | April 29, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Moderately Aggressive Portfolio | April 30, 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Moderately Conservative Portfolio | June 29, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Baron Growth Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Columbia Contrarian Core Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Columbia Small Cap Value II Portfolio | April 28, 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Invesco Comstock Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Invesco Equity and Income Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Invesco Global Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio | January 10, 2005 |
| **Voya Separate Portfolios Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Emerging Markets Hard Currency Debt Fund | July 20, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Investment Grade Credit Fund | May 16, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Securitized Credit Fund | August 6, 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target In-Retirement Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2025 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2030 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2035 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2040 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2045 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2050 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2055 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2060 Fund | October 15, 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2065 Fund | May 1, 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series EMCD Fund | November 18, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series EMHCD Fund | November 18, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series SC Fund | November 18, 2022 |
| **Voya Strategic Allocation Portfolios, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Strategic Allocation Conservative Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Strategic Allocation Growth Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Strategic Allocation Moderate Portfolio | July 7, 2003 |

---

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Effective Date</u>** |
| **Voya Variable Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Growth and Income Portfolio | July 7, 2003 |
| **Voya Variable Insurance Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> BrandywineGLOBAL – Bond Portfolio | February 9, 2015 |
| **Voya Variable Portfolios, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Emerging Markets Index Portfolio | November 30, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global High Dividend Low Volatility Portfolio | January 16, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Plus LargeCap Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Plus MidCap Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Plus SmallCap Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya International Index Portfolio | March 4, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Large Cap Growth Index Portfolio | May 1, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Large Cap Index Portfolio | March 4, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Large Cap Value Index Portfolio | May 1, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Mid Cap Growth Index Portfolio | May 1, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Mid Cap Index Portfolio | March 4, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Small Cap Index Portfolio | March 4, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Small Company Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya U.S. Bond Index Portfolio | March 4, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Index Series EM Portfolio | October 21, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Index Series I Portfolio | October 21, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Index Series MC Portfolio | October 21, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Index Series SC Portfolio | October 21, 2022 |
| **Voya Variable Products Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya MidCap Opportunities Portfolio | October 6, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya SmallCap Opportunities Portfolio | October 6, 2003 |

---

## Ex-99

![](g8bjrrw76pyjdowa41zge.jpg)

(h)(2)(ii)

February 9, 2023

Michael Rothemeyer

Vice President

The Bank of New York Mellon

135 Santilli Highway

Room 026-0026

Everett, MA 02149

Dear Mr. Rothemeyer:

Pursuant to the terms and conditions of the Custody Agreement, Foreign Custody Manager Agreement, and Fund Accounting Agreement, each dated January 6, 2003, the Fund Accounting, Custody &Transfer Agency for Voya Funds Fee Schedule, effective January 1, 2019, and the Letter of Instruction and Indemnification Agreement In Connection With Signature Guarantees and Signature Verifications, dated January 12, 2011 (collectively, the "Agreements"), we hereby notify you of the addition of Voya Short Duration High Income Fund, a newly established series of Voya Funds Trust (the "Fund"), effective on February 9, 2023, to be included on the ***Amended Exhibit A*** to the Agreements. This ***Amended Exhibit A*** supersedes the previous ***Amended Exhibit A*** dated November 18, 2022.

**REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK**

![](gagj51beeipdam322g5ze.jpg)

Please signify your acceptance to provide services under the Agreements with respect to the aforementioned Fund by signing below where indicated. If you have any questions, please contact me at (480) 477-2190.

Very sincerely,

---

| | |
|:---|:---|
| By: | /s/ Todd Modic |
| Name: | Todd Modic |
| Title: | Senior Vice President |
|  | Voya Funds Trust |

---

ACCEPTED AND AGREED TO:

The Bank of New York Mellon

---

| | | |
|:---|:---|:---|
| By: | /s/ Sean Brumble |  |
| Name: | Sean Brumble |  |
| Title: | Managing Director | , Duly Authorized |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **AMENDED EXHIBIT A** |  |
| **<u>Fund</u>** | **<u>Effective Date</u>** |
| **Voya Asia Pacific High Dividend Equity Income Fund** | March 27, 2007 |
| **Voya Balanced Portfolio, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Balanced Portfolio | July 7, 2003 |
| **Voya Corporate Leaders Trust Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Corporate Leaders<sup>®</sup> Trust Fund – Series B | May 17, 2004 |
| **Voya Emerging Markets High Dividend Equity Fund** | April 26, 2011 |
| **Voya Equity Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Corporate Leaders<sup>®</sup> 100 Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Multi-Asset Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Large-Cap Growth Fund | June 9, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Large Cap Value Fund | December 4, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Mid Cap Research Enhanced Index Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya MidCap Opportunities Fund | June 9, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Multi-Manager Mid Cap Value Fund | September 30, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Small Cap Growth Fund | April 4, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Small Company Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya U.S. High Dividend Low Volatility Fund | December 5, 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series MCV Fund | November 18, 2022 |
| **Voya Funds Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya GNMA Income Fund | April 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Government Money Market Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya High Yield Bond Fund | April 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Intermediate Bond Fund | April 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Short Duration High Income Fund | February 9, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Short Term Bond Fund | December 17, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Strategic Income Opportunities Fund | October 15, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series HYB Fund | November 18, 2022 |
| **Voya Global Advantage and Premium Opportunity Fund** | October 27, 2005 |
| **Voya Global Equity Dividend and Premium Opportunity Fund** | March 28, 2005 |
| **Voya Government Money Market Portfolio** | July 7, 2003 |
| **Voya Infrastructure, Industrials and Materials Fund** | January 26, 2010 |
| **Voya Intermediate Bond Portfolio** | July 7, 2003 |
| **Voya Investors Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Balanced Income Portfolio | April 28, 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Perspectives<sup>®</sup> Portfolio | May 1, 2013 |

---

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Effective Date</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Government Liquid Assets Portfolio | January 6, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya High Yield Portfolio | November 5, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Large Cap Growth Portfolio | May 3, 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Large Cap Value Portfolio | May 11, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Limited Maturity Bond Portfolio | January 6, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Retirement Conservative Portfolio | August 12, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Retirement Growth Portfolio | August 12, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Retirement Moderate Growth Portfolio | August 12, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Retirement Moderate Portfolio | August 12, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya U.S. Stock Index Portfolio | November 5, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Index Series S Portfolio | October 21, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio | April 30, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> CBRE Global Real Estate Portfolio | January 3, 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> CBRE Real Estate Portfolio | January 3, 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Invesco Growth and Income Portfolio | January 13, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio | January 13, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> JPMorgan Small Cap Core Equity Portfolio | January 13, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio | January 13, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio | January 13, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> T. Rowe Price Equity Income Portfolio | January 13, 2003 |
| **Voya Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Bond Fund | June 19, 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Diversified Payment Fund | November 5, 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global High Dividend Low Volatility Fund | November 3, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Perspectives<sup>®</sup> Fund | March 28, 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya International High Dividend Low Volatility Fund | December 5, 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Multi-Manager Emerging Markets Equity Fund | September 30, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Multi-Manager International Equity Fund | December 15, 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Multi-Manager International Factors Fund | February 1, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Multi-Manager International Small Cap Fund | November 3, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russia Fund | November 3, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series EME Fund | November 18, 2022 |
| **Voya Partners, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Bond Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2025 Portfolio | March 7, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2030 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2035 Portfolio | March 7, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2040 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2045 Portfolio | March 7, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2050 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2055 Portfolio | December 4, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2060 Portfolio | February 9, 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution 2065 Portfolio | May 1, 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Solution Income Portfolio | March 7, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya International High Dividend Low Volatility Portfolio | November 30, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2025 Portfolio | April 29, 2005 |

---

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Effective Date</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2030 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2035 Portfolio | April 29, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2040 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2045 Portfolio | April 29, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2050 Portfolio | September 28, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2055 Portfolio | December 4, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2060 Portfolio | February 9, 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution 2065 Portfolio | May 1, 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Aggressive Portfolio | May 1, 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Balanced Portfolio | June 29, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Conservative Portfolio | April 30, 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Income Portfolio | April 29, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Moderately Aggressive Portfolio | April 30, 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Solution Moderately Conservative Portfolio | June 29, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> American Century Small-Mid Cap Value Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Baron Growth Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Columbia Contrarian Core Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Columbia Small Cap Value II Portfolio | April 28, 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Invesco Comstock Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Invesco Equity and Income Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> Invesco Global Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> T. Rowe Price Diversified Mid Cap Growth Portfolio | January 10, 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> T. Rowe Price Growth Equity Portfolio | January 10, 2005 |
| **Voya Separate Portfolios Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Emerging Markets Hard Currency Debt Fund | July 20, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Investment Grade Credit Fund | May 16, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Securitized Credit Fund | August 6, 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target In-Retirement Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2025 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2030 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2035 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2040 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2045 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2050 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2055 Fund | December 19, 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2060 Fund | October 15, 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Target Retirement 2065 Fund | May 1, 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series EMCD Fund | November 18, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series EMHCD Fund | November 18, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Series SC Fund | November 18, 2022 |
| **Voya Strategic Allocation Portfolios, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Strategic Allocation Conservative Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Strategic Allocation Growth Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Strategic Allocation Moderate Portfolio | July 7, 2003 |

---

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Effective Date</u>** |
| **Voya Variable Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Growth and Income Portfolio | July 7, 2003 |
| **Voya Variable Insurance Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VY<sup>®</sup> BrandywineGLOBAL – Bond Portfolio | February 9, 2015 |
| **Voya Variable Portfolios, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Emerging Markets Index Portfolio | November 30, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global High Dividend Low Volatility Portfolio | January 16, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Plus LargeCap Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Plus MidCap Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Index Plus SmallCap Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya International Index Portfolio | March 4, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Large Cap Growth Index Portfolio | May 1, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Large Cap Index Portfolio | March 4, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Large Cap Value Index Portfolio | May 1, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Mid Cap Growth Index Portfolio | May 1, 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Mid Cap Index Portfolio | March 4, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Russell™ Small Cap Index Portfolio | March 4, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Small Company Portfolio | July 7, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya U.S. Bond Index Portfolio | March 4, 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Index Series EM Portfolio | October 21, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Index Series I Portfolio | October 21, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Index Series MC Portfolio | October 21, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya VACS Index Series SC Portfolio | October 21, 2022 |
| **Voya Variable Products Trust** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya MidCap Opportunities Portfolio | October 6, 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya SmallCap Opportunities Portfolio | October 6, 2003 |

---

## Ex-99

(h)(6)

**RULE 12d1-4**

**FUND OF FUNDS INVESTMENT AGREEMENT**

THIS AGREEMENT, dated as of January 19, 2022, as amended on April 1, 2022, among each of the Trusts listed on Schedule A (each, a "Trust" and collectively, the "Trusts"), on behalf of each series of the Trusts listed on Schedule A, severally and not jointly (each, an "**Investing Fund**" and collectively, the **"Investing Funds"**), and each Vanguard Fund, severally and not jointly (each, a **"Vanguard Fund"** and together with the Investing Funds, the **"Funds"**), listed on Schedule A.

WHEREAS, each Fund is registered with the U.S. Securities and Exchange Commission ("**SEC**") as an investment company under the Investment Company Act of 1940, as amended, (the "**1940 Act**");

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies, Section 12(d)(1)(B) limits the extent to which a registered open-end investment company, its principal underwriter ("Distributor") or registered brokers or dealers ("Brokers") may knowingly sell shares of such registered investment company to other investment companies, and Section 12(d)(1)(C) limits the extent to which an investment company may invest in the shares of a registered closed-end investment company;

WHEREAS, Rule 12d1-4 under the 1940 Act (the "**Rule**") permits (i) registered investment companies, such as the Investing Funds, to invest in shares of other registered investment companies, such as the Vanguard Funds, in excess of the limits of Section 12(d)(1)(A) of the 1940 Act, and (ii) registered investment companies, such as the Vanguard Funds, as well as the Distributor and Brokers, knowingly to sell shares of the Vanguard Funds to the Investing Funds in excess of the limits of Section 12(d)(1)(B) of the 1940 Act, subject to compliance with the conditions of the Rule;

WHEREAS, an Investing Fund may, from time to time, invest in shares of one or more Vanguard Funds in excess of the limitations of Section 12(d)(1)(A) in reliance on the Rule; and

WHEREAS, a Vanguard Fund, Distributor, or Broker, from time to time, may knowingly sell Shares of one or more Vanguard Funds to an Investing Fund in excess of the limitations of Section 12(d)(1)(B) in reliance on the Rule;

NOW THEREFORE, in accordance with the Rule, the Investing Funds and the Vanguard Funds desire to set forth the following terms pursuant to which the Investing Funds may invest in the Vanguard Funds in reliance on the Rule and the Vanguard Funds, Distributor, or Broker may sell shares of the Vanguard Funds to the Investing Funds in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Terms of Investment</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;(a)With respect to investments in Vanguard Funds that operate as exchange-traded funds ("Vanguard ETFs"), the Funds note that each Vanguard ETF is designed to accommodate large investments and redemptions, whether from Investing Funds or other investors. Creation and redemption orders for shares of the Vanguard ETFs can only be submitted by Brokers or other participants of a registered clearing agency (collectively, "Authorized Participants") that have entered into an agreement ("Authorized Participant Agreement") with the Vanguard ETFs' distributor to transact in shares of the Vanguard ETFs. The Vanguard ETFs also have policies and procedures (the "Basket Policies") that have been adopted pursuant to Rule 6c-11 under the 1940 Act, which govern creations and redemptions of the Vanguard ETFs' shares. Any creation or redemption order submitted by an Investing Fund through an Authorized Participant will be satisfied pursuant to the Basket Policies and the relevant Authorized Participant Agreement. The Basket Policies include provisions that govern in-kind creations and redemptions, as well as cash transactions. In any event, the Funds generally expect that the Investing

Funds will transact in shares in the Vanguard ETFs on the secondary market rather than through direct creation and redemption transactions with the Vanguard ETF. The Funds believe that these material terms regarding an Investing Fund's investment in shares of a Vanguard ETF should assist the Vanguard ETF's investment adviser, the Vanguard Group Inc. ("Vanguard), with making the required findings under the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In order to help reasonably address the risk of undue influence on a Vanguard Fund that operates as a mutual fund ("Vanguard Mutual Fund") by an Investing Fund, and to assist Vanguard with making the required findings under the Rule, each Investing Fund and each Vanguard Mutual Fund agree 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)In-kind redemptions. The Investing Fund acknowledges and agrees that, if and to the extent consistent with the Vanguard Mutual Fund's registration statement, as amended from time to time, the Vanguard Mutual Fund may honor any redemption request partially or wholly in-kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Timing/advance notice of redemptions. The Investing Fund will use reasonable efforts to spread large redemption requests over multiple days or to provide advance notification of redemption requests to the Vanguard Mutual Fund(s) whenever practicable and only if consistent with the Investing Fund's and its shareholders' best interests. The Vanguard Mutual Fund acknowledges and agrees that any notification provided pursuant to the foregoing is not a commitment to redeem and constitutes an estimate that may differ materially from the amount, timing and manner in which a redemption request is submitted, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Scale of investment. Upon a reasonable request by a Vanguard Mutual Fund, the Investing Fund will provide summary information regarding the anticipated timeline of its investment in the Vanguard Mutual Fund and the scale of its contemplated investments in the Vanguard Mutual 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;(c)In order to assist the Investing Fund's investment adviser with evaluating the complexity of the structure and fees and expenses associated with an investment in a Vanguard Fund, each Vanguard Fund shall provide each Investing Fund with information on the fees and expenses of the Vanguard Fund reasonably requested by the Investing Fund with reference to the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Representations of the Vanguard Funds.</u>

In connection with any investment by an Investing Fund in a Vanguard Fund in excess of the limitations in Section 12(d)(1)(A) or knowing sale of shares by a Vanguard Fund, Distributor, or Broker to an Investing Fund in excess of the limitations in Section 12(d)(1)(B), the Vanguard Fund agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Vanguard Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Investing Fund if such Vanguard Fund fails to comply with the Rule with respect to an investment by the Investing Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement. A Vanguard Fund will also notify the Investing Fund promptly if such Vanguard Fund purchases or otherwise acquires the securities of an investment company or private fund in contravention of Rule 12d1-4(b)(3)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Representations of the Investing Funds.</u>

In connection with any investment by an Investing Fund in a Vanguard Fund in excess of the limitations in Section 12(d)(1)(A) or knowing sale of Shares by a Vanguard Fund, Distributor, or Broker to an Investing Fund in excess of the limitations in Section 12(d)(1)(B), the Investing Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable

to Investing Funds; (ii) comply with its obligations under this Agreement; (iii) promptly notify the Vanguard Fund when it has invested in the Vanguard Fund in an amount which exceeds the limitations in Section 12(d)(1)(A); and (iv) promptly notify the Vanguard Fund if such Investing Fund fails to comply with the Rule with respect to its investment in such Vanguard Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Indemnification.</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;(a)Each Investing Fund, severally and not jointly, agrees to hold harmless, indemnify and defend the Vanguard Funds, including any principals, directors or trustees, officers, employees and agents ("Vanguard Agents"), against and from any and all losses, costs, expenses or liabilities incurred by or claims or actions ("Claims") asserted against the Vanguard Fund, including any Vanguard Agents, to the extent such Claims result from (i) a violation or alleged violation of any provision of this Agreement or (ii) a violation or alleged violation of the terms and conditions of the Rule, as applicable, in each case by the Investing Fund, its principals, directors or trustees, officers, employees, agents, advisers or if applicable, subadvisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Vanguard Funds, severally and not jointly, agree to hold harmless, indemnify and defend each Investing Fund, including any principals, directors or trustees, officers, employees and agents ("Investing Fund Agents"), against and from any and all losses, costs, expenses or liabilities incurred by or Claims asserted against an Investing Fund, including any Investing Fund Agents, to the extent such Claims result from (i) a violation or alleged violation of any provision of this Agreement or (ii) a violation or alleged violation of the terms and conditions of the Rule, as applicable, in each case by the Vanguard Fund, its principals, directors or trustees, officers, employees, agents or advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any indemnification pursuant to this Section shall include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending the applicable Claims. In any action involving the Vanguard Funds under this Agreement, each Investing Fund agrees to look solely to the individual Vanguard Fund(s) that are involved in the matter in controversy and not to any other series of the Vanguard Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Notices</u>

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered or overnight mail, facsimile, or electronic mail to the address for each party specified below.

If to an Investing Fund:

Micheline Faver

c/o Voya Investment Management

7337 E. Doubletree Ranch Road, Suite 100

Scottsdale, AZ 85258

Email: Micheline.Faver@voya.com

If to a Vanguard Fund:

ETF Counsel

The Vanguard Group, Inc.

Legal Department, V26

400 Devon Park Drive

Wayne, PA 19087

Fax: (610) 669-6600

Email: 12d1_Notices@vanguard.com

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

6.<u>Term and Termination; Governing Law; Dispute Resolution</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement shall be effective for the duration of the Vanguard Funds' and the Investing Funds' reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time. While the terms of the Agreement shall only be applicable to investments in Funds made in reliance on the Rule, as

interpreted or modified by the SEC or its Staff from time to time, the Agreement shall continue in effect until terminated pursuant to Section 7(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Agreement shall continue, in its entirety or with respect to any particular Investing Fund or Vanguard Fund, until terminated in writing by any party upon 60 days' written notice to the other parties. Upon termination of this Agreement, no Investing Fund may purchase additional shares of a Vanguard Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)This Agreement will be governed by Pennsylvania law without regard to choice of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any dispute arising out of or related to this Agreement which cannot be resolved through discussions between the parties shall be settled by binding arbitration before a panel of three arbitrators in accordance with and subject to the Commercial Arbitration Rules of the American Arbitration Association then applicable. Unless otherwise agreed upon by the parties, the arbitration hearings will be held in Philadelphia, Pennsylvania.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Miscellaneous</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;(a)This Agreement may not be assigned by either party without the prior written consent of the other. In the event either party assigns this Agreement to a third party as provided in this Section, such third party shall be bound by the terms and conditions of this Agreement applicable to the assigning party. Any assignment in contravention of this Section shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except as expressly set forth herein, nothing in this Agreement shall confer any rights upon any person or entity other than the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. This Agreement shall become binding when any two or more counterparts thereof, individually or taken together, bear the signatures of both parties hereto. For purposes hereof, a facsimile copy of this Agreement, including the signature pages hereto, shall be deemed an original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)With the exception of Schedule A, which may be amended via email notification to the contact identified in Section 5 of this Agreement, no amendment, modification, or supplement of any provision of this Agreement will be valid or effective unless made in writing in the manner provided by Section 5 and signed by a duly authorized representative of each party.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written

above.

**Vanguard Funds**

---

| | |
|:---|:---|
| By: | /s/ Michael Dravo |
| Name: | Michael Dravo |
| Title: | Assistant Secretary |

---

**Investing Funds' Registrant(s)**

---

| | |
|:---|:---|
| By: | /s/ Micheline S. Faver |
| Name: | Micheline S. Faver |
| Title: | Senior Vice President |

---

**SCHEDULE A**

**List of Funds to Which the Agreement Applies**

---

| | |
|:---|:---|
| **<u>Investing Funds</u>** | **<u>Vanguard Funds</u>** |
| **Voya Equity Trust** | **Vanguard Index Funds** |
| &nbsp;&nbsp;&nbsp; Voya Global Multi-Asset Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard S&P 500 ETF |
| **Voya Mutual Funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard Value ETF |
| &nbsp;&nbsp;&nbsp; Voya Global Diversified Payment Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard Mid-Cap ETF |
| &nbsp;&nbsp;&nbsp; Voya Global Perspectives Fund | **Vanguard International Equity Index Funds** |
| **Voya Partners, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard FTSE Emerging Markets ETF |
| &nbsp;&nbsp;&nbsp; Voya Global Bond Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard Global ex-U.S. Real Estate ETF |
| &nbsp;&nbsp;&nbsp; Voya Solution 2025 Portfolio | **Vanguard Scottsdale Funds** |
| &nbsp;&nbsp;&nbsp; Voya Solution 2030 Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard Russell 1000 Growth ETF |
| &nbsp;&nbsp;&nbsp; Voya Solution 2035 Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard Short-Term Treasury ETF |
| &nbsp;&nbsp;&nbsp; Voya Solution 2040 Portfolio | **Vanguard Specialized Funds** |
| &nbsp;&nbsp;&nbsp; Voya Solution 2045 Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard Real Estate ETF |
| &nbsp;&nbsp;&nbsp; Voya Solution 2050 Portfolio | **Vanguard Tax-Managed Funds** |
| &nbsp;&nbsp;&nbsp; Voya Solution 2055 Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard FTSE Developed Markets ETF |
| &nbsp;&nbsp;&nbsp; Voya Solution 2060 Portfolio |  |
| &nbsp;&nbsp;&nbsp; Voya Solution 2065 Portfolio |  |
| &nbsp;&nbsp;&nbsp; Voya Solution Aggressive Portfolio |  |
| &nbsp;&nbsp;&nbsp; Voya Solution Balanced Portfolio |  |
| &nbsp;&nbsp;&nbsp; Voya Solution Conservative Portfolio |  |
| &nbsp;&nbsp;&nbsp; Voya Solution Income Portfolio |  |
| &nbsp;&nbsp;&nbsp; Voya Solution Moderately Aggressive Portfolio |  |
| &nbsp;&nbsp;&nbsp; Voya Solution Moderately Conservative Portfolio |  |
| &nbsp;&nbsp;&nbsp; Voya Index Solution Income Portfolio |  |
| &nbsp;&nbsp;&nbsp; Voya Index Solution 2025 Portfolio |  |
| &nbsp;&nbsp;&nbsp; Voya Index Solution 2030 Portfolio |  |
| &nbsp;&nbsp;&nbsp; Voya Index Solution 2035 Portfolio |  |
| &nbsp;&nbsp;&nbsp; Voya Index Solution 2040 Portfolio |  |
| &nbsp;&nbsp;&nbsp; Voya Index Solution 2045 Portfolio |  |
| &nbsp;&nbsp;&nbsp; Voya Index Solution 2050 Portfolio |  |
| &nbsp;&nbsp;&nbsp; Voya Index Solution 2055 Portfolio |  |
| &nbsp;&nbsp;&nbsp; Voya Index Solution 2060 Portfolio |  |

---

Voya Index Solution 2065 Portfolio

**Voya Separate Portfolios Trust**

Voya Target In-Retirement Fund

Voya Target Retirement 2025 Fund

Voya Target Retirement 2030 Fund

Voya Target Retirement 2035 Fund

Voya Target Retirement 2040 Fund

Voya Target Retirement 2045 Fund

Voya Target Retirement 2050 Fund

Voya Target Retirement 2055 Fund

Voya Target Retirement 2060 Fund

Voya Target Retirement 2065 Fund

**Voya Strategic Allocation Portfolios, Inc.**

Voya Strategic Allocation Conservative Portfolio

Voya Strategic Allocation Growth Portfolio

Voya Strategic Allocation Moderate Portfolio

**Voya Balanced Portfolio Inc.**

Voya Balanced Portfolio

**Voya Investors Trust**

Voya Balanced Income Portfolio

Voya Global Perspectives Portfolio

Voya Retirement Conservative Portfolio

Voya Retirement Growth Portfolio

Voya Retirement Moderate Growth Portfolio

Voya Retirement Moderate Portfolio

**Voya Intermediate Bond Portfolio**

Voya Intermediate Bond Portfolio

## Ex-99

(h)(6)(i)

**SCHEDULE A**

**List of Funds to Which the Agreement Applies**

**Last Updated: September 26, 2022**

**<u>Investing Funds</u>**

**Voya Equity Trust**

Voya Global Multi-Asset Fund

**Voya Mutual Funds**

Voya Global Diversified Payment Fund Voya Global Perspectives Fund

**Voya Partners, Inc.**

Voya Global Bond Portfolio

Voya Solution 2025 Portfolio

Voya Solution 2030 Portfolio

Voya Solution 2035 Portfolio

Voya Solution 2040 Portfolio

Voya Solution 2045 Portfolio

Voya Solution 2050 Portfolio

Voya Solution 2055 Portfolio

Voya Solution 2060 Portfolio

Voya Solution 2065 Portfolio

Voya Solution Aggressive Portfolio

Voya Solution Balanced Portfolio

Voya Solution Conservative Portfolio

Voya Solution Income Portfolio

Voya Solution Moderately Aggressive Portfolio

Voya Solution Moderately Conservative Portfolio

Voya Index Solution Income Portfolio

Voya Index Solution 2025 Portfolio

Voya Index Solution 2030 Portfolio

Voya Index Solution 2035 Portfolio

Voya Index Solution 2040 Portfolio

Voya Index Solution 2045 Portfolio

Voya Index Solution 2050 Portfolio

Voya Index Solution 2055 Portfolio

**<u>Vanguard Funds</u>**

**Vanguard Bond Index Funds**

Vanguard Short-Term Bond ETF

**Vanguard Index Funds**

Vanguard S&P 500 ETF

Vanguard Value ETF

Vanguard Mid-Cap ETF

**Vanguard International Equity Index Funds**

Vanguard FTSE Emerging Markets ETF Vanguard Global ex-U.S. Real Estate ETF

**Vanguard Scottsdale Funds**

Vanguard Long-Term Treasury ETF

Vanguard Russell 1000 Growth ETF

Vanguard Russell 1000 Value ETF

Vanguard Short-Term Treasury ETF

**Vanguard Specialized Funds**

Vanguard Dividend Appreciation ETF Vanguard Real Estate ETF

**Vanguard Tax-Managed Funds**

Vanguard FTSE Developed Markets ETF

Voya Index Solution 2060 Portfolio

Voya Index Solution 2065 Portfolio

**Voya Separate Portfolios Trust**

Voya Target In-Retirement Fund

Voya Target Retirement 2025 Fund

Voya Target Retirement 2030 Fund

Voya Target Retirement 2035 Fund

Voya Target Retirement 2040 Fund

Voya Target Retirement 2045 Fund

Voya Target Retirement 2050 Fund

Voya Target Retirement 2055 Fund

Voya Target Retirement 2060 Fund

Voya Target Retirement 2065 Fund

**Voya Strategic Allocation Portfolios, Inc.**

Voya Strategic Allocation Conservative Portfolio

Voya Strategic Allocation Growth Portfolio

Voya Strategic Allocation Moderate Portfolio

**Voya Balanced Portfolio Inc.**

Voya Balanced Portfolio

**Voya Investors Trust**

Voya Balanced Income Portfolio

Voya Global Perspectives Portfolio

Voya Retirement Conservative Portfolio

Voya Retirement Growth Portfolio

Voya Retirement Moderate Growth Portfolio

Voya Retirement Moderate Portfolio

**Voya Intermediate Bond Portfolio**

Voya Intermediate Bond Portfolio

## Ex-99

(h)(7)

**FUND OF FUNDS INVESTMENT AGREEMENT**

This Fund of Funds Investment Agreement (this "Agreement"), is effective as of October 5, 2022 (the "Effective Date"), is made among Voya Balanced Portfolio, Inc., Voya Equity Trust, Voya Investors Trust, Voya Intermediate Bond Portfolio, Voya Mutual Funds, Voya Partners, Inc., Voya Separate Portfolios Trust, and Voya Strategic Allocation Portfolios, Inc.), on behalf of their series listed on Schedule A, severally and not jointly (each, the "Acquiring Fund"), and SPDR Series Trust, SPDR Index Shares Funds and SSGA Active Trust (each, a "Trust"), each on behalf of their series listed on Schedule B, severally and not jointly (each, the "Acquired Fund" and together with the Acquiring Funds, the "Funds").

WHEREAS, each Fund is registered with the U.S. Securities and Exchange Commission ("SEC") as an investment company under the Investment Company Act of 1940, as amended, (the "1940 Act");

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies and Section 12(d)(1)(B) limits the extent to which a registered investment company, its principal underwriter or registered brokers or dealers may knowingly sell shares of such registered investment company to other investment companies;

WHEREAS, Rule 12d1-4 under the 1940 Act (the "Rule") permits registered investment companies, such as the Acquiring Fund, to invest in shares of other registered investment companies, such as the Acquired Fund, in excess of the limits of Section 12(d)(1) of the 1940 Act subject to compliance with the conditions of the Rule; and

WHEREAS, the Acquiring Fund may, from time to time, invest in shares of one or more Acquired Funds in excess of the limitations of Section 12(d)(1)(A) in reliance on the Rule;

NOW THEREFORE, in accordance with the Rule, the Acquiring Fund and the Acquired Fund desire to set forth the following terms pursuant to which the Acquiring Fund may invest in the Acquired Fund in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&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.Terms of Investment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)In order to help reasonably address the risk of undue influence on the Acquired Fund by the Acquiring Fund, and to assist the Acquired Fund's investment adviser with making the required findings under the Rule, the Acquiring Fund and the Acquired Fund agree 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Redemptions. The Acquiring Fund acknowledges and agrees that it is not an Authorized Participant, as defined in Rule 6c-11 under the 1940 Act, and has no ability to directly redeem shares from the Acquired 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Scale of investment. Upon a reasonable request by the Acquired Fund, the Acquiring Fund will provide summary information regarding the anticipated timeline of its investment in the Acquired Fund and the scale of its contemplated investments in the Acquired Fund. The Acquired Fund acknowledges and agrees that any information provided pursuant to the foregoing is not a commitment to purchase and constitutes an estimate that may differ materially from the amount, timing and manner in which a purchase order is submitted, if any.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In order to assist the Acquiring Fund's investment adviser with evaluating the complexity of the structure and fees and expenses associated with an investment in the Acquired Fund, the Acquired Fund shall provide the Acquiring Fund with information on the fees and expenses of the Acquired Fund reasonably requested by the Acquiring Fund with reference to the Rule. Such fee and expense information shall be limited to that which is made publicly available by the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The agreements contained in paragraphs 1(a)(ii) and 1(b) apply only with respect to an investment by the Acquiring Fund in the Acquired Fund that exceeds the limits in Section 12(d)(1)(A)(i) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Covenants of the Acquired Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In connection with any investment by the Acquiring Fund in the Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquired Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to the Acquired Fund; (ii) comply with its obligations under this Agreement; and

(iii)promptly notify the Acquiring Fund if the Acquired Fund fails to comply with the Rule with respect to an investment by the Acquiring Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Acquired Fund agrees that any information regarding planned purchases or sales of shares of the Acquired Fund provided pursuant to Section 1 will be treated confidentially, used solely for the purposes of this Agreement, and will not be disclosed to any third party without the prior consent of the Acquiring Fund, except for directors/trustees, officers, employees, accountants, legal counsel, investment advisers and other advisers of the Acquired Fund and its affiliates on a need-to-know basis and solely for the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Covenants of the Acquiring Fund.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In connection with any investment by the Acquiring Fund in the Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquiring Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Acquiring Fund; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquired Fund if the Acquiring Fund fails to comply with the Rule with respect to its investment in the Acquired Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any of the provisions of this Agreement notwithstanding, the Acquiring Fund represents and warrants to the Acquired Fund that it operates, and will continue to operate, in compliance with the 1940 Act, and the SEC's rules and regulations thereunder. The Acquiring Fund agrees that the Acquired Fund is entitled to rely on the representations contained in this Agreement and that the Acquired Fund has no independent duty to monitor the Acquiring Fund's or its investment adviser's or, if applicable, its subadviser's compliance with this Agreement, the 1940 Act, or the SEC's rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Acquiring Fund shall provide the Acquired Fund with information regarding the amount of the Acquiring Fund's investments in the Acquired Fund upon the Acquired Fund's reasonable request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding anything herein to the contrary, to the extent the Acquiring Fund, the investment adviser to the Acquiring Fund or, if applicable, the subadviser to the Acquiring Fund

has an "affiliated person" (as defined under the 1940 Act) that is: (i) a broker-dealer, (ii) a broker- dealer or bank that borrows as part of a securities lending program, or (iii) a futures commission merchant or a swap dealer, the Acquiring Fund will: (a) not make an investment in the Acquired Fund that causes the Acquiring Fund to hold 5% or more of the Acquired Fund's total outstanding voting securities without prior approval from the Acquired Fund, and (b) notify the Acquired Fund if any investment by the Acquiring Fund that complied with (a) at the time of purchase no longer complies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Notices

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered or overnight mail, facsimile, or electronic mail to the address for each party specified below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;If to the Acquiring Fund: | &nbsp;&nbsp;If to the Acquired Fund: |
| &nbsp;&nbsp;Erica McKenna | &nbsp;&nbsp;State Street Global Advisors |
| &nbsp;&nbsp;c/o Voya Investment Management | &nbsp;&nbsp;One Iron Street |
| &nbsp;&nbsp;7337 E. Doubletree Ranch Road, Suite 100 | &nbsp;&nbsp;Boston, MA 02210 |
| &nbsp;&nbsp;Scottsdale, AZ 85258 | &nbsp;&nbsp;Attn: Global Funds Management |
| &nbsp;&nbsp;Email: <u>Erica.McKenna@voya.com</u> | &nbsp;&nbsp;Email: <u>NewFoFRule@SSGA.com</u> |
| &nbsp;&nbsp;With a copy to: | &nbsp;&nbsp;With a copy to: |
| &nbsp;&nbsp;Gizachew Wubishet, Assistant Vice President | &nbsp;&nbsp;State Street Global Advisors |
| &nbsp;&nbsp;and Counsel | &nbsp;&nbsp;One Iron Street |
| &nbsp;&nbsp;c/o Voya Investment Management | &nbsp;&nbsp;Boston, MA 02210 |
| &nbsp;&nbsp;Attn: Legal Dept. | &nbsp;&nbsp;Attn: Legal Department |
| &nbsp;&nbsp;7337 E. Doubletree Ranch Road, Suite 100 | &nbsp;&nbsp;Email: <u>NewFoFRule@SSGA.com</u> |
| &nbsp;&nbsp;Scottsdale, AZ 85258 |  |
| &nbsp;&nbsp;Email: <u>Gizachew.Wubishet@voya.com</u> |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Term and Termination; Assignment; Amendment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement shall be effective for the duration of the Acquired Fund's and the Acquiring Fund's reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time. While the terms of the Agreement shall only be applicable to investments in Funds made in reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time, the Agreement shall continue in effect until terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Agreement shall continue until terminated in writing: (i) by either party upon sixty

(60)days' notice to the other party; or (ii) in the event of a material breach of this Agreement, upon written notice to the breaching party, which may be given in the sole discretion of the non- breaching party. Upon termination of this Agreement, the Acquiring Fund may not purchase additional shares of the Acquired Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)This Agreement is binding upon and inures to the benefit of the parties hereto and their respective successors and assigns. This Agreement may not be assigned by either party without the prior written consent of the other. Any purported assignment of rights in violation of this Section is void.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Other than as provided in Section 7(b), this Agreement may be amended only by a writing that is signed by each affected party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)In any action involving the Acquiring Fund under this Agreement, the Acquired Fund agrees to look solely to the individual Acquiring Fund that is involved in the matter in controversy and not to any of the other Acquiring Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)In any action involving the Acquired Fund under this Agreement, the Acquiring Fund agrees to look solely to the individual Acquired Fund that is involved in the matter in controversy and not to any of the other Acquired Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Acquiring Fund and the Acquired Fund may file a copy of this Agreement with the SEC or any other regulatory body if required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Fund (an "Indemnifying Fund"), severally and not jointly, agrees to hold harmless, indemnify and defend each other Fund (an "Indemnitee Fund"), including any principals, directors or trustees, officers, employees and agents ("Agents") of the Indemnitee Fund, against and from any and all losses, costs, expenses and liabilities incurred by or claims or actions ("Claims") asserted against the Indemnitee Fund, including any of its Agents, to the extent such Claims result from a violation of any provision of this Agreement by the Indemnifying Fund or its Agents or result from any willful misfeasance, bad faith, reckless disregard or gross negligence of the Indemnifying Fund or its Agents in the performance of any of its duties or obligations hereunder. Any indemnification pursuant to this Section shall include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending the applicable Claims. Notwithstanding the foregoing, the Indemnifying Fund shall not be responsible for any Claim against the Indemnitee Fund or its Agents to the extent such Claim results from a violation of any provision of this Agreement by the Indemnitee Fund or its Agents or results from any willful misfeasance, bad faith, reckless disregard or gross negligence of the Indemnitee Fund or its Agents in the performance of any of its duties or obligations hereunder. This Section shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any liability pursuant to the forgoing provision shall be several and not joint. In any action involving the parties under this Agreement, the parties agree to look solely to the individual Acquiring Fund(s) or Acquired Fund(s) that is/are involved in the matter in controversy and not to any other Acquiring Fund or Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Additional Funds; Removal of Funds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event that any party wishes to include one or more series in addition to those originally set forth on Schedule A or Schedule B (each such series a "New Fund"), such party shall so notify the other party in writing, and, upon written agreement, each New Fund shall hereunder become an Acquiring Fund or an Acquired Fund, as the case may be, and Schedule A or Schedule B, as appropriate, shall be amended accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event that a Trust wishes to no longer make the Acquired Fund available under this Agreement, the Trust shall so notify the Acquiring Fund in writing by providing the Acquiring Fund an amended Schedule B that does not include the Acquired Fund. Upon the Acquiring Fund's receipt of such amended Schedule B, the amended Schedule B shall be made a part of this

Agreement and supersede the prior Schedule B. Except as modified by amended Schedule B, all other terms and conditions of this Agreement shall remain in full force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Severability

If any provision of this Agreement is determined to be invalid, illegal or unenforceable, the remaining provisions of this Agreement remain in full force and effect, if the essential terms and conditions of this Agreement for both parties remain valid, legal and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.Governing Law**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement shall be construed in accordance with the laws of the Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the case of the Acquired Fund, a copy of the Declaration of Trust of the applicable Trust is on file with the Secretary of the Commonwealth of Massachusetts, and notice is hereby given that no trustee, officer, employee, agent or shareholder of the Acquired Fund shall have any personal liability under this Agreement, and that this Agreement is binding only upon the assets and property of the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.Consequential Damages**

Under no circumstances will any party to this Agreement be liable to any person, including without limitation any other party to this Agreement, for any special, indirect or consequential loss or damages resulting from any act or failure to act in accordance with the provision of this Agreement, even if such party had been advised of the possibility of such loss or damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.Entire Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement contains the entire understanding and agreement of the parties. This Agreement may be executed in two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute one and the same document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The execution of this Agreement shall be deemed to constitute the termination as of the Effective Date of any and all prior agreements between the Acquiring Fund and the Acquired Fund that relates to the investment by any Acquiring Fund in any Acquired Fund in reliance on a participation agreement, exemptive order or other arrangement among the parties intended to permit investments beyond the statutory limits of Section 12(d)(1)(A) and (B) of the 1940 Act (the "Prior Section 12 Agreements"). The parties hereby waive any notice provisions, conditions to termination, or matters otherwise required to terminate such Prior Section 12 Agreements.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective

Date.

**SPDR SERIES TRUST**

**SPDR INDEX SHARES FUNDS SSGA ACTIVE TRUST**

**(each on behalf of their series listed on Schedule B, severally and not jointly)**

---

| | |
|:---|:---|
| By: | <u>/s/ Ann M. Carpenter</u>________ |
| Name: | <u>Ann M. Carpenter</u>__________ |
| Title: | <u>Vice President / Deputy Treasurer</u> |

---

[Remainder of page intentionally left blank; Acquiring Fund signature page follows]

**Voya Balanced Portfolio, Inc. Voya Equity Trust**

**Voya Investors Trust**

**Voya Intermediate Bond Portfolio Voya Mutual Funds**

**Voya Partners, Inc.**

**Voya Separate Portfolios Trust**

**Voya Strategic Allocation Portfolios, Inc.**

**(each on behalf of their series listed on Schedule A, severally and not jointly)**

---

| | |
|:---|:---|
| By: | <u>/s/ Erica McKenna</u>__________ |

---

Name: Erica McKenna

Title: Vice President

**SCHEDULE A**

**List of Acquiring Fund(s) to Which the Agreement Applies**

**<u>Acquiring Funds</u>**

<u>Voya Balanced Portfolio, Inc.</u>

VOYA BALANCED PORTFOLIO

<u>Voya Equity Trust</u>

VOYA GLOBAL MULTI-ASSET FUND

<u>Voya Investors Trust</u>

VOYA BALANCED INCOME PORTFOLIO VOYA GLOBAL PERSPECTIVES PORTFOLIO VOYA RETIREMENT CONSERVATIVE PORTFOLIO VOYA RETIREMENT GROWTH PORTFOLIO

VOYA RETIREMENT MODERATE GROWTH PORTFOLIO VOYA RETIREMENT MODERATE PORTFOLIO

<u>Voya Intermediate Bond Portfolio</u>

VOYA INTERMEDIATE BOND PORTFOLIO

<u>Voya Mutual Funds</u>

VOYA GLOBAL DIVERSIFIED PAYMENT FUND

VOYA GLOBAL PERSPECTIVES FUND

<u>Voya Partners, Inc.</u>

VOYA GLOBAL BOND PORTFOLIO

VOYA INDEX SOLUTION 2025 PORTFOLIO

VOYA INDEX SOLUTION 2030 PORTFOLIO

VOYA INDEX SOLUTION 2035 PORTFOLIO

VOYA INDEX SOLUTION 2040 PORTFOLIO

VOYA INDEX SOLUTION 2045 PORTFOLIO

VOYA INDEX SOLUTION 2050 PORTFOLIO

VOYA INDEX SOLUTION 2055 PORTFOLIO

VOYA INDEX SOLUTION 2060 PORTFOLIO

VOYA INDEX SOLUTION 2065 PORTFOLIO VOYA INDEX SOLUTION INCOME PORTFOLIO VOYA SOLUTION 2025 PORTFOLIO

VOYA SOLUTION 2030 PORTFOLIO

VOYA SOLUTION 2035 PORTFOLIO

VOYA SOLUTION 2040 PORTFOLIO

VOYA SOLUTION 2045 PORTFOLIO

VOYA SOLUTION 2050 PORTFOLIO

VOYA SOLUTION 2055 PORTFOLIO

VOYA SOLUTION 2060 PORTFOLIO

VOYA SOLUTION 2065 PORTFOLIO

VOYA SOLUTION AGGRESSIVE PORTFOLIO VOYA SOLUTION CONSERVATIVE PORTFOLIO VOYA SOLUTION INCOME PORTFOLIO

VOYA SOLUTION MODERATELY AGGRESSIVE PORTFOLIO

VOYA SOLUTION MODERATELY CONSERVATIVE PORTFOLIO

<u>Voya Separate Portfolios Trust</u>

VOYA TARGET IN-RETIREMENT FUND

VOYA TARGET RETIREMENT 2025 FUND

VOYA TARGET RETIREMENT 2030 FUND

VOYA TARGET RETIREMENT 2035 FUND

VOYA TARGET RETIREMENT 2040 FUND

VOYA TARGET RETIREMENT 2045 FUND

VOYA TARGET RETIREMENT 2050 FUND

VOYA TARGET RETIREMENT 2055 FUND

VOYA TARGET RETIREMENT 2060 FUND

VOYA TARGET RETIREMENT 2065 FUND

<u>Voya Strategic Allocation Portfolios, Inc.</u>

VOYA STRATEGIC ALLOCATION CONSERVATIVE PORTFOLIO VOYA STRATEGIC ALLOCATION GROWTH PORTFOLIO VOYA STRATEGIC ALLOCATION MODERATE PORTFOLIO

## Ex-99

(h)(8)

**BNY MELLON ETF INVESTMENT ADVISER, LLC**

**FUND OF FUNDS INVESTMENT AGREEMENT**

THIS AGREEMENT, is made this 25th of January, 2023, by and among each registrant identified on Schedule A (each, an "Acquiring Trust"), on behalf of itself and its current and future series identified on Schedule A, severally and not jointly (each, an "Acquiring Fund" and collectively, the "Acquiring Funds"), and each registrant identified on Schedule B (each, an "Acquired Trust"), on behalf of itself and its respective series identified on Schedule B, severally and not jointly (each, an "Acquired Fund" and collectively the "Acquired Funds" and together with the Acquiring Funds, the "Funds"), and shall become effective on 25th January, 2023 (the "Effective Date").

WHEREAS, each Acquired Trust and Acquiring Trust is registered with the U.S. Securities and Exchange Commission ("SEC") as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies, Section 12(d)(1)(B) limits the extent to which a registered investment company, its principal underwriter or registered brokers or dealers may knowingly sell shares of such registered investment company to other investment companies;

WHEREAS, Rule 12d1-4 under the 1940 Act (the "Rule") permits registered investment companies, such as the Acquiring Funds, to invest in shares of other registered investment companies, such as the Acquired Funds, in excess of the limits of Section 12(d)(1) of the 1940 Act subject to compliance with the conditions of the Rule; and

WHEREAS, an Acquiring Fund may, from time to time, invest in shares of one or more Acquired Funds in excess of the limitations of Section 12(d)(1)(A) in reliance on the Rule;

NOW THEREFORE, in accordance with the Rule, the Acquiring Funds and the Acquired Funds desire to set forth the following terms pursuant to which the Acquiring Funds may invest in the Acquired Funds in reliance on the Rule and additional terms of investment as provided in the Agreement.

1. Terms of Investment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In order to help reasonably address the risk of undue influence on an Acquired Fund by an Acquiring Fund, and to assist the Acquired Fund's investment adviser with making the required findings under the Rule, each Acquiring Fund and each Acquired Fund agree 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;(i)In-kind redemptions. The Acquiring Fund acknowledges and agrees that, if and to the extent consistent with the Acquired Fund's registration statement, as amended from time to time, the Acquired Fund may honor any redemption request partially or wholly in-kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Timing/advance notice of redemptions. The Acquiring Fund will use reasonable efforts to spread large redemption requests over multiple days or to provide advance notification of redemption requests to the Acquired Funds whenever practicable and consistent with the Acquiring Fund's best interests. The Acquired Fund acknowledges and agrees that any notification provided pursuant to the foregoing is not a commitment

to redeem and constitutes an estimate that may differ materially from the amount, timing and manner in which a redemption request is submitted, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Scale of investment. Upon a reasonable request by an Acquired Fund, the Acquiring Fund will provide summary information regarding the anticipated timeline of its investment in the Acquired Fund and the scale of its contemplated investments in the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In order to assist the Acquiring Fund's investment adviser with evaluating the complexity of the structure and fees and expenses associated with an investment in an Acquired Fund, each Acquired Fund shall provide each Acquiring Fund with information on the fees and expenses of the Acquired Fund reasonably requested by the Acquiring Fund with reference to the Rule.

2. Representations of the Acquired Funds.

In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquired Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Acquired Funds;

(ii)comply with its obligations under this Agreement; and (iii) promptly notify the Acquiring Fund if such Acquired Fund fails to comply with the Rule with respect to an investment by the Acquiring Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

3. Representations of the Acquiring Funds.

In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquiring Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Acquiring Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquired Fund if such Acquiring Fund fails to comply with the Rule with respect to its investment in such Acquired Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

4. Indemnification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Acquiring Fund agrees to hold harmless and indemnify each Acquired Fund, including any of its principals, directors or trustees, officers, employees and agents, against and from any and all losses, expenses or liabilities incurred by or claims or actions ("Claims") asserted against the Acquired Fund, including any of their principals, directors or trustees, officers, employees and agents, to the extent such Claims result from a violation or alleged violation by such Acquiring Fund of any provision of this Agreement, such indemnification to include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending such Claims; provided that no Acquiring Fund shall be liable for indemnifying any Acquired Fund for any Claims resulting from violations that occur directly as a result of incomplete or inaccurate information provided by the Acquired Fund to such Acquiring Fund pursuant to terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Acquired Fund agrees to hold harmless and indemnify an Acquiring Fund, including any of its principals, directors or trustees, officers, employees and agents, against and from any and all losses, expenses or liabilities incurred by or Claims asserted against the Acquiring Fund, including any of its directors or trustees, officers, employees or agents, to the extent such

Claims result from a violation or alleged violation by such Acquired Fund of any provision of this Agreement, such indemnification to include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending such Claims; provided that no Acquired Fund shall be liable for indemnifying any Acquiring Fund for any Claims resulting from violations that occur directly as a result of incomplete or inaccurate information provided by the Acquiring Fund to such Acquired Fund pursuant to terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any liability pursuant to the forgoing provisions shall be several and not joint. In any action involving the parties under this Agreement, the parties agree to look solely to the individual series of the Acquiring funds or Acquired Funds that are involved in the matter in controversy and not to any other series.

5. Notices

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered or overnight mail or electronic mail to the address for each party specified below or to such other person as such party may designate for receipt of such notice.

If to an Acquiring Trust or an Acquiring Fund:

Erica McKenna

Vice President, Head of Mutual Fund Compliance

Voya Investment Management

7337 E. Doubletree Ranch Road, Suite 100

Scottsdale, AZ 85258

E-mail: <u>Erica.McKenna@voya.com</u>

With a copy to:

Gizachew Wubishet

Assistant Vice President and Counsel

Voya Investment Management

7337 E. Doubletree Ranch Road, Suite 100

Scottsdale, AZ 85258

E-mail: <u>Gizachew.Wubishet@voya.com</u>

If to an Acquired Trust or an Acquired Fund:

Deirdre Cunnane

BNY Mellon ETF Investment Adviser, LLC

240 Greenwich Street

New York, New York 10286

E-mail: <u>Deirdre.Cunnane@bnymellon.com</u>

With a copy to:

Joseph Martella

BNY Mellon ETF Investment Adviser, LLC

240 Greenwich Street

New York, New York 10286

E-mail: <u>joseph.martella@bnymellon.com</u>

6. Term and Termination; Assignment; Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement shall be effective for the duration of the Acquired Funds' and/or the Acquiring Funds' reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time. While the terms of the Agreement shall only be applicable to investments in Funds made in reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time, the Agreement shall continue in effect until terminated pursuant to Section 6(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Agreement shall continue until terminated in writing by either party upon 60 days' notice to the other party. This Agreement may be terminated with respect to one or more Acquiring Trust, Acquiring Fund, Acquired Trust or Acquired Fund, and remain effective with respect to the remaining Acquiring Trusts, Acquiring Funds, Acquired Trusts or Acquired Funds subject to this Agreement. Upon termination of this Agreement, the Acquiring Funds may not purchase additional shares of the Acquired Funds beyond the Section 12(d)(1)(A) limits in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)This Agreement may not be assigned by either party without the prior written consent of the other. In the event either party assigns this Agreement to a third party as provided in this Section, such permitted third party shall be bound by the terms and conditions of this Agreement applicable to the assigning party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Other than as set forth in Section 7 below and with respect to notice information, this Agreement may be amended only by a writing that is signed by each party.

7. Additional Acquiring Funds and Acquired Funds

In the event that an Acquiring Trust or an Acquired Trust wishes to include one or more series in addition to those originally set forth on Schedules A and B, respectively, the relevant party shall so notify the other party in writing, and, if the other party agrees in writing, such series shall hereunder become an Acquiring Fund or Acquired Fund, as the case may be, and Schedule A or Schedule B, as appropriate, shall be amended accordingly.

8. Miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All representations, warranties, covenants, acknowledgements or other agreements set forth in this Agreement made by an Acquiring Fund or an Acquired Fund that is a series shall be considered to be made by the Acquiring Trust, on behalf of the Acquiring Fund, or the Acquired Trust, on behalf of the Acquired Fund, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Agreement may be executed in two or more counterparts, each of which is deemed an original but all of which together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If any provision of this Agreement is determined to be invalid, illegal, in conflict with any law or otherwise unenforceable, the remaining provisions hereof will be considered severable and will not be affected thereby, and every remaining provision hereof will remain in full force and effect and will remain enforceable to the fullest extent permitted by applicable 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;(d)This Agreement will be governed by the laws of the State of New York without regard to its choice of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)In any action involving the Acquiring Funds under this Agreement, each Acquired Fund agrees to look solely to the individual Acquiring Funds that are involved in the matter in controversy and not to any other series of the Acquiring Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)In any action involving the Acquired Funds under this Agreement, each Acquiring Fund agrees to look solely to the individual Acquired Funds that are involved in the matter in controversy and not to any other series of the Acquired Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The parties are hereby put on notice that no director/trustee, officer, employee, agent, employee or shareholder of the Funds shall have any personal liability under this Agreement, and that this Agreement is binding only upon the assets and property of the applicable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations.

9. Termination of Prior Agreements.

The execution of this Agreement shall be deemed to constitute the termination as of the Effective Date of any and all prior agreements between an Acquiring Fund and an Acquired Fund that relates to the investment by any Acquiring Fund in any Acquired Fund in reliance on a participation agreement, exemptive order or other arrangement among the parties intended to permit investments beyond the statutory limits of Section 12(d)(1) of the 1940 Act (the "Prior Section 12 Agreements"). The parties hereby waive any notice provisions, conditions to termination, or matters otherwise required to terminate such Prior Section 12 Agreements as of the Effective Date.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written

above.

Acquiring Trusts, on behalf of themselves and the Acquiring Funds listed on Schedule A, Severally and Not Jointly

<u>/s/ Erica McKenna</u>_______________

Name: Erica McKenna

Title: Vice President

BNY Mellon ETF Trust, on behalf of itself and its respective Acquired

Funds listed on Schedule B, Severally and Not Jointly

<u>/s/ James Windels</u>________________

Name: James Windels

Title: Treasurer

**SCHEDULE A**

<u>Acquiring Trusts and Acquiring Funds</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;**Acquiring Trusts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Acquiring Funds** |
| &nbsp;&nbsp;VOYA BALANCED PORTFOLIO, INC. | &nbsp;&nbsp;VOYA BALANCED PORTFOLIO - MASS |
| &nbsp;&nbsp;VOYA MUTUAL FUNDS | &nbsp;&nbsp;VOYA GLOBAL DIVERSIFIED |
|  | &nbsp;&nbsp;PAYMENT FUND |
| &nbsp;&nbsp;VOYA EQUITY TRUST | &nbsp;&nbsp;VOYA GLOBAL MULTI-ASSET FUND |
| &nbsp;&nbsp;VOYA MUTUAL FUNDS | &nbsp;&nbsp;VOYA GLOBAL PERSPECTIVES FUND |
| &nbsp;&nbsp;VOYA INVESTORS TRUST | &nbsp;&nbsp;VOYA GLOBAL PERSPECTIVES |
|  | &nbsp;&nbsp;PORTFOLIO |
| &nbsp;&nbsp;VOYA PARTNERS, INC. | &nbsp;&nbsp;VOYA INDEX SOLUTION 2025 |
|  | &nbsp;&nbsp;PORTFOLIO |
| &nbsp;&nbsp;VOYA PARTNERS, INC. | &nbsp;&nbsp;VOYA INDEX SOLUTION 2030 |
|  | &nbsp;&nbsp;PORTFOLIO |
| &nbsp;&nbsp;VOYA PARTNERS, INC. | &nbsp;&nbsp;VOYA INDEX SOLUTION 2035 |
|  | &nbsp;&nbsp;PORTFOLIO |
| &nbsp;&nbsp;VOYA PARTNERS, INC. | &nbsp;&nbsp;VOYA INDEX SOLUTION 2040 |
|  | &nbsp;&nbsp;PORTFOLIO |
| &nbsp;&nbsp;VOYA PARTNERS, INC. | &nbsp;&nbsp;VOYA INDEX SOLUTION 2045 |
|  | &nbsp;&nbsp;PORTFOLIO |
| &nbsp;&nbsp;VOYA PARTNERS, INC. | &nbsp;&nbsp;VOYA INDEX SOLUTION 2050 |
|  | &nbsp;&nbsp;PORTFOLIO |
| &nbsp;&nbsp;VOYA PARTNERS, INC. | &nbsp;&nbsp;VOYA INDEX SOLUTION 2055 |
|  | &nbsp;&nbsp;PORTFOLIO |
| &nbsp;&nbsp;VOYA PARTNERS, INC. | &nbsp;&nbsp;VOYA INDEX SOLUTION 2060 |
|  | &nbsp;&nbsp;PORTFOLIO |
| &nbsp;&nbsp;VOYA PARTNERS, INC. | &nbsp;&nbsp;VOYA INDEX SOLUTION 2065 |
|  | &nbsp;&nbsp;PORTFOLIO |
| &nbsp;&nbsp;VOYA PARTNERS, INC. | &nbsp;&nbsp;VOYA INDEX SOLUTION INCOME |
|  | &nbsp;&nbsp;PORTFOLIO |
| &nbsp;&nbsp;VOYA INVESTORS TRUST | &nbsp;&nbsp;VOYA RETIREMENT CONSERVATIVE |
|  | &nbsp;&nbsp;PORTFOLIO |
| &nbsp;&nbsp;VOYA INVESTORS TRUST | &nbsp;&nbsp;VOYA RETIREMENT GROWTH |
|  | &nbsp;&nbsp;PORTFOLIO |
| &nbsp;&nbsp;VOYA INVESTORS TRUST | &nbsp;&nbsp;VOYA RETIREMENT MODERATE |
|  | &nbsp;&nbsp;GROWTH PORTFOLIO |
| &nbsp;&nbsp;VOYA INVESTORS TRUST | &nbsp;&nbsp;VOYA RETIREMENT MODERATE |
|  | &nbsp;&nbsp;PORTFOLIO |
| &nbsp;&nbsp;VOYA PARTNERS, INC. | &nbsp;&nbsp;VOYA SOLUTION 2025 PORTFOLIO |
| &nbsp;&nbsp;VOYA PARTNERS, INC. | &nbsp;&nbsp;VOYA SOLUTION 2030 PORTFOLIO |
| &nbsp;&nbsp;VOYA PARTNERS, INC. | &nbsp;&nbsp;VOYA SOLUTION 2035 PORTFOLIO |
| &nbsp;&nbsp;VOYA PARTNERS, INC. | &nbsp;&nbsp;VOYA SOLUTION 2040 PORTFOLIO |
| &nbsp;&nbsp;VOYA PARTNERS, INC. | &nbsp;&nbsp;VOYA SOLUTION 2045 PORTFOLIO |
| &nbsp;&nbsp;VOYA PARTNERS, INC. | &nbsp;&nbsp;VOYA SOLUTION 2050 PORTFOLIO |
| &nbsp;&nbsp;VOYA PARNTERS, INC. | &nbsp;&nbsp;VOYA SOLUTION 2055 PORTFOLIO |
|  | 7 |

---

![](guuv74ri7okbvxckn5lhj.jpg)

VOYA PARTNERS, INC.

