# EDGAR Filing Document

**Accession Number:** 0001066602
**File Stem:** 0001683863-23-000637
**Filing Date:** 2023-2
**Character Count:** 1409564
**Document Hash:** efddc78b6eff6f82872e14428a49b6f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-000637.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001683863-23-000637

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 59

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**EFFECTIVENESS DATE**: 20230209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voya FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001066602
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08895
- **FILM NUMBER:** 23598494

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

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PILGRIM FUNDS TRUST
- **DATE OF NAME CHANGE:** 20010312

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING FUNDS TRUST
- **DATE OF NAME CHANGE:** 19980721
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voya FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001066602
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-59745
- **FILM NUMBER:** 23598493

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

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PILGRIM FUNDS TRUST
- **DATE OF NAME CHANGE:** 20010312

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING FUNDS TRUST
- **DATE OF NAME CHANGE:** 19980721

## Series and Classes Contracts Data

### Voya Short Duration High Income Fund (Series ID: S000079681)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000240914 | Class I      | VVJCX           |
| C000240915 | Class R6     | VVJDX           |
| C000240916 | Class A      | VVJBX           |

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

**As filed with the U.S. Securities and Exchange Commission on February 8, 2023**

**Securities Act File No. 333-59745**

**Investment Company Act File No. 811-08895**

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

**Washington, D.C. 20549**

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**FORM N-1A**

**REGISTRATION STATEMENT** 

**UNDER**

**THE SECURITIES ACT OF 1933**

☒

**Pre-Effective Amendment No. ___**

☐

**Post-Effective Amendment No. 123**

☒

**And/or**

**REGISTRATION STATEMENT** 

**UNDER**

**THE INVESTMENT COMPANY ACT OF 1940**

☒

**Amendment No. 125**

☒

**(Check appropriate box or boxes)**

**VOYA FUNDS TRUST**

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

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**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 9, 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, par value $0.001 per share.

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**VOYA FUNDS TRUST**

**("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 I, and Class R6 Shares' Prospectus for Voya Short Duration High Income Fund, dated February 9, 2023

\*

Registrant's Class A, Class I, and Class R6 Shares' Statement of Additional Information for Voya Short Duration High Income Fund, dated February 9, 2023

\*

Part C

\*

Signature Page

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**EXPLANATORY NOTE**

This Post-Effective Amendment No. 123 (the "Amendment") to the Registration Statement on Form N-1A (File No. 333-59745) of Voya Funds Trust (the "Registrant") is being filed pursuant to Rule 485(b) under the Securities Act of 1933, as amended, for the purpose of finalizing the registration of a new series of the Registrant, Voya Short Duration High Income Fund (the "Fund"), and relates solely to the Fund. The Amendment does not supersede or amend any disclosure in the Registrant's Registration Statement relating to any other series of the Registrant. Attached is the Fund's Prospectus and Statement of Additional Information, each dated February 9, 2023.