VOYA PARTNERS, INC.

VOYA PARTNERS, INC.

VOYA PARTNERS, INC.

VOYA PARTNERS, INC.

VOYA PARTNERS, INC.

VOYA PARTNERS, INC.

VOYA PARTNERS, INC.

VOYA STRATEGIC ALLOCATION PORTFOLIOS, INC.

VOYA STRATEGIC ALLOCATION PORTFOLIOS, INC.

VOYA STRATEGIC ALLOCATION PORTFOLIOS, INC.

VOYA SEPARATE PORTFOLIOS TRUST VOYA SEPARATE PORTFOLIOS TRUST

VOYA SEPARATE PORTFOLIOS TRUST

VOYA SEPARATE PORTFOLIOS TRUST

VOYA SEPARATE PORTFOLIOS TRUST

VOYA SEPARATE PORTFOLIOS TRUST

VOYA SEPARATE PORTFOLIOS TRUST

VOYA SEPARATE PORTFOLIOS TRUST

VOYA SEPARATE PORTFOLIOS TRUST

VOYA SEPARATE PORTFOLIOS TRUST

VOYA SOLUTION 2060 PORTFOLIO VOYA SOLUTION 2065 PORTFOLIO VOYA SOLUTION AGGRESSIVE PORTFOLIO

VOYA SOLUTION BALANCED PORTFOLIO

VOYA SOLUTION CONSERVATIVE PORTFOLIO

VOYA SOLUTION INCOME PORTFOLIO VOYA SOLUTION MODERATELY AGGRESSIVE PORTFOLIO

VOYA SOLUTION MODERATELY CONSERVATIVE PORTFOLIO VOYA STRATEGIC ALLOCATION CONSERVATIVE PORTFOLIO VOYA STRATEGIC ALLOCATION GROWTH PORTFOLIO

VOYA STRATEGIC ALLOCATION MODERATE PORTFOLIO

VOYA TARGET IN-RETIREMENT FUND VOYA TARGET RETIREMENT 2025 FUND

VOYA TARGET RETIREMENT 2030 FUND

VOYA TARGET RETIREMENT 2035 FUND

VOYA TARGET RETIREMENT 2040 FUND

VOYA TARGET RETIREMENT 2045 FUND

VOYA TARGET RETIREMENT 2050 FUND

VOYA TARGET RETIREMENT 2055 FUND

VOYA TARGET RETIREMENT 2060 FUND

VOYA TARGET RETIREMENT 2065 FUND

**SCHEDULE B**

<u>Acquired Trusts and Acquired Funds</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;**Acquired Trusts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Acquired Funds** |
| &nbsp;&nbsp;BNY Mellon ETF Trust | &nbsp;&nbsp;BNY Mellon High Yield Beta ETF |

---

## Ex-99

![](gj7hq96dak6vp3xm6mn7a.jpg)

(i)(43)

ROPES & GRAY LLP PRUDENTIAL TOWER

800 BOYLSTON STREET BOSTON, MA 02199 WWW.ROPESGRAY.COM

February 24, 2023

Voya Mutual Funds

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 Mutual Funds (the "Trust") under the Securities Act of 1933, as amended (the "Act"), relating to the issuance of Class R6 shares of beneficial interest of Voya Multi-Manager International Small Cap Fund (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.

In rendering the opinion expressed herein, we have, with your approval, relied solely on the opinion, dated the date hereof, of Richards, Layton & Finger, PA insofar as such opinion relates to the laws of the State of Delaware (subject to all of the assumptions and qualifications to which such opinion is subject), and we have made no independent examination of the laws of that jurisdiction. We are providing a copy of that opinion together with this opinion, which is subject to the same assumptions as those set forth in the opinion of Richards, Layton & Finger, PA.

Based upon and subject to the foregoing, we are of the opinion that the Shares of the Trust have been duly authorized and, when issued, will be validly issued, fully paid and nonassessable beneficial interests in the Trust.

[The remainder of this page has been intentionally left blank.]

February 24, 2023

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,

/s/ Ropes & Gray LLP Ropes & Gray LLP

## Ex-99

(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. 225 to the Registration Statement of Voya Mutual Funds (File No. 033-56094), on Form N-1A under the Securities Act of 1933, as amended.

<u>/s/ Ropes & Gray LLP</u>

Ropes & Gray LLP

Boston, MA

February 24, 2023

## Ex-99

(j)(2)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the references to our firm under the captions "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" and "Financial Statements" in the Statement of Additional Information, each dated February 28, 2023, and each included in this Post-Effective Amendment No. 225 on the Registration Statement (Form N-1A, File No. 033-56094) of Voya Mutual Funds (the "Registration Statement").

We also consent to the incorporation by reference of our reports dated December 22, 2022, with respect to Voya Global Diversified Payment Fund, Voya Global Bond Fund, Voya Global High Dividend Low Volatility Fund, Voya Global Perspectives® Fund, Voya Multi-Manager International Small Cap Fund, Voya International High Dividend Low Volatility Fund, Voya Multi-Manager Emerging Markets Equity Fund, Voya Multi-Manager International Equity Fund and Voya Multi-Manager International Factors Fund (the "Funds") (nine of the funds constituting Voya Mutual Funds) included in the Annual Reports to Shareholders (Form N-CSR) for the year ended October 31, 2022, into this Registration Statement filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

Boston, Massachusetts

February 24, 2023

## Ex-99

(n)(1)

**NINETEENTH AMENDED AND RESTATED**

**MULTIPLE CLASS PLAN PURSUANT TO RULE 18f-3**

**FOR**

**VOYA MUTUAL FUNDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.Introduction**

**VOYA MUTUAL FUNDS (the "Trust")**, on behalf of its series listed on **<u>Schedule A</u>** attached hereto, as such schedule may be amended from time to time to add additional series, (referred to herein collectively as the "Funds" and each individually as a "Fund"), hereby adopts this Multiple Class Plan (the "Plan") pursuant to Rule 18f-3 under the Investment Company Act of 1940, as amended (the "1940 Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.Multiple Class Structure**

Each of the Funds continuously offers the classes of shares indicated by the Fund's name on **<u>Schedule A</u>**.

Shares of each class of a Fund shall represent an equal pro rata interest in such Fund and, generally, shall have identical voting, dividend, liquidation, and other rights, preferences, powers, restrictions, limitations, qualifications and terms and conditions, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) each class shall have a different designation; (b) each class shall bear any Class Expenses, as defined in Section C below; and (c) each class shall have exclusive voting rights on any matter submitted to shareholders that relates solely to its distribution arrangement and each class shall have separate voting rights on any matter submitted to shareholders in which the interests of one class differ from the interests of any other class. In addition, Class A, Class C, Class I, Class P, Class P3, Class R, Class R6, and Class W shares shall have the features 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;A.<u>Sales Charge Structure</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)<u>Class A Shares</u>. Class A shares of a Fund shall be offered at net asset value plus an initial sales charge. The front-end sales charge shall be in such amount as is disclosed in the Funds' prospectus or supplements thereto and shall be subject to reductions for larger purchases and such waivers or reductions as are disclosed in the Funds' current prospectus or supplements thereto. Class A shares generally shall not be subject to a contingent deferred sales charge ("CDSC"); however, a CDSC in such amount as may be described in the Funds' current prospectus or supplements thereto may be imposed on redemptions of Class A shares acquired in a purchase of five hundred thousand dollars or more that are redeemed within a specified number of months of their purchase, as described in the Funds' prospectus or supplements thereto. Additional

CDSCs may be imposed in such other cases as the Board of Trustees (the "Board") may approve and as are disclosed in the Funds' current prospectus or supplements thereto.

(2)<u>Class C Shares</u>. Class C shares of a Fund shall be offered at net asset value without the imposition of a sales charge at the time of purchase. A CDSC in such amount as is described in the Funds' current prospectus or supplements thereto shall be imposed on redemptions of Class C shares made within one year from the first day of the month after purchase, subject to waivers or reductions as are disclosed in the Funds' current prospectus or supplements thereto. Class C shares do not automatically convert to Class A shares.

(3)<u>Class I Shares</u>. Class I shares may be offered to certain institutional investors and individuals, and to certain investors holding Fund investments through omnibus accounts in the name of their financial intermediaries, as indicated in the Funds' current prospectus or supplements thereto, at the then-current net asset value without the imposition of an initial sales charge or a CDSC. A minimum initial investment for Class I shares is imposed as described in the Funds' current prospectus or supplements thereto.

(4)<u>Class P Shares</u>. Class P shares shall be offered at net asset value without the imposition of a sales charge at the time of purchase. Class P shares shall not be subject to a CDSC.

(5)<u>Class P3 Shares.</u> Class P3 shares of a Fund shall be offered at net asset value without the imposition of a sales charge at the time of purchase. Class P3 shares shall not be subject to a CDSC.

(6)<u>Class R Shares</u>. Class R shares of a Fund shall be offered at net asset value without the imposition of a sales charge at the time of purchase. Class R shares shall not be subject to a CDSC.

(7)<u>Class R6 Shares</u>. Class R6 shares shall be offered to certain investors, as indicated in the Funds' current prospectus or supplements thereto, at the then-current net asset value without the imposition of an initial sales charge or a CDSC. A minimum initial investment for Class R6 shares is imposed as described in the Funds' current prospectus or supplements thereto.

(8)<u>Class W Shares</u>. Class W shares may be offered to certain institutional investors, including wrap program sponsors, as indicated in the Funds' current prospectus or supplements thereto, at the then-current net asset value without the imposition of an initial sales charge or a CDSC. A minimum initial investment for Class W shares is imposed as described in the Funds' current prospectus or supplements thereto.

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

B.<u>Service and Distribution Plans</u>

Each Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), for each class of shares of that Fund (other than Class I, Class P, Class P3, Class R6, and Class W shares) with the terms contained in **<u>Schedule B</u>**, attached hereto. For purposes of this agreement and the information contained in **<u>Schedule B</u>** hereto, distribution and service activities are defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The term "distribution activities" shall include services rendered by the underwriter of the shares of a Fund (the "Underwriter") in connection with any activities or expenses primarily intended to result in the sale of shares of a Fund, including, but not limited to, compensation to registered representatives or other employees of the Underwriter or to other broker- dealers that have entered into an Authorized Dealer Agreement with the Underwriter, compensation to and expenses of employees of the Underwriter who engage in or support distribution of the Funds' shares; telephone expenses; interest expense; printing of prospectuses and reports for other than existing shareholders; preparation, printing and distribution of sales literature and advertising materials; and profit and overhead on the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The term "service activities" shall mean activities in connection with the provision of personal, continuing services to investors in each Fund, excluding transfer agent and sub-transfer agent services for beneficial owners of shares of a Fund, aggregating and processing purchase and redemption orders, providing beneficial owners with account statements, processing dividend payments, providing sub-accounting services for Fund shares held beneficially, forwarding shareholder communications to beneficial owners and receiving, tabulating and transmitting proxies executed by beneficial owners; provided, however, that if the Financial Industry Regulatory Authority ("FINRA") adopts a definition of "service fee" for purposes of Section 2830 of the Conduct Rules that differs from the definition of "service activities" hereunder, or if FINRA adopts a related definition intended to define the same concept, the definition of "service activities" in this paragraph shall be automatically amended, without further action of the Board, to conform to such FINRA definition. Overhead and other expenses of the Underwriter related to its "service activities," including telephone and other communications expenses, may be included in the information regarding amounts expended for such activities.

C.<u>Allocation of Income and Expenses</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The gross income of each Fund shall, generally, be allocated to each class on the basis of net assets. To the extent practicable, certain expenses (other than Class Expenses and Transfer Agency Expenses, each as

defined below, which shall be allocated more specifically) shall be subtracted from the gross income on the basis of the net assets of each class of each Fund. These expenses include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Expenses incurred by the Trust (for example, fees of Trustees, auditors and legal counsel) not attributable to a particular Fund or to a particular class of shares of a Fund ("Trust Expenses"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Expenses incurred by a Fund not attributable to any particular class of the Fund's shares (for example, advisory fees, custodial fees, or other expenses relating to the management of the Fund's assets)

("Fund Expenses").

(2)Expenses (other than Transfer Agency Expenses, as defined below) attributable to a particular class ("Class Expenses") shall be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)payments made pursuant to a 12b-1 plan; (ii) printing and postage expenses related to preparing and distributing materials such as shareholder reports, prospectuses and proxies to current shareholders of a specific class; (iii) Blue Sky registration fees incurred by a class; (iv) SEC registration fees incurred by a class; (v) the expense of administrative personnel and services to support the shareholders of a specific class; (vi) litigation or other legal expenses relating solely to one class; and (vii) Trustees' fees incurred as a result of issues relating to one class. Expenses in category (i) above must be allocated to the class for which such expenses are incurred. All other "Class Expenses" listed in categories (ii) through (vii) above may be allocated to a class but only if the President and Treasurer have determined, subject to Board approval or ratification, which of such categories of expenses will be treated as Class Expenses, consistent with applicable legal principles under the 1940 Act and the Internal Revenue Code of 1986, as amended.

Therefore, expenses of a Fund shall be apportioned to each class of shares depending on the nature of the expense item. Trust Expenses and Fund Expenses will be allocated among the classes of shares based on their relative net asset values. Approved Class Expenses shall be allocated to the particular class to which they are attributable.

In the event a particular expense is no longer reasonably allocable by class or to a particular class, it shall be treated as a Trust Expense or Fund Expense, and in the event a Trust Expense or Fund Expense becomes allocable at a different level, including as a Class Expense, it shall be so allocated, subject to compliance with Rule 18f-3 and to approval or ratification by the Board.

The initial determination of expenses that will be allocated as Class Expenses and any subsequent changes thereto shall be reviewed by the

Board and approved by such Board and by a majority of the Trustees who are not "interested persons," as defined in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Transfer agency fees and expenses, including any expenses of broker- dealers, sub-transfer agents and other third parties providing shareholder services to shareholders of a Fund ("Transfer Agency Expenses"), shall be allocated to each class of the Fund as set forth 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;(a)Transfer Agency Expenses attributable to Class I Shares of a Fund shall be allocated exclusively to Class I Shares of such Fund and shall be subtracted from the gross income of the Fund attributable to such Class I Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Transfer Agency Expenses attributable to Class P Shares of a Fund shall be allocated exclusively to Class P Shares of such Fund and shall be subtracted from the gross income of the Fund attributable to such Class P Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Transfer Agency Expenses attributable to Class P3 Shares of a Fund shall be allocated exclusively to Class P3 Shares of such Fund and shall be subtracted from the gross income of the Fund attributable to such Class P3 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Transfer Agency Expenses attributable to Class R6 Shares of a Fund shall be allocated exclusively to Class R6 Shares of such Fund and shall be subtracted from the gross income of the Fund attributable to such Class R6 Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Transfer Agency Expenses attributable to all other classes of a Fund shall be allocated to all classes of the Fund, other than Class I Shares, Class P Shares, Class P3 Shares, and Class R6 Shares, on a pro rata basis in accordance with the relative net assets of each class of the Fund (other than Class I Shares, Class P Shares, Class P3 Shares, and Class R6 Shares) in relation to the net assets of the Fund (excluding the net assets of the Fund attributable to Class I Shares, Class P Shares, Class P3 Shares, and Class R6 Shares) and shall be subtracted from the gross income attributable to each such class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Fund Expenses may be waived and/or reimbursed in different amounts for different classes provided that: (1) one class does not subsidize the Fund Expenses (including advisory fees) of any other class; and (2) any such waivers comply with procedures adopted by the Funds to guard against cross-subsidization of Fund-level fees between classes.

D.<u>Exchange Privileges</u>

Shares of one class of a Fund may be exchanged for shares of that same class of any other Voya fund without payment of any additional front-end sales charge, except as provided below, and except that a CDSC that was applicable to the original Voya fund being held by the shareholder shall continue to apply to the investment in the Voya fund into which the shareholder has exchanged. If a shareholder exchanges into Voya Credit Income Fund and subsequently offers his or her common shares for repurchase by that Fund, the CDSC will apply from the original Voya fund from which he or she exchanged. A sales charge, equal to the excess, if any, of the sales charge rate applicable to the shares being acquired over the sales charge rate previously paid, may be assessed on exchanges from the Fund. If a shareholder exchanges and subsequently redeems his or her shares, any applicable CDSC will be based on the full period of the share ownership.

A shareholder may also exchange shares of a class of any Fund for shares of a different class of the same Fund, which the shareholder is eligible to purchase, as disclosed in the Fund's current prospectus or supplements thereto and subject to the discretion of Voya Investments Distributor, LLC to permit or reject such an exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.<u>Conversion Features</u>. Effective November 2, 2021, Class C shares automatically convert to Class A shares after eight years from purchase. For purposes of conversion to Class A shares, shares purchased through the reinvestment of dividends and distributions paid in respect of Class C shares in a shareholder's Fund account will be considered to be held in a separate subaccount. Each time any Class C shares in the shareholder's Fund account (other than those in the subaccount) convert to Class A, an equal pro rata portion of the Class C shares in the subaccount will also convert to Class A. Shares shall be converted at the relative net asset values of the two classes without the imposition of a sales charge, fee or other charge. If the amount of Class A 12b-1 expenses of any Fund is increased materially without the approval of the Class C shareholders, any conversion will only take place in a manner permitted by Rule 18f-3. The conversion of Class C shares to Class A shares is subject to any restrictions or eligibility requirements described in the prospectus of the relevant Fund as may be in effect from time to time. The conversion of Class C shares into Class A shares may be limited or eliminated on the basis of tax considerations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.<u>Waiver or Reimbursement of Expenses</u>

Expenses may be waived or reimbursed by any adviser, by the Underwriter or any other provider of services to the Funds without the prior approval of the Board.

**III.Board Review**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.<u>Approval of Amendments</u>

This Plan may not be amended materially unless the Board, including a majority of the Trustees who are not "interested persons" of the Funds and the Trust as

defined in the 1940 Act, have found that the proposed amendment, including any proposed related expense allocation, is in the best interests of each class individually and the Fund as a whole. Such finding shall be based on information requested by the Board and furnished to them which the Board then deems reasonably necessary to evaluate the proposed amendment. Said amendments may be approved at an in-person or telephonic meeting of the Board or by a written instrument signed by a majority of the Trustees who are not "interested persons" of the Funds as defined in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.<u>Quarterly and Annual Reports</u>

The Board, including the Independent Trustees, shall receive quarterly and annual statements concerning all allocated distribution and servicing expenditures complying with paragraph (b)(3)(ii) of Rule 12b-1 of the 1940 Act, as it may be amended from time to time. In the statements, only expenditures properly attributable to the sale or servicing of a particular class of shares will be used to justify any distribution or servicing fee or other expenses charged to that class. Expenditures not related to the sale or servicing of a particular class shall not be presented to the Board to justify any fee attributable to that class.

IV. Miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.<u>Limitation of Liability</u>

The Board and the shareholders of each Fund shall not be liable for any obligations of the Trust or any Fund under this Plan, and the Underwriter or any other person, in asserting any rights or claims under this Plan, shall look only to the assets and property of the Trust or such Funds in settlement of such right or claim, and not to such Trustees or shareholders.

**Last Approved: January 11, 2023**

**Last Amended: January 12, 2023, to reflect the removal of Class T shares.**

**SCHEDULE A to the**

**NINETEENTH AMENDED AND RESTATED**

**MULTIPLE CLASS PLAN PURSUANT TO RULE 18f-3**

**for**

**VOYA MUTUAL FUNDS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **<u>Classes of Shares</u>** | **<u>Classes of Shares</u>** | **<u>Classes of Shares</u>** | | |
| &nbsp;&nbsp;**<u>Name of Fund</u>**<br>| <br>**<u>A</u>** | <br>**<u>C</u>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;**<u>I</u>** | **<u>P</u>** | **<u>P3</u>** | **<u>R</u>** | <br>**<u>R6</u>** | <br>**<u>W</u>** |
| &nbsp;&nbsp;Voya Global Bond Fund | √ | √ | &nbsp;&nbsp;&nbsp;&nbsp;√ | √ | √ | √ | √ | √ |
| &nbsp;&nbsp;Voya Global Diversified Payment Fund | √ | √ | &nbsp;&nbsp;&nbsp;&nbsp;√ | N/A | &nbsp;&nbsp;N/A | √ | √ | √ |
| &nbsp;&nbsp;Voya Global High Dividend Low | √ | √ | &nbsp;&nbsp;&nbsp;&nbsp;√ | N/A | &nbsp;&nbsp;N/A | √ | √ | √ |
| &nbsp;&nbsp;Volatility Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Voya Global Perspectives<sup>®</sup> Fund | √ | √ | &nbsp;&nbsp;&nbsp;&nbsp;√ | N/A | &nbsp;&nbsp;N/A | √ | &nbsp;&nbsp;N/A | √ |
| &nbsp;&nbsp;Voya International High Dividend Low | √ | N/A | &nbsp;&nbsp;&nbsp;&nbsp;√ | N/A | √ | N/A | √ | N/A |
| &nbsp;&nbsp;Volatility Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Voya Multi-Manager Emerging Markets | √ | √ | &nbsp;&nbsp;&nbsp;&nbsp;√ | √ | √ | √ | &nbsp;&nbsp;N/A | √ |
| &nbsp;&nbsp;Equity Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Voya Multi-Manager International | √ | √ | &nbsp;&nbsp;&nbsp;&nbsp;√ | √ | √ | √ | &nbsp;&nbsp;N/A | √ |
| &nbsp;&nbsp;Equity Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Voya Multi-Manager International | N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp;√ | √ | √ | N/A | &nbsp;&nbsp;N/A | √ |
| &nbsp;&nbsp;Factors Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Voya Multi-Manager International Small | √ | √ | &nbsp;&nbsp;&nbsp;&nbsp;√ | N/A | √ | √ | √ | √ |
| &nbsp;&nbsp;Cap Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Voya Russia Fund | √ | √ | &nbsp;&nbsp;&nbsp;&nbsp;√ | N/A | &nbsp;&nbsp;N/A | √ | &nbsp;&nbsp;N/A | √ |

---

**Schedule A Last Amended: January 12, 2023, to reflect the removal of Class T shares.**

**SCHEDULE B**

**to the**

**NINTEENTH AMENDED AND RESTATED**

**MULTIPLE CLASS PLAN PURSUANT TO RULE 18f-3**

**for**

**VOYA MUTUAL FUNDS**

**12b-1 Distribution and Service Fees**

**Paid Each Year by the Funds (as a % of average net assets)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **<u>Classes of Shares</u>** | **<u>Classes of Shares</u>** | | | |
| &nbsp;&nbsp;**<u>Name of Fund</u>**<br>| <br>**<u>A</u>** | <br>**<u>C</u>** | <br>**<u>I</u>** | **<u>P</u>** | **<u>P3</u>** | <br>**<u>R</u>** | <br>**<u>R6</u>** | <br>**<u>W</u>** |
| &nbsp;&nbsp;Voya Global Bond Fund | 0.25 | 1.00 | N/A | N/A | N/A | 0.50 | N/A | N/A |
| &nbsp;&nbsp;Voya Global Diversified Payment Fund | 0.25 | 1.00 | N/A | N/A | N/A | 0.50 | N/A | N/A |
| &nbsp;&nbsp;Voya Global High Dividend Low | 0.25 | 1.00 | N/A | N/A | N/A | 0.50 | N/A | N/A |
| &nbsp;&nbsp;Volatility Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Voya Global Perspectives<sup>®</sup> Fund | 0.25 | 1.00 | N/A | N/A | N/A | 0.50 | N/A | N/A |
| &nbsp;&nbsp;Voya International High Dividend Low | 0.25 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;Volatility Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Voya Multi-Manager Emerging Markets | 0.25 | 1.00 | N/A | N/A | N/A | 0.50 | N/A | N/A |
| &nbsp;&nbsp;Equity Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Voya Multi-Manager International Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Voya Multi-Manager International Factors | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Voya Multi-Manager International Small | 0.25 | 1.00 | N/A | N/A | N/A | 0.50 | N/A | N/A |
| &nbsp;&nbsp;Cap Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Voya Russia Fund | 0.25 | 1.00 | N/A | N/A | N/A | 0.50 | N/A | N/A |

---

**Schedule B Last Amended: January 12, 2023, to reflect the removal of Class T shares.**

## Ex-99

![](gnowc94jnke81vfjiapdd.jpg)

(p)(1)

**CODE OF ETHICS**

**Voya Financial, Inc.**

**Voya Investment Management LLC**

**Voya Investments, LLC**

**Voya Investment Management Co. LLC**

**Voya Investment Management (UK) Limited**

**Voya Alternative Asset Management LLC**

**Pomona Management LLC**

**Voya Investments Distributor, LLC**

**Voya Realty Group, LLC**

**Voya Investment Trust Co.**

**Voya funds**

**NOVEMBER 4, 2022**

&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. Adoption of Code of Ethics**

This Code of Ethics (the "Code") has been adopted by each of the registered investment companies advised by Voya Investments, LLC (or an affiliate) and operating under the Voya funds umbrella (the "Voya funds") and by each of the following Voya Entities (collectively, referred to as "Voya Entities"):

Voya Investment Management LLC Voya Investments, LLC

Voya Investment Management Co. LLC

Voya Alternative Asset Management LLC Pomona Management LLC

Voya Investments Distributor, LLC ("VID") Voya Realty Group, LLC

Voya Investment Trust Co.

Voya Investment Management (UK) Limited

The provisions of the Code are applicable to all directors, trustees, officers and persons employed or appointed by one or more of the Voya Entities as well as their immediate family members living in such designated person's household (collectively, referred to as "Employees") unless otherwise noted. Employees on short-term disability, whose access rights have not been revoked will still be subject to the Code. Employees on long-term disability, whose access rights have been revoked will not be subject to the Code during the leave period.

In addition, the Code is applicable to the trustees/directors of each of the Voya funds (the "Voya funds Directors").

All Employees and the Directors of the Voya funds (collectively, referred to as "Covered Persons") will be provided with a copy of this Code upon employment with the Voya Entities or appointment and notified when any material amendments are made to the Code.

The Code is not intended to supersede or otherwise replace the Voya Code of Business Conduct and Ethics. All of the policies and guidelines contained in the Voya Code of Business Conduct and Ethics shall remain in full force and effect as to Employees.

**2. Covered Persons**

**Certification of Compliance.** All Covered Persons are required to certify to the Voya IM Compliance Department annually, or whenever this Code is materially amended, that they have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•read and understand the provisions contained in the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•complied with all the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reported all transactional information required by the Code.

Generally, as an employee of the Company, you may be held personally liable for any improper or illegal acts committed during the course of your employment; non-compliance with this policy may be deemed to encompass one of these acts. Accordingly, you must read this policy and comply with the spirit and the strict letter of its provisions. Failure to comply may result in the imposition of serious sanctions, which may include, but are not limited to, letter of written reprimand, the disgorgement of profits, cancellation of trades, selling of positions, and suspension of personal trading privileges, dismissal, and referral to law enforcement or regulatory agencies.

Covered Persons are required to certify their receipt and understanding of and compliance with the Code within ten days of becoming a Covered Person. On an annual basis, all Covered Persons are required to re-certify their understanding of and compliance with the Code. You will be provided with timely notification of these certification requirements and directions on how to complete them by the Code of Ethics Office. Other reporting and certification requirements are set forth in the Gift & Entertainment, Political Contributions, and Personal Securities Transactions Sections of this Code.

**3. Violations of the Code**

Employees are required to report any known or suspected violations of the Code to the Voya IM Compliance Department immediately. An Employee who violates this Code or fails to report a violation of the Code may be subject to sanctions. For example, if the same security is purchased or sold on the same day by an Employee, the Employee following a violation, may be required to disgorge profits to charity. In addition, any Employee that violates the Code's pre-clearance or transaction reporting provisions may also be suspended from further trading for a period.

**4. Exceptions to the Code**

Exceptions to the Code will only be made under extraordinary circumstances. No exception may be granted for those sections of the Code that are mandated by regulation.

Exceptions may be made only upon prior request, and no exception will be granted subsequent to a violation of the Code. To be granted an exception to the Code, a written request regarding the nature of the exception must be made and submitted to Voya IM's Chief Compliance Officer and approved by her or him and a member of Voya IM's Management Committee. Exceptions to the Code shall be reported as applicable to the Chief Compliance Officer of the Voya funds and the Voya funds Directors.

**5. Statement of Fiduciary Standards**

A fiduciary is a person or organization that manages money or property for another, usually a client, and, as a result, has a legal duty to act in the best interests of that client. This Code is based on the overriding principle that the Employees have a fiduciary duty to clients, including the Voya funds, while the Voya funds' Directors of the have a fiduciary duty only to the Voya funds. Our investment advisers owe a fiduciary duty to the Clients for which they serve as an adviser or sub-adviser. Covered Persons of our investment advisers must avoid activities, interests, and relationships that could interfere or appear to interfere with our advisers' fiduciary duties. Accordingly, Covered Persons shall conduct their activities in accordance with the following standards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.Clients' Interests Come First.** In the course of fulfilling their duties and responsibilities, Covered Persons must at all times place the interests of the clients (or, in the case of the Voya funds Directors, the Voya funds) first. In particular, Covered Persons shall avoid putting their own personal interests ahead of the interests of a client.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.Conflicts of Interest Shall Be Avoided.** Covered Persons must avoid any situations involving an actual or potential conflict of interest or possible impropriety with respect to their duties and responsibilities to, in the case of an Employee, a Voya Entity or a client of a Voya Entity or in the case of a Voya funds Director, the Voya funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.Compromising Situations Shall Be Avoided**. Covered Persons shall never take advantage of their position of trust and responsibility. Covered Persons must avoid any situation that might compromise or call into question their exercise of full independent judgment in the best interests of clients.

All activities of Covered Persons shall be guided by, and adhere to, these fiduciary standards. The remainder of this Code sets forth specific rules and procedures that are consistent with these fiduciary standards. However, all activities by Employees are required to conform to these standards regardless of whether the activity is specifically covered in this Code. Any violation of the Code by an Employee may include but not be limited to reprimand, suspension, disgorgement of trading profits and termination of employment.

**6. Duty of Confidentiality**

Covered Persons must keep confidential any non-public information regarding Voya, a Voya Entity, a Voya fund, and any client or any entity whose securities they know or should know are under investment review by a portfolio management team acting on behalf of a Voya Entity. Covered Persons have the highest fiduciary obligation not to reveal confidential information of any nature to any party that does not have an explicitly clear and compelling need to know such information.

All information submitted by a Covered Person to the Voya IM Compliance Department pursuant to this Code will be treated as confidential information. It may, however, be made available to senior management, governmental and governmental agencies with regulatory authority over the Voya Entities, as well as to the Voya funds Directors, and each of their auditors and legal advisors, as appropriate.

**7. Covered Persons' Duty to Comply with Federal Securities Laws**

Voya Entities' activities are governed by the federal securities laws, including the Investment Advisers Act of 1940, as amended (the "Advisers Act") and the Investment Company Act of 1940, as amended. Covered Persons are expected to adhere to the federal securities laws, whether or not the activity is specifically covered in this Code.

**8. Personal Trading Restrictions**

The restrictions of this section apply to all Employees, covered under the personal trading policies and procedures of Voya Investment Management ("Voya IM"), and to accounts over which they have the authority to make investment decisions, for all transactions involving securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.Pre-Clearance of Securities Transactions.** Except for the transactions listed below, approval must be obtained from the Voya IM Compliance Department before entering an order to buy or sell or transfer securities by gift, engaging in derivative transactions, or selling of shares in connection with margin calls. **An approval to trade is only valid on the business day it is received (note: such approvals terminate at close of business day on the date such approval is granted)**. If you receive an approval and do not complete the trade that same day, you must seek pre-clearance to complete the trade the next (or any subsequent) business day. Except as noted below, an approval must be received for every transaction. Pre-clearance

approvals for securities **traded on a U.S. exchange or in a U.S. market** are effective until the close of business on the day that your pre-clearance request has been approved. Pre-clearance approvals for securities **traded on a foreign exchange or in a foreign market** are effective until the close of business on the business day following approval of your pre-clearance request. If you want to modify your trade request previously submitted in any way (e.g., date of execution or share quantity), you must submit a new pre-clearance request.

The Voya Entities utilize a vendor system to process personal trading. All preclearance requests shall be made via the system, which can be accessed at: <u>Protegent PTA</u> .

Employees assigned portfolio management or trading responsibility are prohibited from knowingly buying or selling the same security traded in an associated client account for a period of 15 days (7 days prior to the client trade and 7 days after the client trade).

Private Placement investment personnel must obtain pre-clearance to purchase or sell private placements.

**8.2.Pre-Clearance** and Holding Period Requirements for Voya Financial securities.

**Employees must obtain pre-clearance for transactions involving Voya Financial securities, including:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Open market purchases and sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gifting or making a charitable contribution of your holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transactions in Voya Company Stock Fund in the 401(k) (other than automatic purchases made pursuant to an established payroll-deduction program, or transactions involving automatic and/or pro-rata rebalances); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Sales of Restricted Stock (other than the immediate sales upon vesting of securities).

**Employees who wish to transact in Voya securities should consider the following before seeking pre-clearance and transacting:**

**Voya Securities must be held for a minimum of 60 calendar days from the acquisition date, including the Voya Company Stock Fund in Voya 401(k) accounts.**

Employees are **prohibited from shorting** any securities issued by Voya.

Employees are **prohibited from trading securities** issued by Voya during the **"Closed Period for Voya Financial Instruments,"** including trades in Voya 401(k) accounts.

**Warning: Failure to Pre-Clear will result in sanctions including suspension of personal trading privileges.**

**8.3.Exceptions to** Pre-Clearance of Securities Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the Government of the United States;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•High quality short-term debt instruments, including bankers' acceptances, bank certificates of deposit, commercial paper, money market securities and repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Shares of open-end funds, including shares held in Voya's 401(k) plan (as defined in Transactions in Voya Fund Shares, below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transactions in accounts over which an Employee has no direct or indirect control or influence (managed or discretionary accounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transactions under any incentive compensation plan sponsored by the Voya Entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transactions made through an automatic dividend reinvestment plan, automatic payroll deduction or similar program (excluding Self Directed Brokerage Accounts) where the timing of purchases and sales is controlled by someone other than the Employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transactions involving Bitcoins or other cryptocurrencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transactions made through a fully discretionary Robo-Advisor program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An exercise of pro-rata rights issued by a company to all the holders of a class of its securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On any given day, transactions involving 100 shares or less (per account) of common stock issued by companies included in the S&P 500 Index; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On any given day, transactions involving 100 shares or less (per account) of Exchange- Traded Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transactions involving penny stocks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transactions involving options on an index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transactions involving interval closed-end funds.

While the securities transactions noted above may not need to be pre-cleared, they may need to be held and reported in accordance with the reporting requirements set forth below.

**8.4.Prohibition on Initial Public Offerings and Initial Coin Offerings.** Employees are prohibited from acquiring securities in initial public offerings, or initial coin offerings; except for transactions made pursuant to an employee incentive compensation, retention or other program put in place by a Voya Entity.

**8.5.Restrictions on Private Placements.** Employees are prohibited from acquiring non-public securities (a private placement) without the prior approval of the Voya IM Compliance Department. If an Employee is granted approval to make such a personal investment, that Employee will not participate in any consideration of whether clients should invest in the same issuer's public or non-public securities.

**8.6.Prohibition on Short-Term Trading Profits.** Employees are prohibited from profiting from the purchase and sale, or sale and purchase, of the same (or related) securities or exchange–

traded funds as well as shares of open-end funds advised or sub-advised by the Voya Entities. Profits made in connection with short-term trades may be subject to disgorgement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7.Borrowing Money from Suppliers or Clients.** Employees may not borrow money from any of Voya IM's suppliers, consultants, or clients. However, the receipt of credit on customary terms in connection with the purchase of goods or services is not considered to be borrowing within the foregoing prohibition. In addition, acceptance of loans from other banks or financial institutions on customary terms to finance proper and usual activities, such as home mortgage loans, is permitted except where prohibited by law.

**9. Holding period requirements are as follows:**

Shares of securities (including, Voya Company Stock Fund, individual stocks, bonds, closed-end

funds, derivatives, etc.) must be held for 60 calendar days from the purchase date.

Shares of exchange-traded funds must be held for 30 calendar days from the purchase date.

Shares of open-end funds advised or sub-advised by the Voya Entities (including 401(k) transactions other than those involving the Voya Company Stock Fund) must be held for 30 calendar days from the purchase date. **Note:** The 30-calendar day holding period for shares of open-end funds advised or sub- advised by the Voya Entities is measured from the time of the most recent purchase of the shares of the relevant Voya fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.Prohibition of Short Selling and Derivatives of Voya Securities.** Because of the heightened legal risk, the potential misalignment of your interests and those of Voya Financial and its shareholders, and the inappropriateness of engaging in speculative transactions involving Voya Financial securities, you may not engage in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Short sales of Voya Financial common stock. For example, you cannot sell Voya Financial common stock that you do not own, or if you own the stock, you cannot deliver it against such sale, and borrowing shares to complete the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Hedging or other transactions involving options (including exchange-traded options), puts, calls, forward contracts or other derivatives involving Voya Financial securities (excluding stock awards granted under any Voya Financial incentive plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.Prohibition of Trading in Voya Securities during the "Closed Period".** Employees are prohibited from trading Voya Securities, including the Voya Company Stock Fund in Voya's 401(k) plan, during the "Closed Period for Voya's Financial Instruments" as set forth by Voya Financial. The Voya Closed Periods are set forth on the vendor system utilized to process personal trading requests, which can be accessed at: **<u>Protegent PTA</u>**.

**10. Reporting Obligation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.Disinterested Directors/Trustees**

Voya funds Directors who are not deemed to be "interested persons" (as that term is defined under the Investment Company Act of 1940, as amended ("IC Act") of a Voya fund, its investment adviser or the adviser's affiliate (the "Disinterested Directors") must submit a quarterly report containing the information set forth in 10.2 - 10.5 below, only with respect to those transactions for which such person knew or, in the ordinary course of fulfilling his or

her official duties as a Disinterested Director, should have known, that during the 15-day period immediately before or after the Disinterested Director's transaction in securities that are otherwise subject to the reporting requirements described herein, an applicable Voya und had purchased or sold the security at issue or that an investment adviser or sub-adviser for an applicable Voya fund had considered purchasing or selling such security.

**10.2.Initial Disclosure of Personal Holdings.** Employees are required to disclose all their personal securities holdings to the Voya IM Compliance Department within 10 days of commencing employment with a Voya Entity. The holdings report must be current as of a date not more than 45 days prior to the commencement of employment.

**10.3.Securities Transaction Records.** Employees should be aware that the Voya Entities maintain a list of designated broker-dealers with whom Employees may maintain a brokerage account. Employees shall notify the Voya IM Compliance Department if they intend to open, or have opened, a brokerage account. If requested, Employees shall direct their brokers to supply Compliance with duplicate confirmation statements of their securities transactions and copies of all periodic statements for their accounts. Employees must report new authorized brokerage accounts to the Compliance Department within thirty (30) days of funding the account. Note: Employees may not trade in the new account prior to reporting the account. Any brokerage account opened to facilitate cryptocurrency trading is a reportable account under the Code and must be held with an approved designated broker.

**10.4.Quarterly Account and Transaction Reports.** Employees are required to submit a report listing their securities transactions made during the previous quarter within 30 days of the end of each calendar quarter.

**10.5.Annual Holdings Report.** Employees are required to submit a report listing all securities held as of December 31 of the year reported within 30 days of the end of the calendar year. The holdings reports must be current as of a date not more than 45 days prior to the date the report is submitted.

**10.6.Information to be Reported.** Employees are required to provide the following information when submitting reports as required by 10.2. through 10.5., above:

**10.7.Initial and Annual Holdings Reports must include the:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•title or description and type of security, the exchange ticker symbol or CUSIP number, the number of shares or principal amount of each security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•broker-dealer or bank where accounts are held; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•date the report is submitted.

**10.8.Quarterly Transaction Reports** must include the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•title or description and type of security, the exchange ticker symbol or CUSIP number, the number of shares and principal amount of each security (as well as the interest rate and maturity date, if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•trade date and type of transaction (i.e., buy, sell, open, close, etc.):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•price of the security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•broker-dealer or bank account through which the transaction was affected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•date the report is submitted.

All reports, other than the Initial Disclosure of Personal Holdings, shall be made via the vendor system, which can be accessed at: **<u>Protegent PTA</u>** .

**11. Transactions in Shares of** Open-End Funds

The following restrictions and requirements apply to all purchases and sales of shares of open-end funds advised or sub-advised by the Voya Entities other than money market and short-term bond funds ("Voya Advised Shares") and all holdings of Voya Advised Shares by Covered Persons, including those in which they have a beneficial ownership interest, except as provided below.

These restrictions and requirements do not apply to purchases of Voya Advised Shares through (1) an automatic dividend reinvestment plan; or (2) through any other automatic investment plan, automatic payroll deduction plan, or other automatic plan approved by the Voya IM Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. Compliance with Prospectus

All transactions in shares of open-end funds advised or sub-advised by the Voya Entities must be in accordance with the policies and procedures set forth in the Prospectus and Statement of Additional Information for the relevant fund, including but not limited to the fund's policies and procedures relating to short term trading and forward pricing of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. Additional Restrictions

Certain Covered Persons may be considered insiders to a closed-end fund advised or sub- advised by the Voya Entities. In such cases, these persons will be notified of their status as well as advised of additional restrictions imposed on them and their ability to transact in such closed-end fund.

Solely to facilitate compliance with timely Form 4 and 5 filing requirements with the Securities and Exchange Commission, all such insiders must submit a written report of any transaction involving the closed-end fund on the trade date of such transaction to the Voya IM Compliance Department.

**12. Voya IM Gift & Entertainment Policy**

As a general rule, an Employee should not give or accept an inappropriate or significant gift or entertainment to/from a third party that has any business dealings with Voya Financial. The following provides guidelines related to the giving or acceptance of gifts, entertainment or non-cash compensation by Voya IM employees. All Voya IM employees who are also FINRA registered representatives are, to the extent they are conducting business on behalf of a Voya IM broker-dealer, also subject to the requirements of the FINRA. (Note: those requirements are described more fully in the appropriate broker-dealer Compliance Manual).

This Policy should be read in conjunction with the Voya Financial Conflicts of Interest Policy.

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

12.1. Nominal Business Gifts and Business Entertainment

Giving or receiving gifts in a business setting may give rise to an appearance of impropriety or raise a potential conflict of interest. It could also, depending on facts and circumstances, qualify as paying or receiving non-cash compensation for a testimonial or endorsement under Rule 206(4)-

1. As a general rule, employees should not give to or accept from a third party (e.g., client, broker, or vendor) any gift or gratuity. However, gifts less than $100 per year per person as well as occasional, normal and customary meals and/or business entertainment (where the person providing the entertainment is present) that on a fair market value basis does not exceed $300 per incident or $1,000 per year, the cost of which would be paid for by Voya IM as a reasonable business expense if not paid for by the third party, and which is not given or accepted in exchange for a testimonial or endorsement, are permitted. Any gifts or entertainment in excess of these limits should be declined or returned.

Ultimately, except for personal gifts explained more fully below, gifts or entertainment must have a clear connection with Voya IM's business and are not permitted if an independent third party might think that the employee would be influenced in conducting business or might otherwise provide an endorsement of that third party. Any gift or entertainment given or received in connection with Voya IM giving or receiving a testimonial or endorsement will qualify as a paid testimonial or endorsement under Rule 206(4)-1. While gifts and entertainment under $1,000 are considered "de minimis" compensation and testimonials/endorsements given for de minimis compensation are exempt from some of the provisions of Rule 206(4)-1, such arrangements with third parties are still subject to adviser oversight and required disclosures. Employees should seek prior approval from the Legal and Compliance Departments prior to engaging in a testimonial or endorsement arrangement.

Family members (including domestic partners) of Employees are not permitted to accept fees, gifts, entertainment, invitations to seminars/conferences, payments or other favors in connection with any business of Voya IM. Any questions should be directed to your supervisor or Compliance Officer, and in the case of FINRA registered representatives conducting business on behalf of a Voya IM broker-dealer, your broker-dealer supervisor.

Employees who plan to gift or entertain anyone affiliated with a public entity, including but not limited to state and municipal pension plans, have a special responsibility to both know <u>and</u> adhere to the policy stated above, and to comply fully with additional policies, procedures, and restrictions placed on such employees by statue statutes, municipal regulations or internal policies. Public entity employees may be under an **<u>even more stringent restrictions or outright prohibitions</u>** with regard to receipt of meals and entertainment. Any Voya employee seeking to entertain a public entity employee should first check with Compliance/Legal to see what, if any, additional restrictions may apply. Compliance and Legal can assist in determining what such restrictions are **prior to** the gifting or entertaining of such individuals.

• **Gifts**

The following are some guidelines or examples of acceptable gifts.

–An acceptable gift may not exceed a face value of **$100** per third party, per year.

–Purely personal gifts are permissible. Personal gifts are gifts that serve a personal (not business) purpose, are paid by the giver (not the giver's employer) and are between close friends or family members (e.g., gifts that are related to commonly recognized personal events, such as births, promotion, wedding, or retirement).

–Discounts or rebates on merchandise or services that do not exceed those available to arm's length clients. The final total cost or value of goods or services is subject to a $100 limit per third party, per year.

–Advertising or promotional items with a value of not more than $100 per third party, per year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Business Meals and Entertainment**

–The following are some guidelines regarding acceptable business meals and entertainment:

–Normal, customary, and occasional business meals or entertainment where the meal or entertainment takes place in one event and the person providing the entertainment is present. A good test is whether Voya IM would consider such an expense reasonable, if not paid for by a third party. Also, a good rule of thumb is whether an employee can eat, drink, or enjoy the entertainment in one sitting.

–Business meals and entertainment should be consistent with FINRA guidance and advice. As such, the **total fair market value of the event may not exceed $300 per employee, <u>per event</u>, subject to an annual maximum amount of $1,000 per third party**. Exceptions to these limits may be granted but must be pre-approved by Compliance and the employee's MC representative.

–Entertainment, such as tickets to sporting events, golf fees, or ski lift tickets, will be evaluated based on the published ticket price. Again, in all cases both the giver and the recipient must be present.

–The cost of local transportation does not count towards the $300 per event/$1,000 annual limit, provided <u>that the mode of transportation must be reasonable</u>. Any travel and lodging related to the event should be paid for by Voya IM subject to the Voya IM Travel and Expenses policies and procedures

Any exceptions to the above guidelines must be approved by the employee's manager and MC representative prior to acceptance.

**13. Outside Business Activities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. Outside Business Interests and Private Investments

All employees are required to devote their full time and efforts to the business of Voya IM. You are not to maintain outside employment activities that compromise job performance or interfere with your regular duties. In addition, no person may make use of either his or her position as an employee or information acquired during employment or make personal investments in a manner that may create a conflict, or the appearance of a conflict, between the employee's personal interests and the interests of Voya IM.

To assist in ensuring that such conflicts are avoided, an employee must obtain the written approval of the employee's supervisor and the Compliance Department prior to:

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

• Serving as a director, officer, general partner or trustee of, or as a consultant to, any business, corporation or partnership, including family-owned businesses and charitable, non-profit and political organizations.

• Serving as a registered representative of any broker-dealer other than VID.

• Making any monetary investment in any non-publicly traded business, corporation or partnership, including passive investments in private companies.

• Accepting employment of any kind or engaging in any other business outside of Voya IM.

• Acting or representing that the employee is acting as agent for Voya IM, an Adviser or any other firm in any investment banking matter or as a consultant or finder.

• Forming or participating in any stockholders' or creditors' committee that purports to represent security holders or claimants in connection with a bankruptcy or distressed situation or in becoming actively involved in a proxy contest (see also, 8 Personal Trading Restrictions).

• Receiving compensation of any nature, directly or indirectly, from any person, firm, corporation, estate, trust or association other than Voya IM, whether as a fee, commission, bonus or other consideration such as stock, options or warrants other than compensation earned prior to commencement of employment with Voya IM.

Every employee is required to complete a disclosure form on the PTA Compliance site, which can be accessed a<u>t</u> <u>Protegent PTA</u> and have such form approved by the employee's supervisor and the Compliance Department prior to serving in any of the capacities or making any of the investments described heretofore. **Similarly, each employee is required to maintain the data initially disclosed on such form and notify the Compliance Department (and the employee's supervisor) in the event of any change to the information provided after initial approval. From time to time, employees may be asked to renew their outside business activity information.**

In addition, an employee must advise the Legal Department and his or her supervisor if the employee is or believes that he or she may become a participant, either as a plaintiff, defendant or witness, in any litigation or arbitration that could reasonably relate to the business of Voya IM. Written confirmation of such advice should be obtained from the employee's supervisor and the Legal Department.

13.2. "Control" Persons of Public Companies

Every employee must disclose to Voya IM if their spouse or any of their parents, siblings or children ("Immediate Family Members") hold a position as a director or executive officer of any public company. Voya IM may, in its sole discretion, place limitations on an employee's investment activities in the event an employee's Immediate Family Member holds a position as a director or executive officer of any public company. **Similarly, each employee is required to maintain the data initially disclosed on such form and notify the Compliance Department (and the employee's supervisor) in the event of any change after initial approval.**

From time to time, an employee of Voya IM may be offered a position as an executive officer or director of a publicly traded company, which, if accepted, would subject the employee to requirements arising under Section 16 of the 1934 Act ("Section 16"). Prior to accepting the position, the employee must receive clearance from the Chief Compliance Officer and a member of the Voya

IM senior management team. If the employee is permitted to accept the position, the employee will also be subject to the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Trades for client accounts or funds over which the employee has sole or shared investment discretion must also comply with the publicly traded company's policies and procedures. It is the responsibility of the employee to understand and adhere to such company's reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Appropriate disclosure must be provided to affected clients. The disclosure can be provided via offering documents or other communications sent to affected investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**In accordance with Voya IM's policies on confidential information and insider trading, the employee may not, under any circumstances, trade in the company's** securities—whether for personal or client accounts—if the employee is in possession of material, non-public information regarding the company. Likewise, material, non-public information regarding the company may not be shared with other Voya IM personnel, other than the Voya IM Legal or Compliance Department.

**13.3.Political Activity**

While Voya maintains a political action committee, political contributions from Advisers or

their respective employees may raise various legal and regulatory issues. Most notably, Rule 206(4)- 5 under the Advisers Act prohibits an Adviser from receiving compensation from a government entity for two years if the Adviser or certain employees contributed money to a government official who is in a position to influence the selection of the Adviser to manage a public fund or provide investment advice to a government entity. Also, some states and municipalities may have laws disqualifying an Adviser from managing assets for various governmental entities if the Adviser or certain of its representatives have made contributions or provided gifts to certain candidates for office. To ensure compliance with these laws and to avoid actual and potential conflicts of interest, Voya IM has adopted the procedures described below, which requires pre-approval by Compliance and the Voya Political Activity Review Committee ("PARC") of certain political activities. The activities requiring pre-approval and the procedures for obtaining pre-approval are set out below.

<u>Prior</u> to making any personal contribution (whether it be monetary, or event driven, such as hosting a fundraiser) in an individual capacity to an incumbent or candidate, political party committee or political action committee at the state or local level (including a current state or local government employee running for federal office), all employees of Voya IM must submit a request for approval from Compliance and PARC through the PTA Compliance site, which can be accessed at <u>Protegent PTA</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All political contributions to a state or local governmental official in an amount equal to or exceeding $150 will also require pre-approval from the employee's manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Personal political activities of employees must be kept separate from employment and any expenses related to these activities may not be charged to an Adviser; personal political contributions will not be reimbursed. Also, employees are not to use Voya IM's facilities (such as telephones and photocopiers) and may not use working hours for political campaign purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•When acting in a volunteer capacity to a candidate running for office at the state or local level, you must obtain pre-approval from Compliance. All requests must be submitted

through the PTA Compliance site. For volunteer activity, it is important that your activities cannot be viewed as connected with your position with Voya IM. To the extent that your volunteer activity involves soliciting or fundraising for political contributions, you will also be required to obtain pre-approval from Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Employees should take extra care when soliciting fellow employees to ensure that the solicitation never gives the appearance of being coercive or otherwise related to their employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Employees who seek or are appointed to any government position, federal, state or local, paid or unpaid, must obtain pre-approval from Compliance of such activity to ensure compliance with applicable conflict of interest laws. All requests must be submitted through the PTA Compliance site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Employees may not engage in any lobbying activities on behalf of Voya IM or any affiliated entity without prior approval from Compliance. Please contact the Compliance Department if you are not sure whether your activities would be considered lobbying.

The use of an Adviser's funds in connection with an election is generally prohibited by law. In order to avoid any allegations of impropriety, it is Voya IM's policy that its funds may not be contributed to federal, state or local election campaigns. Any exception to this item, such as requests for company support of political events, political candidates and their campaigns, political parties or political action committees, must be pre-approved by Compliance. All requests must be submitted through the PTA Compliance site, which can be accessed at <u>Protegent PTA</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Employee participation in the Voya political action committee is strictly voluntary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gifts to government officials, including entertainment and meals, are generally prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•State and local laws dealing with campaign fund raising vary from jurisdiction to jurisdiction. Some laws expressly prohibit government officials from contracting, on behalf of their political organizations, with any firm(s) whose employees have made a donation to that official's political campaign.

Voya IM employees are required to complete a Political Contribution/Activity Certification on a quarterly basis. Please note that Compliance will keep necessary records based on the information gathered, in compliance with SEC Rule 204-2.

Note: all references to employees in this Section also apply to an employee's Immediate Family Members.

**Code of Ethics Guide – Securities Transactions Matrix**

---

| | | | |
|:---|:---|:---|:---|
| **Type of Security** | &nbsp;&nbsp;&nbsp;**Pre-Clearance** | &nbsp;&nbsp;&nbsp;&nbsp;**Reporting** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Holding Period** |
| **Type of Security** | **Required** | **Required** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Holding Period** |
|  | **Required** | **Required** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Covered Securities Transactions for Pre-Clearance</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;**<u>Covered Securities Transactions for Pre-Clearance</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;**<u>Covered Securities Transactions for Pre-Clearance</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;**<u>Covered Securities Transactions for Pre-Clearance</u>** |
| Individual Stocks | Yes | Yes | 60 calendar days from purchase |
| Bonds | Yes | Yes | 60 calendar days from purchase |
| Closed-end Funds, including |  |  |  |
| closed-end funds advised or sub- | Yes | Yes | 60 calendar days from purchase |
| advised by the Voya Entities |  |  |  |
| Preferred Stock | Yes | Yes | 60 calendar days from purchase |
| Exchange Traded Funds (ETFs) | Yes | Yes | 30 calendar days from purchase |
| Exchange Traded Notes (ETNs) | Yes | Yes | 60 calendar days from purchase |
| Structured Notes | Yes | Yes | 60 calendar days from purchase |
| Derivatives on an individual stock | Yes | Yes | 60 calendar days from purchase |
| Derivatives on an Exchange | Yes | Yes | 30 calendar days from purchase |
| Traded Fund | Yes | Yes | 30 calendar days from purchase |
| Traded Fund |  |  |  |
| Transactions involving Voya |  |  |  |
| securities, including the Voya | Yes | Yes | 60 calendar days from purchase |
| Company Stock Fund in Voya's | Yes | Yes | 60 calendar days from purchase |
| Company Stock Fund in Voya's |  |  |  |
| 401(k) plan accounts |  |  |  |
| Sales of Voya performance shares |  |  |  |
| acquired from a vesting (other than | Yes | Yes | N/A |
| the immediate sale upon vesting) |  |  |  |
| Sales of Restricted Stock | Yes | Yes | N/A |
| Sales of stock acquired via Stock |  |  |  |
| Purchase Plans including sales of | Yes | Yes | N/A |
| Voya stock acquired through | Yes | Yes | N/A |
| Voya stock acquired through |  |  |  |
| Voya's Stock Purchase Plan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Private Investments and Outside Activities</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;&nbsp;&nbsp;**<u>Private Investments and Outside Activities</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;&nbsp;&nbsp;**<u>Private Investments and Outside Activities</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;&nbsp;&nbsp;**<u>Private Investments and Outside Activities</u>** |
| Private Placements | Yes | Yes | N/A |
| Outside Activities | Yes | Yes | N/A |

---

---

| | | | |
|:---|:---|:---|:---|
| **Type of Security** | &nbsp;&nbsp;&nbsp;**Pre-Clearance** | &nbsp;&nbsp;&nbsp;&nbsp;**Reporting** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Holding Period** |
| **Type of Security** | **Required** | **Required** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Holding Period** |
|  | **Required** | **Required** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Transactions Exempt from Pre-Clearance</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;&nbsp;&nbsp;**<u>Transactions Exempt from Pre-Clearance</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;&nbsp;&nbsp;**<u>Transactions Exempt from Pre-Clearance</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;&nbsp;&nbsp;**<u>Transactions Exempt from Pre-Clearance</u>** |
| Direct obligations of the | No | No | N/A |
| Government of the United States | No | No | N/A |
| Government of the United States |  |  |  |
| High quality short-term debt |  |  |  |
| instruments |  |  |  |
| <u>Including</u>: Bankers' acceptances, | No | No | N/A |
| bank certificates of deposit, | No | No | N/A |
| commercial paper, money market |  |  |  |
| securities and repurchase |  |  |  |
| agreements |  |  |  |
| Shares of open-end funds advised |  |  | 30 calendar days from the most |
| or sub-advised by the Voya Entities | No | Yes | 30 calendar days from the most |
| <u>Including</u>: funds held within the | No | Yes | recent purchase date of the |
| <u>Including</u>: funds held within the |  |  | relevant fund |
| Voya 401(k) |  |  |  |
| Shares of open-end funds that are | No | No | N/A |
| not managed by the Voya Entities | No | No | N/A |
| not managed by the Voya Entities |  |  |  |
| Managed or discretionary accounts | No | Yes | N/A |
| Incentive compensation plan | No | Yes | N/A |
| sponsored by the Voya Entities | No | Yes | N/A |
| sponsored by the Voya Entities |  |  |  |
| Automatic dividend reinvestment |  |  |  |
| plan, automatic payroll deduction, |  |  |  |
| etc. | No | Yes | N/A |
| <u>Excluding</u>: Self Directed |  |  |  |
| Brokerage |  |  |  |
| Bitcoin or other cryptocurrencies | No | No | N/A |
| Exercise of pro-rata rights issued |  |  |  |
| by a company to all the holders of | No | Yes | N/A |
| a class of its securities |  |  |  |
| On any given day, transactions |  |  |  |
| involving 100 shares or less (per |  |  |  |
| account) of common stock issued | No | Yes | 60 calendar days from purchase |
| by companies included in the S&P |  |  |  |
| 500 Index |  |  |  |
| On any given day, transactions |  |  |  |
| involving 100 shares or less (per | No | Yes | 30 calendar days from purchase |
| account) of Exchange-Traded | No | Yes | 30 calendar days from purchase |
| account) of Exchange-Traded |  |  |  |
| Funds. |  |  |  |

---

![](g96eteedgdt43bh4o45d6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Type of Security** | **Pre-Clearance** | **Reporting** | **Holding Period** |
| **Type of Security** | **Pre-Clearance** | **Reporting** | **Holding Period** |
| **Type of Security** | **Required** | **Required** | **Holding Period** |
|  | **Required** | **Required** |  |
| Penny stocks | No | Yes | 60 calendar days from purchase |
| Options on an index | No | Yes | N/A |
| Interval closed-end funds | No | Yes | 60 calendar days from purchase |

---

**<u>Prohibited Investments</u>**

Short sales of Voya Financial common stock

Hedging or other transactions involving options

<u>Including</u>: exchange-traded options, puts, calls, forward contracts or other derivatives involving Voya Financial securities

<u>Excluding</u>: stock awards granted under any Voya Financial incentive plan

Trading in securities issued by Voya during the "Closed Period for Voya Financial Instruments"

Initial Public Offerings

Initial Coin Offerings

Borrowing Money from Clients/Suppliers

**<u>Other Key Reminders</u>**

Employees assigned portfolio management or trading responsibility are prohibited from knowingly buying or selling the same security traded in an associated client account for a period of 15 days (7 days prior to the client trade and 7 days after the client trade)

Approvals for **U.S. Securities** are effective until the close of business on the day that pre-clearance request is approved.

Approvals for **foreign securities** are effective until the close of business on the business day following pre-clearance approval.

## Ex-99

![](gviabdynr2vevzgg3klo0.jpg)

(p)(2)

**ACADIAN ASSET MANAGEMENT LLC**

**CODE OF ETHICS**

**JANUARY 2023**

![](g71xx10f7gdulrj5tsx0o.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Summary of Material Code Changes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Introduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| General Principles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Scope of the Code | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Persons Covered by the Code | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Reportable Investment Accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Securities Covered by the Code | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Blackout Periods and Restrictions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Short-Term Trading | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| BrightSphere Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Securities Transactions requiring Pre-clearance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Public Offerings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited of Private Offerings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Exceptions specific to Certain Accounts and Transaction Types | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Standards of Business Conduct | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Compliance with Laws and Regulations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Conflicts of Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conflicts among Client Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competing with Client Trades | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosure of Personal Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Referrals/Brokerage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vendors and Suppliers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Market Manipulation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Insider Trading and Regulation FD | &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;Material Non-public Information | &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;BSIG and Nonpublic Acadian Information | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penalties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Gifts and Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Statement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gifts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receipt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERISA, Taft Hartley and Public Plan Clients and Prospects | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entertainment |  |
| Updated as of January 2023 | &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 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accepting | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERISA, Taft Hartley and Public Plan Clients and Prospects | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense Reports for Gifts and Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conferences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Reporting of Gifts and Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Political Contributions and Compliance with the Pay-to-Play Rule |  |
| Requirements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Anti-bribery and Corruption Policy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Charitable Contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Confidentiality | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Service on a Board of Directors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Partnerships | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Other Outside Activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Marketing and Promotional Activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Affiliated Broker-Dealers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Compliance Procedures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting of Access Person Investment Accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duplicate Statements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Transactions Pre-clearance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Approval of Political Contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Reporting of Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Reporting of Gifts and Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Reporting of Private Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Reporting of Political Contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Acknowledgment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MNPI Acknowledgment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Reporting | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hire Reporting | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Review and Enforcement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Certification of Compliance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Certification | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acknowledgement of Amendments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Certification | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Access Person Disclosure and Reporting | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Recordkeeping | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| Form ADV Disclosure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| Administration and Enforcement of the Code | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |

---

Updated as of January 2023 3

---

| | |
|:---|:---|
| Responsibility to Know Rules | 31 |
| Excessive or Inappropriate Trading | 32 |
| Training and Education | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hires | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 32 |
| Compliance and Risk Committee Approval | 32 |
| Report to Fund CCOs and Boards | 32 |
| Report to Senior Management | 32 |
| Reporting Violations and Whistleblowing Protections | 33 |
| Fraud Policy | 33 |
| Sanctions | 35 |
| Further Information about the Code and Supplements | 36 |
| Persons Responsible for Enforcement and Training | 36 |

---

Appendices (in pdf only)

A. CFA Institute Asset Manager Code of Professional Conduct

Updated as of January 2023 4

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**Summary of Code Changes**

Primarily non-material administrative updates and clarifications. Also added additional reporting requirements which were implemented during 2022.

Updated as of January 2023 5

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**Introduction**

Acadian Asset Management LLC ("Acadian") has adopted this Code of Ethics (the "Code") pursuant to Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act") and rule amendments under Section 204 of the Advisers Act. The Code sets forth standards of conduct expected of Acadian's employees, and certain consultants, and contractors. Acadian has also adopted the CFA Institute Asset Manager Code of Professional Conduct attached as Appendix A. Compliance with the Code is a condition of employment.

The policies and procedures outlined in the Code are intended to promote compliance with fiduciary standards by Acadian and our Access Persons. As a fiduciary, Acadian has the responsibility to render professional, continuous, and unbiased investment advice, owes our clients a duty of honesty, good faith and fair dealing, must act at all times in the best interests of our clients, and must avoid or disclose conflicts of interests.

This Code is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Protect Acadian's clients by deterring misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Guard against violations of the securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Educate Access Persons regarding Acadian's expectations and the laws governing their conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Remind Access Persons that they are in a position of trust and must act with complete propriety at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Protect the reputation of Acadian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Establish policies and procedures for Access Persons to follow so that Acadian may determine whether Access Persons are complying with our ethical principles and regulatory requirements.

This Code is based upon the principle that the members of our Board of Managers, Executive Management Team, Executive Committee, officers, and other Access Persons owe a fiduciary duty to, among others, our clients to conduct their affairs, including their personal securities transactions, in such a manner as to avoid (i) materially serving their own personal interests ahead of clients; (ii) materially taking inappropriate advantage of their position with Acadian; and (iii) any actual or potential conflicts of interest or any abuse of their position of trust and responsibility. This fiduciary duty includes the duty of Acadian's Chief Compliance Officer to report violations of the Code to Acadian's Compliance and Risk Committee, the Executive Management Team, the Executive Committee, and if deemed necessary, to our Board of Managers, and the Board of Directors of any U.S. registered investment company for which Acadian acts as adviser or sub-adviser.

**<u>My Compliance Office</u>**

My Compliance Office ("MCO"), (formerly Schwab Compliance Technologies ("SCT")), is the primary system we utilize to transmit all Code related requests and for required reporting.

Updated as of January 2023 6

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**Part 1. General Principles**

Our principles and philosophy regarding ethics stress Acadian's overarching fiduciary duty to our clients and the obligation of our Access Persons to uphold that fundamental duty. In recognition of the trust and confidence placed in Acadian by our clients and to give effect to the belief that Acadian's operations should be directed to benefit our clients, Acadian has adopted the following general principles to guide the actions of our Access Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The interests of clients are paramount. All Access Persons must conduct themselves and their operations to give maximum effect to this belief by placing the interests of clients before their own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.All personal transactions in securities by Access Persons must be accomplished so as not to conflict materially with the interests of any client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.All Access Persons must avoid actions or activities that allow (or appear to allow) a person to profit or benefit from his or her position with respect to a client, or that otherwise bring into question the person's independence or judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Personal, financial, and other potentially sensitive information concerning the firm, our clients, our prospects, and other Access Persons will be kept strictly confidential. Access Persons will only access this information if it is required to complete their jobs and will only disclose such information to others if it is required to complete their jobs and to deliver the services for which the client has contracted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.All Access Persons will conduct themselves honestly, with integrity and in a professional manner to preserve and protect Acadian's reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.All Access Persons will comply with all laws and regulations applicable to our business activities.

The U.S. Securities and Exchange Commission (the "SEC") and U.S. federal law require that the Code not only be adopted but that it also is enforced with reasonable diligence.

The Compliance Group will keep records of any violation of the Code and of the actions taken as a result of such violations. Failure to comply with the Code may result in disciplinary action, including monetary penalties and the potential for the termination of employment. In addition, non-compliance with the Code can have severe ramifications, including enforcement actions by regulatory authorities, criminal fines, civil injunctions and penalties, disgorgement of profits, and sanctions on your ability to remain employed in any capacity in the investment advisory business.

**Part 2. Scope of the Code**

**A.Persons Covered by the Code**

Whether an individual is considered an "Access Person" or "Supervised Person" under the Code and thus subject to Code compliance is dependent upon various factors including: job responsibilities, systems access, and if a contractor, length and scope of engagement. Ultimate determination as to whether any individual or action is subject to or exempt from the Code, or if a Code exception should be granted, is left to the Chief Compliance Officer.

Updated as of January 2023 7

![](g7xtoha8711ozmkq8in70.jpg)

An "Access Person(s)" includes employees, consultants, and contractors, whose job responsibilities require him or her to access Acadian's research and/or trading databases to perform their job requirements. Any other employee, consultant or contractor not meeting that definition is a "Supervised Person."

Certain immediate family members[<sup>1</sup>](#page_8), or other persons subject to the financial support of an Access Person, are subject to certain requirements imposed on an "Access Person" under the Code. For these individuals, an Access Person must report their covered investment accounts, pre-clear their personal securities transactions in covered securities in private investments and partnerships, ensure their personal securities transactions comply with blackout and sixty-day trading restrictions, and provide duplicate copies of their account statements upon request.

Each Access Person should inform a Compliance Officer when their immediate family members change. Each Access Person is also required to ensure that any immediate family member as defined herein, or person subject to the Access Person's financial support, is complying with applicable Code requirements. Access Persons should educate these individuals on their requirements. Oversight is a must. Non-compliance with the Code by any immediate family member will have the same ramifications on the Access Person as if it were the Access Person him or herself who did not comply.

Members of Acadian's Board of Managers employed by our immediate parent company, BrightSphere Affiliate Holdings, LLC or our ultimate parent company, BrightSphere Investment Group Inc ("BSIG or BrightSphere"), along with any other non-resident officer, director, manager or immediate family member of an Access Person, who is subject to another Code of Ethics that complies with Rule 204A-1 under the Advisers Act and whose Code has been reviewed and approved by Acadian's Chief Compliance Officer, or who does not have access to Acadian's internal research and trading databases, shall be exempt from the requirements imposed by this Code.

**B.Reportable Investment Accounts**

Each Access Person must report any accounts in which he or she has a direct or indirect beneficial interest in which a covered security is eligible for purchase or sale. Examples of reportable accounts typically include:

&nbsp;&nbsp;&nbsp;&nbsp;•individual and joint accounts including accounts established through your employment with Acadian such as a 401K and/or deferred compensation account

&nbsp;&nbsp;&nbsp;&nbsp;•accounts in the name of an immediate family member as defined in the Code

&nbsp;&nbsp;&nbsp;&nbsp;•accounts in the name of any individual subject to your financial support

&nbsp;&nbsp;&nbsp;&nbsp;•trust accounts

&nbsp;&nbsp;&nbsp;&nbsp;•estate accounts

&nbsp;&nbsp;&nbsp;&nbsp;•accounts where you have power of attorney or trading authority

&nbsp;&nbsp;&nbsp;&nbsp;•other types of accounts in which you have a present or future interest in the income, principal or right to obtain title to securities.

**<u>Exception</u>**: 529 plans that are not managed or offered by an affiliate are not considered a reportable account under the Code. Further, any transactions within such plans do not require pre-clearance or reporting on a holdings report.

1An immediate family member is defined to include any relative by blood or marriage living in an Access Person's household who is subject to the Access Person's financial support or any other individual living in the household subject to the Access Person's financial support (spouse, minor children, a domestic partner etc.).

Updated as of January 2023 8

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

![](gfm9ydv0yuunxachph865.jpg)

**C.Securities Covered by the Code**

For purposes of the Code and our reporting requirements, the term "covered security" will include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any stock or corporate bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•ETFs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Depositary Receipts (e.g., ADRs, EDRs and GDRs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•municipal, Government Sponsored Entities (GSE) and agency bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•investment or futures contracts with the exception of currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•commodity futures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•options or warrants to purchase or sell securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•limited partnerships meeting the SEC's definition of a "security" (including limited liability and other companies that are treated as partnerships for U.S. federal income tax purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•UITs, foreign (offshore) mutual funds, and closed-end investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•shares of open-end mutual funds, UCITS funds, and CITS that <u>are</u> advised or sub- advised by Acadian[<sup>2</sup>](#page_9); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•private investment funds (including Acadian managed commingled funds), hedge funds, and investment clubs.

Additional types of securities may be added at the discretion of the Compliance Group as new types of securities are offered and traded in the market and/or Acadian's business changes.

However, the following are excluded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•direct obligations of the U.S. government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•bankers' acceptances, bank certificates of deposit, commercial paper, and high- quality short-term debt obligations, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•shares issued by money market funds (domiciled inside or outside the United States); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•shares of open-end mutual funds that <u>are not</u> advised or sub-advised by Acadian or one of Acadian's affiliates, including all companies under the BrightSphere ownership umbrellas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•529 plans that are not managed or offered by an affiliate.

Cryptocurrencies:

Initial coin offerings ("ICOs") **<u>are securities</u>** under current SEC rules. As such, you are required to seek pre-approval for investments in ICOs, report the accounts you open to hold ICOs, and report transactions in ICOs (e.g. same as if you were buying an equity IPO). ICOs are subject to the 60-day hold requirements. Bitcoin ETFs would be subject to the same requirements.

Bitcoin, bitcoin cash and bitcoin futures **<u>are NOT securities</u>** under current SEC regulations and therefore "trading" in such cryptocurrencies are not reportable under the Code at this time.

**D.Blackout Periods and Restrictions.**

Access Persons will be permitted to trade subject to the following conditions:

2A transaction in fund advised or sub-advised by Acadian is subject to pre-clearance requirements unless the transaction is occurring in Acadian's 401K or deferred compensation plans. However, all holdings in such funds, including those owned in your 401K and deferred compensation accounts, must be reported on your year-end holdings report.

Updated as of January 2023 9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)**No personal trades will be permitted in any individual security on the same day that Acadian trades that security or a similar line of the same security on behalf of any client.**

For purposes of clarity, this applies to any individual stock, bond, ETF, Depositary Receipt, and to any individual security underlying any Depositary Receipt or a different class of the security (option as an example) being traded. For example, the purchase of an ADR would not be permitted if we were trading in the underlying security and vice versa.

Acadian's Compliance Group may allow exceptions to this "blackout" policy on a case-by-case basis when the abusive practices that the policy is designed to prevent, such as front running, conflicts of interest, or client detriment, are not present <u>and</u> the equity of the situation strongly supports an exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)**Short-Term** Trading Restriction.

Access Persons are reminded that they are specifically prohibited from engaging in any form of market timing or short-term trading in funds advised or sub-advised by Acadian or in any other covered security.

For any transaction requiring preclearance, Acadian has adopted a sixty (60) day hold requirement in an effort to avoid conflicts of interests and to ensure that the interests of our clients are placed first. This requirement is intended to deter front running, market manipulation and the potential misuse of Acadian internal resources.

Acadian's Compliance Group may allow exceptions to this short-term trading restriction on a case-by-case basis when the abusive practices that the policy is designed to prevent, such as front running or conflicts of interest, are not present <u>and</u> the equity of the situation strongly supports an exemption.

Unless an exception is granted by the Compliance Group, no Access Person may execute opposing trades (buy/sell, sell/buy) in a covered security within sixty (60) calendar days. Trades made in violation of this prohibition may be subject to being unwound or any profit realized may be subject to disgorgement to a charity or to a client if appropriate at the discretion of the Compliance Group.

An Access Person wishing to execute a short-term trade must request an exception when entering the pre-clearance request.

**E.BrightSphere Stock**

<u>For Clients</u>:

Acadian is restricted from purchasing or recommending the purchase or sale of BrightSphere stock ("BSIG") on behalf of our clients.

<u>For Access Persons</u>:

Acadian Access Persons, Supervised Persons, or their immediate family members may invest in BSIG. To reduce the risk that such investment might be found to have resulted from insider trading or another violation of securities laws, BrightSphere has established a policy setting forth when trading in BSIG is not permitted or appropriate. This Policy applies to all Acadian Access Persons, Supervised Persons, or their immediate family members.

Updated as of January 2023 10

**Mandatory Requirements/Prohibitions of BrightSphere's policy:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Prohibits trading in BSIG when in possession of material, nonpublic information ("MNPI").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Prohibits communicating MNPI to any third"party unless for legitimate purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Prohibits engaging in any transaction involving BSIG during a blackout period. Blackout periods will be communicated to Acadian compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Prohibits engaging in short sales of BSIG or trading in naked options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Requires obtaining <u>pre"clearance from BSIG</u> prior to trading in any BSIG security.

Please send your pre-clearance request to Acadian compliance and we will facilitate on your behalf with BSIG.

**F.Securities Transactions requiring** Pre-clearance

With limited exceptions noted in section G below, discretionary transactions executed by an Access Person in the following covered securities must be "pre-cleared" with the Compliance Group in accordance with the procedures outlined herein prior to execution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any stock or corporate bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•ETFs comprised of less than 25 covered securities as defined in the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Depositary Receipts (e.g. ADRs, EDRs and GDRs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•investment or futures contracts with the exception of currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•options or warrants to purchase or sell a covered security as defined by the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•limited partnerships meeting the SEC's definition of a "security" (including limited liability and other companies that are treated as partnerships for U.S. federal income tax purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•UITs, foreign mutual funds, and closed-end investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•shares of open-end mutual funds, UCITS fund, and CITS that <u>are</u> advised or sub- advised by Acadian (unless in the Acadian 401K or deferred compensation plan),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•private investment funds (including Acadian managed commingled funds), hedge funds, and investment clubs.

Additional types of securities may be added to the pre-clearance requirements at the discretion of the Compliance Group as new types of securities are offered and traded in the market and/or Acadian's business changes.

**Initial Public Offerings** Acadian as a firm typically does not participate in initial public offerings (IPO). Access Persons must pre-clear for their personal accounts purchases of any securities in an IPO. Such pre-clearance is <u>required</u> even if the purchase is made on behalf of the Access Person by a broker or investment adviser without the Access Person's influence or control in a fully discretionary managed account. Acadian will maintain a written record of any decision, and the reasons supporting the decision, to approve the personal acquisition of an IPO for at least five years after the end of the fiscal year in which the approval was granted. Before granting such approval, Acadian will evaluate such investment to determine that the investment creates no material conflict between the Access Person and Acadian. Acadian may consider approving the transaction if it can determine that: (i) the investment did not result from directing the Firm's brokerage business to the underwriter of the issuer of the security, (ii) the Access Person is not misappropriating an opportunity that should have been offered to eligible clients, and (iii) the Access Person's investment decisions for clients will not be unduly influenced by his or her personal holdings, and investment decisions are based solely on the best interests of clients.

Updated as of January 2023 11

**Limited or Private Offerings** Access Persons must pre-clear for their personal accounts purchases or sales of any securities in limited or private offerings (commonly referred to as private placements). Such pre-clearance is <u>required</u> even if the transaction is made on behalf of the Access Person by a broker or investment adviser without the Access Person's influence or control in a fully discretionary managed account. Acadian will maintain a record of any decision, and the reasons supporting the decision to approve the personal acquisition of a private placement for at least five years after the end of the fiscal year in which the approval was granted. Before granting such approval, Acadian will evaluate such investment to determine that the investment creates no material conflict between the Access Person and Acadian. Acadian may consider approving the transaction if it can determine that: (i) the investment did not result from directing the Firm's brokerage business to the underwriter of the issuer of the security, (ii) the Access Person is not misappropriating an opportunity that should have been offered to eligible clients, and (iii) the Access Person's investment decisions for clients will not be unduly influenced by his or her personal holdings, and investment decisions are based solely on the best interests of clients. Access Persons are permitted to invest in private offerings offered and/or managed by Acadian provided they meet the investment qualifications of the particular investment.

Investment accounts established through your employment with Acadian, including your 401K account and any deferred compensation account, are reportable accounts but are exempt from the requirements to pre-clear trades. Notwithstanding, if any of the holdings in these accounts are in "affiliated" funds you must report any holdings on your year-end holdings report. For example, this would include the required reporting of any affiliate-managed fund in the deferred compensation plan as well as in the 401K plan.

**G.<u>Exceptions specific to certain account and transaction types</u>**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Other than transactions in Initial Public Offerings or Limited or Private Offerings as described above, transactions occurring within investment accounts in which the Access Person had no direct or indirect influence or control over the transactions do not require pre-clearance, are not subject to blackout or holding period restrictions, and do not require reporting on holding reports provided the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The account is disclosed to a compliance officer before trading commences and the compliance officer is provided with necessary documentation to confirm that the Access Person will not have direct or indirect influence over transactions in the account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Access Person and/or the investment manager for the account provides written confirmation periodically at the request of a compliance officer that the Access Person did not have any direct or indirect influence on any of the transactions executed in the account.

Examples of such accounts include accounts where the Access Person has granted to a broker, dealer, trust officer or other third-party non-Access Person full discretion to execute transactions on behalf of the Access Person without consultation or Access Person input or direction (an example would be Managed Accounts and the party directing the transaction has utilized such discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Transactions occurring within a reported investment account that are part of an automatic dividend reinvestment plan, or a pre-established dollar cost averaging type contribution plan do not require pre-clearance, are not subject to blackout or holding period restrictions, and do not require reporting on holding reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The following transactions in covered securities within a reported investment account are exempt from the Code's pre-clearance, blackout and short-term trading requirements but must be disclosed on year-end holding reports:

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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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.purchases or sales that are involuntary on the part of the Access Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.purchases or sales within Acadian's 401k or deferred compensation plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.purchases or sales effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of our securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.purchases or sales of currencies and interest rate instruments or futures or options on them

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.purchases or sales of municipal, Government Sponsored Entities (GSE) and agency bond

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.purchases or sales of commodity futures or commodity future ETFs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.purchase or sales of non-affiliated broad index ETFs (defined as having minimum of 25 covered securities as defined by the Code)

**Part 3. Standards of Business Conduct**

The Code sets forth standards of business conduct that we require of our Access Persons. Access Persons should maintain the highest ethical standards in carrying out Acadian's business activities. Acadian's reputation is one of our most important assets. Maintaining the trust and confidence of clients is a vital responsibility. This section sets forth Acadian's business conduct standards.

**A.Compliance with Laws and Regulations**

Each Access Person must comply with all laws and regulations applicable to our business, including all securities laws, and all firm policies and procedures including, but not limited to, those found in this Code of Ethics, the Compliance Manual, the IT Security Policy, and the Employee Handbook. Access Persons are not permitted to:

&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.engage in any act, practice, or course of conduct that operates or would operate as a fraud, deceit, or manipulative practice upon any person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.make false or misleading statements, spread rumors, or fail to disclose material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.engage in any manipulative practice with respect to securities, including price or market manipulation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.utilize or transmit to others "inside" information as more fully described herein.

**B.Conflicts of Interest**

As a fiduciary, Acadian has an affirmative duty of care, loyalty, honesty and good faith to act in the best interests of our clients. Compliance with this duty can be achieved by trying to avoid conflicts of interest, including those between personal and Acadian related activities, and by fully disclosing all material facts concerning any conflict that does arise with respect to any client. Client specific conflicts are reviewed and addressed directly with the individual client. We conduct an ongoing review for actual and potential conflicts that may be systemic to Acadian

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and our processes. We disclose these conflicts as part of our Compliance Manual, which is typically updated annually, as well as in Form ADV, Part 2A, which is updated and delivered annually to each client. Examples of certain conflicts related to the Code include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Conflicts among Client Interests.** Conflicts of interest may arise where Acadian or our Access Persons have reason to favor the interests of one client over another client (e.g., larger accounts over smaller accounts, accounts compensated by performance fees over accounts not so compensated, accounts in which Access Persons have made material personal investments, or accounts of close friends or relatives of Access Persons, etc.). Access Persons are prohibited from engaging in inappropriate favoritism of one client over another client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Competing with Client Trades.** As referenced in the section on Personal Transactions, an Access Person is prohibited from engaging in any securities transactions on the day Acadian trades in the security on behalf of a client and any other transaction that would result in a material negative impact to a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Disclosure of Personal Interest**. Access Persons are prohibited from recommending, implementing or considering any securities transaction for a client without having first disclosed to the Compliance Group any material beneficial ownership, business or personal relationship, Board membership, or other material interest in the issuer. A member of the Compliance Group will analyze the conflict and determine the appropriate course of action including potential recusal of the Access Person from the decision of the placement of the security at issue on a no-buy list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Referrals/Brokerage.** Access Persons are required to act in the best interests of our clients regarding execution and other costs paid by clients for brokerage services. As part of this principle, Access Persons will strictly adhere to Acadian's policies and procedures regarding brokerage allocation, best execution, soft dollars and other related policies. Access Persons should refrain from undertaking personal investment transactions with the same individual employee at a broker-dealer firm with whom Acadian conducts business for our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Vendors and Suppliers.** Each Access Person is required to disclose any personal investments or other interests in vendors or suppliers with respect to which that person negotiates or makes decisions on behalf of Acadian. Access Persons with such interests are prohibited from negotiating or making decisions regarding Acadian's business with those companies.

**C.Market Manipulation**

Access Persons are prohibited from making any statements or taking any action intended to manipulate the price of a security or the market for a security. Manipulative conduct includes the creation or spreading of false rumors or other information intended to influence the price of a security. Access Persons are advised to ensure any statement that they may make in a public forum is true, accurate, and not misleading. This includes any statements that you may make independent of your employment with Acadian or beyond your authority as an Access Person, including via any personal blogs, websites or chat rooms.

Acadian only permits employees to use Acadian approved electronic communication systems to send and receive external correspondence related to your role at Acadian. This includes, but it not limited to, sales and investment related correspondence. Acadian employees shall have no expectation of privacy in the content or attachments of any electronic communication sent or received through any approved electronic communication systems including, but not limited to, the Acadian email system, Bloomberg Email and Instant Messaging systems, Teams, and for those who have been pre-approved by the Compliance team, LinkedIn.

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The use of personal address email, text, instant messaging other than Bloomberg, or the use of personal social media sites such as Facebook, Twitter, Whats App, and LinkedIn to conduct Acadian related business or to solicit prospects or clients is prohibited unless preapproved in writing by a compliance officer.

**D.Insider Trading and Regulation FD**

As a general rule, it is against the law to buy or sell any securities while in possession of material, non-public information relevant to that security (sometimes called "inside information"), or to communicate such information to others who trade on the basis of such information (commonly known as "tipping"). Information is "material" as to a security if a reasonable investor would consider the information significant in deciding whether to buy, hold or sell the security, i.e., any information that might affect the price of the security. Material information can be positive or negative and can relate to virtually any aspect of the Company's business.

Access Persons are prohibited from trading, either personally or on behalf of others, while in possession of material non-public information and from communicating material non-public information to others in violation of the law. This specifically includes personally trading or informing others of the securities held in a client portfolio or transactions contemplated on behalf of any client.

**Insider Trading - Material Non-Public Information.**

The term "material non-public information" relates not only to issuers but may also include Acadian's AUM, internal information, securities recommendations and client securities holdings and transactions. Information is "material" when there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions. Generally, this is information the disclosure of which will have a substantial effect on the price of a company's securities. Examples of events or developments that should be presumed to be "material" with respect to Acadian's activities that should not be discussed outside Acadian and should only be discussed internally with those with a need to know include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•knowledge of a trend in revenues, earnings, or assets under management not yet fully disclosed to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•acquisition, material loss, or regulatory action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•material change in the number of clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•significant legal exposure due to actual, pending or threatened litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a purchase or sale of substantial assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in senior management or other major personnel changes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in our auditors or a notification from its auditors that we may no longer rely on the auditor's audit report.

These examples are illustrative only; many other types of information may be considered "material," depending on the circumstances. The materiality of particular information is subject to reassessment on a regular basis. Information is "non-public" as to a security until it has been effectively communicated to the marketplace through a press release or other appropriate news media and enough time has elapsed to permit the investment market to absorb and evaluate the information. In many cases, this process may require the passage of several trading days after any initial disclosure. If there can be any doubt whatsoever as to whether information has been effectively communicated to the marketplace, such information should be considered non-public until such time as there is no doubt. You should direct any questions about whether information is material to the Compliance Group.

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**<u>BSIG and Nonpublic Acadian Information</u>**

As the sole remaining affiliate of BSIG, certain information specific to Acadian's business activities could be deemed by investors to be material nonpublic information ("MNPI") of BSIG.

Information is "material" if there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision or it could reasonably be expected to have a substantial effect on the price of BSIG's securities.

"Nonpublic" information is information that has not been previously disclosed to the general public by means of a press release, SEC filing or other media for broad public access. Disclosure to even a large group of analysts or stockholders does not constitute disclosure to the public.

Of specific potential concern to BSIG is the public release (both in writing or verbally) of Acadian's firm wide AUM and firm wide cash flows prior to their public release by BSIG. As a result, the following policies and procedures have been implemented:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Acadian's firm wide AUM will only be made available for external dissemination following its release as part of BSIG's quarterly public filings. The most recent publicly available AUM will be used in all external materials and staled until BSIG publicly releases the following quarterly AUM information. That new number will then be staled thereafter until the next BSIG public filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Firm wide cash flows will also be staled as of the most recent public filing and remain staled at that date in all external materials until the BSIG publicly releases the next quarter end cash flow numbers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We will no longer publicly release AUM and cash flow information for specific individual strategies in any manner that in the aggregate would result in the release of more than 50% of firm wide AUM and cash flow amounts. Any AUM and cash flow numbers that can be aggregated to the firm wide AUM and cash flows must be staled to reflect the most recent publicly available information.

Please note, these changes impact the dissemination of firm wide information; we are still able to provide more current month end AUM and cash flow information for individual strategies, as we currently do in many external materials, as long as what is provided cannot be aggregated to the firm wide level.

The above applies to both written and verbal communication. Any information that cannot be provided in external written content also cannot be shared verbally with any external party until the public filing has been made.

BSIG has agreed that an exception can be made to the above policy changes for clients, prospects, and consultants that execute with Acadian an MNPI acknowledgement. The content of this MNPI acknowledgment is non-negotiable. Once executed by an authorized representative of the entity wishing to receive the more current information, we will be able to provide that entity, going forward, with month end information, with a 7-business day lag. This MNPI acknowledgement will be tracked in Conga and owned by the Compliance team.

While it is not practical to compile an exhaustive list, other information concerning any of the following items specific to Acadian or BSIG should be reviewed carefully to determine whether such information is, or is not, also MNPI:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Earnings, including whether BSIG will or will not meet expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Material changes in Acadian assets under management;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Material changes in the number of clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Mergers, acquisitions, tender offers, joint ventures, or changes in assets under management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Acquisition or loss of an important client or contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes in senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes in compensation policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A change in auditors or auditor notification that Acadian or BSIG may no longer rely on an audit report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A change in an auditor's opinion with respect to Acadian's or BSIG's financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The issuance by the auditors of a going concern qualification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Financings and other events regarding BSIG's securities (e.g., defaults on debt securities, calls of securities for redemption, repurchase plans, stock splits, public or private sales of additional securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transactions with directors, officers or principal security holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Regulatory approvals or changes in regulations and any analysis of how they affect BSIG; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Significant litigation.

**Insider Trading - Penalties**

Both the Securities and Exchange Commission (the "SEC") and the New York Stock Exchange ("NYSE") are very effective at detecting and pursuing insider trading cases and they have aggressively prosecuted insider traders and tippers. Any person who engages in insider trading or tipping can face a substantial jail term (up to 20 years), civil penalties of up to three times the profit gained (or loss avoided) by that person and/or his or her "tippee," and criminal fines of up to $5,000,000. In addition, if it is found that the Company failed to take appropriate steps to prevent insider trading, the Company may be subject to significant criminal fines and civil penalties of up to $1,000,000 or, if greater, three times the profit gained (or loss avoided) as a result of the insider trading.

You may also be sued by those seeking to recover damages for insider trading violations. Regardless of whether a government inquiry occurs, Acadian views seriously any violation of our insider trading policies, and such violations constitute grounds for disciplinary sanctions, including immediate dismissal and reporting to legal and regulatory authorities.

**Before executing any trade for yourself or others, including clients, an Access Person must determine whether he or she has access to material non-public information.**

If you think that you might have access to material non-public information, you should take the following steps:

1. report the information and proposed trade immediately to the Chief Compliance Officer.

2. do not purchase or sell the securities on behalf of yourself or others, including clients.

3. do not communicate the information inside or outside Acadian, other than to the Chief Compliance Officer or his designee.

**<u>Regulation FD</u>**

As an affiliate of BrightSphere Investment Group Inc. ("BSIG"), a publicly traded company, Acadian is committed to fair disclosure of information related to Acadian or BSIG that could influence the value of BSIG's securities and will not act to advantage any particular analyst or investor, consistent with the United States Securities and Exchange Commission's (the "SEC's") Fair Disclosure Regulation ("Regulation FD").

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BSIG will continue to provide current and potential investors with information reasonably required to make an informed decision on whether to invest in BSIG's securities, as required by law or as determined appropriate by BSIG management.

Acadian prohibits Access Persons from making any disclosure of material nonpublic information about Acadian or BSIG to anyone outside Acadian (other than for business purposes to persons who first are obliged to maintain confidentiality with respect to such information) unless BSIG discloses it to the public at the same time in a manner consistent with Regulation FD. Examples of activities subject to this policy include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Quarterly earnings releases and related conference calls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Providing guidance as to BSIG's financial performance or results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Contact with financial analysts covering BSIG;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reviewing analyst reports and similar materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Referring to or distributing analyst reports regarding BSIG;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Analyst and investor visits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Speeches, interviews, seminars and conferences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Responding to market rumors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Responding to media inquiries regarding financial or other material events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Postings on Acadian's or BSIG's website.

E. Gifts and Entertainment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. General Statement

A conflict of interest occurs when the personal interests of Access Persons interfere or could potentially interfere with their responsibilities to Acadian and our clients. Access Persons may not accept inappropriate gifts, favors, entertainment, special accommodations or other things of material value that could influence their decision- making or make them feel beholden to a person or firm. Access Persons are expressly prohibited from letting gifts, gratuities or entertainment influence their selection of any broker, dealer or vendor for Acadian business. Similarly, Access Persons may not offer gifts, favors, entertainment or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client feel beholden to Acadian or the Access Person.

Supervisors of specific business units have the discretion to set more restrictive entertainment and gift policies than those in this Code that individuals subject to their supervision must comply with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Gifts**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.Receipt** - No Access Person may receive gifts totaling more than de minimis value ($100 per calendar year) from any <u>person or entity</u> that does investment related business with or on behalf of Acadian. For example, regardless of the number of employees at XYZ broker who provide a gift, the aggregate value of the gifts that can be accepted by an Access Person from all individuals associated with XYZ broker is $100. Promotional items containing the name and/or logo of the provider shall not be considered a gift provided its estimated value is under $100.

Access Persons are expressly prohibited from soliciting any gift related to our investment activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.Offer** – No Access Person may give or offer any gift of more than de minimis value ($100 per year) to existing clients or prospective clients. Access Persons may not

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give gifts if the intent is to retain or gain investment related business. In certain countries in which we may conduct business, the offer of a gift may be a cultural norm. In such cases, it may be permissible to exceed the de minimis value provided the gift is reasonable in value and has been approved by a Senior Manager.

<u>Gifts to ERISA, Taft-Hartley, and Public Plan Clients and Prospects</u>

Regulations relating to the investment management of ERISA, state or municipal pension funds, and Taft-Hartley clients often severely restrict or prohibit the offer of gifts of any value to their representatives. The Compliance Group should be consulted prior to providing any type of gift of any value to such clients or prospects as restrictions vary and many require detailed reporting be provided of such activity both by Acadian as provider and by the recipient. It is also advisable as a best practice to consult with the intended recipient before making such an offer as the offer of a gift alone, without actually providing the gift, could be a violation.

**3. Cash** - No Access Person may give or accept cash gifts or cash equivalents to or from a client or prospective client or any other entity that conducts investment related business with or on behalf of Acadian.

**4. Entertainment** -

<u>Providing Entertainment</u>: No Access Person may provide extravagant or excessive entertainment to a client, prospective client, or any person or entity that does or seeks to do investment related business with or on behalf of Acadian. Access Persons may occasionally provide business entertainment events, at a venue where business is typically discussed, such as dinner or a sporting event, of reasonable value, provided that the Access Person is present.

<u>Accepting Entertainment</u>: The firm recognizes that Access Person participation in entertainment provided by those with whom we conduct investment related business may be beneficial and further legitimate business interests. However, the acceptance of extravagant or excessive entertainment from a client, prospective client, or any person or entity that does or seeks to do investment related business with Acadian is not permitted.

Access Persons are permitted to attend occasional business meals, at a venue where business is typically discussed, of reasonable value, provided that the person or a representative of the organization providing the meal is present.

Access Persons are also permitted to attend other entertainment events, such as sporting events, subject to the following conditions:

&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.A representative of the hosting organization must be present;

&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 primary purpose of the invitation must be to discuss business or to build a business relationship; and

&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.You must receive prior written approval from your supervisor regardless of the value of the entertainment being provided.

Access Persons are expressly prohibited from soliciting any entertainment related to our investment activities.

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<u>Entertainment to ERISA, Taft-Hartley and Public Plan Clients and Prospects</u>

Regulations relating to the investment management of ERISA, state or municipal pension funds, and Taft-Hartley clients often severely restrict or prohibit the offer of entertainment of any value (Including coffee, meals, drinks etc.) to their representatives. The Compliance Group should be consulted prior to providing any type of entertainment of any value to such clients or prospects as restrictions vary and many require detailed reporting be provided of such activity both by Acadian as provider and by the recipient. It is also advisable as a best practice to consult with the intended recipient before making such an offer as the offer of entertainment alone, without actually providing the entertainment, could be a violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Detailed Expense Reports Required for Gifts and Entertainment**

For all gifts and entertainment purchased for or provided to a client or prospect, make certain that the expense report submitted for reimbursement clearly discloses what was provided, the names of each individual recipient, and the organization that each recipient represented. Appropriate supporting receipts must be provided. Certain ERISA, public plan clients, and Taft-Hartley plan clients require that we provide detailed gift and entertainment reports related to their representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.Conferences** – Access Person attendance at all third-party sponsored industry conferences is subject to supervisor approval. If the conference involves potential clients, prospects, or consultants, and Acadian's attendance at the conference will be paid for by the host or a third party (including conference fee, travel and lodging as examples), this should be disclosed prior to attendance to the Compliance Group. The Compliance Group will review, among other factors, the purpose of the conference, the conference agenda, and the proposed costs that will be paid or reimbursed by the third party. With the exception of the need to obtain prior supervisor approval, the above guidance does not apply to BrightSphere sponsored and hosted conferences.

It is against Acadian policy to sponsor or pay to attend any conference where our payment is a primary consideration of whether we will be awarded business from any client or prospective client who may be in attendance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Quarterly Reporting** – Acadian will require all Access Persons to report any gifts or entertainment received on a quarterly basis. Gifts and entertainment provided will be monitored through the periodic review of expense reports.

**F.Political Contributions and Compliance with the** Pay-to-Play Rule Requirements

Acadian as a firm is prohibited from making political contributions. Political contributions requested by a client or prospect will be prohibited as these may be deemed as an attempt to retain or win business. Employees, contractors, or consultants of Acadian's non-U.S. affiliated offices are prohibited from donating to any candidate in a U.S. election. As such, the requirements in this section are not applicable to these individuals.

Rule 206(4)-5 (the "Rule") under the Advisers Act seeks to curtail "pay to play" practices by investment advisers that provide advisory services to a state or local government entity or to an investment pool in which a state or local governmental entity invests.

Updated as of January 2023 20

There are three key elements of the Rule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a two-year "time-out" from receiving compensation for providing advisory services to certain government entities after certain political contributions are made,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a prohibition on soliciting contributions and payments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a prohibition from paying third parties for soliciting government clients.

For purposes of the Code and the Rule, an "<u>official</u>" is any person (including any election committee for the person) who was, at the time of the contribution, an incumbent, candidate or successful candidate for elective office of a government entity, if the office: (i) is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity, or (ii) has authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity.

A "<u>government entity</u>" includes all state and local governments, their agents, and instrumentalities, as well as all public pension plans and other collective government funds, including participant-directed plans such as 403(b), 457, and 529 plans. These entities are typically pension plans that are separate legal entities from state and local governments, but have elected officials as board members.

To ensure Acadian complies with the Rule, all Acadian Access Persons will be required to adhere to the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Submit a written pre-approval form to the Compliance Group and receive compliance approval prior to making any political contribution to an "official" (includes incumbents, candidates, and committees as defined above) of a "government entity", regardless of contribution amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Submit quarter–end and year-end reports of all political contributions made to any official of a government entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.A prohibition from directly or indirectly soliciting political contributions on behalf of any official of a government entity if such individual can directly or indirectly influence the investment advisory business or from soliciting payments to a political party of a state or locality where the investment adviser is providing or seeking to provide investment advisory services to a government entity. Pursuant to this provision, Access Persons are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•indirectly making political contributions to politicians through, for example, spouses, lawyers or affiliated companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"bundling" a large number of small contributions to influence an election in the state or locality in which the Investment Adviser is seeking business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•soliciting contributions from professional service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•consenting to the use of Acadian's name on fundraising literature for a candidate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sponsoring a meeting or conference which features an official as an attendee or guest speaker and which involves fundraising for the official (and, in this case, expenses incurred by the Access Person for hosting the event (such as the cost of the facility or refreshments, or reimbursement of any of the official's expenses for the event) would be a contribution by the Investment Adviser, thereby triggering the two-year "time-out" provisions of the Rule).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.A prohibition on paying any non-regulated third party for soliciting advisory business from U.S. based government clients on our behalf.

Failure of each Access Person to adhere to the requirements of the Rule could result in Acadian being prohibited from receiving compensation from a government entity for a period of two-years from the date of the contribution.

**G.Anti-Bribery** and Corruption Policy and risks related to employee acts including political contributions and gifts/entertainment

The U.S. Foreign Corrupt Practices Act (the "FCPA") prohibits corrupt payments to foreign officials for the purpose of obtaining or keeping business. The person making or authorizing the payment must have a corrupt intent, and the payment must be intended to induce the recipient to misuse his official position to direct business wrongfully to the payer or to any other person. You should note that the FCPA does not require that a corrupt act succeed in its purpose. The offer or promise of a corrupt payment can constitute a violation of the statute. The FCPA prohibits any corrupt payment intended to influence any act or decision of a foreign official in his or her official capacity, to induce the official to do or omit to do any act in violation of his or her lawful duty, to obtain any improper advantage, or to induce a foreign official to use his or her influence improperly to affect or influence any act or decision. The FCPA prohibits paying, offering, promising to pay (or authorizing to pay or offer) money or anything of value. The prohibition extends only to corrupt payments to a foreign official, a foreign political party or party official, or any candidate for foreign political office. A "foreign official" means any officer or employee of a foreign government, a public international organization, or any department or agency thereof, or any person acting in an official capacity.

Obligations imposed on Access Persons go further than compliance with the FCPA. Bribery and corrupt business practices create unfair markets, erode public trust and stifle long-term economic development and are contrary to Acadian's values. Bribery or corruption in any manner or for any purpose or benefit will not be tolerated and any such action by an Access Person or the firm is strictly prohibited. Access Persons must be committed to ethical and legal business conduct and must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Act legally and with integrity at all times to safeguard its staff members, resources, tangible and intangible assets, and our reputation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Create and maintain a trust-based and inclusive internal culture in which bribery and corruption are not tolerated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Conduct all business relationships in an ethical and lawful manner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cooperate fully with law enforcement and regulators locally within the bounds of local legislation.

Access Persons who deliberately breach the policy will be subject to disciplinary action, potentially leading to dismissal.

Access Persons are expected to act legally, ethically, and with integrity at all times to safeguard our employees, resources, assets and reputation. Access Persons must closely adhere to the gift and entertainment and the political contributions policies and procedures described herein.

Any suspicions of bribery or corruption should be reported in accordance with the Whistleblowing policy set out in this Code. Acadian and all Access Persons are expected to cooperate fully with any law enforcement or regulatory inquiry into any bribery or corruption allegation.

**H.Charitable Contributions**

Although Acadian encourages our Access Persons to be charitable, no donations should be made or should appear to have been made for the purpose of obtaining or retaining client business. No

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donations should be made in the name of any client if such a donation would result in a violation of the client's ethical requirements. This is typically the case with state and municipal clients.

Any request from a client or prospect for a charitable donation should be brought to the attention of a Compliance Officer. Any charitable donation made in response to a client or prospect request should be nominal as not to appear to have been made to obtain or retain the business and should be done in accordance with Acadian's charitable giving policies.

**I.Confidentiality**

Access Persons have the highest fiduciary obligation to protect and keep confidential at all times sensitive non-public information related to our clients, prospects, Access Persons, and the firm. Please also refer to your obligations to protect information from disclosure under Insider Trading and Regulation FD sections of this Code. This information may include, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.any prospect or client's identity (unless the client consents), any information regarding a client's financial circumstances, business practices, or advice furnished to a client by Acadian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.information on specific client accounts, including recent or impending securities transactions by clients and activities of the portfolio managers for client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.specific information on Acadian's investments for clients (including former clients) and prospective clients and account transactions and holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.information on other Access Persons, including their social security numbers, financial account information and account numbers, compensation, benefits, position level and performance rating; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.information on Acadian's firm wide assets under management and cash flows, business activities, including new services, products, research, technologies, investment process, and business initiatives, unless disclosure has been authorized by Acadian.

Access Persons should not access information on any client, prospect, consultant, or employee that is not required to perform their specific job functions. Access Persons should not discuss or release any non-public information that they may be authorized to access and view to any internal party or external party unless that party has a compelling business need to receive the information.

Access Persons should be sensitive to the problem of inadvertent or accidental disclosure, through careless conversation in a public place or the failure to safeguard papers and documents. Documents and papers should be kept in appropriately marked file folders and locked in file cabinets when appropriate. Any confidential information that must be transmitted over email or via the internet should also be protected in accordance with Acadian's IT Security Policy.

**J.Service on a Board of Directors**

Prior to accepting a position as an officer, director, trustee, partner, or Controlling person in any other company or business venture not related to Acadian, or as a member of an investment organization (e.g., an investment club), Access Persons must disclose the position to the Compliance Group.

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While the prior disclosure of Board membership or service on a charitable/non-profit organization is generally not required, disclosure and pre-approval would be required if your service involved participation on the finance, treasury, or investment committees or their functional roles or equivalents. Acadian may place specific restrictions on such service.

Each Board position should also be disclosed to the Compliance Group at least annually. Notice of such positions may be given to a compliance officer of any Fund advised or sub-advised by the Company.

As a firm policy, Acadian will restrict from our potential investment universe, and will not invest in or recommend client investment in, any publicly traded company for which an Access Person serves as a Board member.

**K. Partnerships**

Any non-Acadian related non-investment partnership or similar arrangement, either participated in or formulated by an Access Person, should be disclosed to the Compliance Group prior to formation, or if already in existence at the time of employment, as part of New Hire reporting. Any such partnership interest should also be disclosed to the Compliance Group at least annually. Investment partnerships such as participating as a passive "partner" in a hedge fund would require pre-clearance and reporting on holdings reports.

**L.Other Outside Activities**

Access Persons may not engage in outside business interests or employment that could in any way materially conflict with the proper performance of their duties as Access Persons of Acadian. All Access Persons should inform their Department Supervisor and Human Resources prior to accepting any employment outside of Acadian if it had the potential of impacting or conflicting with their responsibilities to Acadian. Supervisors will involve the Compliance Group as needed.

**M.Marketing and Promotional Activities**

Acadian has instituted policies and procedures relating to our creation and distribution of marketing, performance, advertising, and promotional materials to ensure compliance with relevant securities laws and GIPs. All oral and written statements made by Access Persons to the public, regardless of format or audience, must be professional, accurate, balanced and not misleading in any way.

**N.Affiliated** Broker-Dealers

Certain employees of Acadian are affiliated with a third-party limited-purpose broker-dealer related to the offer and sale of funds. Acadian will not utilize the services of this broker-dealer to trade for the accounts of any firm client. Acadian will also abide by any restrictions imposed by a client regarding the use of any specific broker-dealer including those that may be an affiliate of a client.

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**Part 4. Compliance Procedures**

Access Persons are expected to respond truthfully and accurately to all requests for information. With general exceptions as outlined below, any reports, statements or confirmations described herein, submitted through the MCO system, or created under this Code will be treated as confidential to the extent possible.

Access Persons should be aware that copies of such reports, statements or confirmations, or summaries of each, may be provided to their supervisors, to senior management, to BrightSphere, to compliance personnel and the Board of Directors of any registered investment company client, to outside counsel, and/or to regulatory authorities upon appropriate request. To the extent possible, efforts will be made to preserve the confidentiality of any personal information contained on any such report prior to providing is to the requesting party.

**A.Reporting of Access Person Investment Accounts**

All Access Persons are required to notify the Compliance Group in writing of any investment account in which he or she has direct or indirect beneficial interest in which a security can be purchased.

**B.Duplicate Statements**

Acadian's Compliance Group, in its discretion, will determine if the receipt of duplicate investment account statements for any Access Person's investment account will further enhance the Compliance Group's ability to oversee and enforce the Code. Such statements will typically not be required if the investment firm issuing such statements has an agreement in place with MCO to directly feed employee transaction information into MCO for our access.

If Acadian's Compliance Group determines a feed from MCO is not available for a specific brokerage account, the employee will be responsible for providing duplicate copies of the statements to Acadian's Compliance Group. Statements can be provided via mail (Acadian's Compliance Group can provide mailing address) or by uploading statements to their quarterly disclosure reporting in MCO.

The purpose of receiving "duplicates" is to independently confirm Code compliance, especially as it relates to compliance with pre-clearance of trades, the blackout period, and reporting. Duplicate investment account statements will typically be requested directly from the broker or adviser for any Access Person investment accounts where the Access Person exercises investment discretion over the account and has the ability to trade in covered securities including individual stocks, Acadian or affiliated managed funds, or other types of covered securities that may conflict with the type of investments Acadian makes for our clients.

Duplicate investment account statements are typically not requested or received from the following types of accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•accounts in which individual stocks, bonds, Depository Receipts, ETFs, and Acadian advised or sub-advised mutual funds cannot be purchased or sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•accounts where the Access Person has no direct or indirect influence or control over transactions in the account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Acadian's 401k and deferred compensation plan accounts.

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**C.Pre-clearance** of Personal Securities Transactions

All Access Persons must strictly comply with Acadian's policies and procedures regarding personal securities transactions in covered securities including requesting pre-clearance before trading in a covered security.

**<u>Pre-clearance approval is typically only effective on the day granted.</u>**

Pre-clearance requests, once granted, are only effective until the close of the market on which the "cleared" security trades. If the trade is not executed before market close on the day the pre-clearance was requested and granted, then the request would need to be re-submitted the following day. For example, pre-clearance requests granted on Monday in the U.S. for a security trading in the U.S. are effective until the close of U.S. markets that Monday.

One exception relates to the pre-clearance of a security trading on a foreign exchange. A request to trade a security trading on a foreign exchange made after close of the exchange but prior to the reopen of the exchange for the next trading day would be approved until the close of that foreign exchange on the next trading day.

No one, including the Chief Compliance Officer, is authorized to approve his or her own trades.

**D.Pre-Approval** of Political Contributions

Access Persons must submit a pre-approval request to a member of the Compliance Group and receive compliance approval prior to making any political contribution to any "official" of a "government entity" regardless of contribution amount. Please refer to the Political Contributions section of the Code for the definition of official, government entity, and additional details.

**E.Quarterly Reporting through MCO**

**1. Transactions**

Within **<u>thirty (30) calendar days</u>** of each quarter end (i.e. end of April, July, October, and January) all Access Persons must submit a quarterly report to the Compliance Group to report either no reportable trading activity or all transactions involving covered securities in reportable accounts in which they have direct or indirect Beneficial Ownership and the account in which the security was purchased or sold as well as duplicate statements associated with the quarter if an

MCO feed is not available for employee brokerage accounts[<sup>3</sup>](#page_26).

**2. Gifts and Entertainment**

Within **<u>thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a quarterly report of any gifts or entertainment received from any person or organization doing or seeking to do investment related business with Acadian. A Supervisor approval is required when there is a reportable item. A report is required even if there is nothing to report but supervisor approval on such report is not required.

3Transactions in in covered securities in Acadian's 401K plan and deferred compensation plan do not require quarterly reporting. Year-end holdings in these accounts must be reported.

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**3. Private Investments**

Within **<u>thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a report to certify that they either have no private investments to report or attest to all pre-existing private investments including any that were acquired within the previous quarter.

**4. Political Contributions**

**<u>Within thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a quarterly report of any political contributions made to any official of a government entity as defined in the Code. A signed report is required even if there is nothing to report. Access Persons located in Acadian's non-U.S. affiliated offices are prohibited from donating to any candidate in a U.S. election. As such, reporting requirements related to political contributions are not applicable to these individuals. Notwithstanding, each must comply with any reporting requirements that may be established specific to their office.

**5. Communication Acknowledgment**

Within **<u>thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a report to certify that they acknowledge and comply with firm policies related to approved methods of electronic communication.

**6. MNPI Acknowledgment**

Within **<u>thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a report to certify that they acknowledge and comply with firm policies and procedures related to material non-public information.

**F.Annual Reporting through MCO**

**<u>By January 30th</u>** of each year, each Access Person must complete and submit a listing as of December 31 of the prior year of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)each investment account in which they have a direct or indirect interest in which a security can be purchased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)their investment holdings in covered securities (including a separate report for "private investments") including security name, share amount, price per share and principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)a listing of all non-Acadian and non-investment related directorships or partnerships in which they are involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)a list of all political contributions made including candidate name, elected office, amount, and date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Any other reports requested by the Compliance Group specific to the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Affirmation acknowledging receipt of and compliance with the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Affirmation acknowledging receipt of and compliance with the Compliance Manual.

Your year-end investment holdings report must contain <u>all</u> holdings in covered securities in <u>any covered accounts</u> including those positions held in Acadian's 401K plan, and deferred compensation plan. To be considered complete, these reports must contain the quantity and value of each reported holding as of December 31.

On an annual basis, each Access Person will also be required to provide certification of their receipt of the Code of Ethics and an acknowledgement of their obligation to comply with its requirements.

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**G.New Hire Reporting through MCO**

New Access Persons are required to file the following attestations within **ten (10) business days** of their hire date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Initial Affirmation acknowledging receipt of and compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Initial Report of Reportable Investment Accounts along with a copy of the last issued holdings statement for each account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Initial Report of Securities Holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Access Person Partnership Involvement Relationship Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Access Person Report of Director/Relationship Involvement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.Access Person Report of Political Contributions for prior two years from hire date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.Communication Acknowledgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.MNPI Acknowledgment.

**H.Review and Enforcement of Personal Transaction Compliance and General Code Compliance**

The Compliance Group will periodically review personal securities transactions reports and other reports submitted by Access Persons. The review may include, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.An assessment of whether the Access Person followed the Code and any required internal procedures, such as pre-clearance, including the comparison of "Pre- clearance" submissions to any account statements that may have been received from brokers, advisers or other sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Comparison of personal trading to any blackout period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.An assessment of whether the Access Person and Acadian are trading in the same securities and, if so, whether clients are receiving terms as favorable as the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Periodically analyzing the Access Person's trading for patterns that may indicate potential compliance issues including front running, excessive or short-term trading or market timing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Any pattern of trading or activity raising the appearance that the Access Person may be taking advantage of their position at Acadian.

Before any determination is made that a code violation has been committed by an Access Person, the Access Person will have the opportunity to supply additional explanatory material. If the Chief Compliance Officer initially determines that a material violation has occurred, he will prepare a written summary of the occurrence, together with all supporting information/documentation including any explanatory material provided by the Access Person, and present the situation to Access Person's manager, the Compliance and Risk Committee, and, if the Chief Compliance Officer and Committee deem it necessary, to the Acadian Executive Management Team and Executive Committee, or the Board of Managers. Depending on the incident, BrightSphere may become involved as well as outside counsel for evaluation and recommendation for resolution.

Acadian's Chief Compliance Officer reports all Code violations and their resolution, regardless of materiality, to Acadian's Compliance and Risk Committee at least quarterly. Further, if the Chief Compliance Officer and the Committee deem it necessary, a Code violation may also be reported to the Acadian Executive Management Team and Executive Committee, the Board of Managers, and the Board of Directors of any U.S. registered investment company for which Acadian acts as adviser or sub-adviser.

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**I.Certification of Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Initial Certification.** Compliance with the Code is a condition of hire and ongoing employment at Acadian. Each Access Person is provided with a copy of the Code when hired and receives training on the Code from a Compliance Officer. Acadian requires all Access Persons to certify that they have: (a) received a copy of the Code; (b) read and understand all provisions of the Code; and (c) agreed to comply with the terms of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Acknowledgement of Amendments.** Acadian will provide Access Persons with any material amendments to our Code and Access Persons will submit an acknowledgement that they have received, read, and understood the amendments to the Code. Acadian and members of our compliance staff will make every attempt to bring important changes to the attention of Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Annual Certification.** All Access Persons and supervised persons are required annually to certify that they have received, read, understood, and complied with the Code.

**Part 5. Access Person Disclosures and Reporting Obligations**

Acadian has certain disclosure obligations to our clients and regulators. Each Access Person has an immediate and ongoing obligation to notify a Compliance Officer if any of the responses to the questions listed below are "yes" or become "yes" at any time.

(1)In the past ten years, have you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)been convicted of or plead guilty to nolo contendere ("no contest") in a domestic, foreign, or military court to any felony?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)been charged with any felony?

(2)In the past ten years, have you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)been convicted of or plead guilty or nolo contendere ("no contest") in a domestic, foreign or military court to a misdemeanor involving: investments or an investment related business, or any fraud, false statements, or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, extortion, or a conspiracy to commit any of these offenses?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)been charged with a misdemeanor listed in 2(a)?

3. Has the SEC or the Commodity Futures trading Association (CFTC) ever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)found you to have made a false statement or omission?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)found you to have been involved in a violation of SEC or CFTC regulations or statutes?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)found you to have been a cause of an investment related business having its authorization to do business denied, suspended, revoked, or restricted?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)entered an order against you in connection with investment related activity?