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**February 9, 2023**

**Prospectus**![](img53c1eb1d1.gif)

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

**•** **Voya Short Duration High Income Fund** 

Class/Ticker: **A**/VVJBX; **I**/VVJCX; **R6**/VVJDX

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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![](img1b46f89a2.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 Short Duration High Income Fund](#xx_d029ae2a-6e56-49e2-99b7-9226880d93f7_1)** | 1 |
| **[KEY FUND INFORMATION](#xx_5be360c1-2cc2-4f66-a391-b2396a28a7cf_1)** | 8 |
| [Fundamental Investment Policies](#xx_5be360c1-2cc2-4f66-a391-b2396a28a7cf_1) | 8 |
| [Fund Diversification](#xx_5be360c1-2cc2-4f66-a391-b2396a28a7cf_1) | 8 |
| [Investor Diversification](#xx_5be360c1-2cc2-4f66-a391-b2396a28a7cf_1) | 8 |
| [Temporary Defensive Strategies](#xx_5be360c1-2cc2-4f66-a391-b2396a28a7cf_1) | 8 |
| [Percentage and Rating Limitations](#xx_5be360c1-2cc2-4f66-a391-b2396a28a7cf_1) | 8 |
| [Investment Not Guaranteed](#xx_5be360c1-2cc2-4f66-a391-b2396a28a7cf_2) | 9 |
| [Shareholder Reports](#xx_5be360c1-2cc2-4f66-a391-b2396a28a7cf_2) | 9 |
| **[MORE INFORMATION ABOUT THE FUND](#xx_67c53175-cefc-402b-a26f-85ef04b5be2b_1)** | 10 |
| [Additional Information About the Investment Objective](#xx_67c53175-cefc-402b-a26f-85ef04b5be2b_1) | 10 |
| [Additional Information About Principal Investment Strategies](#xx_67c53175-cefc-402b-a26f-85ef04b5be2b_1) | 10 |
| [Additional Information About the Principal Risks](#xx_67c53175-cefc-402b-a26f-85ef04b5be2b_1) | 10 |
| [Further Information About Principal Risks](#xx_67c53175-cefc-402b-a26f-85ef04b5be2b_6) | 15 |
| **[PORTFOLIO HOLDINGS INFORMATION](#xx_248a86f8-67ef-4f86-8217-b6eb2ec9bb4a_1)** | 17 |
| **[MANAGEMENT OF THE FUND](#xx_220ae1bd-8b01-426f-bfc7-4b477f4e2e11_1)** | 18 |
| [The Investment Adviser](#xx_220ae1bd-8b01-426f-bfc7-4b477f4e2e11_1) | 18 |
| [The Sub-Adviser and Portfolio Managers](#xx_220ae1bd-8b01-426f-bfc7-4b477f4e2e11_1) | 18 |
| [The Distributor](#xx_220ae1bd-8b01-426f-bfc7-4b477f4e2e11_5) | 22 |
| [Contractual Arrangements](#xx_220ae1bd-8b01-426f-bfc7-4b477f4e2e11_5) | 22 |
| **[CLASSES OF SHARES](#xx_94ebec83-f4ca-4703-8c4c-07fa77d82379_1)** | 23 |
| [Distribution and Service (12b-1) Fees](#xx_94ebec83-f4ca-4703-8c4c-07fa77d82379_2) | 24 |
| **[SALES CHARGES](#xx_b8f1f7b5-77f6-477b-876c-1b769d1fad1b_1)** | 25 |
| **[HOW SHARES ARE PRICED](#xx_11984ac9-b133-4102-ac47-60ddd4142136_1)** | 28 |
| **[HOW TO BUY SHARES](#xx_5455a6c3-1c22-4f1f-849e-13f26dd1b793_1)** | 29 |
| **[HOW TO SELL SHARES](#xx_832b97e6-5354-4992-8e91-a3224505d2ef_1)** | 33 |
| **[HOW TO EXCHANGE SHARES](#xx_4fc25278-1e90-489a-a578-35f41de5eb16_1)** | 36 |
| **[FREQUENT TRADING - MARKET TIMING](#xx_4bcd96f3-9952-4f73-9a05-045fc4b0bd70_1)** | 38 |
| **[PAYMENTS TO FINANCIAL INTERMEDIARIES](#xx_d0916aed-95af-4c02-8b1c-9fb9220d517d_1)** | 40 |
| **[DIVIDENDS, DISTRIBUTIONS, AND TAXES](#xx_89286e08-fd0c-428e-9b50-290a907a2c52_1)** | 42 |
| **[ACCOUNT POLICIES](#xx_5982b2e3-719f-4250-a4b0-b8cb6cd2271c_1)** | 44 |
| [Account Access](#xx_5982b2e3-719f-4250-a4b0-b8cb6cd2271c_1) | 44 |
| [Privacy Policy](#xx_5982b2e3-719f-4250-a4b0-b8cb6cd2271c_1) | 44 |
| [Householding](#xx_5982b2e3-719f-4250-a4b0-b8cb6cd2271c_1) | 44 |
| **[INDEX DESCRIPTIONS](#xx_f87e8186-6ef2-4690-b564-cf0bcd52030c_1)** | 45 |
| **[FINANCIAL HIGHLIGHTS](#xx_e85d5431-ffc3-4f37-b8f7-1bd652bb4bdd_1)** | 46 |
| **[APPENDIX A](#xx_88c8a857-f9b8-4f2a-b650-2633cafea881_1)** | 47 |
| **[Financial Intermediary Specific Sales Charge Waiver and Related Discount Policy Information](#xx_88c8a857-f9b8-4f2a-b650-2633cafea881_1)** | 47 |
| **[TO OBTAIN MORE INFORMATION](#xx_7c6d4d3b-4265-4916-b0bb-be04756cb891_2)** | Back Cover |

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Voya Short Duration High Income Fund

**Investment Objective**

The Fund seeks a high level of current income with lower volatility than the broader high yield market.

**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 25), in Appendix A to the Prospectus, or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 69).