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)imposed a civil money penalty on you or ordered you to cease and desist from any activity?

4. Has any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)ever found you to have made a false statement or omission, or been dishonest, unfair, or unethical?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)ever found you to have been involved in a violation of investment related regulations or statutes?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)ever found you to have been a cause of an investment related business having its authorization to do business denied, suspended, revoked, or restricted?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)in the past ten years, entered an order against you in connection with an investment related activity?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)ever denied, suspended, revoked or otherwise prevented you from associating with an investment related business?

5. Has any self-regulatory organization or commodities exchange ever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)found you to have made a false statement or omission?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)found you to have been involved in a violation of its rules?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)found you to have been the cause of an investment related business having its authorization to do business denied, suspended, revoked, or restricted?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disciplined you by barring or suspending you from association with other advisers or otherwise restricting your activities?

6. Has the authorization to act as an attorney, accountant, or federal contractor granted to you ever been revoked or suspended?

7. Are you the subject of any regulatory proceeding?

8. Has any domestic or foreign court:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)in the past ten years, enjoined you in connection with any investment related activity?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)ever found that you were involved in a violation of investment related statutes or regulations?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)ever dismissed, pursuant to a settlement agreement, an investment related civil action brought against you by a state or foreign financial regulatory authority?

9. Are you now the subject of any civil proceeding that could result in a "yes" answer to item 8 above?

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**Part 6. Record Keeping**

Acadian will maintain the following records pertaining to the Code in a readily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A copy of each Code that has been in effect at any time during the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A record of any violation of the Code and any action taken as a result of such violation for five years from the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A record of all acknowledgements of receipt of the Code and amendments for each person who is currently, or within the past five years was, an Access Person (these records must be kept for five years after the individual ceases to be an Access Person of Acadian);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Holdings and transactions reports made pursuant to the Code for the prior five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A list of the names of persons who are currently, or within the past five years were, Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A record of any decision and supporting reasons for approving the acquisition of covered securities by Access Persons including IPOs and limited offerings for at least five years after the end of the fiscal year in which approval was granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A record of persons responsible for reviewing Access Persons' reports currently or during the last five years; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A copy of reports provided to the Board of Directors of any U.S. registered management investment company for which Acadian acts as adviser or sub-adviser regarding the Code for the past five years.

**Part 7. Form ADV Disclosure**

Acadian includes within our Form ADV, Part 2A a description of Acadian's Code and a description of conflicts identified with our investment process and operations. We will deliver a copy of Form ADV, Part 2A to each client annually and will provide a copy of our Code to any client or prospective client upon request.

**Part 8. Administration and Enforcement of the Code**

**Responsibility to Know the Rules**

Access Persons are responsible for their actions under the law and are therefore required to be sufficiently familiar with applicable federal and state securities laws and regulations to avoid violating them. Claimed ignorance of any rule or regulation or of any requirement under this Code or any other Acadian policy or procedure is not a defense for misconduct.

Updated as of January 2023 31

&nbsp;&nbsp;&nbsp;&nbsp;&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.Excessive or Inappropriate Trading**

Acadian understands that it is appropriate for Access Persons to participate in the public securities markets as part of their overall personal investment programs. As in other areas, however, this should be done in a way that limits potential conflicts with the interests of any client account. Further, it is important to recognize that otherwise appropriate trading, if excessive (measured in terms of frequency, complexity of trading programs, numbers of trades, or other measures as deemed appropriate by the Compliance Group), may compromise the best interests of any client if such excessive trading is conducted during the workday or using Acadian resources. Accordingly, if personal trading rises to such dimension as to create an environment that is not consistent with the Code, such personal transactions may be brought to the attention of the Access Person's supervisor and may not be approved or may be limited by the Compliance Group.

**B.Training and Education**

<u>New Hires</u>

Employment at Acadian is contingent upon compliance with the Code. Each new hire receives a copy of the Code and must complete an affirmation of receipt and understanding. A member of the Compliance Group will meet with each new hire within their first week of employment to review the Code and to respond to any questions.

<u>Annual</u>

Mandatory annual Code training is required for all Access Persons. This training will be developed and led if in person by members of the Compliance Group and will reinforce key sections of the Code as well as any other compliance related issues as determined by business changes or regulatory focus.

**C.Compliance and Risk Committee Approval**

The Code will be submitted to Acadian's Compliance and Risk Committee annually for approval.

**D.Report to the Board(s) of Investment Company Clients**

At the frequency requested and in compliance with Rule 17j-1 of the Investment Company Act of 1940, Acadian will comply with any reporting requirements imposed by the Board of Directors of each of our U.S. registered investment company clients as well as any other reporting related to our Code requested by any client. A copy of our Code is provided to clients and prospects upon request. Reports typically provided to Fund Board's include a description of any issues arising under the Code since the last report, information about material violations of the Code, sanctions imposed in response to such violations, and any material changes made to the Code. Acadian will also provide reports when requested certifying that we have adopted procedures reasonably necessary to prevent Access Persons from violating the code.

**E.Report to Senior Management**

The Chief Compliance Officer will provide a report on a quarterly basis to Acadian's Compliance and Risk Committee noting any violations of the Code. Any material violations will be escalated promptly.

Updated as of January 2023 32

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

**F.Reporting Violations and Whistleblowing Protections**

Acadian is committed to fostering an environment of ethical and fair business conduct that requires all Access Persons to act honestly and with integrity at all times. Access Persons are required to report to the Chief Compliance Officer or a senior manager all potential instances of serious malpractice, material violations of company policies, and material violations of the Code. Access Persons are required to cooperate fully with any and all investigations into such matters. Failure to adhere to these policies will be considered a violation of the Code and will subject the Access Person to disciplinary action including the potential for termination.

Good faith reports of such potentially serious or material violations may be made without fear of retribution either directly to the Chief Compliance Officer or on a confidential basis via either a written statement in a sealed envelope or in any other way the Access Person feels is necessary to preserve his or her confidentiality. A report can also be made to the BrightSphere Fraud Hotline listed in the Fraud section below. These reports will be treated as confidential, and the source of the report protected to the extent permitted by law provided that the "whistleblower"

(1)genuinely believes that the knowledge or suspicions disclosed are true and relate to serious malpractice; and (2) that the communication is clear from the outset that a confidential "whistleblowing" disclosure is being made. All such reports will be investigated promptly and thoroughly, and all legal requirements will be complied with.

**G.Fraud Policy**

Access Persons are expected to act legally, ethically, and with integrity at all times to safeguard our employees, resources, assets and reputation. The commission of a fraud of any kind is prohibited. Failure by any Access Person to comply with this policy could result in disciplinary action being taken against that individual.

For the purpose of the Code, fraud is defined as: "Any deliberate action or inaction involving dishonesty or deception, which may result in the diminution of client account or shareholder value, either through financial loss or reputational damage, whether or not there is personal benefit to the fraudster."

**What Constitutes Fraud?**

The legal definition of fraud may vary depending on the legal statutes of the various jurisdictions in which Acadian operates. In some jurisdictions, no precise legal definition of fraud exists, although many of the offenses referred to as fraud may be prohibited by local statute or be deemed criminal offenses by local statute. The term is generally used to describe acts such as: deception, bribery, forgery, extortion, corruption, theft, conspiracy, embezzlement, misappropriation, false representation, concealment of material facts and collusion. Some examples of fraud include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Dishonest or fraudulent activities, such as embezzlement, deceit, collusion or conspiracy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Bribery, corruption or abuse of office

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Theft

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Abuse or misuse of company property

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Deliberate misapplication or misappropriation of company funds or assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Deliberate or suspicious unacceptable loss of assets in the care of any member of BSIG

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Forgery or alteration of documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Making use of or knowingly possessing forged or falsified documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Providing false or misleading information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Deliberate theft, sale or misuse of sensitive documentation or information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Deliberate false creation of records within or unauthorized amendments to databases, administration systems and accounting records

Updated as of January 2023 33

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Targeted attempts to use technology/electronic communications to hack or breach security controls

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Intentional destruction (excepted as allowed per our Record Management Policy) or suspicious disappearance of records

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Concealment of material facts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Deliberate intentional misapplication of accounting principles

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any improper act, which may damage the reputation of BSIG or any of its members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any similar or related activity or irregularity

Fraud can be perpetrated internally by employees or contractors, externally by clients, intermediaries or other third parties.

Any individual who is unclear as to what may constitute an act of fraud should seek further guidance from his/her direct manager or from the Chief Compliance Officer as appropriate.

**What should I do if I suspect fraud has been committed?**

All staff is encouraged to immediately report any fraud that is suspected or discovered. Any such activity should be reported initially to their immediate manager and/or the Chief Compliance Officer, except where either of those individuals is suspected of involvement.

Immediate managers are responsible for reporting all instances of suspected or discovered fraud to the Chief Compliance Officer who is responsible for escalating as required under relevant firm policy.

The reporting of suspected or known fraud may be made and will be investigated in accordance with the Whistleblowing policies described within the Code and, if made in good faith, will be protected from retaliation.

Acadian encourages Access Persons to report compliance and any other business concerns to Acadian's Chief Compliance Officer and General Counsel or via the confidential BrightSphere l Fraud Hotline at the numbers or URL below.

---

| | | |
|:---|:---|:---|
| Scott Dias | 617-850-3519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sdias@acadian-asset.com |
| SVP, Chief Compliance Officer and |  |  |
| General Counsel |  |  |
| Acadian |  |  |
| Richard Hart | 617-369-7341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;rhart@bsig.com |

---

Chief Legal Officer

BSIG

By Secure Ethics Reporting Hotline:

**US:**

1-866-921-6714

**Australia:**

0011-800-2002-0033

**United Kingdom:**

0-800-092-3586

**Singapore:**

001-800-2002-0033

Webform URL: <u>https://www.integritycounts.ca/org/BSIG</u> E-mail:

 <u>bsig@integritycounts.ca</u> 

Updated as of January 2023 34

Fax:

1-604-926-5668

Mail:

PO Box 91880, West Vancouver,

British Columbia V7V 4S4 Canada

**None of the provisions of Acadian employee handbook, compliance manual (including its related policies and code of ethics), offer letter provided to you, or any agreement regarding your employment that you may have entered into with Acadian prohibits you from voluntarily communicating with enforcement or regulatory authorities regarding possible violations of law.**

**H.Sanctions**

Any violation of the Code may result in disciplinary action including, but not limited to, a warning, fines, disgorgement, suspension, demotion, or termination of employment. In addition to sanctions, violations may result in referral to civil or criminal authorities where appropriate.

The following is a non-exclusive list of factors that will be considered when determining the appropriateness of any sanction related to a Code violation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•What requirement was violated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Client harm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Frequency of occurences

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Evidence of willful or reckless disregard of the Code requirement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Your honest and timely cooperation

Updated as of January 2023 35

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

![](g6zynhh1s2k9c145vltw1.jpg)

**I.Further Information about the Code and Supplements**

Access Persons are encouraged to contact any member of the Compliance Group with any questions about permissible conduct under the Code.

BrightSphere's Anti-bribery and Corruption Risk Policy, Fraud Policy, Whistleblowing Arrangements and Sanctions Compliance policy are adopted as supplements to the Code.

**Persons Responsible for Code Enforcement**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Boston:** |  |  |
| &nbsp;&nbsp;Alison Peabody | &nbsp;&nbsp;Compliance Officer | &nbsp;&nbsp;apeabody@acadian-asset.com |
| &nbsp;&nbsp;Mary Bidgood | &nbsp;&nbsp;Compliance Officer | &nbsp;&nbsp;mbidgood@acadian-asset.com |
| &nbsp;&nbsp;Kelly Gately | &nbsp;&nbsp;Compliance Officer | &nbsp;&nbsp;kgately@acadian-asset.com |
| &nbsp;&nbsp;Scott Dias | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;sdias@acadian-asset.com |
| &nbsp;&nbsp;**London:** |  |  |
| &nbsp;&nbsp;Katy Tyler | &nbsp;&nbsp;Compliance Officer | &nbsp;&nbsp;ktyler@acadian-asset.com |
| &nbsp;&nbsp;**Sydney:** |  |  |
| &nbsp;&nbsp;Nita Lo | &nbsp;&nbsp;Compliance Officer | &nbsp;&nbsp;nlo@acadian-asset.com |
| &nbsp;&nbsp;**Singapore:** |  |  |
| &nbsp;&nbsp;Nicholas Lim | &nbsp;&nbsp;Compliance Officer | &nbsp;&nbsp;nlim@acadian-asset.com |

---

Do not hesitate to contact any member of the Compliance Group with questions about the Code by either emailing <u>Compliance-reporting@acadian-asset.com</u> or contacting directly one of the individuals noted above.

**<u>Training and Certification</u>**

Training on Code requirements will be provided by members of the Compliance Group. Additional training on firm policies may also be provided by members of the Human Resources Group.

Acadian's Compliance and Risk Committee, Executive Management Team, Executive Committee, and our Board of Managers are also responsible for Code implementation and enforcement.

All Access Persons will be subject to annual Code of Ethics training. A copy the Code and any amendments will be provided to all Access Persons and supervised persons annually along with a request for a written acknowledgment of receipt and compliance.

**Appendices**

A. CFA Institute Asset Manager Code of Professional Conduct

Updated as of January 2023 36

## Ex-99

![](gkxshnqhsbsqinl0bioz2.jpg)

(p)(3)

**CODE OF ETHICS**

BAILLIE GIFFORD COMPLIANCE MANUAL

---

| | |
|:---|:---|
| **CODE OF ETHICS** | **2023** |

---

---

| | | |
|:---|:---|:---|
| **[INDEX OF UPDATES](#page_3)[..............................................................................................................................................................](#page_3)** | **[INDEX OF UPDATES](#page_3)[..............................................................................................................................................................](#page_3)** | **[3](#page_3)** |
| [**1. INTRODUCTION**](#page_6)[................................................................................................................................................................](#page_6) | [**1. INTRODUCTION**](#page_6)[................................................................................................................................................................](#page_6) | **[6](#page_6)** |
| [1.1](#page_6) | &nbsp;&nbsp;&nbsp;&nbsp;[**A**](#page_6)[**PPLICATION**](#page_6)[....................................................................................................................................................................](#page_6) | [6](#page_6) |
| [1.2](#page_6) | &nbsp;&nbsp;&nbsp;&nbsp;[**S**](#page_6)[**COPE**](#page_6)[...............................................................................................................................................................................](#page_6) | [6](#page_6) |
| [1.3](#page_6) | &nbsp;&nbsp;&nbsp;&nbsp;[**P**](#page_6)[**URPOSE**](#page_6)[...........................................................................................................................................................................](#page_6) | [6](#page_6) |
| [1.4](#page_6) | &nbsp;&nbsp;&nbsp;&nbsp;[**S**](#page_6)[**TAFF**](#page_6)[**O**](#page_6)[**BLIGATIONS**](#page_6)[........................................................................................................................................................](#page_6) | [6](#page_6) |
| [1.5](#page_7) | &nbsp;&nbsp;&nbsp;&nbsp;[**V**](#page_7)[**IOLATIONS**](#page_7)[......................................................................................................................................................................](#page_7) | [7](#page_7) |
| [1.6](#page_7) | &nbsp;&nbsp;&nbsp;&nbsp;[**I**](#page_7)[**NTERPRETATION AND**](#page_7)[**W**](#page_7)[**AIVER**](#page_7)[.......................................................................................................................................](#page_7) | [7](#page_7) |
| [1.7](#page_7) | &nbsp;&nbsp;&nbsp;&nbsp;[**M**](#page_7)[**ONITORING**](#page_7)[....................................................................................................................................................................](#page_7) | [7](#page_7) |
| [1.8](#page_7) | &nbsp;&nbsp;&nbsp;&nbsp;[**M**](#page_7)[**ATERIAL**](#page_7)[**C**](#page_7)[**HANGES**](#page_7)[.......................................................................................................................................................](#page_7) | [7](#page_7) |
| [**2. ETHICAL PRINCIPLES**](#page_8)[.....................................................................................................................................................](#page_8) | [**2. ETHICAL PRINCIPLES**](#page_8)[.....................................................................................................................................................](#page_8) | **[8](#page_8)** |
| [2.1](#page_8) | &nbsp;&nbsp;&nbsp;&nbsp;[**I**](#page_8)[**NTRODUCTION**](#page_8)[.................................................................................................................................................................](#page_8) | [8](#page_8) |
| [2.2](#page_8) | &nbsp;&nbsp;&nbsp;&nbsp;[**G**](#page_8)[**UIDING**](#page_8)[**E**](#page_8)[**THICAL**](#page_8)[**P**](#page_8)[**RINCIPLES**](#page_8)[.......................................................................................................................................](#page_8) | [8](#page_8) |
| [2.3](#page_10) | &nbsp;&nbsp;&nbsp;&nbsp;[**R**](#page_10)[**ESOLVING**](#page_10)[**E**](#page_10)[**THICAL**](#page_10)[**I**](#page_10)[**SSUES**](#page_10)[.........................................................................................................................................](#page_10) | [10](#page_10) |
| [**3. CONFLICTS OF INTEREST**](#page_10)[............................................................................................................................................](#page_10) | [**3. CONFLICTS OF INTEREST**](#page_10)[............................................................................................................................................](#page_10) | **[10](#page_10)** |
| [3.1](#page_10) | &nbsp;&nbsp;&nbsp;&nbsp;[**I**](#page_10)[**NTRODUCTION**](#page_10)[...............................................................................................................................................................](#page_10) | [10](#page_10) |
| [3.2](#page_10) | &nbsp;&nbsp;&nbsp;&nbsp;[**I**](#page_10)[**DENTIFICATION AND**](#page_10)[**T**](#page_10)[**YPES OF**](#page_10)[**C**](#page_10)[**ONFLICT OF**](#page_10)[**I**](#page_10)[**NTEREST**](#page_10)[............................................................................................](#page_10) | [10](#page_10) |
| [3.3](#page_11) | &nbsp;&nbsp;&nbsp;&nbsp;[**D**](#page_11)[**UTY TO**](#page_11)[**D**](#page_11)[**ISCLOSE**](#page_11)[........................................................................................................................................................](#page_11) | [11](#page_11) |
| [3.4](#page_12) | &nbsp;&nbsp;&nbsp;&nbsp;[**O**](#page_12)[**UTSIDE**](#page_12)[**B**](#page_12)[**USINESS**](#page_12)[**I**](#page_12)[**NTERESTS AND**](#page_12)[**P**](#page_12)[**ERSONAL**](#page_12)[**A**](#page_12)[**SSOCIATIONS**](#page_12)[..................................................................................](#page_12) | [12](#page_12) |
| [**4. PERSONAL ACCOUNT DEALING POLICY**](#page_16)[..................................................................................................................](#page_16) | [**4. PERSONAL ACCOUNT DEALING POLICY**](#page_16)[..................................................................................................................](#page_16) | **[16](#page_16)** |
| [4.1](#page_16) | &nbsp;&nbsp;&nbsp;&nbsp;[**H**](#page_16)[**IGH**](#page_16)[**L**](#page_16)[**EVEL**](#page_16)[**O**](#page_16)[**VERVIEW**](#page_16)[................................................................................................................................................](#page_16) | [16](#page_16) |
| [4.2](#page_16) | &nbsp;&nbsp;&nbsp;&nbsp;[**G**](#page_16)[**ENERAL**](#page_16)[**R**](#page_16)[**ULE ON**](#page_16)[**PA**](#page_16)[**DEALING**](#page_16)[...................................................................................................................................](#page_16) | [16](#page_16) |
| [4.3](#page_17) | &nbsp;&nbsp;&nbsp;&nbsp;[**A**](#page_17)[**PPLICATION OF**](#page_17)[**P**](#page_17)[**ERSONAL**](#page_17)[**A**](#page_17)[**CCOUNT**](#page_17)[**D**](#page_17)[**EALING**](#page_17)[**P**](#page_17)[**OLICY**](#page_17)[...........................................................................................](#page_17) | [17](#page_17) |
| [4.4](#page_17) | &nbsp;&nbsp;&nbsp;&nbsp;[**P**](#page_17)[**ROHIBITED AND**](#page_17)[**E**](#page_17)[**XEMPT**](#page_17)[**S**](#page_17)[**ECURITIES AND**](#page_17)[**T**](#page_17)[**RANSACTIONS**](#page_17)[......................................................................................](#page_17) | [17](#page_17) |
| [4.5](#page_19) | &nbsp;&nbsp;&nbsp;&nbsp;[**P**](#page_19)[**ROCEDURES FOR**](#page_19)[**O**](#page_19)[**BTAINING**](#page_19)[**P**](#page_19)[**ERMISSION**](#page_19)[.................................................................................................................](#page_19) | [19](#page_19) |
| [4.6](#page_20) | &nbsp;&nbsp;&nbsp;&nbsp;[**P**](#page_20)[**RACTICAL PROCEDURES TO BE FOLLOWED IN SPECIAL CIRCUMSTANCES**](#page_20)[.................................................................](#page_20) | [20](#page_20) |
| [4.7](#page_21) | &nbsp;&nbsp;&nbsp;&nbsp;[**R**](#page_21)[**EPORTING**](#page_21)[**R**](#page_21)[**EQUIREMENTS**](#page_21)[.........................................................................................................................................](#page_21) | [21](#page_21) |
| [4.8](#page_22) | &nbsp;&nbsp;&nbsp;&nbsp;**[S](#page_22)[UMMARY TABLE OF](#page_22)[S](#page_22)[ECURITY](#page_22)[T](#page_22)[YPES AND](#page_22)[P](#page_22)[RE](#page_22)[-C](#page_22)[LEARANCE](#page_22)[AND](#page_22)[R](#page_22)[EPORTING](#page_22)[R](#page_22)[EQUIREMENTS](#page_22)[............................](#page_22)** | [22](#page_22) |
| [**5. INDUCEMENTS POLICY**](#page_23)[.................................................................................................................................................](#page_23) | [**5. INDUCEMENTS POLICY**](#page_23)[.................................................................................................................................................](#page_23) | **[23](#page_23)** |
| [5.1](#page_23) | &nbsp;&nbsp;&nbsp;&nbsp;[**G**](#page_23)[**UIDELINES**](#page_23)[....................................................................................................................................................................](#page_23) | [23](#page_23) |
| [5.2](#page_27) | &nbsp;&nbsp;&nbsp;&nbsp;**[R](#page_27)[ESTRICTIONS IN](#page_27)[C](#page_27)[ONNECTION WITH THE](#page_27)[S](#page_27)[ALE OF](#page_27)[P](#page_27)[ACKAGE](#page_27)[P](#page_27)[RODUCTS](#page_27)[,](#page_27)[I](#page_27)[.](#page_27)[E](#page_27)[. OEIC](#page_27)[S](#page_27)[.............................................](#page_27)** | [27](#page_27) |
| [5.3](#page_28) | &nbsp;&nbsp;&nbsp;&nbsp;[**P**](#page_28)[**ACKAGED**](#page_28)[**P**](#page_28)[**RODUCTS**](#page_28)[**G**](#page_28)[**UIDANCE ON**](#page_28)[**R**](#page_28)[**EASONABLE**](#page_28)[**I**](#page_28)[**NDIRECT**](#page_28)[**B**](#page_28)[**ENEFITS**](#page_28)[..................................................................](#page_28) | [28](#page_28) |
| [5.4](#page_29) | &nbsp;&nbsp;&nbsp;&nbsp;[**FINRA S**](#page_29)[**PECIFIC**](#page_29)[**R**](#page_29)[**EQUIREMENTS FOR**](#page_29)[**R**](#page_29)[**EGISTERED**](#page_29)[**P**](#page_29)[**ERSONS OF**](#page_29)[**BGFS**](#page_29)[..................................................................](#page_29) | [29](#page_29) |

---

&nbsp;&nbsp;&nbsp;&nbsp;**5.5**[**S**](#page_29)[PECIFIC](#page_29)[**R**](#page_29)[EQUIREMENTS FOR GIVING OR RECEIPT OF GIFTS](#page_29)[**,**](#page_29)[HOSPITALITY](#page_29)[**,**](#page_29)[AND ENTERTAINMENTS TO](#page_29)[**K**](#page_29)[OREAN](#page_29)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;[**P**](#page_29)[**UBLIC**](#page_29)[**O**](#page_29)[**FFICIALS**](#page_29)[.......................................................................................................................................................................](#page_29) | &nbsp;&nbsp;&nbsp;[**P**](#page_29)[**UBLIC**](#page_29)[**O**](#page_29)[**FFICIALS**](#page_29)[.......................................................................................................................................................................](#page_29) | [29](#page_29) |
| [**6. ACKNOWLEDGEMENT AND CERTIFICATION**](#page_30)[.........................................................................................................](#page_30) | [**6. ACKNOWLEDGEMENT AND CERTIFICATION**](#page_30)[.........................................................................................................](#page_30) | **[30](#page_30)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[6.1](#page_30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**R**](#page_30)[**ECEIPT AND**](#page_30)[**A**](#page_30)[**CKNOWLEDGEMENT OF THE**](#page_30)[**C**](#page_30)[**ODE**](#page_30)[......................................................................................................](#page_30) | [30](#page_30) |
| &nbsp;&nbsp;&nbsp;&nbsp;[6.2](#page_30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**A**](#page_30)[**NNUAL**](#page_30)[**R**](#page_30)[**EPORT TO**](#page_30)[**B**](#page_30)[**AILLIE**](#page_30)[**G**](#page_30)[**IFFORD**](#page_30)[**B**](#page_30)[**OARDS**](#page_30)[.........................................................................................................](#page_30) | [30](#page_30) |
| &nbsp;&nbsp;&nbsp;**[A](#page_31)[PPENDIX](#page_31)[I – S](#page_31)[PECIFIC](#page_31)[R](#page_31)[EQUIREMENTS FOR GIVING OR RECEIPT OF GIFTS](#page_31)[,](#page_31)[HOSPITALITY](#page_31)[,](#page_31)[AND ENTERTAINMENTS TO](#page_31)** | &nbsp;&nbsp;&nbsp;**[A](#page_31)[PPENDIX](#page_31)[I – S](#page_31)[PECIFIC](#page_31)[R](#page_31)[EQUIREMENTS FOR GIVING OR RECEIPT OF GIFTS](#page_31)[,](#page_31)[HOSPITALITY](#page_31)[,](#page_31)[AND ENTERTAINMENTS TO](#page_31)** |  |
| &nbsp;&nbsp;&nbsp;[**K**](#page_31)[**OREAN**](#page_31)[**P**](#page_31)[**UBLIC**](#page_31)[**O**](#page_31)[**FFICIALS**](#page_31)[.......................................................................................................................................................](#page_31) | &nbsp;&nbsp;&nbsp;[**K**](#page_31)[**OREAN**](#page_31)[**P**](#page_31)[**UBLIC**](#page_31)[**O**](#page_31)[**FFICIALS**](#page_31)[.......................................................................................................................................................](#page_31) | [31](#page_31) |
|  | 2 |  |

---

---

| | |
|:---|:---|
| **CODE OF ETHICS** | **2023** |

---

**Index of Updates**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>Date</u> | &nbsp;&nbsp;<u>Reason for change</u> | <u>Material</u> | <u>Regulatory</u> |
|  |  | <u>Change</u> | <u>Requirement</u> |
| &nbsp;&nbsp;October 2017 | &nbsp;&nbsp;Changes made to reflect MiFID II requirements. New requirements on Inducements relating to MiFID, equivalent third | Yes | Yes |
|  | &nbsp;&nbsp;country or optional exemption business under FCA COBS 2.3A for firms which make personal recommendations to a retail |  |  |
|  | &nbsp;&nbsp;client in the UK and, in particular, rules on inducements relating to the provision of investment services and ancillary services |  |  |
|  | &nbsp;&nbsp;that the FCA will adopt under new FCA COBS 2.3A 5R. Chapter 5 updated with minor housekeeping changes throughout. |  |  |
| &nbsp;&nbsp;May 2018 | 4.5.1. Separate broker notification letter for BGFS representatives no longer required. | No | No |
|  | 4.5.1. New paragraph added about broker confirmations. |  |  |
|  | 4.8. Minor updates to description of unlisted investments in the summary table. |  |  |
|  | &nbsp;&nbsp;Minor housekeeping changes throughout the policy to change all references to holdings reports to Code of Ethics Declarations. |  |  |
| &nbsp;&nbsp;August 2018 | &nbsp;&nbsp;Minor updates to summary table in section 4.8 to include references to cryptocurrencies and structured deposits. | No | No |
| &nbsp;&nbsp;September 2018 | &nbsp;&nbsp;Removal of references to Baillie Gifford Life Limited. This entity is no longer carrying out insurance business and has applied | No | No |
|  | &nbsp;&nbsp;for the cancellation of all its regulatory permissions. |  |  |
| &nbsp;&nbsp;October 2018 | &nbsp;&nbsp;New Guidance for partners and staff considering external appointments section added to the Conflicts of Interest chapter of the | No | No |
|  | &nbsp;&nbsp;Code of Ethics Policy, plus a link to the guidance note. Not a material change as this is the publication of guidance and not a |  |  |
|  | &nbsp;&nbsp;Code of Ethics Policy change. Summary table in section 4.8 updated to consolidate the two rows relating to exchange traded |  |  |
|  | &nbsp;&nbsp;funds into one row. |  |  |
| &nbsp;&nbsp;November 2018 | &nbsp;&nbsp;Housekeeping update to the PA dealing policy following changes to the workplace pension arrangements. | No | No |
| &nbsp;&nbsp;January 2019 | &nbsp;&nbsp;Additional client requirement added to the list of clients with specific requirements link in section 5.1.15. | No | No |
|  | &nbsp;&nbsp;Change of job title for Lindsay Gold from Head of Compliance to Compliance Director (Page 5). | No | No |
|  | &nbsp;&nbsp;Reference to CFTC added in Section 6.0. | No | Yes |
|  | &nbsp;&nbsp;Changes to ensure BGE is covered by the policy. | No | No |
| &nbsp;&nbsp;March 2019 | &nbsp;&nbsp;Updates to summary table in section 4.8 to reflect the 3 security types added. Certificate of Deposit, Fixed Term Deposit and | No | No |
|  | &nbsp;&nbsp;Fixed Term Bond. |  |  |
| &nbsp;&nbsp;April 2019 | &nbsp;&nbsp;Changed Lindsay Gold's title from Head of Compliance to Compliance Director and changed Monitoring, Ethics Conduct and | No | No |
|  | &nbsp;&nbsp;Assurance team name to Monitoring and Ethics team. |  |  |
| &nbsp;&nbsp;July 2019 | &nbsp;&nbsp;Update political contributions sections to confirm that pre-clearance can be obtained from US based Compliance Counsel and | No | No |
|  | &nbsp;&nbsp;the Code of Ethics team, rather than the Compliance Director. |  |  |
| &nbsp;&nbsp;September 2019 | &nbsp;&nbsp;Updates made to reference the new FCA Conduct Rules introduced under SMCR and make enhancements to the Outside | Yes | Yes |
|  | &nbsp;&nbsp;Business Interests section. |  |  |
| &nbsp;&nbsp;September 2019 | &nbsp;&nbsp;OBI section of the policy updates to include a new table of examples and a new streamlined process which consolidates the | Yes | No |
|  | &nbsp;&nbsp;pre-existing Code of Ethics policy and the HR OBI and Employment Policy which has since been decommissioned. |  |  |
| &nbsp;&nbsp;September 2019 | &nbsp;&nbsp;Whistleblowing Policy removed (now standalone), BGA(HK) semi-annual declaration process referenced and various | No | No |
|  | &nbsp;&nbsp;housekeeping amendments. |  |  |
| &nbsp;&nbsp;March 2020 | &nbsp;&nbsp;Additional conflict disclosure requirements for investment decision makers to reflect an increased industry focus in this area. | Yes | No. |
| &nbsp;&nbsp;December 2020 | &nbsp;&nbsp;Housekeeping changes to change 'unlisted investments' to 'private companies' and clarifying personal associations | No | No |
|  | 3 |  |  |

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| &nbsp;&nbsp;January 2021 | &nbsp;&nbsp;Alastair Maclean replaces Lindsay Gold, as Director, Group Compliance and Legal. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | Yes |
| &nbsp;&nbsp;May 2021 | &nbsp;&nbsp;Addition of section 3.4.3 Disclosure Procedures for External Board/Committee Appointments. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | No |
|  | &nbsp;&nbsp;Minor housekeeping updates to clarify the policy which included: adding ETFs to the section in 4.3; FX and cryptocurrency in |  |  |
|  | &nbsp;&nbsp;4.4.2.1; Automatic sales for fees in 4.4.2.2; updating various links throughout the policy; updating the Group Compliance and |  |  |
|  | &nbsp;&nbsp;Legal Director title throughout. |  |  |
| &nbsp;&nbsp;August 2021 | &nbsp;&nbsp;Housekeeping changes: No change to process, tidying up policy wording and making it clearer. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | No |
| &nbsp;&nbsp;January 2022 | &nbsp;&nbsp;References to: 1) Compliance Monitoring and Ethics Team updated to Compliance Code of Ethics Team; and 2) Head of | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | No |
|  | &nbsp;&nbsp;Compliance Monitoring and Ethics updated to Head of Group Compliance Staff Regulatory Responsibilities. |  |  |
| &nbsp;&nbsp;March 2022 | &nbsp;&nbsp;Post-Brexit updates made for UK/EU MiFID references throughout the policy. Name change for the Policies Training & | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | No |
|  | &nbsp;&nbsp;Reporting team to Events & Global Registrations team. |  |  |
| &nbsp;&nbsp;May 2022 | &nbsp;&nbsp;Following a query from an Investment Trust Board, we have decided to tighten up the language around PA dealing during BG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | No |
|  | &nbsp;&nbsp;Investment Trust share buy-backs. New section 4.4.5. added. |  |  |
|  | &nbsp;&nbsp;Various minor housekeeping updates. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | No |
| &nbsp;&nbsp;January 2023 | &nbsp;&nbsp;Incorporate South Korea's Anti-Graft Rule in section 5.5. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | Yes |

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| **CODE OF ETHICS** | **2022** |

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Letter from the Joint Senior Partner and Group Compliance, Legal and Governance Services Director

Dear Colleagues,

The Code of Ethics Policy is a very important area for us because our clients have put a great deal of trust in Baillie Gifford to manage their assets in their long-term interests. For us to respect that trust there are two things that we must focus on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Firstly, making sure that we put clients' interests at the heart of everything that we do; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Secondly, making sure that we identify and manage any conflicts of interest between our interests and those of the client.

The compliance culture and ethics of a firm are vitally important to clients and regulators alike. Our clients refer to the Code of Ethics Policy as the "window on the culture of the firm". They are interested in adherence with the policy and often ask for information on code violations as an indicator of the overall culture of the firm.

Regulators have also put 'culture' and 'conduct' at the centre of their agenda. Culture is regarded as the DNA of the business; shaping behaviours and ethics. At Baillie Gifford we have built our reputation by our conduct as individuals, acting with integrity and in the interests of our clients.

The Code of Ethics Policy sets out the processes, procedures and principles in this area and we ask you to give it your full attention. If you have any questions, please do not hesitate to contact a member of the Compliance Code of Ethics team or email CodeofEthicsQueries@bailliegifford.com.

Thank you.

Andrew Telfer Alastair Maclean <br> Joint Senior Partner of Baillie Gifford & Co Director, Group Compliance, Legal and Governance Services

![](g6cu33aoieguno48y0uj4.jpg)

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| **CODE OF ETHICS** | **2023** |

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1. Introduction

1.1 Application

The Code of Ethics applies to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All employees of Baillie Gifford entities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Partners

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fixed term, temporary and agency staff

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interns and summer students

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Secondees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Individuals providing services via Personal Service Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Contractors (with systems access)

Each of these individuals and in some specified cases, persons who are connected to the individual, are required to comply with the Code of Ethics which forms part of the 'Personal Responsibilities' section of the Group Compliance Manual (located via the Landing Page on the Loop) and their employment contract. These individuals are known as 'access persons' for the purposes of US securities laws.

1.2 Scope

The Code covers all firms within the Baillie Gifford Group and has been adopted by the relevant Boards of Baillie Gifford regulated entities within the Group and the Group's Compliance Committee. It is designed to ensure compliance with relevant regulatory requirements applicable to the Baillie Gifford Group and in particular UK FCA, CBI, US SEC, and South Korea's requirements.

The Code of Ethics covers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the FCA Conduct Rules which apply to the vast majority of staff<sup>11</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•guiding ethical principles which apply to all staff

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•managing conflicts of interest which may occur between Baillie Gifford and the personal interests of members of staff

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•personal dealings in shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•receiving and giving of gifts, hospitality and other forms of inducement.

**1.3Purpose**

At Baillie Gifford we have a fiduciary duty to our clients when acting as their investment manager or adviser. This requires us at all times to act in the best interests of our clients and to treat them fairly. We must avoid situations where we place our own interests ahead of the interests of clients. The Code of Ethics is designed to assist us in ensuring we meet these fiduciary standards when acting for clients.

1.4 Staff Obligations

As a member of staff, you are obliged to comply with your regulatory obligations under the various regulatory systems to which the Group is subject, including applicable federal securities laws. You are required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Read and adhere to the Code of Ethics. If you have any questions, please email <u>CodeofEthicsQueries@bailliegifford.com</u> (secure mailbox); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Complete and submit a Code of Ethics Declaration and submit a Certificate of Compliance on first becoming a member of staff and annually thereafter.

1The Conduct Rules do not apply to 'ancillary staff' not performing a financial services role. This would cover our mailroom staff, security guards, cleaning and catering staff.

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You will be provided with details of any changes to the Code at the time these are made. Training will be provided on the terms of the Code as part of your staff induction and annually thereafter, or more frequently in the event of a material change.

1.5 Violations

Failure on the part of members of staff or their Connected Persons (where applicable) to follow these procedures will be taken seriously and regarded as a disciplinary matter under the rules and procedures set out in the Staff Handbook. If it is determined that gross misconduct has taken place, the member of staff may be subject to instant dismissal without payment in lieu of notice.

In addition, any conduct by a member of staff that violates the Code of Ethics, including the Ethical Principles, will be considered from an FCA Conduct Rule Breach perspective (see section 2.1 below for details of the FCA Conduct Rules). If it is deemed that a Code of Ethics violation is significant in nature (e.g. evidence of intent; client materially affected; trend of repeated violations etc.), it may be escalated within Baillie Gifford to be assessed further by senior members of the HR, Compliance and Business Risk departments. Depending on the severity of the case, a formal Conduct Rule Breach may subsequently be reported to the FCA in accordance with regulatory reporting timelines. Any member of staff who becomes aware of a violation of the Code of Ethics must promptly report that violation to the Group Compliance, Legal and Governance Services Director , who may, at his discretion, refer the violation to the Legal and Compliance Partner as well as the relevant Board and Compliance Committee for resolution in terms of section 1.6 below.

1.6 Interpretation and Waiver

With respect to matters of interpretation or dispute arising under the Code of Ethics, the Group Compliance, Legal and Governance Services Director may refer to the Compliance Committee of Baillie Gifford who may, exercising their reasonable judgment, make determinations as to the meaning and effect of the Code of Ethics. The Group Compliance, Legal and Governance Services Director may, in consultation with the Compliance Committee, grant written waivers of the provisions of the Code in appropriate instances. However, waivers will be granted only in rare instances and some provisions of the Code that are mandated by law or regulation cannot be waived. The Group Compliance, Legal and Governance Services Director is responsible for maintaining appropriate records of and preparing any reports required with respect to, any waivers of provisions of the Code.

1.7 Monitoring

Adherence by staff to the terms of the Code will be monitored by the Compliance Department. The issue, receipt and content of Code of Ethics Declarations and Certificates will be co-ordinated and monitored by that Department. Regular monitoring of personal account dealing, gifts and entertainment records and other forms of inducements will also be undertaken to ensure there are no actions which are contrary to our regulatory obligations and that we always act in the best interests of clients. The results of this monitoring will be reported to the relevant Boards and Compliance Committee.

1.8 Material Changes

Material changes to the Code of Ethics must be ratified by the relevant Boards of the SEC regulated firms and investment companies within the Group and the Group's Compliance Committee.

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2. Ethical Principles

2.1 Introduction

Baillie Gifford's reputation and success is based upon its professional conduct and maintenance of high ethical standards. It is expected and indeed demanded from our clients that we adhere to robust ethical standards in all aspects of our activities.

This section of the Code of Ethics sets out guiding principles which apply to all staff relating to ethical conduct. It also provides some guidance on addressing and resolving ethical issues.

In addition, many individuals within the Group will be subject to ethical principles and codes of conduct which are adopted by various professional organisations to which they are members. Baillie Gifford's Code of Ethics is designed to be complementary to, and consistent, with these other standards.

The FCA's Senior Managers and Certification Regime (SMCR) introduces a set of Conduct Rules which reflect the core standards expected of staff who work within the Financial Services industry. These can be found in the FCA's Code of Conduct sourcebook (COCON) and are composed of nine rules, five of which are applicable to all staff (other than 'ancillary staff' referred to earlier) and four additional rules applicable only to Senior Managers. The five Conduct Rules which are applicable to all staff are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.You must act with integrity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.You must act with due care, skill and diligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.You must be open and cooperative with the FCA, PRA and other regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.You must pay due regard to the interests of customers and treat them fairly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.You must observe proper standards of market conduct.

These conduct rules compliment Baillie Gifford's own guiding ethical principles and are embedded within these. The four additional rules applicable only to Senior Managers are covered separately in the SMCR Policy.

The Code of Ethics cannot cover every ethical situation that might arise at Baillie Gifford. After having read and understood the content of the Code of Ethics Policy, all members of staff will be responsible for complying not only with its letter, but also with its spirit and principles. These are set out in the Guiding Ethical Principles below.

2.2 Guiding Ethical Principles

Each member of staff must follow these guiding principles:

2.2.1.Fairness

To act fairly at all times when dealing with clients and counterparties of Baillie Gifford. Fairness requires impartiality, objectivity, and honesty.

For example, when communicating with clients you should make every reasonable effort to provide full, fair and accurate information and should avoid withholding any relevant information.

A non-exhaustive list of other examples of conduct that might breach the fairness principle is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Misleading a client about the risks of an investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Misleading a client about the likely performance of a product by providing inappropriate projections of future returns; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Failing to acknowledge, or seek to resolve, mistakes in dealing with clients.

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2.2.2.Honesty and integrity

To act honestly and with integrity in fulfilling the responsibilities of your role and seek to avoid any acts or omissions or business practices which damage Baillie Gifford's reputation or which are deceitful, oppressive, or improper.

For example, Baillie Gifford should only employ fair methods to win or retain business for the firm. Staff should avoid offering unduly lavish or overly frequent gifts and hospitality and should avoid 'pay to play' practices, i.e. making political contributions to those in a position to influence the selection of Baillie Gifford. Baillie Gifford is committed to carrying on business fairly, honestly and openly and has a zero-tolerance approach to bribery.

A non-exhaustive list of other examples of conduct that might breach the honesty and integrity principle is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Falsifying documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Providing false or inaccurate information to a client, regulator, auditor, Baillie Gifford itself or a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Mismarking the value of investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Misleading others in Baillie Gifford about the nature of risks being accepted; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Failing to disclose personal dealing activity; receipt or provision of gifts and entertainment; political contributions or other outside business interests as required by the Code of Ethics.

2.2.3.Adherence to law and regulation

To observe applicable law, regulations and professional conduct standards when carrying out your activities and to interpret and apply them to the best of your knowledge and ability according to these guiding ethical principles. To be open and cooperative with Baillie Gifford's regulators.

For example, you must familiarise yourself with, and adhere to at all times, the requirements contained in the: Anti- Financial Crime Policy; the Anti-Money Laundering, Counter-Terrorist Financing & Sanctions Policy; the Anti- Bribery & Corruption Policy; the Code of Ethics Policy; the Market Abuse and Insider Dealing Policy; Data Protection Policy; and Information Security & Electronic Communications Policy. These policies set out your personal compliance responsibilities and are available to all staff in the 'Personal Responsibilities' section of the Group Compliance Manual.

A non-exhaustive list of conduct that might breach the open and cooperative with regulators principle is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Providing false or inaccurate information to regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Failing to supply a regulator with appropriate documents or information when requested or required to do so and within the time limits attaching to that request or requirement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Failing to attend an interview or answer questions put by a regulator.

2.2.4.Market conduct

When executing transactions or engaging in any form of market dealings, to observe the standards of market integrity, good practice and conduct required by, or expected of, participants in that market. To comply with relevant market codes and exchange rules.

2.2.5.Loyalty to clients

To place the interests of our clients ahead of your own interests and to manage fairly and effectively, and to the best of your ability, any relevant conflict of interest. To the extent feasible, conflicts of interest should be avoided or at least appropriately managed and disclosed in accordance with Baillie Gifford's conflicts procedures.

Baillie Gifford's investment recommendations and other proprietary information are for the exclusive use of our clients. We should not use this proprietary information for personal benefit. If in doubt, refer to the Compliance Department for guidance.

2.2.6.Maintaining confidentiality

To respect the confidentiality of information on current, former and prospective clients which is obtained through your work and refrain from using or disclosing this for unethical purposes or illegal advantage.

For example, you must be extremely careful when sharing confidential client data with an outside party and should only do so if it is absolutely necessary. Authorisation may be required from your Head of Department for this. If in

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doubt, you should refer to the Information Security and Electronic Communications Policy (located in the Staff Handbook on the Loop) which includes the three levels of data security classification and rules on how to handle this data.

2.2.7.Transparency

If you are in any doubt that you may have a conflict of interest, or if you think that there could be a perception of one, you should disclose the details to your Head of Department, to the Compliance Department or to the relevant chairperson of the board, committee or group concerned, as appropriate.

For example, consider the situation where you have a personal shareholding in a company and you are contributing to an investment discussion on whether to buy or sell this company for clients. It is essential to disclose this potential conflict to the chairperson and other members of that decision-making group. Please see section 3.3 for further details on additional disclosure requirements for investment decision makers (investors and CD staff on Portfolio Construction Groups).

2.3 Resolving Ethical Issues

In business life we will be confronted from time to time with ethical issues to determine. In dealing with these an important consideration is any impact the decision may have on clients. Also, has the process of coming to the decision been fair, with full consideration of the facts, issues and alternatives? Has it involved all stakeholders with an interest? Have you identified any competing interests or conflicts of interest? These questions would be relevant where considering whether to accept a gift or entertainment, and also considering the implications of an incident.

3. Conflicts of Interest

3.1 Introduction

Inherent throughout the Code of Ethics is the principle that all members of staff have a responsibility to place the interests of the Group's clients ahead of their own and resolve conflicts in favour of the Group's clients. In order to achieve this, all activities undertaken by members of staff must be conducted in such a manner as to avoid any actual or potential conflicts of interest or any abuse of an individual's position of trust and responsibility. Furthermore, all action taken by staff must be undertaken in a manner which does not interfere with the interests of Baillie Gifford's clients or take unfair advantage of Baillie Gifford's relationship with its clients.

3.2 Identification and Types of Conflict of Interest

3.2.1.What is a conflict of interest?

A conflict of interest arises when personal matters or obligations interfere with business activities and influence the decisions made by members of staff, which have or could have a detrimental effect on the firm's clients. When considering conflicts of interest, it is important to consider how the situation would be viewed by an independent party.

3.2.2.Identification of conflicts of interest

Conflicts of interests which require to be identified by members of staff are those which arise between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Group, its connected persons and a client of the Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•one client of the Group and another client of the Group.

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3.2.3.Types of conflicts of interest

When identifying whether a conflict of interest arises in the course of business and whether the existence of this conflict may adversely affect the interests of a client, staff should consider whether the individual, firm or certain persons connected with the firm:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•are likely to make a financial gain or avoid a financial loss at the expense of a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•has an interest in the outcome of the service provided to the client or of a transaction carried out on behalf of the client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•has a financial or other incentive to favour the interest of another client or group of clients over the interests of the client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•carries on the same business as the client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•receives or will receive from a person (other than the client) an inducement in relation to the service provided, in the form of monies, goods or services, other than the standard commission or fee.

The Group Compliance Manual (located via the Landing Page on the Loop) contains Baillie Gifford's conflicts policy and matrix. This matrix details potential and actual conflicts of interest which have been recognised by the firm. Please refer to this document for further information regarding the types of conflict which have been identified.

If you are in doubt about whether a conflict has arisen please consult the Group Compliance, Legal and Governance Services Director.

3.3 Duty to Disclose

All members of staff have in the first instance an obligation to manage or avoid all conflicts of interest. If it is not possible to manage or avoid a conflict of interest, then the potential or actual conflict which may impair your objectivity when undertaking your daily activities must be disclosed. All disclosures should be made to your Head of Department and the Group Compliance, Legal and Governance Services Director.

Baillie Gifford does not prohibit investors from investing in the same stocks as our clients. Nevertheless, there is an inherent conflict of interest risk that needs to be carefully managed should investors choose to do this.

Additional disclosure requirements for investment decision makers.

Investment decision makers should make the following protective disclosures where appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment decision makers should declare any pre-existing personal shareholdings in a company if they are contributing to an investment discussion on whether to trade in that company for clients. This potential conflict must be disclosed to the chairperson of the relevant decision-making group, whom failing another member of that decision-making group. On occasion, it may be prudent for an investment decision maker to step out of an investment discussion if it is felt that a conflict, or perception of a conflict, cannot be managed effectively. Such a course of action should be determined on a case by case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment decision makers must also declare any personal trading activity in a company held by clients if they have been, or will be, involved in an investment discussion concerning that company. This disclosure requirement is regardless of whether the company is being traded for clients at the time. Again, this potential conflict must be disclosed to the chairperson of the relevant decision-making group, whom failing another investment decision maker in that decision-making group.

For both scenarios above, Investors have the option of retaining their own contemporaneous record of any disclosures made or notifying the Compliance Department who will record the protective disclosure in the Code of Ethics System. Notifications to Compliance should be emailed to <u>CodeofEthicsQueries@bailliegifford.com</u> (secure mailbox). An audit trail record would be beneficial in the event of any retrospective enquiry.

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3.4 Outside Business Interests and Personal Associations

A personal conflict of interest can arise in relation to certain outside business interests or personal associations. Members of staff must ensure that they do not engage in any activities that would detract, divert from or conflict with, the proper performance of their Baillie Gifford employment or would conflict with the interests of the firm or our clients. Members of staff must also ensure that any personal association does not affect, or reasonably appear to affect, our conduct or actions in Baillie Gifford and therefore conflict with our duties to clients or the firm.

To ensure that we comply with the requirements of global regulation, we require members of staff and Partners to inform Compliance at <u>CodeofEthicsQueries@bailliegifford.com</u> of any external interests at any time during employment.

3.4.1 Types of Outside Business Interests

The following table is a non-exhaustive list of potential outside business interests. If you have any other interests or activities that you think may need to be disclosed, please contact the Compliance Code of Ethics team for guidance at <u>CodeofEthicsQueries@bailliegifford.com</u> (secure mailbox).

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| &nbsp;&nbsp;**Outside Business Interest** | &nbsp;&nbsp;**Disclosure Requirements** |
| &nbsp;&nbsp;**Paid work out with Baillie Gifford.** | &nbsp;&nbsp;In general, all regular paid work outwith Baillie |
|  | &nbsp;&nbsp;Gifford should be disclosed to Compliance |
|  | &nbsp;&nbsp;(email to |
|  | &nbsp;&nbsp;<u>CodeofEthicsQueries@bailliegifford.com</u>). In |
|  | &nbsp;&nbsp;addition, such work should also be agreed with |
|  | &nbsp;&nbsp;your line manager and/or head of department as |
|  | &nbsp;&nbsp;appropriate. |
|  | &nbsp;&nbsp;Discretion can be used for any ad hoc paid work |
|  | &nbsp;&nbsp;that is de minimis in nature and has no obvious |
|  | &nbsp;&nbsp;connection to Baillie Gifford business. Such |
|  | &nbsp;&nbsp;paid work is unlikely to require disclosure. |
| &nbsp;&nbsp;**Business related external directorships, non-** | &nbsp;&nbsp;All such positions must be disclosed to |
| &nbsp;&nbsp;**executive directorships or other external** | &nbsp;&nbsp;Compliance (email to |
| &nbsp;&nbsp;**board/committee appointments (e.g.** | &nbsp;&nbsp;<u>CodeofEthicsQueries@bailliegifford.com</u>). |
| &nbsp;&nbsp;**nominations committee or board observer** |  |
| &nbsp;&nbsp;**positions).** | &nbsp;&nbsp;Additional disclosure and approval requirements |
| &nbsp;&nbsp;Business related would include: | &nbsp;&nbsp;are outlined in section 3.4.3. |
| &nbsp;&nbsp;Business related would include: |  |
| Listed companies; |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private companies in which Baillie |  |
| Gifford invests or is likely to invest; |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade bodies or professional bodies; |  |
| Clients; |  |
| Suppliers etc. |  |
| &nbsp;&nbsp;**Non-business related external directorships** | &nbsp;&nbsp;All such appointments must be disclosed to |
| &nbsp;&nbsp;**or non-executive directorships.** | &nbsp;&nbsp;Compliance (email to |
| &nbsp;&nbsp;Non-business related would include: | &nbsp;&nbsp;<u>CodeofEthicsQueries@bailliegifford.com</u>). |
| &nbsp;&nbsp;Non-business related would include: | &nbsp;&nbsp;No additional approval is required. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private family run businesses; | &nbsp;&nbsp;No additional approval is required. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One-person limited companies; |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Charitable organisations or not for |  |
| Profit organisations (where not a client). |  |
|  | 12 |

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| **CODE OF ETHICS** | **CODE OF ETHICS** | **2023** |
| &nbsp;&nbsp;**External investment or finance related roles** | &nbsp;&nbsp;**External investment or finance related roles** | &nbsp;&nbsp;All investment adviser related roles should be |
| &nbsp;&nbsp;**at educational, charitable, religious or social** | &nbsp;&nbsp;**at educational, charitable, religious or social** | &nbsp;&nbsp;disclosed to Compliance (email to |
| &nbsp;&nbsp;**organisations.** | &nbsp;&nbsp;**organisations.** | &nbsp;&nbsp;<u>CodeofEthicsQueries@bailliegifford.com</u>). |
| &nbsp;&nbsp;Investment or finance related roles would | &nbsp;&nbsp;Investment or finance related roles would | &nbsp;&nbsp;In addition, such roles should also be agreed |
| &nbsp;&nbsp;include: |  | &nbsp;&nbsp;with your line manager and/or Head of |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  | investment adviser; | &nbsp;&nbsp;Department as appropriate. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  | trustee; |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  | treasurer etc. |  |
| &nbsp;&nbsp;**Politically exposed appointments** | &nbsp;&nbsp;**Politically exposed appointments** | &nbsp;&nbsp;A politically exposed person, or 'PEP', is an |
|  |  | &nbsp;&nbsp;individual who is or has, at any time in the |
|  |  | &nbsp;&nbsp;preceding year, been entrusted with prominent |
|  |  | &nbsp;&nbsp;public functions, or is an immediate family |
|  |  | &nbsp;&nbsp;member, or a known close associate of such a |
|  |  | &nbsp;&nbsp;person), whether paid or unpaid. |
|  |  | &nbsp;&nbsp;All such appointments must be disclosed to |
|  |  | &nbsp;&nbsp;Compliance (email to |
|  |  | &nbsp;&nbsp;<u>CodeofEthicsQueries@bailliegifford.com</u>). |
|  |  | &nbsp;&nbsp;In addition, such roles should also be disclosed |
|  |  | &nbsp;&nbsp;to your line manager and/or Head of |
|  |  | &nbsp;&nbsp;Department as appropriate. |

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3.4.2 Outside Business Interests disclosure procedures

The Compliance Code of Ethics team are the central hub for all outside business interest disclosures. This team will disseminate relevant information as appropriate to the Human Resources Department, Group Governance Services Department and the Events & Global Registrations and Anti-Financial Crime teams.

Outside business interest disclosures should be emailed to the Compliance Code of Ethics team

(<u>CodeofEthicsQueries@bailliegifford.com</u>) at the earliest opportunity. Where possible, this should be prior to the commencement of any role or appointment. Disclosures should contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Date the outside business interest commenced or ceased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Name of the external company/organisation and brief description of what they do;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Brief description of your role/involvement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Details of any remuneration if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Details of any connection to Baillie Gifford (e.g. client or prospective client, investee company, broker, supplier etc.).

If applicable, the Compliance Code of Ethics team will obtain approval from the Group Compliance, Legal and Governance Services Director on your behalf and will either confirm that this has been received or will request further information if required.

Please note that Partners or Chief Executive Officers of Baillie Gifford subsidiary companies who require to seek approval from the joint Senior Partners for external appointments, must seek this approval themselves.

In addition to the above:

**-Requirements for FCA Regulated Roles**

The Firm is required to ensure that individuals in FCA regulated roles are fit and proper to perform the activities for which they are regulated and that they do not engage in any activities which could conflict with the performance of their role. In addition to the above requirements, individuals in regulated roles must inform Compliance when:

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othey become aware that a company, partnership or unincorporated association of which the individual has been controller, director, senior manager, partner or company secretary (either during the time they held the position or within one year of such involvement) has:

obeen put into liquidation, wound up, ceased trading, had a receiver or administrator appointed or entered into a voluntary arrangement with its creditors

obeen adjudged by a court liable for any fraud, misfeasance, wrongful trading or misconduct

obeen investigated or been involved in an investigation by an inspector appointed under companies or

any other legislation, or required to produce documents to the Secretary of State, or any other authority, under any such legislation

obeen convicted of any criminal offence, censured, disciplined or publicly criticised, by any inquiry, by the Takeover Panel or any governmental or statutory authority, or any other regulatory body

**-Specific Requirements for BGFS**

Registered Persons of BGFS are required to obtain prior written approval from the Chief Compliance Officer of BGFS for any Contractor, Director, Office or Partner appointments or any work for which they expect to receive compensation outside of their Baillie Gifford employment. Please note that this supersedes the requirement to obtain approval from the Group Compliance, Legal and Governance Services Director.

**-Specific Requirements for BGA(HK)**

Licensed Persons of BGA(HK) are required to obtain prior written approval from the Compliance Officer of BGA(HK) for any Director appointments or any work for which they will receive compensation outside of their Baillie Gifford employment. The Compliance Code of Ethics team will co-ordinate this. In addition to the above, there are also SFC Notification requirements relating to any directorships, partnerships or proprietorships taken on by a licenced representative. The BGA(HK) Compliance Officer will advise on the relevant steps to take with regards to this notification.

3.4.3 Disclosure and Approval Requirements Procedures for Business-related External Positions

From time to time, Investors or other relevant Baillie Gifford staff may be invited to take up a business-related external position (see section 3.4.1 for details). Such roles may be linked to public or private company in which our clients have a shareholding interest and are often offered to the largest shareholders. This type of opportunity is in alignment with our long term investment approach and our stewardship policy for greater engagement with our investee companies on corporate governance, long term incentives and performance matters.