**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;&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>|
| **I** |  |  |
| **R6** |  |  |

---

**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** | **A** | **I** | **R6** |
| Management Fees% | 0.48 | 0.48 | 0.48 |
| Distribution and/or Shareholder Services (12b-1) Fees% | 0.25 |  |  |
| Other Expenses<sup>2</sup>% | 0.73 | 0.73 | 0.73 |
| Total Annual Fund Operating Expenses% | 1.46 | 1.21 | 1.21 |
| Waivers and Reimbursements<sup>3</sup>% | (0.61) | (0.61) | (0.61) |
| Total Annual Fund Operating Expenses After Waivers and <br> Reimbursements% | 0.85 | 0.60 | 0.60 |

---

A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 12 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $500,000 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 0.85% , 0.60% , and 0.60% for Class A, Class I, and Class R6 shares, respectively, through August 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 two years of the three-year period. 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** |
| **A** | Sold or Held | $335 | 642 |
| **I** | Sold or Held | $61 | 324 |
| **R6** | Sold or Held | $61 | 324 |

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Voya Short Duration High Income 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**

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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 costsand may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Example, affect the Fund's performance.

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

**Principal Investment Strategies**

The Fund principally invests in high-yield securities (as defined below) and bank loans, seeking to generate investment income while protecting from adverse market conditions and prioritizing capital preservation. The Fund will maintain an average duration of less than three years.

Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in debt securities issued by public and private companies, which, at the time of purchase, are rated below investment grade (rated Ba or below by Moody's Investors Service, Inc. ("Moody's") or BB or below by S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch")) or, if unrated, determined by the sub-adviser (the "Sub-Adviser") to be of comparable quality (sometimes referred to as "high-yield securities" or "junk bonds"), and in derivatives and other synthetic instruments that have economic characteristics similar to such debt securities. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. The Fund may invest up to 10% of its net assets in securities rated CCC or below (or the equivalent) by S&P, Moody's, or Fitch, or in unrated securities determined by the Sub-Adviser to be of comparable quality. The Fund may invest up to 20% of its assets in bank loans and floating rate secured loans, which may be included among the Fund's high-yield securities for purposes of the 80% policy described above. The Fund may also invest in U.S. Treasury securities, in securities issued by other agencies and instrumentalities of the U.S. government, and in preferred stocks.

The Sub-Adviser applies a disciplined investment approach, making use of fundamental research, to construct the Fund's portfolio. The Sub-Adviser's fundamental research process includes: analysis of a company and its growth by division and region, including revenue model analysis; profit margin analysis; evaluation of the experience and quality of a company's management team; industry dynamics and competitive analysis; distribution channel and supply chain analysis; and analysis of the macroeconomic climate. In selecting specific fixed-income instruments for investment, the Sub-Adviser may consider such factors as the issuer's creditworthiness, the investment's yield in relation to its credit quality and the investment's relative value in relation to the high yield market. The Sub-Adviser seeks to construct a portfolio with lower volatility than the broader high yield market in part through the Fund's approach to duration and credit quality.

Duration is a commonly used measure of risk in fixed-income instruments as it incorporates multiple features of the fixed-income instruments (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 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 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%.

The derivatives in which the Fund may invest include, without limitation, credit default swaps, interest rate swaps, and futures contracts. The Fund would typically expect to use derivatives to hedge against interest rate or credit risk, as a substitute for direct investments in securities or other instruments, or to otherwise enhance return. Derivatives transactions may have the effect of either magnifying or limiting the Fund's gains and losses.

The Fund may invest up to 20% of its assets in foreign (non-U.S.) securities, which will typically be U.S. dollar-denominated but may include securities denominated in foreign currencies.

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 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.

Voya Short Duration High Income 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.

**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.

**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.

**Covenant-Lite Loans:** Loans in which the Fund may invest or to which the Fund may gain exposure indirectly through its investments in collateralized debt obligations, 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 a borrower's capital structure nor to a lack of the benefit from a legal pledge of the borrower's assets and does not necessarily correlate to the overall credit quality of the borrower. Covenant-lite loans generally do not include terms which allow a lender to take action based on a 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 a borrower, and even to declare a default or force the borrower into bankruptcy restructuring if certain criteria are breached. Covenant-lite loans typically still provide lenders with other covenants that restrict a borrower from incurring additional debt or engaging in certain actions. Such covenants can only be breached by an affirmative action of the borrower, rather than by a deterioration in the borrower's financial condition. Accordingly, the Fund may have fewer rights against a borrower when it invests in, or has exposure to, covenant-lite loans and, accordingly, may have a greater risk of loss on such investments as compared to investments in, or exposure to, loans with additional or more conventional covenants.

**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.

Voya Short Duration High Income Fund

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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), 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:** 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.

**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.

**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 United States 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 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. Volatility management techniques may not always be successful in reducing volatility, may not protect against market declines, and

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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 Index during all market cycles due to market 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.

**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

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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.

**Preferred Securities:** Preferred securities may be subject to greater credit or other risks than senior fixed-income instruments. In addition, preferred securities are subject to other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rate, regulatory changes and special redemption rights.

**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.

**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.

**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**

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

**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** |  |
| James Dudnick, CFA <br>Portfolio Manager (since 02/23)<br>| Steven Gish, CFA <br>Portfolio Manager (since 02/23)<br>|
| Justin Kass, CFA <br>Portfolio Manager (since 02/23)<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

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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 Short Duration High Income 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 Funds Trust, the Trustees, 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 Funds Trust (the "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 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 the sub-adviser (the "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.

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

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**Investment Not Guaranteed** 

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

**Shareholder Reports** 

The Fund's fiscal year ends March 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 of Trustees (the "Board"), without shareholder approval. The Fund will provide 60 days' prior written notice of any change in a non-fundamental investment objective. There is no guarantee the Fund will achieve its investment objective.

**Additional Information About Principal Investment Strategies** 

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

**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.

**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.

**Covenant-Lite Loans:** Loans in which the Fund may invest or to which the Fund may gain exposure indirectly through its investments in collateralized debt obligations, 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 a borrower's capital structure nor to a lack of the benefit from a legal pledge of the borrower's assets and does not necessarily correlate to the overall credit quality of the borrower. Covenant-lite loans generally do not include terms which allow a lender to take action based on a 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 a borrower, and even to declare a default or force the borrower into bankruptcy restructuring if certain criteria are breached. Covenant-lite loans typically still provide lenders with other covenants that restrict a borrower from incurring additional debt or engaging in certain actions. Such covenants can only be breached by an affirmative action of the borrower, rather than by a deterioration in the borrower's financial condition. Accordingly, the Fund may have fewer rights against a borrower when it invests in, or has exposure to, covenant-lite loans and, accordingly, may have a greater risk of loss on such investments as compared to investments in, or exposure to, loans with additional or more conventional covenants.

**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.

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

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**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 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.

**Foreign (Non-U.S.) Investments:** 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

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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.

**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.

**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 United States 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 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

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impacted performance. There is no guarantee that the use of these investment models will result in effective investment decisions for the Fund. 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 Index during all market cycles due to market 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.

**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

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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.

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

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

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

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

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

**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

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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. Loans typically have a 6-12 month call protection and may be prepaid partially or in full after the call protection period without penalty.

**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.

**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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**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, the sub-adviser or each individual portfolio manager will make judgments and apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions will produce the desired results. The Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

**Operational:** The Fund, its service providers, and other market participants increasingly depend on complex information technology and communications systems to conduct business functions. These systems are subject to a number of different threats 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 September 30, 2022, Voya Investments managed approximately $73.7 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 management fee rate to be paid by the Fund as a percentage of that Fund's average daily net assets.

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| | |
|:---|:---|
|  | **Management Fee** |
| Voya Short Duration High Income Fund | 0.48% |

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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 annual shareholder report for the fiscal period ending March 31, 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(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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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.

**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 September 30, 2022, Voya IM managed approximately $231.5 billion in assets.

**Individual Portfolio Managers**

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

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Sub-Adviser** | **Fund** | **Recent Professional Experience** |
| James Dudnick, CFA | Voya IM | Voya Short Duration High Income <br> Fund<br>| Mr. Dudnick, Senior Vice President, Portfolio <br> Manager is a lead portfolio manager, income and <br> growth at Voya IM. He joined the firm as part of <br> Voya's acquisition of Allianz Global Investors U.S., <br> where he was a portfolio manager and director with <br> portfolio management and research responsibilities <br> for the short duration high income team. Previously, <br> Mr. Dudnick was a financial advisor at Merrill Lynch, <br> working with both individual and institutional clients. <br> Prior to that, he worked at Goldman Sachs as a <br> financial analyst in the investment management <br> division, where he conducted research and executed <br> trades.<br>|
| Steven Gish, CFA | Voya IM | Voya Short Duration High Income <br> Fund<br>| Mr. Gish, Senior Vice President, Portfolio Manager, is <br> a lead portfolio manager, income and growth at Voya <br> IM. He joined the firm as part of Voya's acquisition <br> of Allianz Global Investors U.S., where he was a <br> portfolio manager and director with portfolio <br> management and research responsibilities on the <br> short duration high income team. Prior to that, Mr. <br> Gish was a senior research analyst with Roth Capital <br> Partners. Previously, he worked in credit at a division <br> of Deutsche Bank Group. <br>|