Whilst there are benefits to accepting such positions, there are also potential conflicts of interest that need to be carefully managed. Each business-related external position needs to be considered on a case by case basis to ensure participation in such a role would not conflict with the duties owed to Baillie Gifford's clients. The disclosure and approval requirements for such positions are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All business-related external positions must be approved by the Director of Group Compliance, Legal and Governance Services for approval. Where deemed appropriate, the Director will discuss the case with the Chair of the Equity Leadership Group and the Management Committee will be informed for noting. The factors taken into consideration when assessing each opportunity will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Scope, time commitment and any remuneration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The likelihood of receiving Material Non-Public Information ("MNPI")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any potential conflicts of interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Committee on Foreign Investment in the United States ("CFIUS") requirements if applicable (legal advice may be required).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In addition, prior approval must also be sought from the individual's Head of Department. For Partners and Chief Executive Officers of Baillie Gifford subsidiary companies should seek prior approval from the joint Senior Partners.

3.4.4Personal Associations

We also must take steps to ensure that any personal interest or personal association does not affect, or reasonably appear to affect, our conduct or actions in Baillie Gifford and therefore conflict with our duties to clients or the firm.

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Any Significant Relationship with another person working in a relevant business connected to Baillie Gifford may need to be disclosed by email to the Compliance Department (<u>CodeofEthicsQueries@bailliegifford.com</u>).

Relevant businesses would include:

&nbsp;&nbsp;&nbsp;&nbsp;•Investment managers

&nbsp;&nbsp;&nbsp;&nbsp;•Brokers

&nbsp;&nbsp;&nbsp;&nbsp;•Clients of Baillie Gifford

&nbsp;&nbsp;&nbsp;&nbsp;•Consultants/advisers to clients of Baillie Gifford or investors in Baillie Gifford funds

&nbsp;&nbsp;&nbsp;&nbsp;•Companies in which Baillie Gifford invests on behalf of our clients

&nbsp;&nbsp;&nbsp;&nbsp;•Other organisations with which Baillie Gifford has a contractual relationship.

A relationship with another person would be deemed significant if an independent third party might reasonably consider that it could affect your actions or those of a personal associate (whether or not it does so affect your conduct). If you have a relationship with an associated person that could potentially give rise to a conflict of interest, or the perception of one, then this should be disclosed to the Compliance Department. The Compliance Department will determine if the relationship needs to be recorded and whether any action needs to be taken to manage the conflict.

Please note that personal associations can go further than our definition of connected person under PA Dealing, i.e. this disclosure requirement is not limited to immediate family members living in your household. Some examples of potential personal associations that may need to be disclosed/recorded are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;•A personal friend works at a supplier and is directly involved in the Baillie Gifford account and/or you are directly involved in the appointment of that supplier.

&nbsp;&nbsp;&nbsp;&nbsp;•A close friend works at an audit firm and is directly involved in an external review of your department.

&nbsp;&nbsp;&nbsp;&nbsp;•An extended family member works at a company that Baillie Gifford invests in for clients, in a role where they are likely to have access to sensitive business information.

Please note that none of the personal association examples above would fall under our definition of connected persons for PA Dealing purposes, however potentially would be disclosable under this section of the Code of Ethics. However, please also note that not every instance of the above would necessarily have to be recorded. Each scenario would be considered on a case-by-case basis to establish what, if any, conflict risk there is.

These disclosures are designed to ensure that our work is carried out on behalf of clients in an environment that is free from any suggestion of improper influence. If you are in any doubt as to whether a business interest or personal association or relationship needs to be disclosed, please contact a member of the Compliance Department for guidance.

3.4.5 Record Keeping and Annual Certification

A record of all Outside Business Interests and Personal Associations disclosed to Compliance will be maintained in the Code of Ethics System. These will form part of your personal Annual Code of Ethics Declaration. Updates can be made to these disclosures when completing your annual declaration, or alternately at any point throughout the year by emailing the details to Compliance (<u>CodeofEthicsQueries@bailliegifford.com</u>).

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4. Personal Account Dealing Policy

4.1 High Level Overview

Baillie Gifford's first priority is in ensuring that in all circumstances, the firm's clients' interests are placed first and each client obtains the best execution of trades which we can arrange on their behalf. In order to ensure that this priority is consistently met, all staff have a responsibility to ensure that in no circumstances will clients be disadvantaged by employee PA Dealing.

The basic premise of Baillie Gifford's PA Dealing Policy is that PA Dealing is permitted subject to a number of restrictions. Baillie Gifford therefore gives general permission to all members of staff and to their Connected Persons (defined later) to carry out investment transactions in designated investments in accordance with the following procedures. All staff must ensure that undertaking PA Dealing activities does not distract them from their day-to-day responsibilities.

4.2 General Rule on PA dealing

A member of staff or their Connected Persons are prohibited from

1. Entering into a PA deal where

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)that person is prohibited from entering into it under the law and regulations governing market abuse and insider dealing as set out in the Baillie Gifford Market Abuse Policy. The Policy requires that no member of staff make personal use of material non-public information or engage in a securities transaction available only by reason of his or her position within Baillie Gifford. If a member of staff is aware that an investment opportunity is being actively considered by Baillie Gifford, they must first ensure that this is made available to Baillie Gifford before taking personal advantage of the opportunity. It is the personal responsibility of the member of staff to ensure that they are familiar with the provisions of that Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)it involves the misuse or improper disclosure of confidential or proprietary information relating to clients or transactions for clients; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)it conflicts or is likely to conflict with an obligation under Europe's Markets in Financial Instruments Directive II (MiFID II) / the UK's MiFID Org Regulation, the UK version of Europe's Markets in Financial Instruments Directive II (MiFID II) or other regulatory obligations which Baillie Gifford owes to its clients.

2. Advising, recommending or procuring any other person to enter into a transaction which would be precluded under 1 above.

3. Disclosing any information or opinion to any other person where it is reasonably likely that the result of that disclosure will lead to an activity precluded under 1 or 2 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Entering into a PA deal or purchasing a contract of insurance, the purpose of which is to hedge away the risk of any downward adjustment in deferred remuneration which that member of staff may be entitled to receive under the firm's remuneration policy.

A person will be considered to have undertaken such personal hedging if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)The staff member enters into a contract with a third party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)The contract requires the third party to make payments directly or indirectly to the staff member that are linked to or commensurate with the amounts by which the staff member's variable remuneration has been reduced.

Failure on the part of members of staff or their Connected Persons to follow these procedures will be regarded as a disciplinary matter under the rules and procedures set out in the Code. If it is determined that gross misconduct has taken place, the member of staff may be subject to instant dismissal without payment in lieu of notice (If you are in any doubt as to whether an intended transaction for yourself or for a Connected Person is subject to the rules of the Policy you should check with the Compliance Department beforehand).

The remainder of this policy details the following information:

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4.3Application of Personal Account Dealing Policy

4.4Prohibited and Exempt Securities and Transactions

4.5Practical Procedures for Obtaining Permission

4.6Practical Procedures to be followed in Special Circumstances

4.7Reporting Requirements

4.8Summary table of Security Types and Pre-Clearance and Reporting Requirements

4.3 Application of Personal Account Dealing Policy

The PA dealing rules apply to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All those listed in section 1.1 of this Policy

And 'Connected Persons' which include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Immediate family (immediate family includes spouses, co-habitees, children under the age of 18 and immediate family members sharing the same household. It would also include parents/in-laws or other persons where decision making as to their investments is taken by them under advice from the member of staff);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Organisations for whom members of staff have an active investment advisory input (this could include charities, churches, clubs etc);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Trusts where as trustee the member of staff exercises investment influence (i.e. as sole trustee or a trustee exercising a considerable influence. In this case the trust must be made aware of the connection with Baillie Gifford & Co and must be requested to report transactions in securities of companies under our management to the member of staff serving as a trustee. He should then report the transaction to the Group Compliance, Legal and Governance Services Director); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Syndicates where friends/family group together for the purpose of purchasing shares

Throughout this Policy, the above categories are referred to as Connected Persons.

The Policy applies to the following types of instruments ("covered securities"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•equities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•ETFs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•derivatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•BG OEICS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment Trusts and other close end vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•private companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•spread betting on financial instruments.

It also applies to any investment in any of the above instruments through a wrapper product such as an ISA, SIPP, share plan, Variable Insurance Product or the Baillie Gifford workplace pension available through Aegon's ARC platform.

The table in section 4.8 sets out various security types and transactions and whether they are covered by the Personal Account Dealing Policy, Preclearance and Reporting Requirements.

If a member of staff is in any doubt as to whether an instrument is included or not in the Policy they should contact the Compliance Code of Ethics Team or email <u>CodeofEthicsQueries@bailliegifford.com</u> .

4.4 Prohibited and Exempt Securities and Transactions

4.4.1. Prohibited securities and transactions

No member of staff is permitted to purchase or sell, directly or indirectly, any security in which he or she acquires any direct or indirect personal holding and which, to his or her knowledge, is currently being purchased or sold by Baillie

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Gifford or which, to his or her knowledge, Baillie Gifford is actively considering recommending for purchase or sale. These prohibitions shall continue until the time that Baillie Gifford decides not to recommend such purchase or sale, or if this recommendation is made, until the time that Baillie Gifford completes, or decides not to enter into, the recommended purchase or sale. These prohibitions also apply to any purchase and sale by any member of staff of any convertible security, option, warrant or other derivative security, or any private placement of any issuer whose underlying securities are being actively considered for recommendation to, or are currently being purchased or sold by, Baillie Gifford. Any profits realised on trades made by members of staff within the proscribed period may require to be disgorged, particularly where the member of staff had, or was in a position to have had, knowledge of the fact that securities were being purchased or sold on behalf of Baillie Gifford's clients.

4.4.2. Exempt securities and transactions

4.4.2.1 Securities exempt from pre-clearance requirements

The pre-clearance and reporting obligations shall not apply to the following exempt securities:

&nbsp;&nbsp;&nbsp;&nbsp;a)purchases or sales of securities that are direct obligations of the government of the United States or United Kingdom, bankers' acceptances, bank certificates of deposit, commercial paper, high-quality short-term debt instruments (including repurchase agreements);

&nbsp;&nbsp;&nbsp;&nbsp;b)shares of money market mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;c)shares of registered open-end management investment companies other than the Baillie Gifford sponsored OEICS and mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;d)shares of US unit investment trusts (i.e. variable insurance contracts that are funded by insurance company separate accounts organised as unit investment trusts) that are invested exclusively in one or more registered investment companies. Please note that UK Investment Trusts are not exempt securities and that pre-clearance requirements apply.

&nbsp;&nbsp;&nbsp;&nbsp;e)FX or cryptocurrency transactions

The pre-clearance requirements shall not apply to the following transactions (although revised holdings will need to be disclosed in your Annual Code of Ethics Declaration):-

4.4.2.2 Transactions exempt from pre-clearance requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)purchases effected upon the exercise of rights (e.g. automatic reinvestment of dividends) provided by an issuer pro rata to all holders of a class of its securities to the extent such rights were acquired from such issuer, and sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)personal transactions effected under a discretionary portfolio management service where there is no prior communication in connection with the transaction between the portfolio manager and the relevant member of staff or other person for whose account the transaction is executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)personal transactions in any default fund available in Baillie Gifford's workplace pension available through Aegon's ARC platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)ongoing monthly transactions in an automatic investment plan, where permission was obtained for the initial investment and there has been no change to the standing instruction thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e)sales automatically placed by the broker to cover ongoing management fees.

4.4.3. Prohibition on short-term profits

No member of staff may engage in the purchase and sale, or sale and purchase, of the same (or equivalent) securities within 60 calendar days. All profits realised on such short-term trades will normally require to be disgorged. Subject to pre-clearance a securities transaction which occurs within the 60-day period as a result of a change in personal circumstances which takes place or becomes known during the period may not be considered a violation of this section or subject to the disgorgement rule upon review and approval of the Group Compliance, Legal and Governance Services Director.

4.4.4. Investor PA trades ("Blackout Period")

Investment Personnel are not permitted to PA trade in the seven calendar day period after a fund/strategy that they are involved in has traded in the same security.

In addition, Investment Personnel are not permitted to PA trade in the seven calendar day period before a fund/strategy that they are involved in trades in the same security, where they were aware, at the point of requesting

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permission to trade and at the point of placing their PA dealing instruction, that a client order in that security was pending.

All profits realised on trades by Portfolio Managers within the proscribed period will normally require to be disgorged.

4.4.5. Baillie Gifford Investment Trust share buy-backs

If a member of staff has specific knowledge about a Baillie Gifford Investment Trust share buy-back, i.e. specific knowledge around the price, timing and volume of the transaction, they should refrain from any PA dealing in that Investment Trust until such times as the share buy-back is complete. A general awareness of share buy-backs or share buy-back programmes would not preclude a member of staff from PA dealing in that Investment Trust.

4.5 Procedures for Obtaining Permission

Prior to undertaking a PA Deal, members of staff are required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•obtain permission to use their desired broker (it is only necessary to follow this procedure on the first occasion of using a particular stockbroker); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•to obtain internal pre-clearance from the Code of Ethics System (every time a PA deal is undertaken).

It is important that members of staff take all reasonable steps to ensure that these procedures are followed by whoever is dealing. The onus is on the member of staff to obtain permission and ensure that contract notes are sent to the Head of Group Compliance Staff Regulatory Responsibilities where the dealing is for a Connected Person.

4.5.1. Procedures for obtaining broker permission

Before a member of staff or a Connected Person begins to effect a transaction with a particular firm of stockbroker's permission must be obtained to use that broker. It should be noted that this also applies to on-line dealing. The reason for this permission is to inform the Broker that the member of staff works for Baillie Gifford and to ensure that brokers supply to the Head of Group Compliance Staff Regulatory Responsibilities, no later than 30 days after the end of the quarter in which the trading activity occurred, duplicate copies of confirmations of all personal securities transactions. Such confirmations may also contain a statement declaring that the reporting or recording of any such transaction shall not be construed as an admission that the member of staff making the report has any direct or indirect beneficial ownership in the security.

Each confirmation received from the broker shall be treated confidentially and will be maintained on file by the Compliance Department. The reports are, however, available for inspection by authorised members of the staff of regulatory authorities supervising Baillie Gifford's investment business.

**Note**: No broker confirmation letters are required for transactions undertaken in an automatic investment plan, including the Baillie Gifford workplace pension available through Aegon's ARC platform. Furthermore, no Non– Executive Director of a Baillie Gifford company shall be required to report or provide broker confirmation unless the Director knew or should have known that during the 15 calendar days before and after such Director's transaction in any security, Baillie Gifford purchased or sold the same security, or Baillie Gifford considered purchasing or selling the same security.

In addition, broker confirmation letters may not be required if your broker operates a transaction data feed to Baillie Gifford's Code of Ethics System (although your broker may require a separate declaration for this). Should, for whatever reason, a broker be unable to provide duplicate copies of personal transactions directly to Baillie Gifford, the staff member must promptly provide copies of their trade confirmations directly to the Code of Ethics team. This should be provided in email format to the secure team mailbox.

Please contact <u>CodeofEthicsQueries@bailliegifford.com</u> for further details.

Every member of staff must (for their own dealing and that of a Connected Person):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Notify the firm of stockbrokers that they work at Baillie Gifford & Co;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Not accept or request any credit or special dealing facilities in connection with his dealings (The only exception to this rule is that the Management Committee may give special dispensation for members of staff to agree on rates. Where this permission is given the details must be supplied to the Group Compliance, Legal and Governance Services Director);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Notify the Head of Group Compliance Staff Regulatory Responsibilities that they or their Connected Person proposes to deal with the particular firm of stockbrokers and obtain his permission to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Prepare the relevant Broker Authorisation letter (either member of staff letter or Connected Person). Take two copies of the letter, both copies must be signed by the Head of Group Compliance Staff Regulatory Responsibilities with one being sent to the stockbroker and the other copy sent to the Head of Group Compliance Staff Regulatory Responsibilities ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Ensure that a copy of the contract note is sent by the stockbroker to the Group Compliance, Legal and Governance Services Director or an electronic confirmation if provided through an on-line dealing service.

The 'quick guide' document sets out the procedures for <u>obtaining broker consent via a data feed through the Code of Ethics System</u>.

Click on the appropriate link below to obtain a copy of the Baillie Gifford Broker Notification Letter, required for brokers without a data feed:

 <u>Letter 1 (Broker authorisation for member of staff)</u> 

 <u>Letter 2 (Broker authorisation for Connected Persons)</u> 

4.5.2. Procedures for obtaining internal permission

In addition to broker permission being obtained, members of staff are also required to obtain electronic internal pre- clearance from the Code of Ethics System. Pre-clearance of a PA deal will remain valid until close of business on the next business day from the time permission is obtained. If the proposed transaction is not completed during the period in which the pre-clearance is granted, the member of staff must seek additional pre-clearance prior to completing the transaction. In the case of postal deals (e.g. deals that require an application form or instruction form to be completed, i.e. dealing is not direct through a broker); your dealing instruction should be sent within this pre-clearance period, although the trade itself does not have to be executed.

The 'quick guide' video sets out the procedures for <u>submitting Trade Requests through the Code of Ethics System</u>.

PA Dealing information will be reviewed and monitored by the Compliance Department. Should the monitoring conducted by the Compliance Department detect a potential violation of this Code or any apparent trading irregularity, that Department shall take whatever steps deemed appropriate under the circumstances to investigate said potential violation or trading irregularity. If the Compliance Department reasonably believes a violation or trading irregularity to exist, said violation or trading irregularity shall be reported to the Group Compliance, Legal and Governance Services Director.

4.6 Practical procedures to be followed in special circumstances

**Remote Access to the Code of Ethics System**: Remote access is available on all Baillie Gifford devices. If a member of staff is away from the office (e.g. on business or on holiday), trade requests can be submitted through all BG devices.

**Maternity/Parental Leave:** If you are out of the office on maternity leave, or a period of flexible parental leave exceeding four weeks, there is no requirement for you to obtain PA dealing permission for any trades conducted by you (or a Connected Person) during this leave. If applicable, shareholdings in the Code of Ethics System can be amended upon your return to the office.

**Limit Orders:** The use of buy or sell limit orders is not prohibited under this policy, however, these must be carefully managed by members of staff as pre-clearance is only valid until close of business on the next business day from the

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time permission is obtained. If, upon expiry of the permission period, the limit price has not been met, the member of staff must obtain fresh permission via the Code of Ethics System or ensure the limit instruction is cancelled.

**Stop Loss Orders:** As for limit orders, stop loss orders (i.e. instruction to automatically sell securities if the share price reaches a pre-determined minimum price) are not prohibited under this policy, however, these must be carefully managed by members of staff as pre-clearance is only valid until close of business on the next business day from the time permission is obtained. If you wish to maintain a stop loss instruction beyond the permission period, fresh permission must be obtained via the Code of Ethics System.

4.7 Reporting Requirements

4.7.1. Initial reporting requirements

All new members of staff are required to disclose all personal securities holdings in which they have any direct or indirect holdings to the Compliance Department, within 10 days of commencing employment. The information provided must be current and no more than 45 days prior to the date the person joined the firm. Initial Code of Ethics Declarations must be submitted to Compliance via the Code of Ethics System.

4.7.2. Annual reporting requirements

Each member of staff is also required to file an annual report disclosing all personal securities holdings by 1 February of each year. The information must be current as of a date no more than 45 days prior to the date the report was submitted. Annual Code of Ethics Declarations must be submitted electronically via the Code of Ethics System. The 'quick guide' video sets out the procedures for <u>submitting an Annual Declaration via the Code of Ethics System</u> .

**Note**: Declarations must include shares owned through an automatic investment plan. Each declaration may also contain a statement declaring that the reporting or recording of any such transaction shall not be construed as an admission that the member of staff making the report has any direct or indirect beneficial ownership in the security. Non–Executive Directors of Baillie Gifford companies are not required to provide initial or annual Code of Ethics Declarations.

4.7.3. Specific Requirements for BGA(HK)

Semi-Annual Holdings Disclosure – This requirement applies to all BGA(HK) employees, licenced persons, Managers-in-Charge, Directors, other than non-executive directors and it is in addition to the annual declaration. Each member of staff is required to file a report disclosing all personal securities holdings semi-annually in January and July each year. The information must be current and no more than 45 days prior to the date the report is submitted. Holdings reports must include shares owned through an automatic investment plan. This semi-annual exercise is coordinated and managed by the Compliance Department.

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4.8 Summary table of Security Types and Pre-Clearance and Reporting Requirements

This list is not all inclusive and may be updated from time to time. Please contact the Compliance Code of Ethics team for guidance as needed or email <u>CodeofEthicsQueries@bailliegifford.com</u> .

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Covered by** |  | &nbsp;&nbsp;**Include in** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Code of** |  | &nbsp;&nbsp;**Include in** |
| **Security Type** | **Security Type** | &nbsp;&nbsp;&nbsp;&nbsp;**Code of** | **Pre-clearance** | &nbsp;&nbsp;&nbsp;&nbsp;**Code of** |
| **Security Type** | **Security Type** | **Ethics Policy** | **Pre-clearance** | &nbsp;&nbsp;&nbsp;&nbsp;**Code of** |
| **Security Type** | **Security Type** | **Ethics Policy** | **Required?** | **Ethics** |
|  |  | &nbsp;&nbsp;**("Covered** | **Required?** | **Ethics** |
|  |  | &nbsp;&nbsp;**("Covered** |  | **Declaration?** |
|  |  | **Security")?** |  | **Declaration?** |
|  |  | **Security")?** |  |  |
| Equity securities (publicly traded) | Equity securities (publicly traded) | Yes | Yes | Yes |
| Derivatives (futures and options) | Derivatives (futures and options) | Yes | Yes | Yes |
| Corporate Bonds | Corporate Bonds | Yes | Yes | Yes |
| Government securities | Government securities | No | No | No |
| BG managed Investment Trusts | BG managed Investment Trusts | Yes | Yes | Yes |
| Non-BG managed Investment Trusts | Non-BG managed Investment Trusts | Yes | Yes | Yes |
| BG managed OEICs | BG managed OEICs | Yes | Yes | Yes |
| Non-BG managed OEICs, Unit Trusts, mutual funds or other open-end vehicles | Non-BG managed OEICs, Unit Trusts, mutual funds or other open-end vehicles | No | No | No |
| Private companies: | Private companies: | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New issues, IPOs, private placements; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New issues, IPOs, private placements; |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  | Equity Crowd funding. |  |  |  |
| Venture Capital Trusts ("VCTs"), Enterprise Investment Scheme ("EIS"), business angel | Venture Capital Trusts ("VCTs"), Enterprise Investment Scheme ("EIS"), business angel | Yes | Yes | Yes |
| investments. | investments. |  |  |  |
| Spread betting on a covered security | Spread betting on a covered security | Yes | Yes | Yes |
| Spread betting on financial markets or non-financial instruments | Spread betting on financial markets or non-financial instruments | No | No | No |
| ETFs ("Exchange traded fund") | ETFs ("Exchange traded fund") | Yes | Yes | Yes |
| Cash ISAs | Cash ISAs | No | No | No |
| Cryptocurrencies | Cryptocurrencies | No | No | No |
| Structured Deposits in instruments covered by the Policy, e.g. shares, corporate bonds etc. | Structured Deposits in instruments covered by the Policy, e.g. shares, corporate bonds etc. | Yes | Yes | Yes |
| Structured Deposits in instruments not covered by the Policy, e.g. indices, exchange rates | Structured Deposits in instruments not covered by the Policy, e.g. indices, exchange rates | No | No | No |
| etc. |  |  |  |  |
| Certificate of Deposit | Certificate of Deposit | No | No | No |
| Fixed Term Deposit | Fixed Term Deposit | No | No | No |
| Fixed Term Bond | Fixed Term Bond | No | No | No |
| Peer-to-peer lending | Peer-to-peer lending | No | No | No |
| Default fund(s) investments held within Baillie Gifford's workplace pension (ARC) | Default fund(s) investments held within Baillie Gifford's workplace pension (ARC) | No | No | No |
| Covered securities held within Baillie Gifford's workplace pension (ARC) | Covered securities held within Baillie Gifford's workplace pension (ARC) | Yes | Yes | Yes |
| Investments within the Baillie Gifford Select SIPP | Investments within the Baillie Gifford Select SIPP | Yes | Yes | Yes |
| Covered securities held within an ISA, SIPP, share plan or Variable Insurance Product. | Covered securities held within an ISA, SIPP, share plan or Variable Insurance Product. | Yes | Yes | Yes |
| Covered securities held within a discretionary portfolio management service | Covered securities held within a discretionary portfolio management service | Yes | No | Yes |
| Covered securities acquired as a result of a corporate action\*: | Covered securities acquired as a result of a corporate action\*: | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonus (or Scrip) issues; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonus (or Scrip) issues; |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  | Rights issues; |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  | Takeovers; |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  | Reorganisations; |  |  |  |
| \*where the member of staff has no influence over the timing and/or it is a set price (note: | \*where the member of staff has no influence over the timing and/or it is a set price (note: |  |  |  |
| any subsequent sale of these securities would require pre-clearance). | any subsequent sale of these securities would require pre-clearance). |  |  |  |
| Sale of nil-paid rights or the part sale of nil-paid rights to fund a partial take up of new | Sale of nil-paid rights or the part sale of nil-paid rights to fund a partial take up of new | Yes | No | Yes |
| shares. |  |  |  |  |
| Free shares acquired as a result of de-mutualisation (note: any subsequent sale of these | Free shares acquired as a result of de-mutualisation (note: any subsequent sale of these | Yes | No | Yes |
| securities would require pre-clearance). | securities would require pre-clearance). | Yes | No | Yes |
| securities would require pre-clearance). | securities would require pre-clearance). |  |  |  |
| Employee Incentive Share Schemes (Connected Persons): | Employee Incentive Share Schemes (Connected Persons): | No | No | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Putting money aside for the future purchase of shares; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Putting money aside for the future purchase of shares; | No | No | No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Buying shares at a set date and price; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Buying shares at a set date and price; | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any subsequent sale of these shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any subsequent sale of these shares | Yes | Yes | Yes |
| Monthly direct debit investments (in covered securities): | Monthly direct debit investments (in covered securities): | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  | Initial monthly investment; | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ongoing monthly investments (if no change to initial instruction); | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ongoing monthly investments (if no change to initial instruction); | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Change to initial instruction (increase, decrease, cancel, switch). | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Change to initial instruction (increase, decrease, cancel, switch). | Yes | Yes | Yes |
| Transfer of covered security: | Transfer of covered security: | Yes | No | Yes\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• from one person to another; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• from one person to another; |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• from one product to another; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• from one product to another; |  |  |  |
| where there is no change to the underlying holding (excluding shares sold to cover fees). | where there is no change to the underlying holding (excluding shares sold to cover fees). |  |  |  |
| \* you will need to inform Compliance of the new account where the shares will be held. | \* you will need to inform Compliance of the new account where the shares will be held. |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |  |  |  |

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5. Inducements Policy

An area where a conflict of interest may arise is in the context of the giving or receipt of a gift or hospitality which may be viewed as a form of inducement.

Baillie Gifford must take reasonable steps to ensure that it and any person acting on its behalf does not pay or accept any fee or commission or provide or receive any non-monetary benefit if it is likely to conflict to a material extent with any duty that Baillie Gifford owes to its customers or any duty which the recipient firm owes to its customers.

This Inducements Policy sets out the principles and procedures which all members of staff within Baillie Gifford must adhere to with regard to the giving or receipt of a gift or hospitality or anything else which may be viewed as an inducement, such as donations or political contributions.

The overriding principle is that all members of staff should not accept gifts, favours, entertainment, hospitality or other inducements of material value that could be seen as likely to influence their decision-making or make them feel beholden to a person or other firm.

Similarly, Baillie Gifford and its members of staff should not offer gifts, favours, entertainment, hospitality or other inducements of value that could be viewed as overly generous or aimed at influencing decision-making or making the recipient feel beholden to Baillie Gifford or that member of staff.

**Note**: These general principles apply in addition to the more specific guidelines set out below. However, the guidelines do not attempt to cover every situation and must be interpreted in the light of the particular circumstances of each case. If you are in any doubt about any particular situation, you should consult with your Head of Department or the Compliance Department.

The remainder of this policy details the following information:

5.1Guidelines for Gifts & Entertainment, Donations and Political Contributions.

5.2Restrictions in Connection with the Sale of Packaged Products, i.e. OEICs.

5.3Packaged Products Guidance on Reasonable Indirect Benefits

5.4FINRA Specific Requirements for Registered Persons of BGFS

5.5Specific Requirements for giving or receipt of gifts, hospitality, and entertainments to Korean Public Officials

**5.1Guidelines**

5.1.1. Application to all staff

The general principles and guidelines apply to all staff within Baillie Gifford irrespective of whether they are in direct contact with clients or potential clients or not.

5.1.2. Application to all third parties

Whilst the FCA and CBI requirements relate to managing or minimising conflicts which affect the services provided to our clients and to firms who in turn are advising clients, our principles also apply to other third parties who supply goods or services, whether these are supplied to clients or on the clients' behalf or are supplied to Baillie Gifford itself. This ensures that the standards set are consistently applied by all staff and for all relationships.

5.1.3. No Solicitation

Baillie Gifford expressly prohibits staff from soliciting for themselves or for members of their family or for the firm itself, gifts, hospitality, entertainment or anything of value from a client, potential client, supplier or any other entity with which Baillie Gifford does business (other than fees and expenses properly due and payable).

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5.1.4. No Cash Gifts

No member of staff may give or accept any financial instruments, including cash gifts to or from a client, potential client, or any entity that does business with or on behalf of Baillie Gifford. This applies equally to the giving or receiving of promotional competition prizes.

5.1.5. Donations

As a general rule, no cash donations should be made in connection with our clients or prospective clients. Donations of non-cash prizes are acceptable, providing they meet the criteria in the Inducements policy. Cash donations are more likely to be viewed as giving rise to a conflict and our general policy is that these should be avoided. Any cash donations which are proposed, as an exception to the general rule, should be pre-cleared with the Group Compliance, Legal and Governance Services Director. For example, it may be permissible to make a cash donation to a charity on the death of a long standing contact as a client, although the amount of the donation should be carefully considered.

Please note that this does not affect charitable donations, approved via our Sponsorship Committee, which are not connected with our clients or prospects.

5.1.6. Political Contributions Policy

Political contributions by financial services firms and their personnel have come under increased regulatory scrutiny in the US. Regulators have expressed concern that some in the financial services industry are inappropriately influencing the awarding of business for state and local government entities by making political contributions to officials holding or running for office. These 'pay-to-play' activities are now restricted by numerous federal, state, and local laws. The Securities and Exchange Commission (SEC) has enacted a pay-to-play rule for investment advisors. This rule restricts the political contributions and political fundraising activities that may be engaged in by investment advisors and their personnel. The consequences for violations of the SEC rule and other state and local laws are significant. In the event of a violation, Baillie Gifford could be prohibited or restricted from doing business with certain government entities.

Given the scale of our activities in the US, the following procedures apply to all staff within Baillie Gifford, irrespective of whether they are in direct contact with clients or potential clients or not, and to their 'connected persons' (see section 4.3 of the Code of Ethics for a definition of connected persons). There will also be additional reporting obligations for US based staff. The requirements are as follows:

1. All members of staff are required to obtain preclearance from the Compliance Department before either they or a connected person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•make any political contributions, either directly or indirectly, to US federal, state or local officials; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•participate in any political fund-raising activity in the US.

Preclearance requests should be submitted by email to Baillie Gifford's US based Compliance Counsel and the Code of Ethics Team.

2. All members of staff must confirm on an annual basis, that they have disclosed to the Compliance Department any political contributions made to US federal, state or local officials and any political fund-raising activity in the US. This disclosure will form part of the Annual Code of Ethics Declaration that staff submit via the Code of Ethics System.

3. In addition to requirement (2) above, US based staff must confirm on a quarterly basis that they have disclosed to the Compliance Department any political contributions made to US federal, state or local officials and any political fund-raising activity in the US. The disclosure should be submitted via the Code of Ethics System upon request from the Compliance Department.

4. Upon joining the firm, all new members of staff must disclose to the Compliance Department any political contributions made to US federal, state or local officials and any political fund-raising activity in the US within the previous two years. This disclosure will form part of the existing Personal Compliance Responsibilities Certificate that all new staff are required to submit upon joining the firm.

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Whilst strictly speaking the above requirements apply to US political contributions only, members of staff should also give due consideration to all other political contributions (UK or otherwise) from a general conflict of interest and transparency perspective. Staff should disclose to the Compliance Department, any political contributions that may give rise to an actual conflict of interest, a potential conflict of interest or the perception of one.

5.1.7. De Minimis Gifts

Gifts given or received which are of a de minimis nature due to their characteristics or likely cost are unlikely to give grounds for suggestions of undue influence and are therefore exempt. Typical examples of de minimis gifts would include umbrellas, diaries and pens with advertising logos for the donor company.

The Compliance Department should be consulted in any questionable situation.

5.1.8. Gifts which are not De Minimis

All gifts given or received which are not de minimis must be recorded in the Code of Ethics System. It is generally acceptable for members of staff to retain gifts received that are below £50 in value (or equivalent in another currency), provided this is not with undue frequency. In the case of gifts received above £50 in value (or equivalent in another currency), the member of staff concerned should consult with their Head of Department as to the appropriate course of action. In the majority of cases gifts above £50 (or equivalent in another currency) which are received should be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•surrendered to the Events Team for use for charitable purposes or distribution as part of the firm's annual Christmas raffle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•returned to the third party concerned; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•distributed amongst the Department in the case of perishable gifts, e.g. hampers.

Where the member of staff wishes to retain a gift above £50 (or equivalent in another currency), then he or she should pay for the estimated cost of the gift above this limit and this amount should be given to the Finance Department for use for charitable purposes.

Similarly, gifts above £50 in value (or equivalent in another currency) should generally not be given by a member of staff.

5.1.9. Promotional Competition/Prizes

In offering any promotional competition or prizes, the member of staff responsible should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•consider the likely impact or influence the prize would have on the recipient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•consult with a Partner or the relevant Board on the likely impact of the competition on the brand of Baillie Gifford.

In all cases the prize offered should be of reasonable value, i.e. it should not be excessive or inappropriate.

Any competition prizes won by a member of staff at a business-related event, e.g. a conference or seminar, should be recorded for transparency in the Code of Ethics System.

5.1.10. Business Lunches/ Dinners

The establishment and maintenance of strong relationships with our clients, suppliers, intermediaries and consultants is integral to our ability to provide effective investment management services. Routine business lunches or dinners are good mechanisms for building and maintaining relationships and are unlikely to give grounds for suggestion of undue influence unless they become overly frequent or are unduly lavish.

Routine business lunches and dinners given do not require to be reported. These should be recorded in Baillie Gifford's expenses system. The Business Expense Claims procedure will provide an adequate control over the magnitude of costs incurred by Baillie Gifford when giving such lunches and dinners.

Many of Baillie Gifford's clients (particularly those covered by ERISA) are subject to specific reporting requirements regarding their acceptance of business lunches and dinners. In order for Baillie Gifford to ensure that it is able to

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provide clients with their required information, the following additional information should be recorded on the Business Expense Claim Form, with respect to any clients for whom we have hosted a business lunch or dinner:

&nbsp;&nbsp;&nbsp;&nbsp;•The name of the client being entertained;

&nbsp;&nbsp;&nbsp;&nbsp;•The names of the individuals being entertained;

&nbsp;&nbsp;&nbsp;&nbsp;•The total cost of the lunch or dinner.

Generally, routine business lunches and dinners received do not need to be reported. The exception to this is business lunches and dinners received from UK or European financial institution or intermediary that provides advice or portfolio management services to retail clients (UK/EU MiFID firms). Such lunches and dinners do need to be recorded in the Code of Ethics System.

5.1.11. Entertainment/Hospitality Given

All members of staff must exercise discretion in offering hospitality. Members of staff should not provide extravagant or excessive entertainment to a client, prospective client, or any person or entity that does or seeks to do business with or on behalf of Baillie Gifford or our clients. Similarly, a member of staff should not provide entertainment to such parties with undue frequency.

With the exception of occasions where the client is a UK/EU MiFID firm (see below), members of staff may provide entertainment or hospitality, such as a dinner (unconnected with business), sporting, charitable or cultural event of reasonable value provided that the person or Baillie Gifford is present at the event. If the person or Baillie Gifford is not present, then the entertainment becomes a gift and the procedures in section 5.1.8 apply, i.e. gifts above £50 (or equivalent in another currency) should generally not be given by a member of staff.

In considering the hospitality or entertainment event, you should note that attending expensive or exclusive sporting or cultural events can draw criticism. Invitations should not be offered if they could be construed as being unusual or risk creating a sense of obligation to the host or bias in their favour.

In situations of any doubt, consult with your Head of Department.

**All entertainment or hospitality must be recorded in the Code of Ethics System.**

In many cases the value of an event will not be clear. Here, you should give your best estimate of the value at the time the decision is taken, considering the street value of the event in the eyes of a third party.

An acceptable minor non-monetary benefit is one which is capable of enhancing the quality of service provided to the client and consists of hospitality of a reasonable de minimis value such as food and drink during a business meeting, conference, seminar or training event. Baillie Gifford have set a de minimis limit of £100 (or equivalent in another currency) per head to allow a reasonable level of hospitality at business events. "Standalone" hospitality that is not directly linked to a business event, e.g. sporting events, is no longer permitted. These restrictions apply to hospitality provided to UK/EU MiFID firms only and not to hospitality provided to UK or Overseas segregated clients or suppliers).

5.1.12. Entertainment/Hospitality Received

All members of staff must exercise discretion in accepting hospitality. Members of staff should not accept extravagant or excessive entertainment from a client, prospective client, a business in which Baillie Gifford invests, or any person or entity that does or seeks to do business with or on behalf of Baillie Gifford or our clients. Similarly, a member of staff should not accept entertainment from such parties with undue frequency.

Members of staff may accept entertainment or hospitality, such as a dinner (unconnected with business), sporting, charitable or cultural event of reasonable value provided that the person or firm providing the entertainment is present at the event. If the person or firm is not present, then the entertainment becomes a gift and the procedures in section

5.1.8apply, i.e. gifts above £50 (or equivalent in another currency) should generally not be accepted by a member of

staff.

It is the policy of the firm not to accept standalone hospitality from broker firms. For this purpose, standalone hospitality would include invitations to and attendance at sporting or cultural events and any associated travel,

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accommodation, drinks and meals. This policy would not affect routine business lunches or dinners, or reasonable hospitality attached to conferences or other educational events or social events which are distributed widely and of a de minimis nature (i.e. under £100 (or equivalent in another currency) per head). This covers by way of example a broker drinks evening at which the broader asset management community is invited.

In considering the hospitality or entertainment event, you should note that attending expensive or exclusive sporting or cultural events can draw criticism. Invitations should not be accepted if they could be construed as being unusual or risk creating a sense of obligation to the host or bias in their favour.

In situations of any doubt, consult with your Head of Department.

All entertainment or hospitality must be recorded in the Code of Ethics System.

In many cases the value of an event will not be clear. Here, you should give your best estimate of the value at the time the decision is taken, considering the street value of the event in the eyes of a third party.

Do not hesitate to ask the host for further information about the event (e.g. cost) in order to reach a decision.

5.1.13. Travel/Accommodation Costs

In the case of a member of staff receiving hospitality or entertainment, travel and accommodation costs should be paid for by that member of staff or a request made to the organiser of the event that the individual member of staff be invoiced for these costs. Where the third party has arranged a discounted hotel rate or other reduction in the cost of the accommodation or travel, it is reasonable for the member of staff to accept this reduced rate. Likewise, where the host provides communal transport which is not excessive or unduly lavish, for example the use of a mini bus.

In the case of Baillie Gifford offering hospitality, travel expenses will ordinarily be paid for by the recipient of the entertainment or hospitality. However, there may be occasions where reasonable accommodation costs can be provided by Baillie Gifford subject to this meeting the general principles of this Policy.

5.1.14. Disclosure

A key aspect of Baillie Gifford's Inducements Policy is disclosure. Under our procedures, all gifts (other than de minimis) and hospitality which are given or received are recorded in the Code of Ethics System. Disclosures should be made to your normal gifts and entertainment representatives for Trading, Investors and Clients Department, and Compliance for all other departments.

Likewise, all members of staff should consider if an inducement which has been offered or received should be disclosed to a client, or potential client. This will depend upon the circumstances of each case. As an example, where a fee is paid to a third-party consultant in order to place details of Baillie Gifford on a consultant database, we should disclose this payment to any potential client of the consultant who considers us for an investment mandate.

5.1.15. Client Specific Code of Ethics Requirements

A small number of Baillie Gifford's clients have specific code of ethics requirements which go beyond Baillie Gifford's Inducements Policy. Members of staff, and Client Contacts in particular, should consider these additional requirements when giving gifts and/or entertainment to these clients.

For record keeping purposes, Compliance maintain a list of clients with specific Code of Ethics requirements.

5.2 Restrictions in Connection with the Sale of Package Products, i.e. OEICs

If a firm is required to disclose commission (or commission equivalent) (under COBS 6.4) to a client in relation to the sale of a packaged product, a member of staff should not enter into any of the following arrangements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•volume overrides where commission (or commission equivalent) paid in respect of several transactions is more than a simple multiple of the commission (or commission equivalent) payable in respect of one transaction of the same kind; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an agreement to indemnify the payment of commission (or commission equivalent) on terms that would or might confer an additional financial benefit on the recipient in the event of the commission (or commission equivalent) becoming repayable.

**5.3Packaged Products Guidance on Reasonable Indirect Benefits**

The general principles at the beginning of this section are particularly important in relation to packaged products. Staff must not pay or accept any fee or commission or provide or receive any non-monetary benefit if it is likely to conflict to a material extent with any duty the firm owes to its customers or any duty which the recipient firm (which includes independent intermediaries) owes to its customers.

In relation to the sale of packaged products, we are only able to provide minor non-monetary benefits if they are designed to enhance the quality of service to the client. The list below indicates the kind of benefits that are capable of enhancing the quality of the service provided to a client and, depending on the circumstances, are capable of being given or received without conflicting with client's best interests. However, these need to be considered on a case by case basis.

Benefits are unlikely to give rise to conflicts if they are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reasonable and proportionate,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•of a limited scale and nature,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•do not need to be relied upon by the intermediary,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•could reasonably not be expected to result in the channelling of business from the intermediary to Baillie Gifford, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•do not result in the intermediary recovering more than its reasonable costs.

The list below summarises the kind of reasonable non-monetary benefits which the provider firm can give or receive. This list is summary only and any member of staff should contact the Compliance Department for further guidance before deciding whether to give or accept the benefit (\* = only if available to independent intermediaries generally):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Gifts, hospitality and promotional competition prizes of a reasonable value. Gifts and corporate hospitality given to intermediaries must not exceed an aggregate limit of £1,000 (or equivalent in another currency) per intermediary firm, per calendar year. This limit applies to gifts and corporate hospitality only and excludes conferences, seminars and training events. For large intermediary firms, the £1,000 (or equivalent in another currency) limit can be applied at regional office level. In addition, events must be designed for business purposes that result in advisers being able to provide a better service to their customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.A product provider can assist another firm to promote its packaged products so that the quality of its service to clients is enhanced.

Points (3) to (6) in relation to joint marketing exercises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Generic product literature (letter heading, leaflets, forms and envelopes) as long as the literature enhances the quality of the service to the client and is not primarily of promotional benefit to the product provider, and the distribution cost is borne by the intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Freepost envelopes\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Product specific literature (for example, key features, minimum information) subject to specific conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Draft articles, news items and financial promotions for publication in the intermediary's magazine as long as any cost borne by the provider firm is not more than market rate and excludes any distribution costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Take part or pay towards the cost of seminars and conferences organised by another firm as long as it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For a genuine business purpose

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reasonable and proportionate.

Any costs paid should be associated with the level of Baillie Gifford's participation and by reference to the time that Baillie Gifford staff have played an active role. Baillie Gifford should not be paying all an advisory firm's costs incurred in running a seminar or conference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Freephone link \*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Technical services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Quotations and projections relating to its packaged products and advice on completion of forms or other documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Access to data processing facilities or to data related to the firm's business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Access to 3rd party electronic dealing or quotation systems

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Software giving information about the firm's packaged products. Any payments to an intermediary that go beyond that which is required to operate software supplied by Baillie Gifford would not be permitted. Likewise, any payments to develop an intermediary's general IT systems would not be permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Generic technical information in writing, not necessarily related to the firm's business\* or if it is of a specialist nature is made available to a particular class of intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Training facilities (lectures, venues, written material, software) \*

If Baillie Gifford is giving an advisory firm training on the features and benefits of its products or services, the training should be made reasonably available to all advisory firms that could recommend Baillie Gifford's products, even if only on a first-come, first-served basis.

Please note, that whilst this section applies to packaged products, the arrangements in (12) above can also be applied to our institutional business, although consideration must be given to overseas clients with specific code of ethics requirements on inducements.

5.4 FINRA Specific Requirements for Registered Persons of BGFS

Registered persons of BGFS are not permitted to give or receive any gifts of value in excess of $100 per individual per year to another FINRA member's registers persons.

Small gifts of less than $100 per year per recipient are aggregated toward the annual gift limit. For further information on BGFS's Gifts and Entertainment policy, please see the BGFS Written Supervisory Procedures.

**5.5Specific Requirements for giving or receipt of gifts, hospitality, and entertainment to Korean Public Officials**

South Korea's Anti-Graft Law introduced a general prohibition on giving anything of value and/or benefits to Korean public officials. The Law provides specific threshold limits and several exceptions, including for giving of meals and gifts, and entertainment expenses.

Any activity conducted locally by BGO and its employees or representatives in or into South Korea must be strictly within the prescribed limits and conditions outlined in Appendix I of this Policy. Activity conducted fully outwith South Korea should be compliance with the Group Policy standards on Inducements set out above, with due consideration to the fact that certain clients and prospects will similarly be bound by the provisions of the Law.

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| **CODE OF ETHICS** | **2023** |

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6. Acknowledgement and Certification

6.1 Receipt and Acknowledgement of the Code

All members of staff are required to receive a copy of the Code of Ethics and any amendments to the Code of Ethics. All members of staff are required to complete an annual certification, confirming that they have read the Code of Ethics and acknowledging that they are subject to its requirements. Further, all members of staff confirm through the annual certification that they have complied with the Code and that they have disclosed or reported all information required to be disclosed or reported according to the requirements of the Code.

All certifications of receipt of the Code shall be filed with the Compliance Department by submitting a Certificate of Compliance.

6.2 Annual Report to Baillie Gifford Boards

The Group Compliance, Legal and Governance Services Director will prepare and submit to the appropriate Baillie Gifford Boards an annual report which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•certifies that the firm or investment company as appropriate has adopted procedures designed to prevent Access Persons from violating the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•identifies any violations of the current procedures for personal securities investing and management's recommended response; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•makes any recommended changes in the procedures, as appropriate, based on operating experience under the Code, evolving industry practices or amendments to applicable laws or regulations.

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**Appendix I – Specific Requirements for giving or receipt of gifts, hospitality, and entertainments to Korean Public Officials**

The Anti-Graft Law prohibits (i) making of an "improper request" and (ii) giving of cash or anything else of value (such as hospitality, entertainment, etc.) to public officials.

"Public officials" are defined as government officers, employees of quasi-governmental enterprises, persons serving a public capacity, and employees of media and educational institutions (both public and private), employees of various energy and utility companies, private individuals engaged in public work such an on a committee or doing inspection, employees of universities, newspapers, broadcasters and online new agencies. Public officials have certain duties to reject, and report improper requests and gifts.

Violations of the Anti-Graft Law by company employees are subject to criminal penalties and/or administrative fines. The company itself will be additionally liable for its employees' actions, unless it can show it exercised a considerable care and supervision in terms of training, monitoring and control to prevent the violation of the Anti-Graft Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.Prohibition of Making of an improper request**

"Improper requests" include requests that Public officials to take an action in violation of law regardless of whether or not accompanied by giving cash or other benefit. Examples such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•request an Public Officials go beyond his/her authority or deviate from established laws, or due requirements, procedures, or standards,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•request an Public Officials to grant an approval on or permit or an exemption,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•request an Public Officials to sway a public investigation or assessment, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•request an Public Officials to sway an allocation of subsidies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Prohibition of Giving of cash or anything of value

Giving, in virtually any form, to officials is restricted and subject to extremely narrow exceptions. Details are set out below:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | &nbsp;&nbsp;**Guidance** | &nbsp;&nbsp;**Exemption** | &nbsp;&nbsp;**Exemption** | &nbsp;&nbsp;**Exemption** |
| &nbsp;&nbsp;Giving | &nbsp;&nbsp;Giving | of | gift | or | &nbsp;&nbsp;The amounts must not exceed in value of | &nbsp;&nbsp;Exemption may be granted if both conditions are | &nbsp;&nbsp;Exemption may be granted if both conditions are | &nbsp;&nbsp;Exemption may be granted if both conditions are |
| &nbsp;&nbsp;"economic | &nbsp;&nbsp;"economic | benefit" | benefit" | (such | &nbsp;&nbsp;KRW 1 million in any one instance, or | &nbsp;&nbsp;satisfied: | &nbsp;&nbsp;satisfied: |  |
| &nbsp;&nbsp;as cash, entertainment etc.) | &nbsp;&nbsp;as cash, entertainment etc.) | &nbsp;&nbsp;as cash, entertainment etc.) | &nbsp;&nbsp;as cash, entertainment etc.) | &nbsp;&nbsp;as cash, entertainment etc.) | &nbsp;&nbsp;totalling over KRW 3 million annually. |  |  |  |
| &nbsp;&nbsp;to a Public officer- | &nbsp;&nbsp;to a Public officer- | &nbsp;&nbsp;to a Public officer- | &nbsp;&nbsp;to a Public officer- | &nbsp;&nbsp;to a Public officer- |  | I. | the amounts are within the relevant limits: | the amounts are within the relevant limits: |
| &nbsp;&nbsp;whether or not having any | &nbsp;&nbsp;whether or not having any | &nbsp;&nbsp;whether or not having any | &nbsp;&nbsp;whether or not having any | &nbsp;&nbsp;whether or not having any | &nbsp;&nbsp;One instance may include a series of |  | i. | for small physical gifts up to KRW 50,000 |
| &nbsp;&nbsp;connection to his/ her duty | &nbsp;&nbsp;connection to his/ her duty | &nbsp;&nbsp;connection to his/ her duty | &nbsp;&nbsp;connection to his/ her duty | &nbsp;&nbsp;connection to his/ her duty | &nbsp;&nbsp;meals and gifts during a weekend event. |  |  | [KRW 100,000 (KRW 200,000 from 24 days |
| &nbsp;&nbsp;connection to his/ her duty | &nbsp;&nbsp;connection to his/ her duty | &nbsp;&nbsp;connection to his/ her duty | &nbsp;&nbsp;connection to his/ her duty | &nbsp;&nbsp;connection to his/ her duty | &nbsp;&nbsp;meals and gifts during a weekend event. |  |  | before Lunar New Year's Day and Chuseok |
|  |  |  |  |  |  |  |  | before Lunar New Year's Day and Chuseok |
|  |  |  |  |  | &nbsp;&nbsp;Gifts, by employees of a company, |  |  | to 5 days after Lunar New Year's Day and |
|  |  |  |  |  | &nbsp;&nbsp;Gifts, by employees of a company, |  |  | Chuseok) if the gift comprises agricultural or |
|  |  |  |  |  | &nbsp;&nbsp;funded by that company, are aggregated |  |  | Chuseok) if the gift comprises agricultural or |
|  |  |  |  |  | &nbsp;&nbsp;funded by that company, are aggregated |  |  | fisheries products], |
|  |  |  |  |  | &nbsp;&nbsp;for this purpose. |  | ii. | Up to KRW 200,000 for small gifts |
|  |  |  |  |  |  |  |  | comprising of agricultural or fisheries |
|  |  |  |  |  |  |  |  | products given during on or after 24 days |
|  |  |  |  |  |  |  |  | prior to Korean New Year or Korean Thanks |
|  |  |  |  |  |  |  |  | Giving Day but no later than 5 days from the |
|  |  |  |  |  |  |  |  | Korean New Year or Korean Thanks Giving |
| &nbsp;&nbsp;Giving | &nbsp;&nbsp;Giving | of | gift | or | &nbsp;&nbsp;Prohibited. |  |  | Korean New Year or Korean Thanks Giving |
| &nbsp;&nbsp;Giving | &nbsp;&nbsp;Giving | of | gift | or | &nbsp;&nbsp;Prohibited. |  |  | Day, |
| &nbsp;&nbsp;"economic | &nbsp;&nbsp;"economic | benefit" | benefit" | (such |  |  |  | Day, |
| &nbsp;&nbsp;"economic | &nbsp;&nbsp;"economic | benefit" | benefit" | (such |  |  | iii. | for wedding or funeral cash contributions up |
| &nbsp;&nbsp;as cash, entertainment etc.) | &nbsp;&nbsp;as cash, entertainment etc.) | &nbsp;&nbsp;as cash, entertainment etc.) | &nbsp;&nbsp;as cash, entertainment etc.) | &nbsp;&nbsp;as cash, entertainment etc.) |  |  |  | to KRW 50,000, or floral arrangements |
| &nbsp;&nbsp;to | Public | Public | officials- | officials- |  |  |  | worth up to KRW 100,000. If cash |
| &nbsp;&nbsp;connected to his/her duty | &nbsp;&nbsp;connected to his/her duty | &nbsp;&nbsp;connected to his/her duty | &nbsp;&nbsp;connected to his/her duty | &nbsp;&nbsp;connected to his/her duty |  |  |  | contributions and floral arrangements are |
| &nbsp;&nbsp;connected to his/her duty | &nbsp;&nbsp;connected to his/her duty | &nbsp;&nbsp;connected to his/her duty | &nbsp;&nbsp;connected to his/her duty | &nbsp;&nbsp;connected to his/her duty |  |  |  | provided together, the total amount shall not |
|  |  |  |  |  |  |  |  | provided together, the total amount shall not |
|  |  |  |  |  |  |  |  | exceed KRW 100,000. |
|  |  |  |  |  |  | II. the purpose of the giving is to 'facilitate the | II. the purpose of the giving is to 'facilitate the | II. the purpose of the giving is to 'facilitate the |
|  |  |  |  |  |  |  | relationship or 'as a matter of social courtesy' | relationship or 'as a matter of social courtesy' |
|  |  |  |  |  | 31 |  |  |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CODE OF ETHICS** |  |  |  |  |  | **2023** |
| &nbsp;&nbsp;Giving of Meals | &nbsp;&nbsp;Prohibited. | &nbsp;&nbsp;Prohibited. |  |  | &nbsp;&nbsp;Exemption may be granted if both conditions are | &nbsp;&nbsp;Exemption may be granted if both conditions are |
|  |  |  |  |  | &nbsp;&nbsp;satisfied: | &nbsp;&nbsp;satisfied: |
|  |  |  |  |  | I. | the meal is less than KRW 30,000, and |
|  |  |  |  |  | II. the purpose of the giving is to 'facilitate the | II. the purpose of the giving is to 'facilitate the |
|  |  |  |  |  |  | relationship' or 'as a matter of social courtesy'. |
| &nbsp;&nbsp;Giving of meals, transport, | &nbsp;&nbsp;Permissible provided that, | &nbsp;&nbsp;Permissible provided that, | &nbsp;&nbsp;Permissible provided that, |  | &nbsp;&nbsp;**-** |  |
| &nbsp;&nbsp;or other expense for an | i. | the event is relevant to the Public | the event is relevant to the Public | the event is relevant to the Public |  |  |
| &nbsp;&nbsp;official event which may | i. | the event is relevant to the Public | the event is relevant to the Public | the event is relevant to the Public |  |  |
| &nbsp;&nbsp;be sponsored by the BG. |  | officials' duties, meals, etc. are | officials' duties, meals, etc. are | officials' duties, meals, etc. are |  |  |
|  |  | provided | uniformly | to<br> all |  |  |
|  |  | participants of the event ; and, | participants of the event ; and, | participants of the event ; and, |  |  |
|  | ii. | the amounts must be conventional | the amounts must be conventional | the amounts must be conventional |  |  |
|  |  | for such events, and evenly given. | for such events, and evenly given. | for such events, and evenly given. |  |  |

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**Baillie Gifford & Co Head Office**

**Calton Square, 1 Greenside Row, Edinburgh EH1 3AN**

**Telephone +44 (0)131 275 2000 www.bailliegifford.com**

## Ex-99

(p)(5)

**As of January 1, 2023**

**PanAgora Asset Management, Inc.**

**Code of Ethics**

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| | |
|:---|:---|
| **Table of Contents** |  |
| Introduction..................................................................................................................................... | 2 |
| Compliance with Ethical Standards and Applicable Law............................................................... | 2 |
| Conflicts of Interest......................................................................................................................... | 3 |
| Confidentiality ................................................................................................................................ | 4 |
| Personal Trading............................................................................................................................. | 4 |
| Insider Trading................................................................................................................................ | 4 |
| Service on Boards Not Related to a PanAgora Investment ............................................................ | 4 |
| Outside Business of PanAgora Individuals..................................................................................... | 5 |
| Business of Family of PanAgora Individuals ................................................................................. | 5 |
| Gifts & Entertainment..................................................................................................................... | 5 |
| Accommodation-Type Transactions............................................................................................... | 5 |
| Political Contribution Policy........................................................................................................... | 6 |
| Questions......................................................................................................................................... | 6 |

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**EXHIBITS:**

Exhibit 1: Code of Ethics Acknowledgement

Exhibit 2: PanAgora Whistleblower Policy

Exhibit 3: PanAgora Personal Trading Policy

Exhibit 4: PanAgora Insider Trading Policy

Exhibit 5: PanAgora Gifts & Entertainment Policy

Exhibit 6: PanAgora Political Contribution Policy

**Introduction**

PanAgora's Board of Directors and Audit and Compliance Committee has delegated responsibility for the implementation and oversight of the firm's Code of Ethics to the Code of Ethics Oversight Committee, which is chaired by PanAgora's CEO, Eric Sorenson. Day-to-day responsibility for maintenance and oversight of this Code of Ethics rests with PanAgora's Chief Compliance Officer ("CCO"), Marc Volpe.

This Code of Ethics may be revised at any time in PanAgora's sole discretion to reflect developments in relevant laws, approaches to questions of interpretation, and the application of practical experience, as well as new policies of PanAgora. This Code is intended to provide guidance to employees and certain consultants of PanAgora (each a "<u>PanAgora Individual</u>") regarding PanAgora's practices, standards and applicable legal standards. This Code of Ethics is not intended to alter perceptions of the legal standards that would otherwise exist in the absence of this Code.

This Code is to be distributed to all PanAgora Individuals when they join PanAgora, and annually thereafter, and additionally upon any amendment to the Code. Each PanAgora Individual shall submit to the CCO promptly after receipt of this Code (or any amendments thereto) an executed copy of the Code of Ethics Acknowledgement attached hereto as <u>Exhibit 1</u> indicating that the PanAgora Individual has read and understood the Code.