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

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Sub-Adviser** | **Fund** | **Recent Professional Experience** |
| Justin Kass, CFA | Voya IM | Voya Short Duration High Income <br> Fund<br>| Mr. Kass, Senior Managing Director, Portfolio <br> Manager is chief investment officer, co-head of <br> income and growth at Voya IM. He joined the firm as <br> part of Voya's acquisition of Allianz Global Investors <br> U.S., where he was a portfolio manager, managing <br> director, CIO and co-head of the U.S. income and <br> growth strategies team with portfolio management, <br> research and trading responsibilities for the income <br> and strategies team. Prior to that at Allianz, Mr. Kass <br> held portfolio manager responsibilities for the U.S. <br> convertible strategy and was a lead portfolio <br> manager for the income and growth strategy since <br> its inception and was also responsible for managing <br> multiple closed-end and open-end mutual funds.<br>|

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**Performance of Other Accounts** 

Voya Short Duration High Income Fund (the "Voya Fund") was recently organized and has no performance history of its own at the date of this Prospectus. Voya IM's short duration high income strategy (the " Strategy ") was previously implemented by Allianz Global Investors U.S. ("AllianzGI"). In July 2022, AllianzGI transferred certain assets and teams comprising the substantial majority of its U.S. business to Voya IM. Presented below is historical performance information for all of the investment accounts managed by AllianzGI during the periods shown that had investment objectives, policies, strategies, and investment restrictions that are substantially similar to those of the Voya Fund (the "Short Duration Composite"). The number of accounts in the Short Duration Composite ranged from two to four over the periods, including the Virtus Fund described below.

Prior to joining Voya IM in July 2022, James Dudnick, CFA and Steven Gish, CFA, portfolio managers for the Voya Fund, were employed by AllianzGI, where they served as portfolio managers for the Strategy. Mr. Dudnick and Mr. Gish have represented to the Voya Fund that they became portfolio managers of the Strategy during January 2014 and that, for the period from that time through July 22 , 2022 , they were portfolio managers for all of the accounts in the Short Duration Composite, including the Virtus Fund described below for the period April 1, 2014 through July 22, 2022.

The Short Duration Composite performance data is provided to illustrate the past performance of the Strategy during the periods shown as measured against specified broad-based securities market indices.

The performance of the Short Duration Composite was calculated in accordance with recognized industry standards, consistently applied to all time periods. All returns presented were calculated on a total return basis, including accrued income, realized and unrealized gains or losses, and reinvestment of all dividends and interest, and are net of all brokerage commissions and execution costs. In addition, with the exception of the Virtus Fund described below, the accounts comprising the Short Duration Composite were not subject to the diversification requirements, tax restrictions, and investment limitations imposed on the Voya Fund by the 1940 Act or Subchapter M of the Internal Revenue Code. As a result, the investment portfolio of the Voya Fund, if it had been in operation during the periods shown, would likely have differed to some extent from those of the institutional private accounts and the unregistered funds included in the Short Duration Composite. No leverage was used in the accounts included in the Short Duration Composite.

The performance results shown have been calculated by reducing the Short Duration Composite gross return by the estimated net expenses of each class of the Voya Fund for its first year. The returns in the Short Duration Composite have not been adjusted to reflect the effect of federal or state income taxes. The effect of taxes on any investor will depend on such person's tax status and other factors.

The Short Duration Composite includes performance of Virtus AllianzGI Short Duration High Income Fund, a series of Virtus Strategy Trust (the "Virtus Fund"), an investment company registered with the SEC under the 1940 Act, for the period from April 1, 2014 to July 22, 2022 (the "Virtus Fund Performance Period"). AllianzGI acted as investment sub-adviser to the Virtus Fund from February 1, 2021 through July 22, 2022, and as investment adviser to the Virtus Fund until January 31, 2021. (Prior to February 1, 2021, the Virtus Fund was known as the AllianzGI Short Duration High Income Fund; it is now known as Virtus Newfleet Short Duration High Income Fund.) Mr. Dudnick and Mr. Gish

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

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have represented to the Voya Fund that, for the Virtus Fund Performance Period, they were the portfolio managers primarily responsible for the day-to-day management of the Virtus Fund and that no other person played a significant role in managing the Virtus Fund's portfolio.

Additional information regarding the Short Duration Composite and the related policies for valuing the portfolios that comprise the Short Duration Composite, calculating performance, and preparing compliant presentations are available upon request. The SEC uses a methodology different from that used below to calculate performance which could result in different performance results.

The tables below show average annual total returns for the periods shown ending December 31, 2022 and calendar year total returns through calendar year 2021, along with returns for two broad-based market indices for corresponding periods. This information has not been audited . *The performance data presented below for the Short Duration Composite does not represent the historical performance of the Voya Fund and should not be interpreted as being indicative of the past or future performance of the Voya Fund.*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** <br>**(as of December 31, 2021)** | &nbsp;&nbsp; **Average Annual Total Returns** <br>**(as of December 31, 2021)** | &nbsp;&nbsp; **Average Annual Total Returns** <br>**(as of December 31, 2021)** | &nbsp;&nbsp; **Average Annual Total Returns** <br>**(as of December 31, 2021)** | &nbsp;&nbsp; **Average Annual Total Returns** <br>**(as of December 31, 2021)** | &nbsp;&nbsp; **Average Annual Total Returns** <br>**(as of December 31, 2021)** | &nbsp;&nbsp; **Average Annual Total Returns** <br>**(as of December 31, 2021)** |
|  | &nbsp;&nbsp;&nbsp; **Short** <br>**Duration** <br>**Composite** <br>**for Class** <br>**A Shares** <br>**(At Max** <br>**Sales** <br>**Charge)**<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; **Short** <br>**Duration** <br>**Composite** <br>**for Class** <br>**A Shares** <br>**(With No** <br>**Sales** <br>**Charge)**<br>| &nbsp;&nbsp;&nbsp; **Short** <br>**Duration** <br>**Composite** <br>**for Class** <br>**I Shares** <br>**(With No** <br>**Sales** <br>**Charge)**<br>| &nbsp;&nbsp;&nbsp; **Short** <br>**Duration** <br>**Composite** <br>**for Class** <br>**R6 Shares** <br>**(With No** <br>**Sales** <br>**Charge)**<br>| &nbsp;&nbsp;&nbsp; **ICE BofA** <br>**1-3 Year** <br>**BB U.S.** <br>**Cash Pay** <br>**High Yield** <br>**Index**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; **ICE BofA** <br>**1-3 Year** <br>**US** <br>**Treasury** <br>**Index**<sup>2</sup><br>|
| One Year | 2.43% | 5.06% | 5.32% | 5.32% | 3.24% | -0.55% |
| Three Years | 5.28% | 6.17% | 6.44% | 6.44% | 5.77% | 2.02% |
| Five Years | 3.89% | 4.42% | 4.68% | 4.68% | 4.44% | 1.61% |
| Period beginning 02/01/14 | 3.85% | 4.18% | 4.44% | 4.44% | 4.22% | 1.25% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Annual Total Returns** <br>**(as of December 31 of each year)** | &nbsp;&nbsp; **Annual Total Returns** <br>**(as of December 31 of each year)** | &nbsp;&nbsp; **Annual Total Returns** <br>**(as of December 31 of each year)** | &nbsp;&nbsp; **Annual Total Returns** <br>**(as of December 31 of each year)** | &nbsp;&nbsp; **Annual Total Returns** <br>**(as of December 31 of each year)** | &nbsp;&nbsp; **Annual Total Returns** <br>**(as of December 31 of each year)** | &nbsp;&nbsp; **Annual Total Returns** <br>**(as of December 31 of each year)** |
|  | &nbsp;&nbsp;&nbsp; **Short** <br>**Duration** <br>**Composite** <br>**for Class** <br>**A Shares** <br>**(At Max**<br>**Sales** <br>**Charge)**<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; **Short** <br>**Duration** <br>**Composite** <br>**for Class** <br>**A Shares** <br>**(With No** <br>**Sales** <br>**Charge)**<br>| &nbsp;&nbsp;&nbsp; **Short** <br>**Duration** <br>**Composite** <br>**for Class** <br>**I Shares** <br>**(With No** <br>**Sales** <br>**Charge)**<br>| &nbsp;&nbsp;&nbsp; **Short** <br>**Duration** <br>**Composite** <br>**for Class** <br>**R6 Shares** <br>**(With No** <br>**Sales** <br>**Charge)**<br>| &nbsp;&nbsp;&nbsp; **ICE BofA** <br>**1-3 Year** <br>**BB U.S.** <br>**Cash Pay** <br>**High Yield** <br>**Index**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; **ICE BofA** <br>**1-3 Year** <br>**US** <br>**Treasury** <br>**Index**<sup>2</sup><br>|
| 2021 | 2.43% | 5.06% | 5.32% | 5.32% | 3.24% | -0.55% |
| 2020 | 3.61% | 6.27% | 6.53% | 6.53% | 5.44% | 3.10% |
| 2019 | 4.52% | 7.20% | 7.47% | 7.47% | 8.69% | 3.55% |
| 2018 | -2.78% | -0.29% | -0.04% | -0.04% | 1.34% | 1.58% |
| 2017 | 1.40% | 4.00% | 4.26% | 4.26% | 3.64% | 0.42% |
| 2016 | 7.09% | 9.84% | 10.11% | 10.11% | 8.46% | 0.89% |
| 2015 | -2.80% | -0.31% | -0.06% | -0.06% | 1.20% | 0.54% |