While PanAgora actively monitors the investment activity and personal trades of PanAgora Individuals, it is the responsibility of PanAgora Individuals to ensure that they are not in real or apparent conflict with any applicable laws, this Code or any PanAgora policy. The CCO, together with the Code of Ethics Oversight Committee, is responsible for dealing with alleged violations. Ignorance of this Code, other PanAgora policies and/or applicable laws is not a valid reason for violation of these standards and will not protect those governed by it from the negative consequences of any such violations. If a PanAgora Individual is unsure about any aspect of any conduct (including, for example, the execution of transactions) whether for PanAgora, its clients or for himself or herself, he or she should ask the CCO for advice. If a PanAgora Individual is still uncertain, he or she must refrain from acting. PanAgora will discipline those PanAgora Individuals who violate this Code, other company policies or applicable laws.

**Compliance with Ethical Standards and Applicable Law**

**Standards of Conduct**

The operating principles of PanAgora require both personal and professional integrity. PanAgora Individuals are expected to professionally conduct all business activities in accordance with PanAgora policies and procedures, applicable law, and the highest ethical standards.

All PanAgora Individuals, however, not only must conform their conduct to applicable policies, laws and standards, but also must come forward when violations or irregularities that could jeopardize the integrity of PanAgora are observed.

**Reporting, Review and Investigation**

All PanAgora Individuals who have concerns about possible breaches of ethics or relevant laws, or of any PanAgora policy governing compliance with ethics or relevant laws (or who have suggestions for improving this Code), should bring the matter promptly to the attention of the COO, the CCO, the CEO, or the General Counsel ("GC"). This includes possible breaches learned through direct observation as well as those learned through the report of another PanAgora Individual

All reports of breaches of ethics, applicable laws, or any PanAgora policy will be subjected to review, and where appropriate, investigations will be conducted by the PanAgora Code of Ethics Oversight Committee.

Upon completion of any such investigation, the Code of Ethics Oversight Committee or a member or members thereof, will meet individually with PanAgora Individuals making the reports, as well as the PanAgora Individuals against whom the reports are made, to review the results of the investigations, and where actions are determined to be appropriate, to inform the parties of the steps that will be taken to address the situation. PanAgora will generally release information arising out of reports made under this Code, and any resulting investigations, only on a need-to- know basis. All PanAgora Individuals should be aware, however, that information will likely be shared among the Code of Ethics Oversight Committee, the CCO and relevant personnel in order for effective investigations to be conducted.

It is a violation of this Code for any PanAgora Individual to be subject to retaliation for reporting, truthfully and in good faith, violations of ethics or relevant laws or breaches of any PanAgora policies regarding compliance with ethical standards or relevant laws, or for cooperating with investigations under this Code. All who engage in such retaliatory actions will be subject to disciplinary action, which may include termination of employment or association with PanAgora. In connection with the foregoing, all PanAgora employees are subject to the terms of PanAgora's Whistleblower Policy, attached hereto as Exhibit 2.

**Conflicts Of Interest**

As a condition of employment or any consulting arrangement, as applicable, PanAgora Individuals at all times shall act in a manner consistent with their fiduciary responsibilities to PanAgora and its clients and shall exercise care that no detriment results to PanAgora or any clients thereof from conflicts between PanAgora Individual interests and those of PanAgora or its clients. All PanAgora Individuals, at all times, shall also seek to avoid the appearance of conflicts of interest.

For purposes of this statement, PanAgora Individuals are considered to have conflicts of interest when they, or any of their Family or Associates (each as defined below), either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.have, to the knowledge of the PanAgora Individual, an existing or potential financial or other interest which impairs their independence of judgment in the discharge of responsibilities to PanAgora or its clients; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.may, to the knowledge of the PanAgora Individual, receive a material financial or other benefit (other than the official compensation and benefits afforded to PanAgora

Individuals) from knowledge of confidential, proprietary, or material nonpublic information (please see PanAgora Insider Trading Policy, attached as Exhibit 4, for more information on what constitutes material nonpublic information).

The "<u>Family</u>" of a PanAgora Individual includes spouses, parents, siblings, children, and, if living in the same household, other relatives. "<u>Associate(s)</u>" of a PanAgora Individual includes any person, trust, organization or enterprise of, in or with which such PanAgora Individual or any of their Family:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)is a director, officer, employee, member, partner or trustee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)has a financial interest that represents five percent or more of their assets or any interest that enables them, acting alone or in conjunction with others, to exercise control or to influence policy significantly; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)has any other association that could cause them to wish to benefit such person.

All PanAgora Individuals are responsible for promptly reporting any conflicts of interest, or potential conflicts of interest, to the CCO.

**Confidentiality**

All PanAgora Individuals must sign upon commencement of their employment or consulting arrangement with PanAgora a letter agreement confirming that they will not at any time disclose to any unauthorized person or otherwise use any Confidential Information for any reason other than the business of PanAgora and its affiliates or as required by law. "Confidential Information" means any and all information of PanAgora and its affiliates that is not generally available to the public, and as more particularly defined in each PanAgora Individual's Confidentiality Agreement.

**Personal Trading**

All PanAgora Individuals shall act in accordance with the PanAgora Personal Trading Policy attached hereto as <u>Exhibit 3</u>.

**Insider Trading**

All PanAgora Individuals shall act in accordance with the PanAgora Insider Trading Policy attached hereto as <u>Exhibit 4</u>.

**Service On Boards Not Related To A PanAgora Investment**

PanAgora Individuals may serve on boards of directors, boards of trustees, investment committees or other similar decision-making bodies of entities that are not investments of PanAgora only

where there is no real or apparent conflict with PanAgora or any of the clients or funds managed by PanAgora. PanAgora Individuals are encouraged to provide non-compensated service to charitable organizations. However, such service must not materially interfere with the PanAgora Individual's responsibilities to PanAgora and must comply with the provisions of this Code of Ethics, including, but not limited to, the PanAgora Political Contribution Policy (attached hereto as <u>Exhibit 6</u>).

Every PanAgora Individual must notify the CCO of his or her membership on any board of directors, board of trustees, investment committee or other similar decision-making body of an entity.

If at any time subsequent to accepting these roles, the possibility of a conflict develops, they should immediately be reported to the CCO. PanAgora may require that PanAgora Individuals resign from such positions if they are determined by the CCO to be in conflict, or to have the appearance of a conflict, with PanAgora's or its clients' interests. All compensation received from serving as board members or similar functions must be reported to the CCO.

**Outside Business of PanAgora Individuals**

PanAgora Individuals (with the exception of consultants) may not, without prior written approval of the CCO (or relevant department head), conduct any outside business or other remunerative activities during their employment or consultancy with PanAgora, other than investing for their own or related accounts.

All such outside business activity must be disclosed by PanAgora Individuals in the Initial Holdings Report and Annual Holdings Report submitted pursuant to the PanAgora Personal Trading Policy, and from time to time each time a PanAgora Individual proposes to engage in an outside business.

**Business of Family of PanAgora Individuals**

All PanAgora Individuals shall provide, upon request, information as to the employment of their Family.

**Gifts & Entertainment**

All PanAgora Individuals must act in accordance with the PanAgora Gifts & Entertainment Policy attached hereto as <u>Exhibit 5</u>.

**Accommodation-Type Transactions**

As a condition of employment or consultancy, as applicable, PanAgora Individuals shall not engage, whether for their own accounts or on the account of PanAgora, in accommodation-type transactions designed to help third parties violate applicable laws, including tax regulations.

PanAgora Individuals who suspect that they have received proposals for inappropriate accommodation-type transactions should report the situation to the CCO.

**Political Contributions**

All PanAgora Individuals to whom the PanAgora Political Contribution Policy (attached hereto as <u>Exhibit 6</u>) applies must act in accordance therewith.

**Questions**

Questions and reporting under this Code should be directed to the CCO.

![](g08ckfn0zywb30lgy7pqz.jpg)

**Exhibit 1**

**Acknowledgement**

I, the undersigned employee of, or consultant to PanAgora Asset Management, Inc. ("<u>PanAgora</u>"), hereby certify that I have read and understood PanAgora's Code of Ethics dated as of January 1, 2023 and that I will conduct myself and my activities in accordance and compliance with the requirements and standards described therein.

I understand and acknowledge that PanAgora may take disciplinary action, including suspending or terminating me from PanAgora for failure to comply with the policies set forth in the above- referenced Code of Ethics.

Signature

Please print name

Please print home address

Date

**Exhibit 2**

**As of January 1, 2023**

**PanAgora Asset Management, Inc.**

**("PanAgora")**

**Whistleblower Policy**

PanAgora is committed to maintaining the highest business and personal ethical standards as well as to complying with all applicable securities laws, the Commodities Exchange Act (the "**CEA**"), and the regulations thereunder. Ethical business behavior is expected of every Person working at PanAgora whether an employee or independent contractor (each, a "PanAgora Person"). A "Whistleblower" is defined as a person who works at PanAgora and who submits to PanAgora or to the U.S. Securities Exchange Commission ("**SEC**") or Commodity Futures Trading Commission ("**CFTC**"), a lawful complaint or allegation of misconduct under, or a violation of, applicable securities laws or the CEA that has occurred, is ongoing, or is about to occur.

The objective of this Whistleblower Policy is to encourage and provide a process for PanAgora Persons to lawfully report without fear of retaliation any knowledge or concerns about misconduct under, or violations of, applicable securities laws or the CEA by a PanAgora Person that have occurred, are ongoing, or about to occur. PanAgora Persons may also report such matters directly to the CFTC or the SEC. <u>With respect to the subject matter hereof, in the event of any conflict between this Whistleblower Policy and the confidentiality agreements signed by all PanAgora Persons (the "</u>**<u>NDA's</u>**<u>"), the confidentiality provisions of PanAgora's fund investment documents, or any similar PanAgora documents, the terms of this Whistleblower Policy shall govern. For clarity, nothing in the NDA's prohibit PanAgora Persons from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the U.S. Department of Justice, U.S. SEC, the CFTC, the U.S. Congress, or any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. PanAgora Persons do not need the prior authorization of PanAgora to make any such reports or disclosures and are not required to notify PanAgora that they have made such reports or disclosures.</u>

The process for filing a formal complaint under this Policy at PanAgora is set forth below.

**<u>Reporting/Filing a Whistleblower Complaint at PanAgora</u>**

A PanAgora Person with concerns about misconduct or violations of the law at PanAgora shall report such matters to the Chief Compliance Officer (the "**CCO**") or to PanAgora's **Code of Ethics Oversight Committee**. They may be, but need not be, made anonymously. It may also be, but is not required to be, submitted on a confidential basis. In the case of confidential submissions, PanAgora will make commercially reasonable efforts to protect the complainant's identity, and all reports will be kept confidential, to the extent possible, consistent with the need to conduct a thorough and effective investigation to comply with applicable law and to participate in relevant investigative, administrative or judicial proceedings.

**<u>Ombudsman</u>**

PanAgora has access to a formal Office of the Ombudsman as an additional mechanism for an Employee to report an impropriety or conduct that is not in line with the company's value system. The Ombudsman is a person who is authorized to receive complaints or questions confidentially about

alleged acts, omissions, improprieties, and broader systemic problems within the organization. The Ombudsman is available on an anonymous basis by calling 1-866-ombuds7 (866-662-8377) or by calling 1-617-760-8897.

**<u>Reporting/Filing a Whistleblower Complaint with the SEC or the CFTC</u>**

As noted above, a PanAgora Person with concerns about misconduct or violations of law at PanAgora may also report such matters directly to the SEC or the CFTC in accordance with applicable securities laws or the CEA.

**<u>Acting Lawfully</u>**

Whistleblowers shall act lawfully and shall not make false or misleading accusations when reporting any misconduct or violation pursuant to this Policy. Any PanAgora Person who knowingly and willfully makes any false, fictitious, or fraudulent statement or representation or uses any false writing or document knowing the writing or document contains any false, or fraudulent statement or entry, will not be protected by this Policy and may be subject to disciplinary action, up to and including termination of such PanAgora Person's position at PanAgora.

**<u>Review and Investigation</u>**

The CCO shall bring any matters reported under this policy to the immediate attention of the Code of Ethics Oversight Committee, who is responsible for the oversight, receipt, review, investigation, resolution and retention of all matters reported to PanAgora pursuant to this Policy. PanAgora may retain independent legal counsel, accountants, external auditors, and/or other professional advisors and may involve one or more PanAgora Persons, all in an effort to assist in and/or conduct the investigations and the analysis of the results of the investigations.

Upon receipt of a lawful complaint under this Policy, the Code of Ethics Oversight Committee will conduct an initial review and assessment of the complaint in a timely manner. Upon completion of the initial assessment, it will be determined what the scope of the investigation will be. Depending on the nature of the complaint made, the investigation will be monitored by the Code of Ethics Oversight Committee and such other PanAgora Persons and/or professional advisors as deemed necessary.

**<u>No Retaliation</u>**

PanAgora shall not retaliate or tolerate retaliation, whether direct or indirect, by any PanAgora Person against any PanAgora Person or group of PanAgora Persons who lawfully make(s) a Whistleblower complaint to, or provides assistance in connection with the investigation of, a Whistleblower complaint to PanAgora or the SEC or the CFTC.

No PanAgora Person shall suffer retaliatory consequences as a result of a lawful Whistleblower complaint. Retaliatory consequences are defined as discharge, demotion, suspension, threats, harassment, directly or indirectly, or discrimination in any other manner, as a result of a lawful act done by the Whistleblower.

Any PanAgora Person who retaliates against a PanAgora Person (or group of PanAgora Persons) who has lawfully submitted a Whistleblower complaint pursuant to this Policy, shall be subject to disciplinary action, up to and including termination of employment or association with PanAgora.

**This Policy is intended solely for the use of PanAgora in the management of its business and operations in compliance with applicable law. It is not intended to, and shall not under any circumstances, create any right or expectation in or on the part of any person, including without limitation any client or any interest holder in any client.**

![](gfg1xp4nhcd82gskvmh9k.jpg)

**Exhibit 3**

**As of January 1, 2023**

**PANAGORA ASSET MANAGEMENT, INC.**

**("PANAGORA")**

**PERSONAL TRADING POLICY**

All PanAgora employees and certain other persons, included related persons (as set forth below) or consultants (each, an "Access Person"), whether working at PanAgora's premises or elsewhere, are subject to this Personal Trading Policy (the "Policy"). This Policy limits employees' personal securities transactions to guard against situations that could create an actual or apparent conflict of interest or facilitate the misuse of PanAgora's confidential information. As a result, the personal securities transactions of all PanAgora employees must comply with the Pre-Clearance Requirements and Reporting Requirements described below. The requirements of this Policy apply to the purchase or sale of securities within an Access Person's personal account or an account as to which the Access Person has a beneficial ownership.<sup>1</sup>

This Policy also applies to transactions by or on behalf of the employee's related persons, which include immediate family members (i.e., children, siblings, parents) residing in the same household and transactions executed in accounts over which the employee has sufficient influence to cause a transaction to be executed (i.e., trusts, investment clubs, etc.). Such individuals shall be included in the definition of Access Person as used in this Policy. While PanAgora will monitor the investment activity and personal trades of individual employees, it is ultimately the responsibility of each employee to ensure that he/she complies with this Policy.

**Policy Management Tool**

In order to facilitate implementation of this Policy and streamline the collection of required information, PanAgora has implemented the FIS Employee Compliance Manager (formerly Protegent Personal Trading Assistant, referred to hereafter as "PTA"). PTA can be accessed via a browser at the following url: https://panagora.okta.com/

**Pre-Clearance Requirements**

No PanAgora Access Person may purchase or sell a security in which he or she has Beneficial Ownership (as defined within this Policy) unless such transaction has been pre-cleared by the CCO or his or her designee. Personal trading requests of the CCO must be pre-cleared by a separate member of PanAgora's Code of Ethics Committee. All pre-clearance requests must be submitted to PanAgora using the PTA system. Requests will be approved or denied within 24 hours of receipt by the CCO or his or her designee. A pre-clearance is valid only for the day it is obtained; however, trades in securities listed on Asian or European stock exchanges, however, may be executed within one business day after pre-clearance is obtained. Pre-clearance is required for transactions involving all securities other than transactions involving the following (although reporting is required for the categories marked with an asterisk\*):

1"Beneficial ownership" includes ownership by any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect financial interest in an account.

![](gthb41ab7ytfir7aj7eub.jpg)

**Exhibit 3**

**As of January 1, 2023**

∙Money market instruments and open-end mutual funds (\*reporting is only required for open- end mutual funds advised or sub-advised by PanAgora);

∙Broad-Based<sup>2</sup> exchange traded funds or exchange-traded notes\*;

∙Transactions involving foreign currencies;

∙Options contracts or futures contracts that reference a Broad-Based index;

∙Direct obligations of the Government of the United States (i.e. U.S. Treasury bonds, notes and EE savings bonds);

∙Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short- term debt instruments, including repurchase agreements;

∙Cryptocurrencies (\*reporting may be required as described in the "Cryptocurrencies" section); and

∙Any security purchased in an account over which the Access Person does not have discretion, so long as the conditions indicated in the "Discretionary Brokerage Arrangements" section\*.

All securities not specifically exempted in the section above require pre-clearance and reporting under this Policy. This includes, but is not limited to, the following:

∙Any type or class of equity or debt security, including corporate bonds and municipal bonds;

∙Any rights relating to a security, such as warrants and convertible securities;

∙Closed-end mutual funds;

∙Exchange traded funds or exchange-traded notes that are not Broad-Based;

∙Commodity derivatives, including commodity futures contracts; and

∙Any security purchased through a private placement, including in a company, limited liability company, partnership or limited partnership.

Throughout this Policy, securities that are designated above as either (i) subject to pre-clearance or (ii) not subject to pre-clearance but for which reporting is required shall be referred to as "Reportable Securities"

**PanAgora Pre-Clearance Approval Considerations**

All requests for pre-clearance are reviewed by a member of PanAgora's compliance department. Requests will be reviewed to determine whether: (i) any orders to purchase or sell such security in a client account have been entered into PanAgora's order management system or is on PanAgora's Considered List<sup>3</sup>, and (ii) the security is on PanAgora's restricted list<sup>4</sup>. If any of the immediately preceding conditions is satisfied, or if the transaction would violate any of the Special Trading Rules specified below, the request will generally be denied, unless the Large/Mid-Cap Exemption is satisfied. Please note that the rules/exemptions spelled out below apply separately to PanAgora

2Broad-Based funds shall include those funds that contain exposure to no fewer than 10 underlying issuers. All other funds shall be subject to pre-clearance.

<sup>3</sup> The Considered List is a systematically generated list of securities that have a high near term probability of being transacted in a PanAgora client portfolio.

<sup>4</sup> PanAgora's Code of Ethics restricted list shall include stock of Power Corporation of Canada, Power Financial Corporation, and Great-West Lifeco Inc., as well as any other securities as determined by the CCO from time to time.

**Exhibit 3**

**As of January 1, 2023**

Access Persons who are Investment Professionals and those that are not. The term "Investment Professional" shall refer to any PanAgora employee who serves in an analyst, portfolio manager, director, or Chief Investment Officer role and has a direct or indirect reporting relationship to a Chief Investment Officer.

<u>Large/Mid-Cap Exemption</u>

If a Security seeking to be traded is in the process of being traded in a client account, or is on PanAgora's Considered List, and has a market capitalization (defined as outstanding shares multiplied by current price per share) of: (i) at least $2 billion if the Access Person seeking pre- clearance is not an Investment Professional, or (ii) at least $10 billion if the Access Person seeking pre-clearance is an Investment Professional, the Access Person will generally be approved to purchase or sell up to 1,000 shares of the security. An Investment Professional may only be allowed to utilize this exemption once per security over a 30-day period. For a fixed income security, the Large/Mid-Cap Exemption will generally allow the purchase of up to $100,000 principal amount over any consecutive 30-day period.

<u>Special Trading Rules</u>

The following Special Trading Rules shall apply to all Access Person transactions subject to pre- clearance (rules that only apply to Investment Professionals are designated with an asterisk):

**60-Day Short Term Rule** - Access Persons may not sell a security at a profit within 60 days of purchase or buy a security at a price below that which the same security was sold within a period of 60 days.

**Excessive Trading Rule** – In order to discourage excessive personal trading by PanAgora Access Persons, this Policy prohibits Access Persons from entering into more than 10 transactions in securities subject to pre-clearance in any given quarter. Excessive trading within PanAgora sub- advised open-end mutual funds is also prohibited. This rule applies to all trades in all accounts by an individual Access Person, in aggregate, including transactions made by any of the Access Person's family members that are subject to this Policy. For the purpose of calculating the number of trades in any quarter, trading the same security in the same direction (buy or sell) over a period of five business days will be counted as one transaction.

**7-Day Rule\*** - Before any Investment Professional places an order to buy a Security for any PanAgora client portfolio that is managed by that Investment Professional's team, he or she must sell that security or related derivative security if he or she has purchased it in a personal account within the preceding seven calendar days. This rule does not apply to transactions that are eligible for the Large/Mid-Cap Exemption.

**Blackout Rule\*** - No Investment Professional shall: (i) sell any security or related derivative security until seven calendar days have elapsed since the most recent purchase of that Security or related derivative Security by any PanAgora client portfolio managed by that Investment Professional's team; or (ii) purchase any security or related derivative security until seven calendar days have elapsed since the most recent sale of that security or related derivative security from any

![](g0imko8n80kcqg66y4xve.jpg)

**Exhibit 3**

**As of January 1, 2023**

PanAgora Client portfolio managed by that Investment Professional's team. This rule does not apply to transactions that are eligible for the Large/Mid-Cap Exemption.

**Contra Trading Rule\*** - Unless the transaction is eligible for the Large/Mid-Cap Exemption, no Investment Professional shall, without prior approval, sell a security held in any PanAgora client portfolio that is managed by that Investment Professional's team. Exceptions to this rule are available with the advanced written approval of the CIO of that Investment Professional's team as well as the CCO.

**Reporting Requirements**

In order to ensure that PanAgora can effectively monitor Access Person trading under this Policy, Access Persons must, within 10 days of commencing employment at PanAgora, provide via PTA, the following information (such information, the "Initial Holdings Report<sup>5</sup>"):

∙A list of firms/brokerage accounts through which the Access Person holds, or has the ability to hold, securities, including Reportable Securities;

∙A list of the holdings of Reportable Securities contained within the accounts listed above; and

∙A list of all securities governed by the policy not held in the brokerage accounts reported above (i.e. investments in hedge funds, private equity funds, private placements, etc).

At the time the Initial Holdings Report is delivered to the CCO, the Access Person must also provide PanAgora with access to account information for all brokerage accounts included in the Initial Holdings Report via PTA electronic data feed<sup>6</sup>. The Initial Holdings Report must be current as of a date no more than 45 days prior to the date the person becomes subject to this Policy (i.e. the person becomes an "Access Person" as defined in Rule 204A-1). PanAgora reserves the right to require that any brokerage accounts opened by an Access Person after joining PanAgora be with a brokerage firm that has the ability to deliver information to PanAgora via electronic data feed to PTA.

<u>Annual Reporting</u>

Annually, within 15 days of the end of the calendar year, all Access Persons must complete a holdings certification through PTA. The information in the certification must contain the same information that is in the Initial Holdings Report (described above) and must be current as of no more than 45 days prior to the date of provision, generally as of December 31.

5The Initial Holdings Report must contain the following information in order to comply with Rule 204A-1 of the Advisers Act: (i) The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each reportable security in which the access person has any direct or indirect beneficial ownership; (ii) The name of any broker, dealer or bank with which the access person maintains an account in which any securities are held for the access person's direct or indirect benefit; and (iii) The date the access person submits the report.

<sup>6</sup> For accounts held with brokers where a PTA electronic feed is not available, the Access Person must arrange to have duplicate copies of account statements sent directly to PanAgora.

![](gtgiiyqa8h1o7mxkauqft.jpg)

**Exhibit 3**

**As of January 1, 2023**

<u>Quarterly Reporting</u>

Within 30 days of the end of each calendar quarter, all Access Persons must complete a certification through PTA which reports all transactions involving Reportable Securities<sup>7</sup>. Any private securities transactions (which may need to be manually entered into PTA) must also be included on the certification. If no securities transactions were conducted during the relevant quarter, a certification must be completed stating this fact.

**Discretionary Brokerage Arrangements**

A transaction does not need to be pre-cleared if it takes place in an account over which the Access Person does not have discretion. Accounts that will be considered for this exclusion are only those for which the Access Person's broker or investment advisor has complete discretion (a "Discretionary Account") and the following conditions are met: (i) the Access Person certifies annually in writing that he or she has no direct or indirect influence over the transactions in the Discretionary Account and is not aware of the transactions in the Discretionary Account prior to their execution; and (ii) holdings and transactions in the Discretionary Account are included in the Access Person's quarterly and annual certifications described elsewhere in this Policy.

**Cryptocurrencies**

Any PanAgora Access Person who holds or wishes to purchase, acquire or sell any asset that is issued and transferred using distributed ledger or blockchain technology, including, but not limited to, virtual currencies, cryptocurrencies, digital "coins" or "tokens" ("Digital Assets"), should consult with the CCO as to whether such Digital Asset would be considered a security for purposes of this policy. A Digital Asset is likely to be considered a security if it is offered and sold as an investment contract. The CCO utilizes the Framework for "Investment Contract" Analysis of Digital Assets published by the SEC's Strategic Hub for Innovation and Financial Technology in analyzing if a Digital Asset would be considered a security for purposes of this Policy. If the CCO determines that such Digital Asset should be considered a security, the Digital Asset will be subject to the reporting requirements of this Policy. However, since PanAgora does not trade Digital Assets for client accounts, Access Persons do not need to preclear Digital Assets prior to transacting, unless the transaction is part of an initial coin offering ("ICO"), participation in which is prohibited under this Policy.

**Prohibited Transactions**

PanAgora Access Persons are prohibited from entering into the following transactions:

7The quarterly transaction certification must contain the following in order to comply with Rule 204A-1 of the Advisers Act: (i) The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each reportable security involved; (ii) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition); (iii) The price of the security at which the transaction was effected; (iv) The name of the broker, dealer or bank with or through which the transaction was effected; and (v) The date the report is submitted.

**Exhibit 3**

**As of January 1, 2023**

∙Short Selling – Access Persons are prohibited from entering into short sale transactions in their personal accounts. This prohibition does not prevent access persons from using inverse exchange traded funds in order to obtain short exposure to a Broad Based index.

∙IPO Participation – Access Persons are prohibited from participating in IPO transactions. Participation in other types of limited offerings (such as hedge funds, private equity funds, and similar private placements) is permitted subject to pre-clearance as indicated elsewhere in this Policy.

∙Good until Cancelled Orders – Access Persons are prohibited from entering into Good Until Cancelled Orders because all pre-clearance approvals obtained under this Policy are contingent upon the execution of the transaction on the day of approval. Orders that are good until cancelled have a high probability of violating this requirement.

**Required Reversals**

PanAgora maintains the right to require any employee, consultant or related person of any of the foregoing to reverse, at such person's own expense, a transaction which is deemed by PanAgora to be in conflict with this Policy.

**All PanAgora Access Persons subject to this Policy will trade at their own risk, as this Policy may prevent an Access Person from disposing of an investment when desired. Violations of this Policy are subject to possible sanctions (including disgorgement of any gains), prohibitions on personal trading, and/or termination of employment or consulting arrangement. PanAgora expects all employees and consultants to comply with the spirit of this Policy as well as the specific rules contained in the Policy. All employees and consultants must report promptly to the CCO any violations of the PanAgora Personal Trading Policy of which they become aware.**

**This Policy is intended solely for the use of PanAgora in the management of its business and operations in compliance with applicable law. It is not intended to, and shall not under any circumstances, create any right or expectation in or on the part of any person, including without limitation any client or any interest holder in any client.**

**Exhibit 4**

**As of January 1, 2022**

**PANAGORA ASSET MANAGEMENT, INC.**

**("PANAGORA")**

**INSIDER TRADING POLICY**

**Governing Law:** Section 10(b) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), Rule 10b-5 promulgated under the Exchange Act ("**SEC Rule 10b-5**"), Sections 204A and 206 of the Investment Advisers act of 1940, as amended (the "**Advisers Act**"), Rule 204A-1 of the Advisers Act, Section 21A of the Exchange Act, Section 20(a) of the Exchange Act, and Section 20(d) of the Exchange Act.

Other than a prohibition on trading ahead of customer orders, the Commodity Exchange Act (the "**CEA**"), Commodities Futures Trading Commission ("**CFTC**") regulations, and National Futures Association ("NFA") and exchange rules do not generally prohibit trading futures based on material, non-public information. Insider trading and other forms of trading based on material, non-public information that are violations of SEC Rule 10b-5 would also be violations of NFA Compliance Rule 2-37(a).The term "insider trading" is not defined in the federal securities law, but has developed in the case law and SEC enforcement decisions to refer to certain illegal trading while a person is in possession of material nonpublic information (referred to herein as "**MNPI**", and further described below). **General Rule.** PanAgora and PanAgora Employees (defined below) are forbidden from engaging in, or helping others engage in, insider trading, whether for the account of PanAgora, their own accounts or any other account. More specifically, PanAgora Employees are prohibited from:

∙Trading in, or participating in any investment decision making process with respect to, securities while in possession of related MNPI;

∙Improperly communicating MNPI to others;

∙Recommending the purchase or sale of securities while in possession of related MNPI; and

∙Providing substantial assistance to someone who is engaged in any of the above activities.

In general these restrictions shall last until the MNPI has been publicly disclosed to and absorbed by the relevant trading markets. This Policy applies to any employee of PanAgora (a "**PanAgora Employee**" or "**Employee**"). In addition, the General Counsel may determine, in their sole discretion, that any other person who provides investment advice on behalf of PanAgora and is subject to PanAgora's supervision or control is to be treated for purposes of this Policy no different than a PanAgora Employee, provided that such person: (i) has access to nonpublic information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)is involved in making securities recommendations to PanAgora Clients (defined as any separately managed account, pooled investment vehicle or other entity advised by PanAgora).

**What is Material Nonpublic Information?** Information must be both "material" and "nonpublic" for there to be insider trading liability.

"Material Information" is generally considered information for which there is a substantial likelihood that a reasonable investor would consider the information important, but not necessarily

determinative, in making investment decisions, or information whose possession would be reasonably certain to have a material effect on the price of a "security" (see below).

Information is considered "nonpublic" until it has been broadly disclosed to investors in the marketplace and absorbed by trading markets. Broad disclosure may include, for example, the inclusion of the information in a report filed with the SEC, or in a publication of general circulation such as, without limitation, Dow Jones, Reuters, Bloomberg, or The Wall Street Journal.

As noted above, MNPI can relate to any company issuing securities as well as to any other confidential information, including "market information" concerning securities trading by another person.

**Types of MNPI.** There are several different types of MNPI that may come into the possession of a PanAgora Employee. These prominently include:

∙PanAgora's own trading information, i.e., buy and sell recommendations, plans and open orders generated by PanAgora's investment professionals and investment models. PanAgora's general policies on confidentiality require that this information be disclosed outside the firm only in connection with actual orders or otherwise on a need-to-know basis.

∙Information that comes to a PanAgora Employee through fiduciary relationships or relationships of trust and confidence, such as directorships, consulting relationships and certain business relationships. In general, PanAgora does not use consultants which may provide or purport to provide MNPI. Also, PanAgora does not generally expect to receive confidential information of any sort from the dealers and brokers with whom it trades. Notwithstanding the foregoing, there may be situations in which information communicated by a consultant or a dealer might be regarded as having been communicated in trust and confidence under the particular circumstances of the communication, including claims of confidentiality made by the communicating party or circumstances under which the communication could be characterized as a "tip". If a PanAgora Employee has any concern that information may have been received in a communication that might be regarded as MNPI, whether in knowing breach of a duty of trust or confidence or not, the Employee should immediately review the matter with PanAgora's General Counsel.

∙In the context of a PanAgora Employee's trading for his or her own account, it is also possible that the PanAgora Employee will encounter MNPI. Trading on the basis of this information is prohibited. <u>See also</u> PanAgora's Personal Trading Policy. The inappropriate disclosure of such information is also prohibited, both under applicable law and, in the case of information of which you were aware as a result of your association with PanAgora, by the confidentiality agreements between PanAgora and each PanAgora Employee.

**Types of Insider Trading.** Insider trading law has developed well beyond imposing liability only on true corporate insiders. Because of this complicated development, it is necessary to understand the different types of insider trading.

"Classic" Insider Trading. In the classic case, true corporate insiders (officers, directors, controlling shareholders) who are in possession of MNPI commit insider trading when they breach their duty to either publicly disclose that information or refrain from trading. The classic case also reaches "temporary insiders" who are lawyers, investment bankers, accountants and other persons who enjoy a confidential relationship with an issuer. PanAgora would be considered a temporary insider of an entity it advises or for which it performs other services, because PanAgora Clients expect PanAgora to keep any information disclosed to it confidential.

Liability for Tippers and Tippees. Growing out of the classic theory is the concept of insider trading liability for "tippers" - insiders who communicate MNPI, directly or indirectly through a chain of tips, to others who trade (friends, relations, business associates, "ring" members, etc.) - and "tippees" - persons who know or should know that they have received an improper tip, directly or through a chain of tips.

Misappropriation. In addition to the classic theory, the other major theory of insider trading is misappropriation. Under this theory, trades by any person who breaches a duty of trust or confidence in obtaining MNPI or in trading, or who knows or should know that information constituting MNPI has been communicated to him or her directly or indirectly through a chain, as a result of a breach of someone else's duty of trust or confidence, constitute insider trading.

It is important to note that, under the misappropriation theory, the MNPI in question does not need to be from, or concern, an issuer of securities. The information can relate to steps taken or planned by a third party. Thus, confidential information about another person's trading plans for the issuer's security (often referred to as "market information") or plans to propose a merger transaction to the issuer can constitute MNPI even though the issuer itself is not aware of the information.

The Special Case of Tender Offers. Nonpublic information about a proposed or pending tender offer represents an especially sensitive category of market information. Trading while in possession of MNPI concerning a tender offer where the trader knows or has reason to know that the information is nonpublic and has come directly or indirectly from the target, bidder or their directors, officers or certain other agents, can be a violation of law even in the absence of a breach of duty. Such violations are commonly thought of as a form of insider trading but are in fact dealt with separately in another section of related law (Section 14(e) of the Exchange Act and Rule 14e- 3 thereunder).

**What Instruments are Covered by the Prohibition on Insider Trading? Traditionally, insider trading law applies to all transactions in "securities," including stocks, bonds and warrants issued by both public companies and private companies ("issuers"). The law has been extended to apply to any purchase or sale of a put, call, straddle, option, privilege or security-based swap agreement with respect to a security, regardless of whether the issuer is a party to such derivative position. At least one court has held that security-based swap agreements can include certain credit default swaps.**

Certain types of derivatives, including futures and "swaps" (as opposed to "security-based swaps"), are regulated by the CFTC under the CEA. This would include, for example, futures and swaps referencing physical commodities, indices, interest rates, or foreign currencies. While the

CEA contains specific prohibitions on willful deception, it has traditionally placed less emphasis on the prohibition of insider trading in favor of price discovery in the market. Importantly, however, the Dodd-Frank Act of 2010 calls for more coordinated regulation of the different financial instruments regulated by the SEC and the CFTC and establishes general anti-fraud principles which may come to be applied more broadly to all or a portion of the range of financial instruments in which PanAgora may invest.

PanAgora seeks to avoid association with insider trading under existing or potentially emerging law. For this reason, references to "security" in this policy are deemed to refer to all financial instruments in which PanAgora trades, including, for example, swaps, etc.

**What are the Potential Penalties for Insider Trading? Penalties for trading on the basis of MNPI or communicating the same to another party in violation of applicable laws are severe, for both individuals and their employers (like PanAgora) involved in such unlawful conduct. Persons may be subject to some or all of the penalties below, even if they may not personally benefit from the violation. Such penalties are in addition to significant reputational damage to individuals and their employers that can arise from mere allegations of such violations. Penalties may include:**

∙civil injunctions (such as a lifetime bar from the investment industry for individuals and their employers);

∙disgorgement of profits;

∙jail sentences;

∙fines for persons who committed the violations of up to three times the profit gained or loss avoided; and

∙fines for the employer or other "controlling person" of up to the greater of $1,000,000 or three times the amount of the profit gained or loss avoided.

**Procedures to Implement PanAgora's Insider Trading Policy. The following procedures have been established to aid in detecting and preventing insider trading. All PanAgora Employees must follow these procedures or potentially risk serious sanctions, including dismissal, substantial personal liability and criminal penalties.**

∙Disclosure of All Relevant Fiduciary Relationships, PanAgora Employees must disclose positions as directors or trustees of any entities. The Chief Compliance Officer, consulting with the General Counsel, will consider whether any such service by a PanAgora Employee shall require the securities of any entity to be added to the "Restricted List" (see below).

∙Report of Possible Receipt of MNPI. PanAgora Employees who believe that they may have received MNPI shall, in addition to refraining from trading in the related securities, immediately notify the Chief Compliance Officer and/or General Counsel of such receipt and otherwise refrain from disseminating such information within or outside the firm.

∙Requirement to "<u>Ask First</u>." As noted above, there can be difficult judgment calls in the area of insider trading, including with respect to the questions of whether information is material and nonpublic, and whether it has been received, directly or indirectly, in breach

**of a duty of trust or confidence. Given the complexity of the issues in this area, PanAgora has adopted a procedure of "<u>Ask First</u>": if a PanAgora Employee has any question as to the propriety of any possible action that can be construed as a violation of the rules regarding insider trading, such question must first be discussed with PanAgora's General Counsel and no one else except those persons expressly designated by the General Counsel before engaging in any conduct which may result in a violation of laws or PanAgora policies governing insider trading.**

∙Evaluation of Possible MNPI by the General Counsel. The General Counsel shall consider whether potential MNPI received by a PanAgora Employee is in fact material and nonpublic, in light of the standards described above, and may have been communicated in breach of a duty of trust or confidence or through a chain of communications involving such a breach.

In the event that the General Counsel believes that a PanAgora Employee has received MNPI in breach of a duty of trust or confidence or through a chain of communications involving such a breach, the General Counsel shall:

∙Restriction on Trading. Immediately instruct the relevant PanAgora Employees not to purchase or sell related securities on behalf of PanAgora, any client of PanAgora or any other person, including themselves, until the General Counsel instructs otherwise.

∙Restriction on Communication. Immediately instruct the relevant PanAgora Employees not to communicate the information to any person inside or outside PanAgora, until the General Counsel instructs otherwise.

∙Restricted List. Place the related securities on the "**Restricted List**". The Chief Compliance Officer will establish and maintain an up-to-date restricted list of securities in which neither PanAgora transactions nor personal transactions of PanAgora and Employees will be maintained (the "Restricted List"). In general, the Restricted List will include entities about which PanAgora possesses MNPI. Securities on the Restricted List shall be held in strict confidence by persons within PanAgora knowing the contents of the Restricted List and shall not be disclosed under any circumstances to persons outside of PanAgora. The presence of a security on the Restricted List shall be disclosed within PanAgora only on a need-to-know basis in connection with placement of PanAgora trades through the trading desk or preclearance of personal trades.

∙Restricted Access to MNPI. MNPI in a PanAgora Employee's possession other than information originating within PanAgora may not be communicated to anyone, including persons within PanAgora (except as provided above). Additionally, care should be taken that such information is kept secure. For example, where appropriate, physical files

containing MNPI should be sealed, and access to computer files containing MNPI should be encrypted, password protected or otherwise protected, secured and restricted.

∙MNPI Not Sought. PanAgora does not and PanAgora Employees shall not, seek to obtain MNPI. Information should never be sought under circumstances which would result in breaches of a confidence or other fiduciary relationships or relationship of trust or confidence. Information obtained as a result of ordinary investment analysis, including direct inquiry of persons authorized to speak to investors on behalf of a corporate or government issuer, generally is not presumed to involve a breach of trust or confidence. However, if PanAgora Employees have any doubt about the circumstances or substance of any communication, they should promptly discuss the matter with the General Counsel before taking action.

Further, PanAgora does not, and PanAgora Employees shall not, allocate brokerage with a view to receiving MNPI.

∙Consultant Use. Any arrangement to obtain information from a third-party providing investment analysis that is not generally available to market participants for a fee must first be approved by the General Counsel. The General Counsel will evaluate the proposed consultant's sources and methods for obtaining information in deciding whether to approve the arrangement. Notwithstanding any such approval, PanAgora Employees shall continue to evaluate any information received from consultants and refer any questions concerning possible receipt of MNPI to the General Counsel.

∙Alternative Data. As a quantitative asset manager, the primary input to PanAgora's research process is data procured from third parties. The risk of violation of this Policy stemming from the use of conventional data, such as security reference, pricing and fundamental data, is low. However, the emerging use of so-called "alternative data" by PanAgora and other investment advisers introduces additional risk. Notably, risk may be introduced where providers of alternative data do so without compliance policies and procedures that are reasonably designed to ensure that data does not contain MNPI or violate contractual or other legal obligations. In response to this heightened risk, PanAgora has established a diligence process that shall be applied to certain data providers that the firm may do business with. Any investment professional that wishes to subscribe to a new data service, must consult with PanAgora's legal and compliance department to ensure that any required diligence can be performed prior to use of such data.

∙Professional Standards of Conduct. PanAgora procedures for handling MNPI are rooted in PanAgora's general standards for professional and ethical conduct. These standards dictate for example, that sensitive PanAgora business, of any type, should not be discussed in public places, such as elevators, trains and/or airplanes, where it might be overheard.

∙Other Procedures. From time to time, if appropriate, the General Counsel may designate specific procedures to be followed in connection with the handling of certain information, including the use of code names for sensitive projects, special document controls, and procedures for outside contacts and third-party confidentiality.

**This Policy is intended solely for the use of PanAgora in the management of its business and operations in compliance with applicable law. It is not intended to, and shall not under any circumstances, create any right or expectation in or on the part of any person, including without limitation any client or any interest holder in any client.**

![](gn26dgo1l1cfaifijz3my.jpg)

**Exhibit 5**

**As of January 1, 2023**

**PanAgora Asset Management, Inc. ("PanAgora")**

**Gifts and Entertainment Policy**

**<u>Gifts Policy</u>**

No "**PanAgora Individual**" (defined as employees and certain consultants of PanAgora) shall accept anything of material value<sup>1</sup> from any broker-dealer, financial institution, corporation or other entity, any existing or prospective supplier of goods or services with a business relationship to PanAgora, any Client, prospective Client, investor or prospective investor in any PanAgora Client, or any company or other entity whose securities are held in or are being considered as investments for any other PanAgora Client accounts. The term "**Client**" refers to any separately managed account or investment fund for which PanAgora is the investment manager or investment adviser. Included are gifts, favors, preferential treatment, special arrangements, or access to special events. Also, gifts may not be so frequent that they could reasonably be regarded by others as improper or comprising a pattern of gifts.

This is intended to be a statement of general principle. While more specific guidelines are set out below, those guidelines should be read and applied in a manner consistent with this general principle.

**<u>Foreign Corrupt Practices Act</u>**

The Foreign Corrupt Practices Act ("FCPA") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government. Companies that are owned, even partly, by a foreign government may be considered an "instrumentality" of that government. In particular, government investments in foreign financial institutions may make the FCPA applicable to those institutions. Individuals acting in an official capacity on behalf of a foreign government or a foreign political party may also be "instrumentalities" of a foreign government.

The FCPA includes provisions that may permit the giving of gifts and entertainment under certain circumstances, including certain gifts and entertainment that are lawful under the written laws and regulations of the recipient's country, as well as bona-fide travel costs for certain legitimate business purposes. However the availability of these exceptions is limited and is dependent on the relevant facts and circumstances.

Civil and criminal penalties for violating the FCPA can be severe. PanAgora Individuals must comply with the spirit and the letter of the FCPA at all times. The provisions of this Policy are designed to ensure compliance with the FCPA and similar laws.

**Gifts to a PanAgora Individual May Not Exceed $100. A PanAgora Individual may not accept gifts exceeding $100 in value or with an aggregate value of more than $100 in any year from any**

1While this reference to anything "of material value" is broadly intended to refer to a tangible gift, it is intentionally broad in that this policy is intended to refer to anything of material value that may be conveyed to a PanAgora employee or to a third party. For example, this could refer to a loan granted on more favorable terms than available in the market or to access to preferable brokerage terms. When in doubt as to whether an arrangement could be construed as a gift under this policy, please consult PanAgora's CCO or a member of the compliance or legal team.

![](gxeqzw54imv3dh2rq9529.jpg)

one source, i.e., individual, entity or firm doing business or seeking to do business with PanAgora (a "**Service Provider**"). Any PanAgora Individual who is offered or receives an item exceeding $100 in value by a Service Provider is prohibited from accepting such gift and must report the details to the CCO, and, if necessary, return the gift. <u>Please note</u>: Any entertainment event where the host is not in attendance is treated as a gift and is subject to the $100 per year limit and per source limit.

**Gifts Must be Reported.** Any PanAgora Individual who is offered or receives a gift exceeding $100 in value from a Service Provider must report the item to the CCO or his designee for return and record keeping. Any PanAgora Individual who receives a gift below the $100 threshold must report the item in the PTA system as soon as practicable, but no later than 20 calendar days following receipt; provided, however, that no reporting is required for de minimis gifts below $25 in value. Compliance will monitor to ensure that PanAgora Individuals are not in receipt of gifts that in total exceed the $100 threshold from a single source in a year. Failure to report a gift will be treated as a violation of the Code of Ethics.

**Gifts to a Department/Group May Not Exceed $250. Gifts that are comprised of items such as cookies, candies, fruit or other items typically shared among a department/group may be accepted if:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The value of such gift is reasonably thought to be $250 or less: and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Such gift is in fact put in a central location so that it may be shared by all personnel of PanAgora or a department or group thereof (e.g., the trading group, operations group, the IT group, etc.).

**No Gifts May be Given to Clients, Potential Clients, Investors or Potential Investors in Clients without Pre-Approval. To ensure that any PanAgora gifts given by a PanAgora Individual, in his or her capacity as such, are appropriate, and not in violation of the FCPA and other similar laws, all gifts to be given to any Client, potential client, investor or potential investor in any fund or other investment vehicle managed by PanAgora must receive prior written approval of the CCO or the designee thereof. Additionally, copies of all receipts for such gifts must be submitted to the CCO, who shall maintain a log and shall record such gifts in the books and records of PanAgora.**

**Gifts to Service Providers.** With respect to the giving of gifts to any Service Provider, any PanAgora Individual who desires to offer or give a gift exceeding $100 in value must obtain prior written approval from the CCO. Any PanAgora Individual who desires to offer or give a gift below the $100 threshold must report the item in the PTA system as soon as practicable, but no later than 20 calendar days following the giving of such gift; provided, however, that no reporting is required for de minimis gifts below $25 in value.

Any entertainment event provided to or given by a PanAgora Individual where the host is not in attendance is treated as a gift and is subject to the $100 per year per source limit detailed above.

**<u>Entertainment Policy</u>**

Entertainment may not be accepted by a PanAgora Individual (or family member or friend thereof, in such capacity) from any Service Provider if such entertainment would cause, or reasonably

![](gop64ldo6f0ar4hv9b7hb.jpg)

could be viewed as having the likely effect of causing, the PanAgora Individual to act in a manner inconsistent with the best interests of PanAgora or any Client of PanAgora. PanAgora's Entertainment Policy is designed to permit reasonable, ordinary business entertainment, but prohibit any events which may be perceived as extravagant or involving lavish expenditures.

This is intended to be a statement of general principle. While more specific guidelines are set out below, those guidelines should be read and applied in a manner consistent with this general principle.

**Definition of Entertainment**. Typically, entertainment involves a PanAgora Individual's attendance (and/or the attendance of one or more of the PanAgora Individual's family members or friends) at a sporting, cultural, social or other event with a representative of a Service Provider. Thus, for example, attending a baseball game with an employee of a Service Provider or being taken out to dinner by an employee of a Service Provider would each constitute "entertainment". <u>Please Note</u>: tickets, dinners and other similar items will be considered a "gift" (and not "entertainment") if a representative of the Service Provider will not be accompanying the PanAgora Individual to the event. Please consult the Gifts Policy with respect to limitations on gifts.

**Permissible Entertainment.** In general, entertainment that is customary, reasonable occasional and appropriate will be permitted, provided that it is appropriate for the business relationship that is intended to be furthered by the entertainment. Any PanAgora Individual attending any gatherings or entertainment event must disclose a meal or entertainment to Compliance in the PTA system within 20 business days of the event. Failure to report entertainment will be treated as a violation of the Code of Ethics.

**Entertainment Requiring Reporting.** Occasional lunches, dinners, cocktail parties, or comparable gatherings conducted for business purposes are permitted without pre-clearance. For example, occasional attendance at group functions sponsored by sell-side firms or related Service Providers is permitted where the function relates to investments or other business activity. Attendance must be reported to Compliance, although it may be after the fact, and should be as soon as reasonably practicable with receipts, when possible, or good faith estimates, otherwise. Occasional attendance at these functions is not required to be counted against the limits described below. Meals and entertainment that are part of the regular program at an investment conference (i.e., open to all participants) are not subject to the limits. Meals that are part of a meeting and/or a conference do not require reporting. In the discretion of the CCO, the CCO may assign a value to seminar/conference-related meals equal to a reasonable estimate of their value, as it is generally impractical to obtain from the Service Provider a per-head breakdown of costs and expenses.

**Entertainment Requiring Pre-Clearance.** Other entertainment events, such as, sporting events, theater, movies, concerts, or other forms of entertainment <u>conducted for business purposes</u>, are permitted only under the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)The host must be present for the event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)The value of the entertainment event provided to the PanAgora Individual may not exceed $300, not including the value of any meals that may be provided to the

PanAgora Individual before or after the event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)The event must be pre-cleared by a member of PanAgora's compliance department in advance.

**Entertainment Source Limitations.** A PanAgora Individual may not accept entertainment events under this provision more than six times a year and not more than two times in any year from any single source.

**Exceptions**. All exceptions must be approved in advance by written request to the CCO.

**No Entertainment May be Provided to Clients, Potential Clients, Investors or Potential Investors in Clients without Pre-Approval. Because the provision of entertainment would likely constitute "things of value" under FCPA and similar laws, all entertainment provided to any Client, potential client, investor or potential investor in any fund or other investment vehicle managed by PanAgora must receive prior written approval of the CCO or the designee thereof. Additionally, copies of all receipts from such events must be submitted to the CCO, who shall maintain a log and shall record such events in the books and records of PanAgora.**

**Specific Prohibitions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Any entertainment event attendance which would reflect badly on PanAgora as a firm of the highest fiduciary and ethical standards. For example, events involving adult entertainment or gambling must be avoided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.PanAgora must pay directly (or reimburse the sponsor) for the cost of any travel or lodging, and, in some cases, reasonable out-of-pocket costs for meals when entertainment involves travel such as attendance at a seminar or conference, and a PanAgora Individual must get approval to attend from their superviser in advance. Non-reimbursed payment by a third party of the cost of transportation to a location outside the PanAgora Individual's metropolitan area, lodging while in another location, and any meals not specifically approved by the CCO, are prohibited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.No PanAgora Individual may solicit any gift or entertainment from any person, even if the gift or entertainment, if unsolicited, would be permitted.

**When in Doubt – Check with Compliance.** As with any of the provisions of PanAgora's Code of Ethics, a sincere belief by the PanAgora Individual that he/she was acting in accordance with the requirements of this Policy will not satisfy his/her obligations under the Policy. Therefore, a PanAgora Individual who is in doubt concerning the propriety of any gift or entertainment should seek a prior written determination from the CCO

**This Policy is intended solely for the use of PanAgora in the management of its business and operations in compliance with applicable law. It is not intended to, and shall not under any circumstances, create any right or expectation in or on the part of any person, including without limitation any client or any interest holder in any client.**

![](gkiy681tgor9u1da77ldi.jpg)

**Exhibit 6**

**As of January 1, 2023**

**PanAgora Asset Management, Inc. ("PanAgora")**

**Political Contribution Policy**

**<u>Overview</u>**

Rule 206(4)-5 of the Investment Advisers Act of 1940 (the "**Rule**") prohibits an investment adviser, among other things, from receiving compensation for providing advisory services to a Government Entity (as defined below) for two years after the adviser or its employees make a Contribution (as defined below) to certain elected officials or candidates of such entity. Contributions to certain elected officials or candidates for political office made by PanAgora or its employees may affect PanAgora's ability to provide investment advisory services for compensation to Government Entity clients, including pension plans and employees, in certain jurisdictions.

The Rule may also affect PanAgora's ability to provide investment advisory services for compensation if PanAgora or any of its Covered Associates (as defined below) coordinates or solicits any person or political action committee (PAC) to make any Contribution to an "**Official**" (defined as any person who is a holder of, or a candidate or successful candidate for, elective office of any Government Entity) to whom PanAgora is providing or seeking to provide investment advisory services, or to a political party.

Under the Rule, a "**Covered Associate**" of an investment adviser is defined as: (i) any general partner, managing member or executive officer, or other individual with a similar status or function; (ii) any employee who communicates, directly or indirectly, with a Government Entity on behalf of PanAgora for the purpose of obtaining or retaining advisory services , and any person who supervises, directly or indirectly, such employee; and (iii) any political action committee controlled by the investment adviser or by any of its Covered Associates. For purposes of this Policy, the Chief Compliance Officer may designate one or more individuals as "Covered Associates" if such individuals' current or contemplated activities on behalf of PanAgora are reasonably likely to cause him or her to become a "Covered Associate." PanAgora reserves the right to exclude from the definition of "Covered Associate" any individual it determines not to be a "covered association" within the meaning of the Rule.

Under the Rule, a "**Contribution**" is any gift, subscription, loan, advance or deposit of money or anything of value<sup>1</sup> made for (i) The purpose of influencing any election for Federal, State or local office; (ii) Payment of debt incurred in connection with any such election; or (iii) Transition or inaugural expenses of the successful candidate for State or local office.

Under the Rule, a "**Government Entity**" is any State or political subdivision of a State, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Any agency, authority, or instrumentality of the State or political subdivision; (ii) A pool of assets sponsored or established by the State or political subdivision or any agency, authority or instrumentality thereof, including, but not limited to a "defined benefit plan" as defined in section 414(j) of the Internal Revenue Code (26 U.S.C. 414(j)), or a State general fund; (iii) A plan or

1This shall include, for example, volunteer work or hosting an event for an Official of a Government Entity. For the avoidance of doubt, any paid or volunteer work to assist an Official or Government Entity shall constitute a contribution subject to preclearance under this Policy.

program of a government entity; and (iv) Officers, agents, or employees of the State or political subdivision or any agency, authority or instrumentality thereof, acting in their official capacity.

The Rule does not apply to Contributions of $350 or less, per election, to any Government Entity for whom the contributor is allowed to vote, or to Contributions of $150 or less, per election to any other Government Entity. Such de minimis thresholds will generally be available to any PanAgora employee seeking pre-clearance under this Policy.

**<u>Policy</u>**

<u>Corporate Contributions</u>

PanAgora will not make corporate Contributions that are prohibited under applicable law. In addition to complying with applicable law, the Chief Compliance Officer must approve, in advance, any proposed Contribution by PanAgora.

To ensure that PanAgora is in compliance with these laws and as a matter of policy, all employees must comply with the following requirements:

∙No corporate assets (including the PanAgora name), funds, facilities, or personnel may be used to benefit any candidate, campaign, political party, or political committee, including in connection with a fundraiser, without prior approval by the Chief Compliance Officer or his designee.

∙If employees anticipate causing any corporate funds or assets (such as corporate facilities or personnel) to be used in connection with their volunteer activity, they must obtain pre- approval, as described above.

∙Employees should not seek or approve reimbursement from PanAgora for any Contribution expenses without fully understanding these requirements. Any Contribution for which an employee seeks reimbursement from PanAgora is considered a Contribution by PanAgora and is subject to these requirements.

<u>Employee Contributions</u>

If an employee chooses to participate in the political process, he or she must do so as an individual, not as a representative of PanAgora.

.

Prior to making any Contribution to an elected official, a candidate for office, a political party or a PAC, all employees of PanAgora must seek prior approval from PanAgora's Chief Compliance Officer. This policy and preclearance requirement also apply to contributions made by any immediate family member (i.e. spouse, child, sibling, parent) of a PanAgora employee who resides in the same household as the employee.

For any jurisdiction, in no case shall an employee of PanAgora direct a Contribution of a family member or use other means to indirectly make a Contribution requiring pre-clearance under this Policy if made directly by the employee. Furthermore, Covered Associates may not coordinate or solicit Contributions by other persons or PACs to Officials of Government Entities, and may not

direct other individuals, including PanAgora employees, to make Contributions that would be prohibited under this Policy.

<u>Other Provisions</u>

In addition to the pre-clearance requirements noted above:

∙Prior to their retention, any person who is hired by PanAgora must disclose all political contributions made in the past two years that fall under the purview of this Policy. All employees will be asked to regularly certify as to their compliance with this Policy.

∙In addition to the above disclosure, PanAgora shall require regular certifications to be made by all employees as to their compliance with this Policy.

∙With respect to any political contributions made in violation of this Policy, PanAgora's Chief Compliance Officer shall have the right to request that an employee request a refund of the amount contributed in order to allow PanAgora to rely on the Rule's so-called "Returned Contribution" exemption.

∙The CCO shall maintain a log of all violations of this Policy, including any remedial actions taken. This and all other recordkeeping requirements of the Rule are addressed in PanAgora's Record Retention Policy contained in the firm's Compliance Manual.

While the general topic of using third-party solicitors is covered by a separate compliance policy, the proposed use of a non-affiliated third-party solicitor or placement agent by PanAgora to solicit government business on behalf of PanAgora must be approved in advance by PanAgora's Chief Compliance Officer.

<u>Gifts to Public Officials</u>

Employees must obtain pre-approval from the Chief Compliance Officer prior to providing any gift, including meals, entertainment, transportation and lodging, to any Official or employee of a Government Entity. There are certain de minimis exceptions for business meals and entertainment provided to Officials or employees of a Government Entity in connection with PanAgora's business. These exceptions to the pre-clearance requirement do not apply to any gift that is intended, or that may be perceived to be intended, to influence any election for federal, state or local office, to defray the expenses or retire the debt of any election campaign, or to pay for inaugural expenses.

**This Policy is intended solely for the use of PanAgora in the management of its business and operations in compliance with applicable law. It is not intended to, and shall not under any circumstances, create any right or expectation in or on the part of any person, including without limitation any client or any interest holder in any client.**

## Ex-99

(p)(6)

**<u>POLARIS CAPITAL MANAGEMENT, LLC</u>**

**<u>Code of Ethics</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;I. Introduction

The policies in this Code of Ethics reflect the assumption and expectation of Polaris Capital Management, LLC ("Polaris") of unqualified loyalty to the interests of Polaris and its clients on the part of each employee of Polaris. In the course of their service to Polaris, employees must be under no influence which may cause them to serve their own or someone else's interests rather than those of Polaris or its clients.

Employees should understand that this Code of Ethics applies to both direct and indirect business interests. Polaris's policies reflect its desire to detect and prevent not only situations involving actual or potential conflict of interests, but also those situations involving only an appearance of conflict or of unethical conduct. Polaris's business is one dependent upon public confidence. The mere appearance of possibility of doubtful loyalty is as important to avoid as actual disloyalty itself. The appearance of impropriety could besmirch Polaris's name and damage its reputation to the detriment of all those with whom we do business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Statement of General Principles

It is the policy of Polaris that all of its employees must comply with all federal securities laws (as defined below in Section IV) applicable to its business. The fundamental position of Polaris is, and has been, that it shall place at all times the interests of Polaris's clients first. Accordingly, private financial transactions by Polaris employees who are "access persons" (as defined below in Section IV) of Polaris must be conducted consistent with this Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an access person's position of trust and responsibility. Further, access persons should not take inappropriate advantage of their positions with or on behalf of any client of Polaris.