---

Reflects a deduction of the maximum applicable Class A sales charge of 2.50%

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

The table below shows the performance of Institutional Class , Class A and Class R6 shares of the Virtus Fund during the Virtus Fund Performance Period. The returns shown in the table reflect the different expenses of the share classes and, in the case of Class A shares, the deduction of an initial 2.25% sales charge. Class A shares were subject to the highest expenses, followed by Institutional Class shares and Class R6 shares. A share class with a relatively high expense ratio would be expected to experience less favorable performance than a share class with a lower expense ratio. *The performance data presented below for the Virtus Fund does not represent the historical performance of the Voya Fund and should not be interpreted as being indicative of the past or future performance of the Voya Fund.* 

------

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

------

**Average Annual Total Returns** %

(for the periods ended December 31, 2021)

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Yr** | **5 Yrs** | **10 Yrs** | &nbsp;&nbsp; **Since** <br> **Inception**<sup>1</sup> <br>| &nbsp;&nbsp; **Inception** <br> **Date**<sup>1</sup> <br>|
| **Class A** before taxes% | 2.75% | 3.83% | N/A | 4.03% | 04/01/14 |
| ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index<sup>2</sup>% | 3.24% | 4.44% | N/A | 4.20% |  |
| ICE BofA 1-3 Year US Treasury Index<sup>2</sup>% | -0.55% | 1.61% | N/A | 1.28% |  |
| **Class I** before taxes% | 5.35% | 4.56% | N/A | 4.30% | 04/01/14 |
| ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index<sup>2</sup>% | 3.24% | 4.44% | N/A | 4.20% |  |
| ICE BofA 1-3 Year US Treasury Index<sup>2</sup>% | -0.55% | 1.61% | N/A | 1.28% |  |
| **Class R6** before taxes% | 5.45% | N/A | N/A | 4.58% | 02/01/17 |
| ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index<sup>2</sup>% | 3.24% | 4.44% | N/A | 4.44% |  |
| ICE BofA 1-3 Year US Treasury Index<sup>2</sup>% | -0.55% | 1.61% | N/A | 1.61% |  |

---

The inception date is April 1, 2014, the commencement of the Virtus Fund Performance Period for Class A and Class I shares, and February 1, 2017 for Class R6 shares.

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

**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.

**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 2.50% (reduced for purchases of $100,000 or more and <br> eliminated for purchases of $500,000 or more)<br>|
| Contingent Deferred Sales Charge | &nbsp;&nbsp;&nbsp; None (except that with respect to purchases of $500,000 or <br> more for which the initial sales charge was waived, a charge of <br> 1.00% applies to redemptions made within 12 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 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 |  |

---

&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 |  |

---

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.

------

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

------

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 30 for additional information.

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 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;

---

| | |
|:---|:---|
| **Fund** | **Class A** |
| Voya Short Duration High Income Fund | 0.25% |

---

------

**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 $100,000 | 2.50 | 2.56 |
| $100000 - $499999 | 2.00 | 2.04 |
| $500,000 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.

**CDSC - Class A Shares** 

**Investments of $500,000 or More.** There is no front-end sales charge if you purchase Class A shares in an amount of $500,000 or more. However, these shares will be subject to a 0.50% CDSC if they are redeemed within 12 months of purchase.

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.** 

------

**SALES CHARGES *(continued)***

------

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 Investment 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.