Without limiting in any manner, the fiduciary duty owed by access persons to the clients of Polaris or the provisions of this Code of Ethics, it should be noted that Polaris allows for, but does not encourage, the purchase and sale of securities owned by the clients of Polaris; by access persons. Any such securities transactions must comply with the spirit of, and the specific restrictions and limitations set forth in, this Code of Ethics including pre-clearance by the President of the firm prior to placing a trade. In making personal investment decisions with respect to any security, however, extreme care must be exercised by access persons to ensure that the prohibitions of this Code of Ethics are not violated. Further, personal investing by an access person should be conducted in such a manner so as to eliminate the possibility that the access person's time and attention is being devoted to his or her personal investments at the expense of time and attention that should be devoted to management of a client's portfolio.

It bears emphasis that technical compliance with procedures, prohibitions and limitations of this Code of Ethics will not automatically insulate from scrutiny personal securities transactions which show a pattern of abuse by an access person of his or her fiduciary duty to any client of Polaris.

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

III. Legal Requirements

Section 17(j) of the Investment Company Act of 1940, as amended (the "1940 Act"), provides, among other things, that it is unlawful for any affiliated person of Polaris to engage in any act, practice or course of business in connection with the purchase or sale, directly or indirectly, by such affiliated person of any security held or to be acquired by an investment company in contravention of such rules and regulations as the Securities and Exchange Commission (the "Commission") may adopt to define and prescribe means reasonably necessary to prevent such acts, practices or courses of business as are fraudulent, deceptive or manipulative. Pursuant to Section 17(j), the Commission has adopted Rule 17j-1, which states that it is unlawful for any affiliated person of Polaris, in connection with the purchase or sale of a security held or to be acquired (as defined in the Rule) by an investment company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to employ any device, scheme or artifice to defraud a client, which is an investment company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to make to a client, which is an investment company, any untrue statement of a material fact or omit to state to a client a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)to engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon a client, which is an investment company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)to engage in any manipulative practice with respect to a client, which is an investment company.

Rule 17j-1 requires Polaris, as an investment adviser to investment companies (as defined below in Section IV), to adopt a written code of ethics containing provisions reasonably necessary to prevent its access persons from engaging in any of the prohibited conduct referenced above.

In addition, Section 204A of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), requires investment advisers such as Polaris to establish, maintain, and enforce written policies and procedures reasonably designed, taking into consideration the nature of such investment adviser's business, to prevent the misuse in violation of the Advisers Act or the Securities Exchange Act of 1934, or the rules or regulations thereunder, of material, nonpublic information by such investment adviser or any person associated with such investment adviser. Pursuant to Section 204A of the Advisers Act, the Commission has adopted Rule 204A-1, which requires Polaris to establish, maintain and enforce a written code of ethics that, at a minimum, includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)standards of conduct and compliance with federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)personal securities trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)initial public offerings and limited offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)reporting violations of the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)educating employees about the code and obtaining an employee acknowledgement.

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

IV. Definitions

For purposes of this Code of Ethics, the following definitions shall apply:

1. The term "**access person**" shall mean any director, officer or advisory person (as defined below) of Polaris and includes all employees and consultants (as appropriate) of Polaris as well as all employees of Boston Investor Services, Inc. All access persons and designations are listed by name on the Polaris Access persons list, updated annually or as needed.

2. The term "**advisory person**" shall mean: (i) every employee of Polaris (or of any company in a control relationship to Polaris) (a) who makes, participates in, or obtains or has access to information regarding, the purchase or sale of a security (as defined below) by a client, or whose functions relate to the making of any recommendations with respect to such purchases or sales or (b) who has access to nonpublic information regarding the portfolio holdings of a client; and (ii) every natural person in a control relationship to Polaris (a) who obtains information concerning recommendations made to a client with regard to the purchase or sale of a security or (b) who has access to nonpublic information regarding the portfolio holdings of a client.

3. A security is "**being considered for purchase or sale**" when a recommendation to purchase or sell a security has been made and communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation.

4. The term "**beneficial ownership**" shall mean a direct or indirect "pecuniary interest" (as defined in subparagraph (a) (2) of Rule 16a-1 under the Securities Exchange Act of 1934, as amended) that is held or shared by a person directly or indirectly (through any contract, arrangement, understanding, relationship or otherwise) in a security. While the definition of "pecuniary interest" in subparagraph (a) (2) of Rule 16a-1 is complex, the term generally means the opportunity directly or indirectly to provide or share in any profit derived from a transaction in a security. An indirect pecuniary interest in securities by a person would be deemed to exist as a result of: (i) ownership of securities by any of such person's immediate family members sharing the same household (including child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother- or father-in-law, sister- or brother-in-law, and son- or daughter-in-law; (ii) the person's partnership interest in the portfolio securities held by a general or limited partnership; (iii) the existence of a performance-related fee (not simply an asset-based fee) received by such person as broker, dealer, investment adviser or manager to a securities account; (iv) the person's right to receive dividends from a security provided such right is separate or separable from the underlying securities; (v) the person's interest in securities held by a trust under certain circumstances; and (vi) the person's right to acquire securities through the exercise or conversion of a "derivative security" (which term excludes (a) a broad-based index option or future, (b) a right with an exercise or conversion privilege at a price that is not fixed, and (c) a security giving rise to the right to receive such other security only pro rata and by virtue of a merger, consolidation or exchange offer involving the issuer of the first security).

5. The term "**client**" shall mean an entity (natural person, corporation, investment company or other legal structure having the power to enter into legal contracts), which has entered into a contract with Polaris to receive investment management services.

6. The term "**control**" shall mean the power to exercise a controlling influence over the management or policies of Polaris, unless such power is solely the result of an official position

with Polaris, all as determined in accordance with Section 2 (a) (9) of the 1940 Act.

7. The term "**federal securities laws**" shall mean the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the 1940 Act, the Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Commission under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the Commission or the Department of the Treasury.

8. The term "**initial public offering**" shall mean an offering of securities registered under the

Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934.

9. The term "**investment company**" shall mean a management investment company registered as such under the 1940 Act and <u>for which Polaris is the investment adviser or sub-adviser</u> regardless of whether the investment company has entered into a contract for investment management services with Polaris.

10. The term "**investment personnel**" shall mean all portfolio managers of Polaris and other advisory persons who assist the portfolio managers in making investment decisions for a client, including, but not limited to, analysts and traders of Polaris.

11. The term "**limited offering**" shall mean an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) thereof or pursuant to Rule 504, Rule 505, or Rule 506 thereunder.

12. The term "**material nonpublic information**" with respect to an issuer shall mean information, not yet released to the public that would have a substantial likelihood of affecting a reasonable investor's decision to buy or sell any securities of such issuer.

13. The term "**Performance Accounts**" shall mean all clients for which Polaris receives a performance-related fee and in which Polaris is deemed to have an indirect pecuniary interest because of the application of Rule 16a-1(a)(2)(ii)(C) under the Securities and Exchange Act of 1934, as amended, as required by Rule 17j-1 under the 1940 Act.

14. The term "**purchase**" shall include the writing of an option to purchase.

15. The term "**Review Officer**" shall mean the Chief Compliance Officer or President of Polaris

Capital Management, LLC designated by Polaris to receive and review reports of purchases and sales by access persons. The term "Alternate Review Officer" shall mean a designated officer of Polaris Capital Management or a designated officer of Boston Investor Services, Inc. (as designated on the current access persons list) by the President or CCO to receive and review reports of purchases and sales by the Review Officer, and who shall act in all respects in the manner prescribed herein for the Review Officer. If the CCO or President of Polaris Capital Management, LLC respectively wish to enter into a transaction which requires authorization, then one may approve the other or a designated Alternate Review Officer shall act in the role of Review Officer in reviewing and approving the transaction.

16. The term "**sale**" shall include the writing of an option to sell.

17. The term "**security**" shall have the meaning set forth in Section 2 (a)(36) of the 1940 Act, except that it shall not include shares of NON-CLIENT investment companies (which also do not, either

directly or through their underwriters or other investment advisers, control Polaris or are not controlled by or under common control with Polaris), securities issued by the United States government, short-term securities which are "government securities" within the meaning of Section 2 (a)(16) of the 1940 Act, bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements.

V. Substantive Restrictions on Personal Trading Activities

A.<u>Prohibited Activities</u>

While the scope of actions which may violate the Statement of General Principles set forth above cannot be defined exactly, such actions would always include at least the following prohibited activities.

**1.**All **access persons** shall avoid profiting by securities transactions of a short-term trading nature (including market timing) involving shares of an investment company. Transactions which involve a purchase and sale, or sale and purchase, of shares of the same series of an investment company (excluding Money Market Funds and Short Duration Funds or similar short-term fixed income fund) within sixty (60) calendar days shall be deemed to be of a trading nature and thus prohibited unless prior written approval of the transaction is obtained from the Review Officer. This restriction shall also not apply to purchase and sales of shares of an investment company pursuant to an automatic dividend reinvestment plan or automatic investment, exchange or withdrawal plan, which includes purchases of shares of an investment company through automatic contributions to an employer sponsored retirement or employee benefit plan.

2. No **access person** shall, directly or indirectly, purchase or sell securities in such a

way that the access person knew, or reasonably should have known, that such securities transactions compete in the market with actual or considered securities transactions for any client of Polaris, or otherwise personally act to injure any client's securities transactions;

3. No **access person** shall use the knowledge of securities purchased or sold by any client of Polaris or securities being considered for purchase or sale by any client of Polaris to profit personally, directly or indirectly, by the market effect of such transactions;

4. No **access person** shall, directly or indirectly, communicate to any person who is not an access person any material nonpublic information relating to any client of Polaris or any issuer of any security owned by any client of Polaris, including, without limitation, the purchase or sale or considered purchase or sale of a security on behalf or any client of Polaris, except to the extent necessary to effectuate securities transactions on behalf of the client of Polaris;

5. No **access person** shall, directly or indirectly, execute a personal securities transaction within a period of seven (7) calendar days during which a client of Polaris has a pending "buy" or "sell" order in that same or equivalent security until that order is executed or withdrawn;

6. No **access person** shall accept any gift or other thing of more than de minimis value from any person or entity that does business with or on behalf of client;

7. No **access persons** shall serve on the board of directors of any publicly traded company, without prior written authorization and determination by the President of Polaris that the board service would be consistent with the interests of clients. Where board service is authorized, access persons

serving as directors normally should be isolated from those persons making investment decisions through "Chinese Wall" or other procedures. All **access persons** are prohibited from accepting any service, employment, engagement, connection, association or affiliation in or with any enterprise, business of otherwise which is likely to materially interfere with the effective discharge of responsibilities to Polaris and its clients;

8.**All access persons** shall avoid profiting by securities transactions of a trading nature, which transactions are defined as a purchase and sale, or sale and purchase, of the same (or equivalent) securities within sixty (60) calendar days;

9.**All access persons** shall not, directly or indirectly, purchase any security sold in an initial public offering. **Access persons** shall not, directly or indirectly, purchase any security sold in an initial public offering without obtaining prior written approval from the Review Officer;

10.**All access persons** shall not, directly or indirectly, purchase any security issued pursuant to a limited offering without obtaining prior written approval from the Review Officer. All access persons who have been authorized to acquire securities in a private placement must disclose such investment when they are involved in a client's subsequent consideration of an investment in the issuer. In such circumstances, the client's decision to purchase securities of the issuer must be independently reviewed by investment personnel with no personal interest in the issuer;

11.**Investment personnel** shall not recommend any securities transaction on behalf of a client without having previously disclosed any beneficial ownership interest in such securities or the issuer thereof to the Review Officer including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.his or her beneficial ownership of any securities of such issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any contemplated transaction by such person in such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.any position with such issuer or its affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.any present or proposed business relationship between such issuer or its

affiliates and such person or any party in which such person has a significant interest.

Such interested investment personnel may not participate in the decision for the client to purchase and sell securities of such issuer.

12. No **access persons** shall, directly or indirectly, purchase or sell any security or equivalent security in which he or she has, or by reason of such purchase acquires, any beneficial ownership within a period of seven (7) calendar days before and after a client has purchased or sold such security.

B.<u>Exempt Transactions and Conduct</u>

This Code of Ethics shall not be deemed to be violated by any of the following transactions:

1. Purchases or sales for an account over which the access person has no direct or indirect influence or control;

2. Purchases or sales which are non-volitional on the part of the access person;

&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. Purchases which are part of an automatic dividend reinvestment plan;

4. Purchases made by exercising rights distributed by an issuer <u>pro rata</u> to all holders of a class of its securities, to the extent such rights were acquired by the access person from the issuer, and sales of such rights so acquired;

5. Tenders of securities pursuant to tender offers which are expressly conditioned on the tender offer's acquisition of all of the securities of the same class;

6. Purchases or sales for which the access person has received prior written approval from the Review Officer. Prior approval shall be granted only if a purchase or sale of securities is consistent with the purposes of this Code of Ethics and the federal securities laws and the rules thereunder; and

7. Purchases or sales made in good faith on behalf of a client, it being understood by, and disclosed to, each client that Polaris may make contemporaneous investment decisions and cause to be effected contemporaneous executions on behalf of one or more of the clients and that such executions may increase or decrease the price at which securities are purchased or sold for the clients.

C. <u>Independent Director Exemption</u>

Independent directors who would not, in the normal course of performing their duties, be involved in or have knowledge of the firm's day-to-day activities or trading activity, are exempt from the prohibitions set forth in Sections V.A.5 and V.A.7, the preclearance, reporting, certification and other requirements set forth in Sections VI.A - VI.E and VI.I. However, an outside director must report a personal security transaction in accordance with Section VI.D if the outside director knew at the time of the personal security transaction that the security was purchased or sold, or being considered for purchase or sale, for a client account within 15 days before or after the date of the personal security transaction.

VI. Compliance Procedures

A.<u>Ownership of Shares of an Investment Company</u>

Every **access person** who beneficially owns shares of an investment company is required to own such shares either:

**(i)**directly with the investment company in the name of the employee or in the name of an immediate family member (or other person or entity whose direct ownership causes the employee to be deemed to be the beneficial owner of the shares),

**(ii)**through a retirement or employee benefit plan sponsored by a family member's employer to the extent the **access person** is the beneficial owner of the shares as a result of the ownership of the shares by that family member.

Every **access person** is required to notify the Review Officer in writing within thirty (30) days of a list of the persons (other than the employee) who are the record owners of the shares of an investment company which are beneficially owned by the **employee** and the associated account numbers or name of employer sponsoring the retirement or employee

benefit plan. Every **employee** is required to notify the Review Officer in writing within thirty

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30)days of any change to that list, including the addition of new persons to the list. B. <u>Preclearance for Personal Securities Investments</u>

Every **access person** or person with beneficial ownership interest shall be required to submit on Form III their intent to trade for their own account to the Review Officer. The Review Officer will be obligated to determine whether any prohibitions or restrictions apply to the relevant securities and respond to the access persons submitting such intent to trade forms in writing. The Review Officer shall approve or not approve the transactions and will respond in writing within two business days following the date of submission by indicating on the pre-clearance form if the transaction is approved or not approved. If the transaction is approved the trade may be considered "precleared" and the **access person** may execute such "precleared" trade anytime within two business days following the approval. If four business days have elapsed, not including the day the form was submitted, and the access person's trade has not been executed, "preclearance" will lapse and the access person may not trade without violating this preclearance provision. The access person will be required to submit another Form III and have the intended trade "precleared" again.

C.<u>Records of Securities Transactions</u>

1. Upon the discretion and written request of the Review Officer, access persons are required to direct their brokers to supply to Polaris on a timely basis duplicate copies of confirmations of all securities transactions and copies of periodic statements for all securities accounts in which the access person has a beneficial ownership interest. Such brokerage reports may be provided in lieu of the reports required under Paragraph D of this Section VI, provided that such brokerage reports contain all the information required by Paragraph D.2 and are provided within the time period specified in Paragraph D.2.

D.<u>Personal Reporting Requirements</u>

1. Each **access person** shall submit to the Review Officer a report in the form annexed hereto as Form I or in similar form (such as a computer printout), which report shall set forth at least the information described in subparagraph 2 of this Paragraph D as to all securities transactions and any securities accounts opened during each quarterly period, in which such access person has, or by reason of such transactions or new account acquires of disposes of, any beneficial ownership of a security (including, in the case of the account information required under subparagraph D.2.B, securities excepted from the definition of securities in Section IV.17).

Any **access person** who is the beneficial owner of shares of an affiliated investment company which are held through a retirement or employee benefit plan shall submit to the Review Officer a separate report in the form annexed hereto as Form I or in similar form, in addition to the report required by subparagraph 2 of this Paragraph D, which report shall set forth the information described in subparagraph 2 of this Paragraph D <u>solely</u> as to transactions in shares of an affiliated investment company. The **access person** is not required to include in this report transactions in shares of money market funds and short duration funds (or similar short-term fixed income fund) and purchases and sales pursuant to an automatic dividend reinvestment plan or automatic investment, exchange or withdrawal plan, including purchases through automatic contributions to the retirement or employee benefit plan. If no transactions in any investment company shares required to be reported were effected during a quarterly period**,** such **employee** shall submit to Review Officer a report on Form I within the time-frame specified below stating that no reportable securities transactions were

effected.

2. Every report on Form I shall be made not later than thirty (30) days after the end of each calendar quarter in which the transaction(s) to which the report relates was effected and shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>A.</u><u>Transactions in Securities</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;(1)the date of each transaction, the title, the exchange ticker symbol or CUSIP number (as applicable), the interest rate and maturity date (if applicable), the class and number of shares, and the principal amount of each security involved;

&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 nature of each transaction (i.e., purchases, sale or other type of acquisition or disposition);

&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)the price at which each transaction was effected; and

&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 name of the broker, dealer or bank with or through whom each transaction was effected; and

&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)the signature of the employee/access person and the date the report was submitted.

If no transactions in any securities required to be reported were effected during a quarterly period by an **access person** such **access person** shall submit to the Review Officer a report on Form I within the time-frame specified above stating that no reportable securities transactions were effected. However, if an **access person** has provided for the Review Officer to receive all of his or her brokerage statements and confirmations with respect to all accounts over which he or she has beneficial ownership, that **access person** is not required to submit a report indicating there were no reportable securities transactions during that quarterly period.

An access person need not submit a transactions report under this subparagraph D.2.A:

&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)with respect to any securities (including those excepted from the definition of securities in Section IV.17) if the access person has provided for the Review Officer to receive all of his or her brokerage statements and such statements contain all of the information required under this subparagraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>B.</u><u>Securities Accounts Opened</u> (NOTE: This includes accounts holding ANY securities, including those excepted from the definition of securities in Section IV.17.)

&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 name of the broker, dealer or bank with which the access person established the account;

&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 date the account was established; and

&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)the date the report was submitted by the access person.

An **access person** need not submit a report under this Paragraph D:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)with respect to transactions effected for, and securities held in, any account over which the person has no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)with respect to transactions effected pursuant to an automatic investment plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)if the access person has provided for the Review Officer to receive all of his or her brokerage statements and such statements contain all of the information required by this Paragraph D.2 and are submitted within the required time period.

E.<u>Disclosure of Personal Holdings</u>

1. Each **access person** shall submit to Polaris an initial holdings report no later than 10 days after the person becomes an **access person** which contains the following information (with such information current as of a date no more than 45 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The title and type of security, the exchange ticker symbol or CUSIP number (as applicable), the interest rate and maturity date (as applicable), the number of shares and principal amount of each security in which the **access person** had any beneficial ownership when the person became an **access person**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The name of any broker, dealer of bank with whom the **access person** maintained an account in which any securities (including the securities which are excepted from the definition of securities in Section IV.17.) were held for the direct or indirect benefit of the **access person** as of the date the person became an **access person**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The date the report was submitted.

2. Each **access person** shall submit to Polaris annually, a copy of ALL brokerage and custodial statements to be reviewed and recorded by the compliance team.

The annual holdings report should contain the following information (with such information current as of a date no more than 45 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The title, number of shares and principal amount of each security in which the **access person** had any beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The name of any broker, dealer of bank with whom the **access person** maintained an account in which any securities (including the securities which are excepted from the definition of securities in Section IV.17.) were held for the direct or indirect benefit of the **access person**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The date the report was submitted.

If an **access person** is the beneficial owner of shares of an investment company which are held through a retirement or employee benefit plan, the **access person** shall submit to the Review Officer initial and annual holdings reports in the manner set forth above for access persons which disclose the beneficial ownership of shares of an investment company held through the retirement or employee benefit plan. In place of disclosing the name of any broker, dealer or bank with whom the account was maintained, the employee shall disclose the name of the employer sponsoring each

retirement or employee benefit plan in which shares of the investment company are held.

An **access person** need not submit a report under this Paragraph E with respect to securities held in any account over which the person has no direct or indirect influence or control.

F.<u>Reporting of Code Violations</u>

All access persons shall have an obligation to report any suspected or actual violations of this Code of Ethics to Polaris's Chief Compliance Officer who shall address the matter with Polaris's President. If the President of Polaris, after consultation with the Chief Compliance Officer and, as necessary, legal counsel, determines a violation has occurred, he or she shall immediately impose sanctions as set forth in Section VII, inform the client affected and report such sanctions to the client.

G.<u>Review of Reports</u>

1. The Review Officer or the Alternate Review Officer or their designee shall review and initial all reports required by Paragraphs D and E of this Section VI.

2. At the end of each calendar quarter, the Review Officer shall prepare a summary of all transactions by access persons in securities which were purchased, sold, held or considered for purchase or sale by each client during the prior quarter.

3. Both the Review Officer and the Alternate Review Officer shall compare all reported personal securities transaction with completed and contemplated portfolio transactions of the client to determine whether a violation of this Code of Ethics may have occurred. The Review Officer and Alternative Review Officer shall also compare an **access person's** reported personal securities transactions with the holdings disclosed on the **access person's** annual holdings report. Before making any determination that a violation has been committed by any person, the Review Officer shall give such person an opportunity to supply additional explanatory material.

H.<u>Review of Performance Accounts</u>

If Applicable, the Review Officer shall review on a quarterly basis all transactions in securities on behalf of the Performance Accounts that were conducted simultaneously with transactions in the same securities on behalf of other clients.

I.<u>Annual Certification of Compliance</u>

All access persons shall certify annually on the form annexed hereto as Form IV that they (i) have received, read and understand this Code of Ethics and recognize that they are subject hereto, (ii) have complied with the requirements of this Code of Ethics and (iii) will comply with all applicable requirements of this Code of Ethics.

J.<u>Joint Participation</u>

**Access persons** should be aware that a specific provision of the 1940 Act prohibits such persons, in the absence of an order of the Commission, from effecting a transaction in which an investment company is a "joint or a joint and several participants" with such person. Any transaction which suggests the possibility of a question in this area should be presented to legal counsel for review.

K.<u>Investment Company Board Approval and Annual Reports to Board</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;

1. Polaris shall submit this Code of Ethics, and any material changes to this Code of Ethics, to the board of directors of any investment company for approval.

2. No less frequently than annually, Polaris shall submit to the board of directors of any investment company, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)describes any issues arising under this Code of Ethics or related procedures since the last report to the board of directors, including, but not limited to, information about material violations of this Code of Ethics or related procedures and sanctions imposed in response to such material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)certifies that Polaris has adopted procedures reasonably necessary to prevent access persons from violating this Code of Ethics.

L.<u>Sub-contractors</u> and Polaris

Polaris may contract with other firms to provide research and administrative services. Each such sub-contractor is subject to its own Code of Ethics, a copy of which has been made available to Polaris. Each sub-contractor is required to submit quarterly to Polaris a report that there have been no violations of the sub-contractor's Code of Ethics during the most recent calendar quarter. If there have been violations of the sub-contractor's Code of Ethics, the sub-contractor must submit a detailed report of such violations and what remedial action, if any, was taken. If the sub- contractor's violation involved a client of Polaris, such violation will be analyzed by the Review Officer in Section VI F.3. (above); provided, however, that if the sub-contractor is Boston Investor Services, Inc., the analysis of the violation will be done by the President of Polaris.

M.<u>Compliance with Federal Securities Laws</u>

All access persons are required to comply with all federal securities laws applicable to Polaris's business.

VII. SANCTIONS

Any violation of this Code of Ethics shall result in the imposition of such sanctions as Polaris may deem appropriate under the circumstances, which may include, but is not limited to, removal, suspension of demotion from office, imposition of a fine, a letter of censure and/or restitution to the affected client of an amount equal to the advantage the offending person shall have gained by reason of such violation.

The sanction of disgorgement of any profits realized may be imposed for any of the following violations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Violation of the prohibition against All access persons profiting from securities transactions of a trading nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Violation of the prohibition against access persons, directly or indirectly, executing a personal securities transaction on a day during which a client in his or her complex has a pending "buy" or "sell" order; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Violation of the prohibition against portfolio managers, directly or indirectly, purchasing

or selling any security in which he or she has, or by reason of such purchase acquired, any beneficial ownership within a period of seven (7) calendar days before and after a client has purchased or sold such security.

VIII. RECORDKEEPING REQUIREMENTS

Polaris shall maintain and preserve in an easily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.a copy of the Code of Ethics (and any prior code of ethics that was in effect at any time during the past five years) for a period of five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.a record of any violation of this Code of Ethics and of any action taken as a result of such violation for a period of five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.a copy of each report (or computer printout) submitted under this Code of Ethics for a period of five years, only those reports submitted during the previous two years must be maintained and preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.a copy of each report to the board of directors of any investment company made under Paragraph K of Section VI; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.a list of all persons who are, or within the past five years were, required to make reports pursuant to this Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.the names of each person who is serving or who has served as Review Officer or Alternative Review Officer within the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.a record of all written acknowledgments made under Section VI.I;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.a record of every decision and the reasons supporting it under Section VI.B to approve the acquisition of securities by an access person in any initial public offering or limited offering.

IX. MISCELLANEOUS

A.<u>Confidentiality</u>

All information obtained from any access person hereunder shall be kept in strict confidence by Polaris, except that reports of securities transaction hereunder will be made available to the Commission or any other regulatory or self-regulatory organization to the extent required by law or regulation.

B.<u>Notice to Access Persons</u>

The CCO shall identify all persons who are considered to be "access persons," "investment personnel" and "portfolio managers," inform such persons of their respective duties and provide such persons with copies of this Code of Ethics.

**<u>ADDENDUM A</u>**

**<u>Whistleblower Policy</u>**

Employees must immediately report illegal or unethical behavior to a member of management or the CCO.

Employees should also be supported to report illegal, unethical or inappropriate business practices or conduct or violations of PCM's compliance policies without concern for retribution or retaliation. All complaints made to the CCO will be kept anonymous if requested and will be investigated.

Reports will be treated confidentially to the extent reasonably possible.

PCM will not discharge, demote, suspend, threaten, harass or in any manner discriminate against any employee in the terms and conditions of employment because of a report of misconduct by others made in good faith. Employees are expected to cooperate in internal investigations of misconduct.

The CCO or outside counsel of PCM will report material violations referenced herein to PCM's President and to the Board of Directors of PCM (or a committee thereof).

**<u>Bribery and Corruption</u>**

There are strict laws that govern providing gifts and entertainment, including meals, transportation and lodging, to public officials. All employees are prohibited from providing gifts or anything of value to public officials or their employees or members of their families in connection with the Company's business for the purpose of obtaining or retaining business or a business advantage. As an extension of PCM's existing gifts and entertainment policy and charitable giving procedures, PCM employees, officers, directors or representatives are prohibited from offering or giving anything of value, directly or indirectly to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)public officials – if the intention is to influence the official and obtain; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)persons in the private sector – if the purpose is to induce such persons to perform (or reward them for performing) a relevant function or activity improperly.

It is strictly prohibited to make illegal payments to public officials of any country for the purpose of obtaining or retaining business or an advantage in the course of business conduct.

Charitable contributions can give rise to breaches of anti-bribery laws. Guidance on these issues is set out in PCM's **<u>Gift Policy</u>** under <u>Solicitation of Charitable Contributions</u>

Additionally, many laws govern the limitations and/or prohibitions on contributions to political candidates and parties, as well as the employment of former governmental personnel. Guidance regarding political contributions is contained in PCM's **<u>Pay to Play Policy</u>**.

All employees are required quarterly, on the quarterly trading report, to acknowledge that they are prohibited from providing gifts or anything of value to public officials or their employees or members of their families in connection with the Company's business for the purpose of obtaining or retaining business or a business advantage.

**<u>Conflicts of Interest</u>**

Employee obligation to conduct the Company's business in an honest and ethical manner includes the ethical handling of actual, apparent and potential conflicts of interest between personal and business relationships.

A "Conflict of Interest" may arise under various circumstances. A Conflict of Interest arises when a person's private interest interferes, or even appears to interfere, in some way with the interests of the Company. A conflict situation can arise when an employee, officer or director, or his or her immediate family members sharing the same household takes actions or has interests that may make it difficult to perform his or her Company work objectively and effectively. Conflicts of Interest arise when an employee, officer or director, or members of his or her immediate family members sharing the same household, receives improper personal benefits as a result of his or her position in the Company. Loans to, or guarantees of obligations of, employees, directors or their immediate family members, or members sharing the same household, may create conflicts of interest.

Conflicts of Interest also arise when a PCM employee, officer or director works in some manner for a competitor, client or vendor. Thus, you are not allowed to work for a competitor, client or vendor of PCM as a consultant or board member or in any other capacity, except as approved in writing by PCM's President & CCO. In addition, potential Conflicts of Interest may arise between the interests of PCM on the one hand and the interests of one or more of its clients on the other hand. As an investment adviser and fiduciary, PCM has a duty to act solely in the best interests of its clients and to make full and fair disclosure to its clients.

Conflicts of Interest may not always be clear-cut and it is not possible to describe every situation in which a conflict of interest may arise. Annually, all employees of PCM are required to complete the PCM Annual Questionnaire aimed at uncovering possible conflicts of interest. This questionnaire is reviewed by the CCO and will be followed up with further questions if a potential conflict is apparent or perceived. If you have a question, you should consult your supervisor, the Company's President, outside counsel or the CCO. Any employee, officer or director who becomes aware of a conflict or potential conflict should bring it to the attention of a supervisor, manager or the CCO.

All employees are required quarterly, on the quarterly trading report, to acknowledge that it is their obligation as an employee of PCM to conduct the company's business in an honest and ethical manner including the ethical handling of actual, apparent and potential conflicts of interest between personal and business relationships and to make full and fair disclosure to clients of any possible conflict of interest. They acknowledge that if they become aware of a conflict or potential conflict, or if they are unsure as to what might constitute a conflict, they will bring it to the attention of the President or CCO.

Last reviewed and updated:

December 2022

## Ex-99

![](gagz4pdknq5gbx8tb9vdw.jpg)

(p)(7)

**VANECK**

**CODE OF ETHICS**

**AND**

**CODE OF BUSINESS CONDUCT**

**Effective: April 1, 2016**

**Updated: August 29, 2022**

![](g0cwz49eytrwm3k9dbk63.jpg)

**TABLE OF CONTENTS**

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

---

| | | |
|:---|:---|:---|
| [**I. GENERAL POLICY STATEMENT**](#page_4)[......................................................................................................](#page_4) | [**I. GENERAL POLICY STATEMENT**](#page_4)[......................................................................................................](#page_4) | [4](#page_4) |
| [1.](#page_4) | &nbsp;&nbsp;[**Adoption of the Code**](#page_4)[...........................................................................................................................](#page_4) | [4](#page_4) |
| [2.](#page_4) | &nbsp;&nbsp;[**Standards of Business Conduct**](#page_4)[..........................................................................................................](#page_4) | [4](#page_4) |
| [**II. CODE OF ETHICS**](#page_6)[................................................................................................................................](#page_6) | [**II. CODE OF ETHICS**](#page_6)[................................................................................................................................](#page_6) | [6](#page_6) |
| [**PERSONAL SECURITIES TRANSACTIONS POLICY**](#page_6)[.......................................................................](#page_6) | [**PERSONAL SECURITIES TRANSACTIONS POLICY**](#page_6)[.......................................................................](#page_6) | [6](#page_6) |
| [1.](#page_6) | &nbsp;&nbsp;[**Introduction**](#page_6)[..........................................................................................................................................](#page_6) | [6](#page_6) |
| [2.](#page_6) | &nbsp;&nbsp;[**Reportable Accounts**](#page_6)[............................................................................................................................](#page_6) | [6](#page_6) |
| [3.](#page_7) | &nbsp;&nbsp;[**Non-Reportable**](#page_7)[**Accounts**](#page_7)[...................................................................................................................](#page_7) | [7](#page_7) |
| [4.](#page_8) | &nbsp;&nbsp;[**Administration and Reporting Requirements**](#page_8)[...................................................................................](#page_8) | [8](#page_8) |
| [**4.1. Designated Brokers**](#page_8)[...............................................................................................................................](#page_8) | [**4.1. Designated Brokers**](#page_8)[...............................................................................................................................](#page_8) | [8](#page_8) |
| [**4.2. Initial Certification and Account Report**](#page_9)[............................................................................................](#page_9) | [**4.2. Initial Certification and Account Report**](#page_9)[............................................................................................](#page_9) | [9](#page_9) |
| [**4.3. New Account Reporting**](#page_10)[......................................................................................................................](#page_10) | [**4.3. New Account Reporting**](#page_10)[......................................................................................................................](#page_10) | [10](#page_10) |
| [**4.4. Quarterly Certification and Account Report**](#page_10)[...................................................................................](#page_10) | [**4.4. Quarterly Certification and Account Report**](#page_10)[...................................................................................](#page_10) | [10](#page_10) |
| [**4.5. Annual Certification and Account Report**](#page_11)[........................................................................................](#page_11) | [**4.5. Annual Certification and Account Report**](#page_11)[........................................................................................](#page_11) | [11](#page_11) |
| [5.](#page_12) | &nbsp;&nbsp;[**Exempt Securities**](#page_12)[...............................................................................................................................](#page_12) | [12](#page_12) |
| [6.](#page_12) | &nbsp;&nbsp;[**Exempt Transactions**](#page_12)[.........................................................................................................................](#page_12) | [12](#page_12) |
| [7.](#page_13) | &nbsp;&nbsp;[**Prohibited Transactions in Reportable Accounts**](#page_13)[...........................................................................](#page_13) | [13](#page_13) |
| [8.](#page_14) | &nbsp;&nbsp;[**Pre-Clearance**](#page_14)[**Requirements**](#page_14)[............................................................................................................](#page_14) | [14](#page_14) |
| [9.](#page_16) | &nbsp;&nbsp;[**Blackout Periods**](#page_16)[................................................................................................................................](#page_16) | [16](#page_16) |
| [9.1. De Minimis Transactions Exempt from the Blackout Periods](#page_17)[......................................................](#page_17) | [9.1. De Minimis Transactions Exempt from the Blackout Periods](#page_17)[......................................................](#page_17) | [17](#page_17) |
| [**10. Private Placements (Limited Offerings)**](#page_18)[........................................................................................](#page_18) | [**10. Private Placements (Limited Offerings)**](#page_18)[........................................................................................](#page_18) | [18](#page_18) |
| [11.](#page_19) | &nbsp;&nbsp;&nbsp;&nbsp;[**Short-Term**](#page_19)[**Trading Restrictions**](#page_19)[..................................................................................................](#page_19) | [19](#page_19) |
| [**III. ADMINISTRATION AND ENFORCEMENT OF THE CODE**](#page_21)[....................................................](#page_21) | [**III. ADMINISTRATION AND ENFORCEMENT OF THE CODE**](#page_21)[....................................................](#page_21) | [21](#page_21) |
| [1.](#page_21) | &nbsp;&nbsp;[**Violations of the Code and Sanctions**](#page_21)[...............................................................................................](#page_21) | [21](#page_21) |
| [2.](#page_21) | &nbsp;&nbsp;[**Reporting of Violations**](#page_21)[......................................................................................................................](#page_21) | [21](#page_21) |
| [3.](#page_21) | &nbsp;&nbsp;[**Annual Reports to the Boards**](#page_21)[...........................................................................................................](#page_21) | [21](#page_21) |
| [4.](#page_22) | &nbsp;&nbsp;[**Amendments to the Code**](#page_22)[..................................................................................................................](#page_22) | [22](#page_22) |
| [5.](#page_22) | &nbsp;&nbsp;[**Questions Concerning the Code**](#page_22)[........................................................................................................](#page_22) | [22](#page_22) |
| [6.](#page_22) | &nbsp;&nbsp;[**Books and Records**](#page_22)[.............................................................................................................................](#page_22) | [22](#page_22) |
| [**IV. CODE OF BUSINESS CONDUCT**](#page_23)[....................................................................................................](#page_23) | [**IV. CODE OF BUSINESS CONDUCT**](#page_23)[....................................................................................................](#page_23) | [23](#page_23) |
| [1.](#page_23) | &nbsp;&nbsp;[**Statement of General Fiduciary Principles**](#page_23)[......................................................................................](#page_23) | [23](#page_23) |
| [2.](#page_23) | &nbsp;&nbsp;**[Compliance with Governing Laws, Regulations and Procedures](#page_23)[.................................................](#page_23)** | [23](#page_23) |
|  |  | Page 2 |

---

![](gpnkvcxdnmk4u7j0xkz0f.jpg)

---

| | | |
|:---|:---|:---|
| [3.](#page_24) | [**Insider Trading**](#page_24)[..................................................................................................................................](#page_24) | [24](#page_24) |
| [4.](#page_24) | [**Corporate Opportunities**](#page_24)[...................................................................................................................](#page_24) | [24](#page_24) |
| [5.](#page_24) | [**Confidentiality**](#page_24)[....................................................................................................................................](#page_24) | [24](#page_24) |
| [6.](#page_25) | [**Anti-Corruption**](#page_25)[.................................................................................................................................](#page_25) | [25](#page_25) |
| [7.](#page_25) | [**Gifts and Entertainment**](#page_25)[....................................................................................................................](#page_25) | [25](#page_25) |
| [8.](#page_25) | [**Political Contributions**](#page_25)[.......................................................................................................................](#page_25) | [25](#page_25) |
| [9.](#page_25) | **[Charitable Donations at the Requests of Clients or Prospective Clients](#page_25)[......................................](#page_25)** | [25](#page_25) |
| [10.](#page_26) | [**Outside Business Activities**](#page_26)[.............................................................................................................](#page_26) | [26](#page_26) |
| [11.](#page_26) | [**Conflicts of Interest**](#page_26)[.........................................................................................................................](#page_26) | [26](#page_26) |
| [**V. DEFINITIONS**](#page_27)[......................................................................................................................................](#page_27) | [**V. DEFINITIONS**](#page_27)[......................................................................................................................................](#page_27) | [27](#page_27) |

---

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

![](gymuz9t8cygzop96cs0n7.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. GENERAL POLICY STATEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Adoption of the Code

This Code of Ethics and Code of Business Conduct (the "Code") is adopted by the entities set forth below and is applicable to such entities and their Access Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Van Eck Associates Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Van Eck Securities Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Van Eck Absolute Return Advisers Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•VanEck (Europe) GmbH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•MarketVector Indexes GmbH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•VanEck Asset Management UK Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•VanEck ETP AG

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•VanEck Switzerland AG

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•VanEck Investment Management (Shanghai) Co., Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•VanEck Private Fund Management (Shanghai) Co., Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Van Eck Global Asset Management (Asia) Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•VanEck Australia Pty Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•VanEck Investments Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•VanEck Digital Assets Alpha GP, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•VanEck Digital Assets GP, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•VanEck Singapore Pte. Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•VanEck Asset Management B.V.

(Each of the foregoing entities is hereinafter referred to individually as a VanEck Entity and collectively as "VanEck".)

Capitalized terms not otherwise defined in the text of the Code shall have the meanings set forth in the "Definitions" section of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Standards of Business Conduct

The Code sets forth the standards of business conduct for VanEck and each Access Person. It is based on the principle that VanEck owes a fiduciary duty of undivided loyalty to each Client. As such, VanEck and each Access Person must avoid transactions, activities and relationships that might interfere or appear to interfere with making decisions that are in the best interests of Clients. In general, VanEck and each Access Person are required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.conform to the ethical standards set forth in the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.comply with all applicable laws, rules and regulations, including, but not limited to the Federal Securities Laws;

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

![](gvrc8m1fjjbsbkq43tkmi.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;iii.avoid actual or potential conflicts of interest and fully disclose all material facts concerning any actual or potential conflicts of interest that may arise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.put the interests of Clients first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.ensure that all personal securities transactions are conducted consistent with the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.not abuse a position of trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii.not take inappropriate advantage of their positions.

The Code is intended to prevent certain practices by Access Persons in connection with the purchase or sale, directly or indirectly, by such persons of Securities Held or to be Acquired by a Client. Accordingly, an Access Person may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)employ any device, scheme or artifice to defraud a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)make any untrue statement of a material fact to a Client or omit to state a material fact necessary in order to make the statements made to the Client, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)engage in any act, practice or course of business that operates or would operate as a fraud or deceit on a Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)engage in any manipulative practice with respect to a Client.

The Code is designed to comply with the regulatory requirements of Section 17(j) of the 1940 Act and the rules thereunder and Rule 204A-1 under the Advisers Act, and is also intended to prohibit activities that would violate certain fiduciary duties owed by VanEck to its Clients pursuant to

Section 206 of the Advisers Act.

The Code sets forth the minimum standards of business conduct believed appropriate for VanEck and each Access Person. **Technical compliance with the provisions of the Code will not insulate your actions from scrutiny for evidence of abuse of your duties under the Code.**

If you are confronted with a potential or apparent conflict of interest, you should consult the VanEck Compliance department (the "Compliance Department") for advice concerning the propriety of your actions, and obtain prior approval, if required. All discussions will be treated as confidential.

The CCO or designee will review all reports submitted by Access Persons pursuant to the Code and may exempt an Access Person from any of the requirements hereunder if she or he determines such an exemption would not have a material adverse effect on any Client and provided it is in compliance with all applicable laws.

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

![](go1o5kg5xdo5jcsk7ald7.jpg)

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

II. CODE OF ETHICS

**PERSONAL SECURITIES TRANSACTIONS POLICY**

1. Introduction

Access Persons must conduct all of their personal investment transactions in full compliance with the Code, the VanEck Insider Trading Policy and other VanEck policies and procedures which are designed to prevent and detect inappropriate personal trading practices and activities by Access Persons. The primary objective of the Code and such policies and procedures is to have each Access Person adhere to insider trading prohibitions and observe the duty to place the interests of Clients ahead of their own personal investment interests. The requirements regarding personal securities transactions contained in the Code are designed to avoid potential or actual conflicts of interest or the appearance of impropriety that may arise when engaging in purchasing or selling personal securities and other financial instruments that are being held in or may be acquired by a Client account.

2. Reportable Accounts

Access Persons are required to report all **Reportable Accounts**, which consist of **Personal Accounts and Related Accounts**, that hold or may acquire a Covered Security in which the Access Person has a Beneficial Ownership interest, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Personal Accounts

oAny account in the Access Person's individual name;

oAny joint tenant-in-common account in which the Access Person has an interest or is a participant; and

o Any account for which the Access Person acts as a trustee, executor, or custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Related Accounts

o Any Immediate Family Account[<sup>1</sup>](#page_6); and

o Any account over which the Access Person has **investment discretion or has the power** (whether or not exercised) **to direct the acquisition or disposition** of Covered Securities (including securities of Reportable Funds), including the accounts of any individual that is managed or controlled directly or indirectly by an Access Person or through an Access Person, such as the account of an investment club to which the Access Person belongs or an account for a charitable organization in which the Access Person can influence or make investment decisions.

**Types of Reportable Accounts include, but are not limited to:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•401(k) accounts with a brokerage capabilities option activated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Mutual fund accounts with brokerage capabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•529 Plans with brokerage capabilities

1For Australian Based Access Persons see Exemption for Immediate Family Members under separate section in the CodePage. 6

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

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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;&nbsp;&nbsp;&nbsp;&nbsp;•Brokerage accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•IRAs with brokerage capabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Roth IRAs with brokerage capabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On-Line Lending Platforms (in which the Access Person is an investor, not a borrower) Employee Stock Purchase Plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An account that can hold a mutual fund or security that is managed by a VanEck Entity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any account that holds or may acquire a Covered Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Australian Managed Investment Schemes held in an account that has brokerage capabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Non-Reportable** Accounts

**<u>All Access Persons</u>**

The accounts listed below are considered to be Non-Reportable Accounts and are not subject to the reporting requirements set forth in the Code. Evidence that an account is a Non-Reportable Account must be provided by the Access Person to the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Fully Discretionary Account** - a Personal Account or Related Account managed or held by a broker-dealer, bank, futures commission merchant, On-Line Lending Platform (in which the Access Person is an investor, not a borrower), investment adviser, trustee and/or other similar party who has full discretion to manage such account where the Access Person (a) has no authority to exercise any investment discretion over the account; (b) has no authority to suggest or receive notice of transactions prior to their execution in the account; and (c) does not otherwise have any direct or indirect influence or control over the account.

oIn addition, to qualify as a Fully Discretionary Account, the individual broker, registered representative, merchant or trustee responsible for the account must not be responsible for nor receive advance notice of any Purchase or Sale of a Covered Security on behalf of a Client account.

oTo qualify an account as a Fully Discretionary Account, the CCO or designee must receive and approve a form submitted through the Compliance System or written notice via email, if the Compliance System is not available, which demonstrates that the account meets the foregoing qualifications as a Fully Discretionary Account.[<sup>2</sup>](#page_7)

oIndependent verification is required to be obtained from the discretionary manager and confirmed periodically thereafter.

oWhen discretionary management, as described above, ceases to exist, the Access Person is required to report the change in status of the account immediately to the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any account that trades only Exempt Securities (as defined herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•VanEck 401(k) accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•BVV – Private Bank Retirement Fund for Financial Industry Employees for which the Access Person has no investment discretion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•German Lawyers Fund for which the Access Person has no investment discretion.

If you are unsure whether an account is required to be reported, please contact the Compliance Department for guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•**<sup>2</sup> Australian Superannuation accounts for which the Access Person has no investment discretion are fully discretionary accounts. Page 7

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**<u>Australian Based Access Persons</u>**

Due to various industry practices and customs in Australia, the personal trade and monitoring policies relating to an Access Person living and working in Australia ("Australian Access Person") are modified herein with respect to their application to an Immediate Family Account of an Australian Access Person.

An Immediate Family Account: a) over which an Australian Access Person has no direct influence or control; or b) in which an Australian Access Person has no Beneficial Ownership interest is excluded from the pre-clearance requirements of Section 8 of the Code and short-term trading requirements of Section 11 of the Code for Covered Securities. One exception relates to **investments in any pooled investment vehicles sponsored by a VanEck Entity.** Investments by all Australian Access Persons and their Immediate Family Members in pooled investment vehicles sponsored by a VanEck Entity must also comply with the blackout periods under the Code that govern investments in such vehicles. Transactions in VanEck Sponsored products by an Australian Based Immediate Family Member must be reported on a quarterly basis to the CCO or designee.

The following are the only reporting requirements that apply to Immediate Family Accounts. Of an Australian Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Australian Access Person must provide a quarterly certification through the Compliance System or via email, if the Compliance System is not available, to the CCO or designee stating that there has not been and will not be any sharing of confidential information regarding VanEck's activity by the Australian Access Person with any Immediate Family Member that could potentially be used in trading securities for the Immediate Family Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.That he or she has communicated to the Immediate Family Member the Blackout Periods and restrictions imposed on trading pooled investment vehicles sponsored by a VanEck Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Administration and Reporting Requirements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.Designated Brokers**

VanEck has selected certain broker-dealers as "Designated Brokers". The Compliance Department receives automated trade confirmations and/or account statements directly from these broker-dealers, thereby eliminating the need for an Access Person or broker-dealer to submit copies of these documents in paper format. The Compliance Department maintains the list of Designated Brokers.

Access Persons located in the United States are required to establish any new Reportable Account(s) with a Designated Broker. Existing Reportable Accounts of U.S. Access Persons at non-Designated Brokers may be grandfathered in, provided Access Persons submit to the Compliance Department through the Compliance System or via email, if the Compliance System is not available. A quarterly transaction report must be provided within 30 days following the end of each calendar quarter, and a holdings report must be provided within 45 calendar days of the end of each calendar year. All new U.S. Access Persons must maintain all Reportable Accounts with a Designated Broker and must transfer their Reportable Account(s) to a Designated Broker within a reasonable period from their initial commencement of employment.

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Certain exceptions may be granted as determined by the CCO or designee. Access Persons must submit a request for an exception in writing to the CCO or designee in advance prior to opening a Reportable Account with a non-Designated Broker. If the circumstances of the non-Designated Broker account change in any way, it is the Access Person's responsibility to notify the Compliance Department immediately. The nature of the change may cause the exception to be revoked. An Access Person may not assume that because an exception was granted in one instance that an Access Person will be permitted to open a new account with the same or another non-Designated Broker.

Non-U.S. Access Persons may maintain their Reportable Account(s) with a non-Designated Broker, provided that they submit to Compliance through the Compliance System or via email, if the Compliance System is not available, a quarterly transaction report within 30 days following the end of each calendar quarter, and a holdings report within 10 calendar days of becoming an Access Person and thereafter, within 45 calendar days of the end of each calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. Initial Certification and Account Report

Each Access Person will be provided with a copy of the Code when hired by a VanEck Entity.

Within 10 days of becoming an Access Person, such Access Person is required to do the following through the Compliance System or via email, if the Compliance System is not available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Certify to his or her receipt and understanding of and compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Certify to his or her Reportable Accounts by including the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&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)The name of each broker-dealer, bank, futures commission merchant, On-Line Lending Platform (in which the Access Person is an investor, not a borrower), investment adviser, trustee and/or other similar party that maintains Reportable Accounts for the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)The account number for each Reportable Account that holds or may acquire a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Submit an initial holdings certification and report ("Initial Certification") through the Compliance System or via email, if the Compliance System is not available, which:

&nbsp;&nbsp;&nbsp;&nbsp;&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)Identifies the Covered Securities (including private placement investments) in which the Access Person had any Beneficial Ownership that were held directly with an issuer (e.g. direct stock purchase plans; or accounts held with open-end mutual funds that a VanEck Entity advises or sub-advises);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Provides the following details about each Covered Security in which the Access Person had any Beneficial Ownership when the person became an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The title and type, and as applicable the exchange ticker symbol or CUSIP number, the interest rate and maturity date, the number of shares and the principal amount of each such Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Includes the name of each broker-dealer, bank, futures commission merchant, On-Line Lending Platform (in which the Access Person is an investor, not a borrower), investment adviser, trustee and/or other similar party with whom the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Includes the date that the Initial Certification is submitted by the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e)Includes information that is current as of a date no more than 45 days prior to commencing employment or becoming subject to the Code.

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Provide copies of the account statements[<sup>3</sup>](#page_10)showing the holdings detailed in the Initial Certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Submit the Fully Discretionary Account Disclosure Form, if applicable, through the Compliance System or via email, if the Compliance System is not available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.New Account Reporting**

An Access Person is required to obtain **PRE-APPROVAL**[<sup>4</sup>](#page_10)from the Compliance Department before opening a Reportable Account. An Access Person is required to request pre-approval for this account through the Compliance System or via email, if the Compliance System is not available, and identify it as a new account. The Compliance Department will review the request and, if approved, will issue a letter in accordance with FINRA Rule 3210 to the broker-dealer requesting this document..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. Quarterly Certification and Account Report[<sup>5</sup>](#page_10)

Within 30 days after the end of a calendar quarter, each Access Person is required to do the following through the Compliance System or via email, if the Compliance System is not available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Certify to his or her understanding of and compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Affirm that all Reportable Accounts and all transactions in Covered Securities (including private placement investments), have been reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Submit a quarter end statement[<sup>6</sup>](#page_10)that provides the following details about any transaction in a Reportable Account that occurred during the quarter for which the Compliance Department does not get an electronic feed:

&nbsp;&nbsp;&nbsp;&nbsp;&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) The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, the interest rate and maturity date, the number of shares and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The nature of the transaction (i.e., purchase, sale, or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The name of the broker-dealer, bank, futures commission merchant, On-Line Lending Platform (in which the Access Person is an investor, not a borrower), investment adviser, trustee and/or other similar party with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Submit a quarter end holdings[<sup>7</sup>](#page_10)report which:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Identifies the Covered Securities in which the Access Person had any Beneficial Ownership that were held directly with an issuer (e.g. direct stock purchase plans; or accounts held with open-end mutual funds that a VanEck Entity advises or sub-advises);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Submit a quarter end statement that provides the following details with respect to any account established by the Access Person in which any securities were held during the quarter for the direct

3For private placement investments an account statement is required to the extent it is available.

4Pre-Approval is deemed to be notification within 3 business days of opening or prior to funding and/or transacting in the account if less than 3 business days.

5The year-end certification will serve as both the year-end and fourth quarter certification.

6For private placement investments a quarter end statement is required to the extent it is available.

7Australian Based Access Persons are only required to submit annual holdings report as of June 30 of the year being requestedPage 10.

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or indirect benefit of the Access Person for which the Compliance Department does not get an electronic feed:

&nbsp;&nbsp;&nbsp;&nbsp;&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)The name of the broker-dealer, bank, futures commission merchant, On-Line Lending Platform (in which the Access Person is an investor, not a borrower), investment adviser, trustee and/or other similar party with whom the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)The date the account was established, if it was opened during the quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. Annual Certification and Account Report

Within 30 days after the end of a calendar year, each Access Person is required to do the following through the Compliance System or via email, if the Compliance System is not available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Certify to his or her receipt and understanding of and compliance with the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Certify to his or her Reportable Accounts by including the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&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.The name of each broker-dealer, bank, futures commission merchant, On-Line Lending Platform (in which the Access Person is an investor, not a borrower), investment adviser, trustee and/or other similar party that maintains a Reportable Account for the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The account number for each Reportable Account that holds or may acquire a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Submit a year end holdings certification ("Annual Certification")[<sup>8</sup>](#page_11)through the Compliance System or via email, if the Compliance System is not available, which:

&nbsp;&nbsp;&nbsp;&nbsp;&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.Identifies the Covered Securities (including private placement investments) in which the Access Person had any Beneficial Ownership that were held directly with an issuer (e.g. direct stock purchase plans; or accounts held with open-end mutual funds that a VanEck Entity advises or sub-advises);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Provides the following details about each Covered Security in which the Access Person had any Beneficial Ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The title and type, and as applicable the exchange ticker symbol or CUSIP number, the interest rate and maturity date, the number of shares and the principal amount of each such Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Includes the name of any broker-dealer, bank, futures commission merchant, On-Line Lending Platform (in which the Access Person is an investor, not a borrower), investment adviser, trustee and/or other similar party with whom an Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Includes the date that the Annual Certification is submitted by the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Includes information that is current as of a date no more than 45 days prior to the date the Annual Certification is submitted.

8Australian Based Access Persons are only required to submit annual holdings report as of June 30 of the year being requestedPage 11.

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The following types of transactions are **NOT** subject to the pre-clearance requirements under the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Provide copies of the account statements[<sup>9</sup>](#page_12)showing the holdings detailed in the Annual Certification. If Reportable Accounts are maintained at a Designated Broker with an electronic feed, such statements will be received directly by the Compliance Department.[<sup>10</sup>](#page_12)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Re-Confirm that each of the Access Person's Fully Discretionary Accounts, if any, meet the requisite qualifications for being a Non-Reportable Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Exempt Securities

The following securities are not "Covered Securities" under the Code and are deemed to be "Exempt Securities". Access Persons and their Reportable Accounts may engage in transactions in any Exempt Security without obtaining pre-clearance.

&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)Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Bankers' acceptances, bank certificates of deposit, commercial paper and high quality, short- term debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Shares issued by open-end investment companies (mutual funds) registered under the 1940 Act other than Reportable Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Forwards on currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Futures on currencies (except Bitcoin and Ethereum futures);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Futures on interest rates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Shares issued by money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Exempt Transactions

Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Trading in Exempt Securities as defined in the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Trading in Fully Discretionary Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Non-volitional transactions: Purchases and sales of Covered Securities in accordance with a pre-set amount or pre-determined schedule effected through an Automatic Investment Plan or dividend reinvestment plan ("DRIP"). This includes the automatic reinvestment of dividends, income or interest received from a Covered Security in such plans or any other type of account;

**Note: The initial pre-set amount and/or pre-determined schedule and subsequent purchase or sale of Covered Securities OUTSIDE of the pre-set amount and/or pre-determined schedule must be pre-cleared.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Purchases of Covered Securities by **mandatory** exercise of rights issued to the holders of a class of Covered Securities pro-rata, to the extent they are issued with respect to Covered Securities of which Access Persons have Beneficial Ownership;

9For private placement investments an account statement is required to the extent it is available.

10Compliance maintains the right to request paper statements from the Access Person irrespective of whether or not electronic Page 12copies are received directly from the broker.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Acquisitions or dispositions of Covered Securities as the result of a stock dividend, stock split, reverse stock split, merger, consolidation, spin-off or other similar corporate distribution or reorganization applicable to holders of a class of Covered Securities of which Access Persons have Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Automatic exercise or liquidation by a stock exchange of an "in-the-money" derivative instrument upon expiration which results in the delivery of Covered Securities pursuant to a written option that is exercised against an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Covered Securities received by an Access Person as a gift.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Prohibited Transactions in Reportable Accounts

An Access Person may not engage in the following transactions involving Covered Securities in the Access Person's Reportable Accounts unless an exemption is granted by the CCO or designee.

**Public Offerings**

Public offerings give rise to potential conflicts of interest since such offerings are generally offered to investors who have relationships with the underwriters involved in the offerings. In order to limit the opportunity for an Access Person to profit from his/her position with VanEck, the following restrictions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**IPOs**

Access Persons and accounts in which the Access Person has Beneficial Ownership are prohibited from investing in equity and equity-related securities in IPOs, in any jurisdiction, whether or not VanEck is participating in the offering on behalf of a Client account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Secondary Offerings**

Access Persons and accounts in which the Access Person has Beneficial Ownership are prohibited from trading in secondary offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Debt Offerings**

Access Persons and accounts in which the Access Person has Beneficial Ownership are prohibited from trading in a new debt offering, unless it is deemed to be an Exempt Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Derivative Instruments**

Access Persons and accounts in which the Access Person has Beneficial Ownership are prohibited from investing in derivative instruments, with the exception of permissible option transactions; fully hedged options, or unless as otherwise permitted under the Code.

Permissible Options Transactions and Fully Hedged Options include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Selling a Call **<u>or</u>** Buying a Put with a 30 day or greater expiration at time of purchase or sale if at the time of purchase or sale account is long the underlying;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Selling a Put with a 30 day or greater expiration at time of sale; If put gets automatically exercised prior to 30 days, the underlying security will need to be held for 30 days calculated from the date of the put transaction was sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Buying a Call with a 30 day or greater expiration at time of purchase;

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

![](ga5lkzr2aua737guwadnq.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;&nbsp;&nbsp;&nbsp;&nbsp;4.Selling a Put and Buying a Call, each with a 30 day or greater expiration at time of sale or purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Buying a Put and Selling a Call, each with a 30 day or greater expiration at time of purchase or sale; if at the time of purchase or sale, the account is long the underlying.

**Option transactions that would circumvent the intent of the holding period or that would lead to net short exposure to the underlying stock are prohibited.**

**Firm Wide Restricted List**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•VanEck, from time to time, may restrict Access Persons from trading in certain Covered Securities in their Reportable Accounts to enhance an information barrier by preventing the appearance of impropriety in connection with trading, or preventing the use or appearance of use of inside information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Unless granted an exemption by the CCO or designee, Access Persons are prohibited from trading any Covered Securities on the Firm wide restricted list in their Reportable Accounts.

**Short Sales or Margin Transactions**

Access Persons are prohibited from engaging in short sales because accounts may be "frozen" or subject to a forced close out because of the general restrictions that apply to personal transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Pre-Clearance Requirements

Access Persons are required to pre-clear **<u>all</u>** transactions in Covered Securities in which they have Beneficial Ownership through the Compliance System, or via email, if the Compliance System is not available, with the exception of those outlined in the section of the Code entitled: "Exempt Transactions".

**Note: Transactions subject to the De Minimis Exceptions as set forth in the Code are required to be pre-cleared through the Compliance System or via email, if the Compliance System is not available.**

Purchases of Covered Securities by **voluntary** exercise of rights issued to the holders of a class of Covered Securities pro-rata, to the extent they are issued with respect to Covered Securities in which Access Persons have Beneficial Ownership are required to be pre-cleared by the CCO or designee. They will not be subject to the pre-clearance approval time frame (as set forth below).

Gifts of securities by Access Persons, given or received, including Covered Securities in which the Access Persons have Beneficial Ownership, are required to be pre-cleared for purposes of recording the transaction but are not subject to the pre-clearance approval time frame.

**<u>Cryptocurrency Investments</u>[11](#page_14):**

Different requirements and limitations may apply to Access Persons that have been specifically identified by the Compliance Department as a member of the Crypto Investment Group.

**Crypto Investment Group** will include employees who: i) in the normal conduct of their job responsibilities are likely to receive or be perceived to be aware of or receive material nonpublic information concerning the purchase or sale of cryptocurrency by pooled investment vehicles or separate advisory client accounts ("client accounts"), ii) makes recommendations or investment decisions on behalf of client accounts regarding the purchase or sale of cryptocurrencies, iii) has the power to exercise a controlling influence over the management and policies of the Adviser or over investment decisions who obtains

<sup>11</sup>Cryptocurrencies, and Bitcoin and Ethereum Futures transactions are only subject to pre-clearance requirements and not <br> subject to other provisions set forth in the Code. Page 14 <br>

![](ghtmm82tcx8d3xl9teaub.jpg)

information concerning recommendations made to a client account with regard to the purchase or sale of a cryptocurrency , or iv) any person deemed to be a member of Crypto Investment Group by the Chief Compliance Officer or designee.

All Access Persons are required to obtain pre-approval prior to purchasing or selling ownership interests in Bitcoin (BTC) and Ethereum (ETH) cryptocurrencies, or Bitcoin and Ethereum futures contracts.

Access Persons of the Crypto Investment Group are required to obtain pre-approval prior to purchasing or selling ownership interests in all cryptocurrency tokens.

**Pre-Clearance Approval Time Frame:**

**<u>U.S. and European Based Access Persons</u>:**

**Covered Securities traded on:**

<u>U.S. Exchange or in a U.S. Market</u> - pre-clearance approval is effective until the close of business on the day of the approval of the pre-clearance request.

<u>Foreign Exchange or in a Foreign Market</u> - pre-clearance approval is effective until the close of business on the business day following the day on which the pre-clearance request was approved.

**Cryptocurrency Investments** – pre-clearance is effective until the beginning of the next business day following the day on which the pre-clearance request was approved.

**<u>Australian and Asian Based Access Persons</u>:**

**Covered Securities traded on:**

<u>U.S. Exchange or in a U.S. Market</u> or <u>Foreign Exchange or in a Foreign Market</u> - pre-clearance approval is effective until the close of business on the business day following the day on which the pre-clearance request was approved.

**Cryptocurrency Investments** – pre-clearance approval is effective until the beginning of the next business day following the day on which the pre-clearance request was approved.

**Note: Access Persons may only utilize a "Day Order with a Limit" so long as the transaction is consistent with the provisions of the Code, including De Minimis Orders, unless the transaction is an "Exempt Transaction".**

Failure to comply with the pre-clearance requirements is a violation of the Code. In the event that an Access Person fails to pre-clear a transaction as required by the Code, the Access Person may be requiredPage 15

![](g99q8k8xd0fp62nahjybw.jpg)

to cancel, liquidate, or otherwise unwind the trade and/or disgorge any profits realized in connection with the trade. In addition, other sanctions might be imposed in accordance with the provisions of the Code.

Upon submission of a pre-clearance request through the Compliance System, or via email if the Compliance System is not available, Access Persons will receive an approval or denial message in connection with the pre-clearance request. Under extenuating circumstances, Access Persons may email the Compliance Department to make a pre-clearance request and the Compliance Department may enter the request through the Compliance System on the Access Person's behalf and notify him or her whether the trade request has been approved or denied.

The CCO reserves the right to waive or impose different pre-clearance requirements on a case by case basis consistent with applicable laws. Any such action by the CCO will be documented accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Blackout Periods

Conflicts of interest arise when Access Persons purchase or sell a Covered Security in which the Access Persons have Beneficial Ownership at or near the same time when a VanEck Entity is buying or selling the same or equivalent Covered Security or a derivative of the Covered Security for a Client account. To reduce the potential for conflicts of interest or the appearance of impropriety that can arise, Access Persons are either prohibited from trading during a certain period before and after a trade is executed on behalf of a Client or trading will be reviewed if trades cannot be automatically blocked by the system. This period is referred to as a "Blackout Period".

If an Access Person trades in a Covered Security in which the Access Person has Beneficial Ownership while such Covered Security is the subject of a Blackout Period, such trade may be required to be canceled, liquidated, or otherwise unwound and/or profits disgorged that are realized in connection with the transaction. Such profits will be required to be donated to a charity.

Access Persons may not purchase or sell a Covered Security, a derivative thereof or another similar security issued by the same issuer ("Issuer Securities") in which the Access Persons have Beneficial Ownership or the trade will be reviewed and the Access Person may be asked to unwind the trade or take such other action if: :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Issuer Security has been purchased or sold on behalf of a Client within the 3 business days prior to the day of a pre-clearance request;[<sup>12</sup>](#page_16)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)there is a pending buy or sell order in the Issuer Security on behalf of a Client on the same day as a pre-clearance request;[<sup>13</sup>](#page_16)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)there was a subsequent buy or sell order in the Issuer Security on behalf of a Client on the day after a pre-clearance request was granted;[<sup>14</sup>](#page_16)or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the Issuer Security was purchased or sold on behalf of a Client within the 3 business days after the day a pre-clearance request was granted.[<sup>15</sup>](#page_16)

Access Persons may request a waiver to trade during a Blackout Period. The Compliance Department will review and document any exception granted. Exceptions will only be granted under extenuating circumstances and for valid reasons; mitigation of investment loss will not be considered a valid reason.

---

| | | |
|:---|:---|:---|
| 12 | Applicable to all Access Persons with subject to the De Minimis or compliance waiver |  |
| 13 | Applicable to all Access Persons with subject to the De Minimis or compliance waiver |  |
| 14 | Reviewed for all Access Persons, conflicts addressed on a case by case basis by Compliance | Page 16 |
| 15 | Reviewed for all Access Persons, conflicts addressed on a case by case basis by Compliance | Page 16 |
| 15 | Reviewed for all Access Persons, conflicts addressed on a case by case basis by Compliance |  |

---

![](gyqclx36l70h0ich83d20.jpg)

The CCO or designee may impose additional Blackout Periods in addition to those specified herein, for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. De Minimis Transactions Exempt from the Blackout Periods

The following types of transactions are defined as "De Minimis Transactions" under the Code and are exempt from the Blackout Periods. Such transactions are either highly liquid, present no conflict or present a low-risk conflict with Client transactions.

De Minimis Transactions are exempt from the Blackout Periods but are required to be **pre-cleared, and reported and are subject to holding periods and the ban on short-term trading profits as set forth in the Code.**

**De Minimis Transactions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Purchases and sales of an equity Covered Security or an equivalent equity Covered Security, that, in the aggregate do not exceed 500 shares per day per issuer with a total market capitalization of U.S. $5 billion or greater and are less than or equal to 1% of the daily average trading volume for such Covered Security at the time of investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Purchases and sales of an exchange traded fund unaffiliated with a VanEck Entity, that, in the aggregate do not exceed 200 shares per day per exchange traded fund with a total market capitalization of U.S. $5 billion or greater and are less than or equal to 1% of the daily average trading volume for such exchange traded fund at the time of investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Purchases and sales of Bitcoin and Ethereum cryptocurrencies that, in the aggregate across all accounts, do not exceed 1 BTC and 10 ETH crypto per day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Purchases and sales of a cryptocurrency other than Bitcoin and Ethereum that, in the aggregate across all accounts, do not exceed $500 USD or €500 EUR per cryptocurrency token per day.

Issuer and exchange traded fund market capitalization amounts may change from time to time. Accordingly, a Covered Security or exchange traded fund that has a market capitalization within the requirements at the time of an initial transaction may fall below the required market capitalization at the time of a subsequent transaction preventing an Access Person from being able to rely on the De Minimis Transaction exemption to effect the subsequent transaction.

**Summary of Blackout Periods and De Minimis Transactions for Access Persons**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Blackout Period** | &nbsp;&nbsp;**De Minimis Transactions** | &nbsp;&nbsp;**Non-De Minims Transactions** |
| &nbsp;&nbsp;Client trade within the 3 | &nbsp;&nbsp;No Blackout Period or conflict | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Personal trade pre- |
| &nbsp;&nbsp;business days prior to the day of |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;clearance request denied |
| &nbsp;&nbsp;a pre-clearance request |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 17 |

---

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Pending Client trade on the | &nbsp;&nbsp;No Blackout Period or conflict | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Personal trade pre- |
| &nbsp;&nbsp;same day as a pre-clearance |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;clearance request denied |
| &nbsp;&nbsp;request |  |  |
| &nbsp;&nbsp;Subsequent Client trade on the | &nbsp;&nbsp;No Blackout Period or conflict | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** If an Access Person |
| &nbsp;&nbsp;day after a pre-clearance request |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;makes a personal trade in |
| &nbsp;&nbsp;was granted |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a Covered Security in |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;which the Access Person |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;has Beneficial Ownership |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and there is a subsequent |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;trade for a Client on the |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;same day, the trade by |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Access Person will be |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;treated as a conflict and |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;analyzed accordingly in |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;terms of action required |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to be taken in regard to |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the conflict between the |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;personal trade and the |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Client trade |
| &nbsp;&nbsp;Client trade within the 3 | &nbsp;&nbsp;No Blackout Period or conflict | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** If Access Person makes a |
| &nbsp;&nbsp;business days after the day a |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;personal trade in a |
| &nbsp;&nbsp;pre-clearance request was |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covered Security in |
| &nbsp;&nbsp;granted |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;which the Access Person |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;has Beneficial Ownership |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and there is a trade for a |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Client 3 days later, the |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;trade by the Access |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Person will be treated as |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a conflict and analyzed |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;accordingly in terms of |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;action required to be |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;taken in regard to the |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;conflict between the |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;personal trade and the |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Client trade |

---

10. Private Placements (Limited Offerings)

Acquisitions of Covered Securities in which Access Persons have Beneficial Ownership in a private placement (also called a Limited Offering) by such Access Persons are subject to special pre-clearance requirements. Investments in private investment funds, hedge funds, PIPEs, and Regulation D Offerings are considered to be private placements. Prior approval is required by the (a) Head of Active Equity Trading or designee; and (b) CCO or designee. Additional contributions or redemptions relating to private placements must also be pre-cleared in the same manner as the initial investment.

Approval will not be given if, among other things:

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

![](g2b5zxpoq62e5varjfu2r.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The investment opportunity is suitable for Clients and the investment professionals intend to make such an investment for Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The investment opportunity has been offered to an Access Person solely by virtue of the Access Person's position; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The investment opportunity could be considered a favor or gift designed to influence an Access Person's judgment in the performance of the Access Person's job duties as compensation for services rendered to the issuer.

**Approved private placement investments will NOT be subject to the IPO restrictions if the IPO is a result of an Access Person's investment in the private placement.**

A private placement pre-approval form with attached documentation will be required to be submitted through the Compliance System or via email, if the Compliance System is not available, for approval. The offering memorandum and subscription agreement, if available, should be submitted as supporting documentation. The approval or denial of a pre-approval request will be communicated within a reasonable time through the Compliance System or via e-mail if the Compliance System is not available. Pre-clearance will become effective when the pre-clearance request is approved and will expire within twenty (20) calendar days after the date the pre-clearance request is approved. If the pre-clearance has expired for a proposed purchase or sale, an Access Person must submit another pre-clearance request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Short-Term Trading Restrictions

Access Persons **<u>cannot</u>** purchase and sell, or sell and purchase, the same Covered Securities in which the Access Persons have Beneficial Ownership (other than Exempt Securities) **<u>within thirty (30) calendar</u>**

**<u>days.</u>**

Opening option positions expiring in less than 30 calendar days will result in violations of the short-term trading ban.

Short-term trading restrictions also apply to the purchase and subsequent gifting of Covered Securities.

The restrictions on short-term trading profits are applicable to an Access Person's Reportable Accounts on an aggregate basis. A series of purchases and sales is measured on a last-in, first-out basis ("LIFO") accounting method until all purchases and sales transactions of the same Covered Security or Issuer Security or VanEck Sponsored ETF within a 30 calendar day period in a Reportable Account are matched. A purchase or sale is ordinarily deemed to occur on trade date. For example, the purchase is considered to be made on day 1, day 31 is the first day a sale of those Covered Securities may be made.

Subject to an exemption granted by the CCO or designee, Covered Securities may be repurchased within 30 calendar days of a sale provided there are no additional conflicts with the Code.

![](g2wbfq10lzxcy2myu9blu.jpg)

**<u>NOTE:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Shares of open-end mutual funds sponsored by a VanEck Entity (excluding 401(k) transactions) must be held for 30 calendar days from the purchase date. The 30 day holding period for shares of open-end mutual funds sponsored by a VanEck Entity is measured from the time of the most recent purchase or sale of the shares of the relevant Reportable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•De Minimis Transactions are subject to the 30 calendar day holding period.

Any short-term trade that violates these restrictions may be required to be unwound and/or any profits realized on the transaction may be required to be disgorged. Other disciplinary actions might be taken in in the event an Access Person fails to adhere to the short-term trading restrictions in accordance with the Code.

Exceptions to the short-term trading restrictions may be requested in advance of a trade and may be granted only in rare cases of economic hardship, gifting of securities, or other unusual circumstances where it is determined that no abuse is involved and the mitigating factors of the situation strongly support an exception to the restrictions. Exception requests are to be addressed to the CCO or designee through the Compliance System or via e-mail if the Compliance System is not available.

**Short-Term Trading and Market Timing in Mutual Funds**

VanEck seeks to discourage short-term or excessive trading, often referred to as market timing. Access Persons must be familiar with the market timing policy described in the prospectus of each fund in which they invest and must not engage in trading activity that might violate the purpose or intent of a particular fund's market timing policy. To the extent a third party sponsored mutual fund has a longer holding period than 30 calendar days, the Access Persons must comply with that fund's specific market timing policy.

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

![](gia38d4ko6t412kd60q9v.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.ADMINISTRATION AND ENFORCEMENT OF THE CODE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Violations of the Code and Sanctions

Compliance with the Code is a basic condition of employment with VanEck. A violation of the Code may constitute grounds for remedial action, including but not limited to a letter of caution, warning, censure, re-certification of the Code, disgorgement of profits, suspension of trading privileges, and/or suspension or termination of employment. In addition, a violation of the Code may constitute a violation of law and can result in either civil or criminal penalties for an individual and the Firm. The CCO or designee will impose a sanction for a violation accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Reporting of Violations

Access Persons have an obligation to report violations of the Code and other policies and procedures to the CCO or designee. The CCO or designee will report all material violations and may report any non-material violations of the Code to the Board of Trustees (the "Board") of each Reportable Fund and, as applicable, the Board of third party funds for which a VanEck Entity serves as a sub-adviser.

All violations of the Code by Access Persons will be reported to the Board of VEAC and VanEck's Risk Management Committee no less frequently than annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Annual Reports to the Boards**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.No less frequently than annually, the CCO shall furnish to the Board of each Reportable Fund, and the Board shall consider, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&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.Describes any issues arising under the Code or procedures since the last report to the Board, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Certifies that each of the Adviser and Distributor has adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.No less frequently than annually, the CCO shall report to the Board of each Reportable Fund regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&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.All existing procedures concerning personal trading activities and any procedural changes made during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any recommended changes to the Code or such procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Any issues arising under the Code since the last report to the Board, including, but not limited to, information about any material violations of the Code and any sanctions imposed in response to any material violations.

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

![](go2q8qf39bw93978rs21m.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Amendments to the Code

The Code may be amended provided that any material change to the Code must be approved by the Board of each Reportable Fund no later than six months after the material change is adopted, and further provided that any amendments to the Code that are proposed to a Board for approval must be accompanied by a certification from the CCO that the Adviser and Distributor have adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Questions Concerning the Code

Access Persons are encouraged to seek guidance with respect to any matters under the Code. Conflicts of interest, potential conflicts of interest, or the appearance of conflicts of interest are challenging and situations may arise that require interpretation of the Code as it relates to specific fact patterns. When such a situation arises, please contact the Compliance Department for guidance before engaging in the contemplated transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Books and Records

VanEck, as applicable, shall maintain and preserve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a copy of the Code (and any prior code of ethics that was in effect at any time during the past six years) in an easily accessible place for a period of not less than six years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a record of any violation of the Code and of any action taken as a result of such violation in an easily accessible place for at least six years after the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a copy of each report made by an Access Person (or any other information provided in lieu of a report as permitted herein) submitted under the Code for a period of not less than six years after the end of the fiscal year in which the report is made or the information is provided, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)a record of all persons, currently or within the past six years, who are or were required to

make reports pursuant to the Code, or who are or were responsible for reviewing these reports, in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)a copy of each report submitted to the appropriate Board pursuant to the provisions of the Code for at least six years after the end of the fiscal year in which such report was made (the first two years in an easily accessible place); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)a record of any decision, and the reasons supporting the decision, to approve the acquisition by an Access Person of securities in IPOs or Private Placements transactions for at least six years after the end of the fiscal year in which the approval is granted.

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

![](ghbe5tavi8stj1p6fjviy.jpg)

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

IV. CODE OF BUSINESS CONDUCT

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

1. Statement of General Fiduciary Principles

The Code is based on fiduciary standards. Each Access Person is in a position of trust and as such, must act at all times with the utmost integrity, avoid any actual or potential conflict of interest and not otherwise abuse the Access Person's position of trust. The Access Person must observe an affirmative duty of care, loyalty, honesty and good faith.

An Access Person owes certain obligations to Clients which include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A duty to act in the best interests of Clients, including full and fair disclosure of all material facts where the investment advisory business interests may conflict with Client interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To effect personal security interests consistent with the Code and in such a manner to avoid any actual or potential conflict of interest or abuse of an individual's position of trust and responsibility that is inconsistent with a Client's interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To refrain from favoring the interests of a particular Client over the interests of another Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For an Access Person trading Client assets, to obtain best execution on Client security transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To uphold Client confidentiality and other non-public information.

A conflict of interest may also arise when an Access Person's personal interest interferes, or gives the appearance of interfering, in some way with the interests of VanEck or its Clients.

2. Compliance with Governing Laws, Regulations and Procedures

VanEck's business is subject to laws, rules, and regulations in multiple jurisdictions in which it conducts its operations. Such regulations broadly prohibit fraudulent, manipulative or deceptive market activities of any kind, either directly or indirectly, in connection with any security or derivative instrument. Access Persons must comply fully with all laws, rules and regulations of any governmental agency or self- regulatory organization governing VanEck's business and activities.

VanEck does business in a number of jurisdictions where applicable laws, rules, regulations, customs and social requirements may be different from those in the United States. In the case of any conflict between foreign and United States law, or in any situation where an Access Person has a doubt as to the proper course of conduct, it is incumbent upon an Access Person to immediately consult the Compliance Department.

Beyond the strictly legal aspects involved, Access Persons at all times are expected to act honestly and maintain the highest standards of ethics and business conduct, consistent with the professional image of VanEck. In that spirit, Access Persons are not permitted to:

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

(i)Defraud a Client or prospective Client in any manner;

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

![](g1bc9j0rvbmdxonecnkef.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Mislead a Client or prospective Client, including making a statement that omits material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit upon a Client or prospective Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Engage in any manipulative practice with respect to a Client or prospective Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Engage in any manipulative practices with respect to securities, including price manipulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Misuse material, non-public information obtained while being employed at VanEck; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)Otherwise violate applicable Governing Laws and Regulations.

To assist Access Persons, VanEck has a Compliance Manual and various other policies and procedures which provide guidance for complying with these laws and regulations. In addition, the Compliance Department provides training to assist Access Persons in complying with the laws and regulations governing VanEck's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Insider Trading

Access Persons who have access to confidential information about VanEck, issuers it invests in, indices its affiliated entities manage or its Clients are not permitted to use or share that information for security trading purposes or for any other purpose except the conduct of VanEck business. Material, non- public information about VanEck is considered "confidential information". To use such material, non- public information for personal financial benefit or to "tip" others who might make an investment decision on the basis of this confidential information is against the policies of the Code and other VanEck policies and is also illegal. VanEck has adopted separate **VanEck Insider Trading policies and procedures** that Access Persons are required to comply with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Corporate Opportunities

Access Persons owe a duty to VanEck and are prohibited from taking opportunities that are identified through the use of corporate property, information, or position for their own benefit without first confirming that there is no legitimate business opportunity for VanEck or its Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Confidentiality

Access Persons must keep confidential any material, non-public information regarding VanEck, the Reportable Funds, any Client or any entity whose securities they know or should have known are under investment review by a portfolio management team acting on behalf of VanEck. Access Persons have the highest fiduciary obligation not to reveal confidential information of any nature to any party that does not have an explicitly clear and compelling need to know such information.

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

![](gkk0j2p2k0t7wk3k5y5mt.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Anti-Corruption

VanEck does not tolerate any form of corruption. Federal and State laws, and laws of other countries, prohibit the payment or receipt of bribes, kickbacks, inducements, facilitation payments, non-monetary benefits, or other illegal gratuities or payments by or on behalf of VanEck or Access Persons in connection with our businesses. In order to ensure that VanEck fully complies with the requirements of the U.S. Foreign Corrupt Practices Act (the "FCPA") and applicable international laws regulating payments to non-U.S. public officials, candidates and political parties, an Access Person must be familiar with **VanEck's Foreign Corrupt Practices Act** policy and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Gifts and Entertainment

Access Persons or their Immediate Family Members sharing the same household should not receive or offer a gift unless it (a) is in compliance with **VanEck's Gifts and Entertainment** and **VanEck's Travel policies**; (b) does not violate applicable laws or regulations; (c) is unsolicited; (d) is not a cash gift; (e) is not excessive in value; (f) is not construed as a bribe or payoff; (g) is given or accepted without obligation; and (h) is not intended to obtain or retain business.

Strict laws and regulations govern the interaction with government or public officials including gifts and/or entertainment, meals, transportation and lodging. Access Persons are prohibited from providing gifts or anything of value to public officials or their employees or members of their families in connection VanEck's business.

Access Persons are prohibited from giving anything of value, directly or indirectly to (a) public officials with the intention to influence the official and obtain an advantage by such giving; and (b) persons in the private sector if the intent is to induce such individuals to perform or reward them for performing an activity or function on behalf of VanEck.

Access Persons are prohibited from making illegal payments to public officials of any country of the purpose of obtaining or retaining business or gain an advantage in doing VanEck's business.

VanEck has implemented a separate policy and procedure on **Foreign Corrupt Practices Act**. Please refer to this policy and discuss with your manager and Legal/Compliance regarding any gift or entertainment which you believe may not be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Political Contributions

VanEck has implemented a policy on Political Contributions to political candidates, parties, and Political Action Committees. Please refer to **VanEck's Political Contributions policy**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Charitable Donations at the Requests of Clients or Prospective Clients

Charitable contributions at the request of Clients or prospective Clients can give rise to conflict situations related to VanEck's business. Additionally, they can also give rise to breaches of anti-bribery laws. Please refer to **VanEck's Charitable Contributions policy**.

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

![](gi07mewveauryg2egat6t.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Outside Business Activities

Outside business activities must not reflect adversely on the firm or give rise to real or apparent conflicts of interest with an access person's duties and responsibilities to the firm. Access persons must be alert to potential conflicts of interest and be aware that they may be asked to discontinue an outside business activity if a potential conflict arises. Please refer to **VanEck's Outside Business Activities policy.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Conflicts of Interest

Certain interests or activities of access persons may involve a significant and actual or potential conflict with the interests or activities of VanEck and/or its Clients, or may give the appearance of a conflict even though no actual or potential conflict exists. Each access person must be alert to such conflicts of interest, potential or actual, and should scrupulously examine and avoid any such activity or situation in which personal behavior directly or indirectly conflicts or may give rise to an appearance of conflict with the interest of VanEck or its Clients. VanEck has adopted the **Conflict of Interest policy** that Access Persons are required to comply with.

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

![](gy7uhehdk28diylxjde46.jpg)

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

V. DEFINITIONS

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

1.1**1933 Act** is the Securities Act of 1933, as amended.

1.2**1934 Act** is the Securities Exchange Act of 1934, as amended.

1.3**1940 Act** is the Investment Company Act of 1940, as amended.

1.4**Access Person** means: (a) any trustee, director, officer, general partner or employee of a VanEck Entity, except it does not include a trustee or director of a VanEck Entity who, in connection with his or her regular functions or duties, does not make, participate in, or obtain information regarding, the purchase or sale of Covered Securities by a Reportable Fund; and (b) any other person deemed to be an Access Person by the CCO or designee.[<sup>16</sup>](#page_27)

1.5**Adviser** is Van Eck Associates Corporation ("VEAC") or Van Eck Absolute Return Advisers Corporation ("VEARA"), and any other VanEck Entity that serves as an investment adviser for a Reportable Fund.

1.6**Advisers Act** is the Investment Advisers Act of 1940, as amended.

1.7**Automatic Investment Plan** means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

1.8**Beneficial Ownership** generally means any interest in a security for which an Access Person or any member of his or her immediate family sharing the same household can directly or indirectly receive a monetary ("pecuniary") benefit. It shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the 1934 Act in determining whether a person is the beneficial owner of a security for purposes of Section 16 of the 1934 Act and the rules and regulations thereunder. Any report required by this Code may contain a statement that the report will not be construed as an admission that the person making the report has any Beneficial Ownership in the Covered Security to which the report relates.

1.9**Chief Compliance Officer ("CCO")** means singularly or collectively the Chief Compliance Officer of each of VEAC and VEARA appointed pursuant to Rule 206(4)-7 under the Advisers Act and Chief Compliance Officer of the Distributor.

1.10**Client** means any natural person or company (including the Reportable Funds) for whom or which a VanEck Entity serves as an "investment adviser" within the meaning of Section 202(a)(11) of the Advisers Act.

1.11**Control** has the same meaning as set forth in Section 2(a)(9) of the 1940 Act.

1.12**Covered Security** means a security as defined in Section 2(a)(36) of the 1940 Act and any On-Line Loan, except that it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Bankers' acceptances, bank certificates of deposit, commercial paper and high quality, short-term debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Shares issued by open-end investment companies (mutual funds) registered under the 1940 Act other than Reportable Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Forwards on currencies;

16Persons who are not employees but who have access to current information regarding Client trading (such as independent

contractors) are considered employees for purposes of the Code. The CCO may exempt such persons from any requirement hereunder if the CCO determines that such exemption would not have a material adverse effect on any Client account. Page 27

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

![](gun9619fhp4v5ysva5p8x.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;(e)Futures on currencies (except Bitcoin and Ethereum futures);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Futures on interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Shares issued by money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13**Cryptocurrency** is a digital representation of a stored value secured through cryptography. Each currency is represented by alphanumeric codes that may be generated and recorded on a blockchain network and recognized as a method of payment by users on that network. Cryptocurrency does not include non-fungible tokens ("NFTs"), since NFTs are non-fungible, and have a value that goes way beyond economics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14**Crypto Investment Group** will include employees who: i) in the normal conduct of their job responsibilities are likely to receive or be perceived to be aware of or receive material nonpublic information concerning the purchase or sale of cryptocurrency by pooled investment vehicles or separate advisory client accounts ("client accounts"), ii) makes recommendations or investment decisions on behalf of client accounts regarding the purchase or sale of cryptocurrencies, iii) has the power to exercise a controlling influence over the management and policies of the Adviser or over investment decisions who obtains information concerning recommendations made to a client account with regard to the purchase or sale of a cryptocurrency , or iv) any person deemed to be a member of Crypto Investment Group by the Chief Compliance Officer or designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15**Distributor** is Van Eck Securities Corporation or any other VanEck Entity that serves as a principal underwriter of a Reportable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16**Federal Securities Laws** means the 1933 Act, the 1934 Act, the Sarbanes-Oxley Act of 2002, the 1940 Act, the Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission (the "SEC") under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17**Firm** means VEAC and any of its affiliated entities worldwide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18**Immediate Family Account** is an account held by or for the benefit of an Immediate Family Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19**Immediate Family Member** is a person who resides in the household of an Access Person or who depends on an Access Person for basic living support: spouse; common law spouse; live in partner; any child; stepchild; grandchild; parent; stepparent; grandparent; sibling; mother-in-law; father-in-law; son-in-law; daughter-in-law; or sister-in-law, including any adoptive relationships. House or apartment roommates will be reviewed on a case by case basis. There is a presumption that an Access Person can control accounts held by an Immediate Family Member sharing the same household. This presumption may be rebutted only by convincing evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20**Initial Public Offering ("IPO")** means an offering of securities registered under the 1933 Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21**Limited Offering or Private Placement** means an offering that is exempt from registration under the 1933 Act pursuant to Section 4(a)(2) or 4(a)(5) thereof or Rule 504, 505 or 506 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22**On-Line Lending Platform** means a platform that provides a marketplace for lending, often referred to as "peer-to-peer lending".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23**On-Line Loan** means a loan originated on an On-Line Lending Platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24**Purchase or Sale of a Covered Security** includes, among other things, the writing of an option to purchase or sell a Covered Security.

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

![](giac1g80v5u3wo0zayog5.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25**Reportable Fund** means (i) any investment company registered under the 1940 Act for which the Firm serves as an investment adviser as defined in Section 2(a)(20) of the 1940 Act; or (ii) any investment company registered under the 1940 Act whose investment adviser or principal underwriter controls, is controlled by or is under common control with the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26**Securities Held or to be Acquired** means (i) any Covered Security which, within the most recent 15 days

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)is or has been held by a Reportable Fund, (B) is being or has been considered by a Reportable Fund or its Adviser for purchase by the Reportable Fund, and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security described in (i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27**Trust** means either individually or collectively the VanEck ETF Trust, VanEck Funds, and VanEck VIP Trust.

![](g1wvyd7k6pmen67ojb7pt.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Version** | &nbsp;&nbsp;**Date Updated** | &nbsp;&nbsp;**Date Effective** |
| &nbsp;&nbsp;**1** | &nbsp;&nbsp;**January 1, 2016** | &nbsp;&nbsp;**January 1, 2016 for certain** |
|  |  | &nbsp;&nbsp;**sections and April 1<sup>st</sup> for** |
|  |  | &nbsp;&nbsp;**others** |
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;**July 26, 2016** |  |
| &nbsp;&nbsp;**3** | &nbsp;&nbsp;**October 21, 2016** |  |
| &nbsp;&nbsp;**4** | &nbsp;&nbsp;**January 31, 2017** |  |
| &nbsp;&nbsp;**5** | &nbsp;&nbsp;**December 5, 2017** |  |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**August 15, 2019** |  |
| &nbsp;&nbsp;**7** | &nbsp;&nbsp;**February 21, 2020** |  |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**November 1, 2021** |  |
| &nbsp;&nbsp;**9** | &nbsp;&nbsp;**August 29, 2022** |  |

---

## Ex-99

![](g55jeexoush8d7lcq6tww.jpg)

(p)(9)

Code of Ethics

Personal investing Gifts and entertainment Outside activities Client confidentiality

1 November 2022

![](gsj660l57gtae4oautcbz.jpg)

**Jean M. Hynes**

Chief Executive Officer

The reputation of a thousand years may be determined by the conduct of one hour.

– Ancient proverb

A message from our CEO

Our ability to thrive as an organization is driven by our shared values, and integrity is at the top of thelist. This is reflected in our commitment to the "Client, Firm, Self" framework, through which all of our decisions should be viewed if we are to earn and maintain the trust of our clients.

Each and every one of us has a role to play in sustaining our clients'trust.We must test every decision we make,no matter how small, againstour fiduciary obligations and our high ethical standards. If there is the slightest doubt about

whether a decisionis in the best interestsof our clients,then bring it to someone's attention — your manager, the Legal and Compliance team, or any of my direct reports. But don't just let it go. This is what it meansto be a fiduciary: complete dedication to conscientious stewardship of client assets.

To support this mandate, our Code of Ethics sets out standards for our personal conduct, including personal investing, acceptance of gifts and entertainment, outside activities,and client confidentiality.Please take the time to read the Code, familiarize yourself with the rules, and determine what you need to do to comply with them. Remember, too, that while our Code of Ethics is reviewed and updated regularly,no set of rules canaddressevery possible circumstance. And so I ask you to remain vigilant, exercise good judgment, ask for help when you need it, consider

not just the letter but the spirit of the laws that govern our industry, and do your part to safeguard our clients' trust.

Sincerely,

Jean M. Hynes

Chief Executive Officer

---

| | |
|:---|:---|
| Contents |  |
| **[Standards of conduct](#page_4)..................................................** | 1 |
| **[Who is subject to the Codeof Ethics?](#page_4)...........................** | 1 |
| **[Personal investing](#page_5)......................................................** | 2 |
| [Which types of investments and related activities](#page_5) |  |
| [are prohibited?](#page_5)................................................................................................... | 2 |
| [Which investment accounts must be reported?](#page_6)............................................ | 3 |
| [What are the reporting responsibilities for all personnel?](#page_8)............................ | 4 |
| [What are the preclearance responsibilities for all personnel?](#page_9)...................... | 5 |
| [What are the additional requirements for investment professionals?](#page_11)......... | 6 |
| **[Gifts and entertainment](#page_12)...............................................** | 7 |
| **[Outside activities ........................................................](#page_11)** | [8](#page_11) |
| **[Client confidentiality ..................................................](#page_11)** | [8](#page_11) |
| **[How we enforce our Code of Ethics ..............................](#page_11)** | [8](#page_11) |
| **[Exceptions from the Code of Ethics..............................](#page_12)** | [9](#page_12) |
| **[Closing.......................................................................](#page_12)** | [9](#page_12) |

---

Wellington Management Code of Ethics 1

Standards of conduct

Our standards of conduct are straightforward and essential. Any transaction or activity that violates either of the standards of conduct belowis prohibited, regardless of whether it meets the technical rules found elsewhere in the Code of Ethics.

1.**We act as fiduciaries to our clients.** Each of us must put our clients'interestsabove our ownand

must not take advantage of our management of clients' assets for our own benefit. Our firm's policies and procedures implement these principles with respect to our conduct of the firm's business. ThisCode of Ethics implements the same principles with respect to our personal conduct. The procedures set forth in the Code govern specific transactions, but each of us must be mindful at all times that our behavior, including our personal investing activity, must meet our fiduciary obligations to our clients.

2.**We act with integrity and in accordance with both the letter and the spirit of the law.**

Our business is highly regulated, and we are committed as a firm to compliance with those regulations. Each of us must also recognize our obligations as individuals to understand and obey the laws that apply to us in the conduct of our duties. They include laws and regulations that apply specifically to investment advisors, as well as more broadly applicable laws ranging from the prohibition against trading on material nonpublic information and other forms of market abuse to anticorruption statutes such as the US Foreign Corrupt Practices Act and theUK Bribery Act. The firm provides training on their requirements. Each of us must take advantage of these resources to ensure that our own conduct complies with the law.

Who is subject to the Code of Ethics?

Our Code of Ethics appliesto all employees of Wellington Managementand its affiliates around the world. Its restrictions on personal investing also applyto temporary personnel (including co-ops and interns) and consultants whose tenure with Wellington Management exceeds 90 days and who are deemed by the Chief ComplianceOfficer to have access to nonpublic investment research, client holdings, or trade information.

All Wellington Management personnel receive a copy of the Code of Ethics (and any amendments) and must certify,upon joining the firm and annually thereafter,that theyhave read and understood it and have complied with its requirements.

**Adherence to the Code of Ethics is a basic condition of employment. Failure to adhere to our Code of Ethics may result in disciplinary action, including termination of employment.**

If you have any doubt as to the appropriateness of any activity, believe that you have violated the Code, or become aware of a violation of the Code by another individual, you should consult the manager of the Code of Ethics Team, Chief Compliance Officer, General Counsel, or Chair of the Ethics Committee. You also have the right to report violations of law or regulation directlyto relevantgovernmental agencies.You donot need the firm's prior authorization to make any such report or disclosures and are not required to notify the firm that you have done so.

For additional information regarding our **Code of Ethics Policy** refer to the**Guide to Our Policy** document available on the firm's Intranet.

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Wellington Management Code of Ethics 2

Personal investing

As fiduciaries,each of usmust avoidtaking personal advantage of our knowledge of investment activityin client accounts. Although our Code of Ethics sets out a number of specific restrictions on personal investing designed to reflect this principle, no set of rules can anticipate every situation. Each of us must adhere to the spirit, and not just the letter, of our Code in meeting this fiduciary obligation to our clients.

**Which types of investments and related activities are prohibited?**

Our Code of Ethics prohibits the following personal investments and investment-related activities:

&nbsp;&nbsp;&nbsp;&nbsp;•Purchasing or selling the following:

–Initial public offerings (IPOs) of any securities

–Securities of an issuer being bought or sold on behalf of clients until one trading day after such buying or selling is completed or canceled

–Securities of an issuer that is the subject of a new, changed, or reissued but unchanged action recommendationfrom a global industryresearch or fixedincome credit analyst until two business days following issuance or reissuance of the recommendation

–Securities of an issuer thatis mentioned at the Morning Meeting or the EarlyMorning Meeting until two business days following the meeting

–Securities that are the subject of a firmwide restriction

–Single-stock futures

–Single-Stock ETFs (including LeveragedSingle-Stock ETFs, Inverse Single-Stock ETFs, and Hedged Single- Stock ETFs)

–Securities or financial instruments whose performance is derived from the performance of a security covered by our Code of Ethics (e.g. single stockETFs and single stock futures)

–Options with an expiration date that is within 60 calendar days of the transaction date (excluding shares of exchange-traded funds (ETFs))

–Securities of broker/dealers (or their affiliates) thatthe firm has approved for execution of client trades

–Securities of any securities market or exchange on which the firm trades on behalf of clients

&nbsp;&nbsp;&nbsp;&nbsp;•Purchasing an equity security if your aggregate ownership of the equity security exceeds 0.05% of the total shares outstanding of the issuer

&nbsp;&nbsp;&nbsp;&nbsp;•Taking a profit from any trading activitywithin a

60-calendar day window

&nbsp;&nbsp;&nbsp;&nbsp;• Using a derivative instrumentto circumvent a restriction in the Code of Ethics

Wellington Management Code of Ethics 3

**WHICH INVESTMENT ACCOUNTS MUST BE REPORTED?**

You are required to report any investment account over which you exercise investment discretion or from which any of the following individualsenjoy economic benefits:(i) your spouse, domestic partner,or minor children, and (ii) any other dependents living in your household,

**AND**

that holds or is capable of holding any of the following covered investments:

&nbsp;&nbsp;&nbsp;&nbsp;•Shares of stocks, ADRs, or other equity securities (including any security convertible into equity securities)

&nbsp;&nbsp;&nbsp;&nbsp;•Bonds or notes (other than sovereign government bonds issued by Canada, France, Germany, Italy, Japan, the United Kingdom, or the United States, as well as bankers' acceptances, CDs, commercial paper, and high-quality, short-term debt instruments)

&nbsp;&nbsp;&nbsp;&nbsp;•Interest in a variable annuity product in which the underlying assets are held in a subaccount managed by Wellington Management

&nbsp;&nbsp;&nbsp;&nbsp;•Shares of exchange-traded funds(ETFs)

&nbsp;&nbsp;&nbsp;&nbsp;•Shares of closed-end funds

&nbsp;&nbsp;&nbsp;&nbsp;•Options on securities

&nbsp;&nbsp;&nbsp;&nbsp;•Securities futures

&nbsp;&nbsp;&nbsp;&nbsp;•Interest in private placement securities (other than Wellington Management sponsored products)

&nbsp;&nbsp;&nbsp;&nbsp;•Shares of funds managed by Wellington Management (other than money market

funds) Please see **Appendix A** for a detailed summary of reporting requirements by security type.

For purposes of the Code of Ethics, these investment accounts are referred to as reportable accounts. Examples of common account types include brokerage accounts, retirement accounts, employee stock compensation plans, and transfer agent accounts.Reportable accountsalsoinclude those from whichyouor an immediate family member may benefit indirectly, such as a family trust or family partnership, and accounts in which you have a joint ownershipinterest, such as a joint brokerageaccount.

**Accounts not requiring reporting**

You do not need to report the following accounts via the Code of Ethics System since the administrator will provide the Code of EthicsTeam with accessto relevant holdingsand transactioninformation:

• Accounts maintained within the Wellington Retirement and Pension Plan or similar firm- sponsored retirement or benefit plans identified by the Ethics Committee

• Accounts maintained directly with Wellington Trust Company or other Wellington Management Sponsored Products

Although these accounts do not need to be reported, your investment activities in these accounts must comply with the standards of conduct embodied in our Code of Ethics.

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Wellington Management Code of Ethics 4

**Managed account exemptions**

An account from which you or immediate family members could benefit financially, but over which neither you nor they have any investment discretion or influence (a managed account), may be exempted from the Code of Ethics' personal investing requirements upon written request and approval. An example of a managed account would be a professionally advised accountaboutwhich youwill not be consulted or have anyinput on specific transactions placed by the investment manager prior to their execution.

**Designated Brokers for US Reportable Accounts**

US-based reportable accounts must be held at one or more of the brokers ontheDesignatedBrokers List. This requirement does not apply to managed accounts that are exempt from certain provisions of the Code of Ethics, employee stock purchase and stock option plans and other accounts (including pension, retirement and compensation accounts) required to be held at a specific broker.

New employees must transfer all reportable accounts to a Designated Broker within 45 days from the start of their employment.

**WHAT ARE THE REPORTING RESPONSIBILITIES FOR ALL PERSONNEL?**

**Initial and annual holdings reports**

You must disclose all reportable accounts and all covered investments you hold within 10 calendar days after you begin employment at or association with Wellington Management. You will be required to reviewand

update your holdings and securities account information annually thereafter.

For initial holdings reports, holdings information must be current as of a date no more than45 days prior to the date you became covered by the Code of Ethics.

Please note that you cannot make personal trades until you have filed an initial holdings report via the Code of Ethics System on the Intranet.

Non-volitional transactions include:

dividend reinvestment or rebalancing plans

holders (suchas splits,tender offers, mergers,

For subsequent annual reports, holdings information must be current as of a date no more than 45 days prior to the date the report is submitted. Please note that your annual holdings report must account for both volitional

and non-volitional transactions.

At the time you file your initial andannual reports, youwill be askedto confirmthatyouhave read and understood the Code of Ethics and any amendments.

**Quarterly transactions reports**

You must submit a quarterlytransactionreportno later than30calendar daysafter quarter-end via the Code of Ethics System on the Intranet, even if you did not make any personal trades during that quarter. In the reports, you must either confirm that you did not make any personal trades (except for those resulting from non-volitional events) or provide informationregarding all volitional transactionsin coveredinvestments.

**Duplicate statements and trade confirmations**

For each of your reportable accounts,you are required toprovide duplicate statementsand duplicate trade confirmations to Wellington Management.

Wellington Management Code of Ethics 5

**WHAT ARE THE PRECLEARANCE RESPONSIBILITIES FOR ALL PERSONNEL?**

**Preclearance of publicly traded securities**

You must receive clearancebefore buying or selling stocks, bonds, options, and most other publicly traded securities in anyreportable account. A full list of the categories of publicly traded securities requiring preclearance, and of certain exceptions to this requirement, is included in **Appendix A**. Transactions in accounts that are notreportable accounts do not require preclearance or reporting.

Preclearance requests must be submitted online via the Code of Ethics System, which is accessible through the Intranet. If clearance is granted, the approval will be effective for a period of 24 hours. If you preclear a transaction and then place a limit order with your broker, that limit order must either be executed or expire at the end of the 24-hour period. If you want to execute the order after the 24-hour period expires, you must

resubmit your preclearance request.

**Please note that preclearance approvaldoesnotalter yourresponsibility to ensure that eachpersonal securities transaction complies with the general standards of conduct, the reporting requirements, the restrictions on short-term trading, or the special rules for investment professionals set out inour Code of Ethics.**

**Caution on short sales, margin transactions, and options**

You may engage in short sales and margin transactions and may purchaseor sell options (excluding options on ETFs) provided you receive preclearance and meet all other applicable requirements under our Codeof Ethics (including the additional rules for investment professionals described on page 7). Please note, however, that these typesof transactionscan have unintended consequences.For example,any sale by your broker to cover a margin call or to buy in a short position will be in violation of theCode unless precleared. Likewise, any volitional sale of securities acquired at the expirationof a long call option will be in violation of the Code unless precleared.You are responsible for ensuring any subsequent volitional actionsrelating to these typesof transactions meet the requirements of the Code.

**Preclearance of private placement securities**

You cannot invest in securities offered topotential investors in a private placement without firstobtaining prior approval. Approval maybe granted after a review of the facts and circumstances, including whether:

• an investmentin the securities is likelyto resultin future conflictswithclient accounts (e.g., upon a future public offering), and

• you are being offered the opportunity due to your employment at or association with Wellington Management.

Investmentsin our ownprivately offered investment vehicles(our Sponsored Products),including collective investment funds and common trust funds maintained by Wellington Trust Company, **na**, our hedge funds, and our non-US domiciled funds, have been approved under the Code and therefore do not require the submission of a Private Placement Approval Form.

Wellington Management Code of Ethics 6

**WHAT ARE THE ADDITIONAL REQUIREMENTS FOR**

**INVESTMENT PROFESSIONALS?**

If you are a portfolio manager, research analyst, or other investment professional who has portfolio management responsibilities for a client account (e.g., designated portfolio manager, backup portfolio manager, investment team member), or who otherwise has direct authority to make decisions to buy or sell securities in a client account (referred to here as an investment professional),youare required to adhere to additional rules andrestrictionson your personal securities transactions. However, as no set of rules can anticipate every situation,youmust remember to place our clients'interests first whenever youtransact in securities that are also held in client accounts you manage.

The following provisions of the code are intendedto allowinvestmentprofessionals to make long-term investments in securities.However,youmay not be able tosell personal investments for extended periods of time and therefore should consider the liquidity,tax planning,market,and similar risksassociated with making personal investments in securities of an issuer that are or may be heldin clientaccounts.

• **INVESTMENT PROFESSIONAL BLACKOUT PERIODS** — You cannot buy or sell a security (excluding shares of exchange-traded funds (ETFs)) for a period of **14calendar days beforeorafter**any

transaction in the same issuer by a client account for which you serve as an investment professional. In addition, you may not sell personal holdings in a securityof the same issuer that is heldby a client account for which you serve as an investment professional until the **later of** the following periods: (i) **one**

**calendaryear** from the date of your last purchase and (ii) **90 calendar days** after all of your client accounts liquidate all holdings of the same issuer.

If you anticipate receiving a cash flowor redemption request in a client portfolio thatwill result in the purchase or sale of securities that you also holdin your personal account, you should take care to avoid transactions in those securities in your personal account in the days leading up to the client transactions. However, unanticipated cash flows and redemptions in client accounts and unexpected market events do occur from time to time,and a personal trademade in the prior 14daysshould never prevent you from buying or selling a security in a client accountif the trade wouldbe in the client's bestinterest.If youfind yourself in thatsituation and need to buy or sell a security in a client account withinthe 14 calendar daysfollowing your personal transaction in a security of the same issuer, you should attempt to notify the Code of Ethics Team or your local ComplianceOfficer in advance of placing the trade.If you are unable toreach any of those individualsandthe trade is time sensitive, you should proceed with the client trade and notify the Code of Ethics Team promptly after submitting it.

• **SHORT SALES BY AN INVESTMENT PROFESSIONAL**— An investment professional may not

personally take a short position in a security of an issuer in which he or she holds a long position in a client account.

Wellington Management Code of Ethics 7

Gifts and entertainment

Our guiding principle of "client, firm, self" also governs the receipt of gifts and entertainment from clients, consultants,brokers/dealers, researchproviders,vendors,companiesin whichwe may invest,andotherswith whom the firm does business. As fiduciariesto our clients,we mustalwaysplace our clients'interestsfirst and cannot allow gifts or entertainment opportunities to influence the actions we take on behalf of our clients. In keeping with thisstandard, you must follow several specific requirements:

**ACCEPTING GIFTS** — Youmay only acceptgifts of nominal value, which include logoed items,flower arrangements, gift baskets, and food, as well as other gifts with an approximate value of less than US$100 or the local equivalent per year from a single source.You may not accept a gift of cash,including a cash equivalent such as a gift card,regardlessof the amount.If youreceive a gift that violatestheCode,youmust returnthe gift or consult withthe Chief Compliance Officer todetermine appropriate action under the circumstances.

**ACCEPTING BUSINESS MEALS** — Business meals are permitted provided that neither the cost nor the frequency is excessive and there is a legitimate businesspurpose.If the host is a broker/dealer or research provider, the host must be reimbursed for the full amount of your proportionate share of the total cost of the meal if the approximate value of the meal is more than US$100 or the local equivalent.

**ACCEPTING ENTERTAINMENT OPPORTUNITIES** — The firm recognizes that participationin entertainmentopportunities with representatives from organizations with which the firm does business, such as consultants, broker/dealers, research providers, vendors, and companies in which we may invest, can help to further legitimate business interests. However, participation in such entertainment opportunities should be infrequent and is subject to the following conditions:

1. A representative of the hosting organization must be present;

2. The primary purpose of the event must be to discuss business or to build a business relationship;

3. You must receive prior approval from your business manager;

4. If the host is a broker/dealer or researchprovider,the host must be reimbursed for the full amount of the entertainment opportunity; and

5. For all other entertainment opportunities,the host must be reimbursedfor the full face value of any entertainment ticket(s) if:

&nbsp;&nbsp;&nbsp;&nbsp;•the entertainment opportunity requires a ticket witha face valueof more thanUS$200 or the local equivalent, or is a high-profile event (e.g., a major sporting event),

&nbsp;&nbsp;&nbsp;&nbsp;•you wish to accept more than one ticket, or

&nbsp;&nbsp;&nbsp;&nbsp;•the host has invited numerous Wellington Management representatives.

Business managers must clear their own participation under the circumstances described above with the Chief ComplianceOfficer or Chair of the Ethics Committee.

Please note that even if you pay for the full face value of a ticket, you may attend the event only if the host is present.

**LODGING AND AIR TRAVEL** — You may not accept a gift of lodging or air travel in connection with any entertainment opportunity. If you participate in an entertainment opportunity for which lodging or air travel is paid for by the host, you must reimburse the host for the equivalent cost, as determined by Wellington Management's travel manager.

Wellington Management Code of Ethics 8

**SOLICITING GIFTS, ENTERTAINMENT OPPORTUNITIES, OR CONTRIBUTIONS — In your capacity as an employee of the firm, you may not solicit gifts, entertainment opportunities, or charitable or political contributions for yourself, or on behalf of clients, prospects, or others, from brokers, vendors, clients, or consultants with whom the firm conducts business or from companies in which the firm may invest.**

**SOURCING ENTERTAINMENT OPPORTUNITIES** — Youmay not request ticketstoentertainment events from the firm's Trading department or any other Wellington Management department, or employee, nor from any broker,vendor,company in whichwe may invest,or other organizationwith whichthe firm conducts business.

Outside activities

While the firm recognizes that you may engage in business or charitable activities in your personal time, you must take steps to avoid conflicts of interest between your private interests and our clients' interests. As a result, all significant outside business or charitable activities (e.g., additional employment, consulting work, directorships or officerships) must be approved by your business manager and by the Chief Compliance Officer, General Counsel, or Chair of the Ethics Committeeprior to the acceptance of such a position (or if you are new, upon joining the firm). Approval will be grantedonly if it is determined that the activity does not present a significant conflict of interest. Directorships in publiccompanies (or companies reasonably expected to become publiccompanies) will generallynot be authorized, whileservice with charitableorganizations generally will be permitted.

Client confidentiality

Any nonpublic information concerning our clients that you acquire in connection with your employment at the firm is confidential. Thisincludes information regarding actual or contemplatedinvestmentdecisions, portfolio composition, research recommendations, and client interests. You should not discuss client business, including the existence of a client relationship, withoutsiders unlessit is a necessary part of your job responsibilities.

How we enforce our Code of Ethics

Legal and Compliance is responsible for monitoring compliance with the Code of Ethics. Members of Legal and Compliancewill periodicallyrequest certifications and review holdings and transaction reports for potential violations. They may also request additional information or reports.

It is our collective responsibility to uphold the Code of Ethics. In addition to the formal reporting requirements described in this Code of Ethics, you have a responsibility to report any violations of the Code. If you have any doubt as to the appropriateness of any activity, believe that you have violated the Code, or become aware of a violation of the Code by another individual, you should consult the manager of the Code of Ethics Team, Chief ComplianceOfficer, General Counsel, or Chair of the Ethics Committee.

Wellington Management Code of Ethics 9

Potential violationsof the Code of Ethicswill be investigatedandconsideredby representativesof Legal and Compliance and/or the Ethics Committee. All violations of the Code of Ethics will be reportedto the Chief

ComplianceOfficer. Violations are taken seriously and may result in sanctions or other consequences, including:

• a warning

• referral to your business manager and/or senior management

• reversal of a trade or the return of a gift

• disgorgement of profits or of the value of a gift

• a limitation or restriction on personal investing

• termination of employment

• referral to civil or criminal authorities

If you become aware of any potential conflicts of interest that you believe are not addressed by our Code of Ethics or other policies, please contact the Chief Compliance Officer, the General Counsel, or the manager of the Code of Ethics Team.

Exceptions from the Code of Ethics

The Chief Compliance Officer may grant an exception from theCode, including preclearance, other trading restrictions, and certainreporting requirements ona case-by-case basisif it is determinedthatthe proposed conduct involves no opportunity for abuse and does not conflictwith clientinterests. Exceptions are expected to be rare.

Closing

As a firm, we seek excellence in the people we employ,the productsand services we offer,the way we meet our ethical and fiduciary responsibilities,and the working environment we create for ourselves.Our Code of Ethics embodies that commitment. Accordingly, each of usmust take care that our actions fully meet the high standards of conduct and professional behavior we have adopted. Most importantly, we must all remember "client, firm, self" is our most fundamental guiding principle.

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Wellington Management Code of Ethics 10

APPENDIX A

**No Preclearance or Reporting Required:**

Open-end investment funds not managed by Wellington Management1

Interests in a variable annuity product in which the underlying assets are held in a fund not managed by Wellington Management

Direct obligations of the US government (including obligations issued by GNMA and PEFCO) or the governments of Canada, France, Germany, Italy, Japan, or the United Kingdom

Cash

Money market instruments or other short-term debt instruments rated P-1 or P-2, A-1 or A-2, or their equivalents2

Bankers' acceptances, CDs, commercial paper

Wellington Trust Company Pools

Wellington Sponsored Hedge Funds

Securities futures and options on direct obligations of the US government or the governments of Canada, France, Germany, Italy, Japan, or the United Kingdom, and associated derivatives

Options, forwards, and futures on commodities and foreign exchange, and associated derivatives

Transactions in approved managed accounts

**Reporting of Securities Transactions Required (no need to preclear and not subject to the 60-day holding period):**

Open-end investment funds managed by Wellington Management1 (other than money market funds)

Interests in a variable annuity or insurance product in which the underlying assets are held in a fund managed by Wellington Management

Futures and options on securities indices

Shares of exchange-traded funds (ETFs)

Gifts of securities to you or a reportable account

Gifts of securities from you or a reportable account

Non-volitional transactions (splits, tender offers, mergers, stock dividends, dividend reinvestments, etc.)

**Preclearance and Reporting of Securities Transactions Required:**

Bonds and notes (other than direct obligations of the US government or the governments of Canada, France, Germany, Italy, Japan, or the United Kingdom, as well as bankers' acceptances, CDs, commercial paper, and high- quality, short-term debt instruments)

Stock (common and preferred) or other equity securities, including any security convertible into equity securities

All Closed-end funds

Unit investment trusts

American Depositary Receipts

Options on securities (but not their non-volitional exercise or expiration), excluding ETFs

Warrants

Rights

**Prohibited Investments and Activities:**

Initial public offerings (IPOs) of any securities

Single-stock futures

Single-Stock ETFs (including Leveraged Single-Stock ETFs, Inverse Single-Stock ETFs, and Hedged Single-Stock ETFs)

Securities or financial instruments whose performance is derived from the performance of a security covered by our Code of Ethics (e.g. single stock ETFs and single stock futures)

Options expiring within 60 days of purchase,

Securities being bought or sold on beha lf of c lients until one trading day after suc h buy ing or selling is completed or canceled

Securities of an issuer that is the subject of a new, changed, or reissued but unchanged action recommendation from a global industry research or fixed income credit analyst until two business days following issuance or reissuance of the recommendation

Securities of an issuer that is mentioned at the Morning Meeting or the Early Morning Meeting until two business days following the meeting

Securities on the firmwide restricted list

Profiting from any short-term (i.e., within 60 days) trading activity

Securities of broker/dealers or their affiliates with which the firm conducts business

Securities of any securities market or exchange on which the firm trades

Using a derivative instrument to circumvent the requirements of the Code of Ethics

Purchasing an equity security if your aggregate ownership of the equity security exceeds 0.05% of the total shares outstanding of the issuer,

This appendix is current as of 21 September 2022 and may be amended at the discretion of the Ethics Committee.

<sup>1</sup>A list of funds advised or subadvised by Wellington Management ("Welling ton-Ma nag ed Funds") is available online via the Code of Ethics System. However, you remain responsible for confirming whether any particular investment represents a Wellington-Managed Fund.

<sup>2</sup>If the instrument is unrated, it must be of equivalent duration and comparable quality.

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