**CDSC Waivers.** If you notify the Fund's transfer agent, BNY Mellon Investment Servicing (US) Inc. ("Transfer Agent"), at the time of redemption, the CDSC for Class A 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;• Mandatory distributions from "employee benefit plans" or an 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 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. 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

------

**SALES CHARGES *(continued)***

------

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 Shares** 

Class A 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.

**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.

**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;

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**HOW TO BUY SHARES *(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;

(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.

**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** | **Initial Purchase** | **Subsequent Purchases** |
| Non-retirement accounts<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A <br>I<sup>1</sup> <br>R6<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1000 <br>$250000 <br>$1000000<br>| No minimum |
| Retirement accounts<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A <br>I<sup>1</sup> <br>R6<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $250 <br>$250,000 <br>No minimum <br>| No minimum |
| Pre-Authorized Investment Plan<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A <br>I<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1000 <br>$250000<br>| At least $100/month |
| Certain omnibus accounts<br> A | $250 <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.

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.

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

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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.

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

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**Execution of Purchase Orders** 

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

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

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**HOW TO SELL SHARES**

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You may sell shares by using the methods outlined in the following table. Under unusual circumstances, the Fund may suspend the right of redemption as allowed by the SEC or federal securities laws.

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;

---

| | |
|:---|:---|
| **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>|

---

**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** 

&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** 

&nbsp;&nbsp;&nbsp;&nbsp;• Your account must have a current value of at least $250,000.

&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)***

------

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 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, except that 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.

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 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**

------

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.

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**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 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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**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 daily and pays dividends consisting of ordinary income, if any, monthly.

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.

**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 ICE BofA 1-3 Year BB US Cash Pay High Yield Index is a subset of ICE BofA US Cash Pay High Yield Index including all securities with a remaining term to final maturity less than 3 years and rated BB1 through BB3, inclusive. The ICE BofA US Cash Pay High Yield Index tracks the performance of US dollar denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in the US domestic market.

The ICE BofA 1-3 Year US Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.

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**FINANCIAL HIGHLIGHTS**

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Because Voya Short Duration High Income Fund had not commenced operations as of the date of this Prospectus, financial highlights are not presented.

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**APPENDIX A**

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**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 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;• 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 share 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).

&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 shares Available at Baird** 

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

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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 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 Funds' 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.

&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.

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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;• 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")* 

&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.

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**APPENDIX A *(continued)***

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**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

&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.

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**APPENDIX A *(continued)***

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**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 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** 

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.

------

**APPENDIX A *(continued)***

------

**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 exchanged from Class C (i.e. level load) pursuant to Merrill Lynch's policies relating to sales load discounts and waivers

&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;• 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 Investment 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 purchase made after shares are automatically sold to pay Merrill Lynch's account maintenance fees are not eligible for reinstatement.

**CDSC Waivers on Class A 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

&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 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, will be automatically calculated based on the aggregated holding of fund family assets held by accounts 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

------

**APPENDIX A *(continued)***

------

**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.

**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 this 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").

&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 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.

------

**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;• 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 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).

**CDSC Waivers on Classes A 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.

&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 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.

------

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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, when available, 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, when available, the SAI, or other Fund information.

To make shareholder inquiries contact:

**Voya Investment Management** 

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258-2034

**1-800-992-0180** 

or visit our website at **www.voyainvestments.com**

Reports and other information about the Fund 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 Fund's SEC file number. The file number is as follows:

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

---

| | |
|:---|:---|
| **Voya Funds Trust** | **811-08895** |
| Voya Short Duration High Income Fund | Voya Short Duration High Income 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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219890(0223-020923)

![](img6ecb6f583.gif)

------

**STATEMENT OF ADDITIONAL INFORMATION** 

February 9, 2023

**Voya Funds Trust**

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258-2034

1-800-992-0180

**Voya Short Duration High Income Fund**

Class/Ticker: **A**/VVJBX; **I**/VVJCX; **R6**/VVJDX

This Statement of Additional Information ("SAI") contains additional information about the Fund listed above. This SAI is not a prospectus and should be read in conjunction with the Prospectus dated February 9, 2023, as supplemented or revised from time to time. The Fund's Prospectus and annual or unaudited semi-annual shareholder reports, when available, may be obtained free of charge by contacting the Fund at the address and phone number written above or by visiting our website at https://individuals.voya.com/product/mutual-fund/prospectuses-reports.

------

**Table of Contents** 

---

| | |
|:---|:---|
| **[INTRODUCTION AND GLOSSARY](#xx_baba5ca5-0266-4855-bd9c-f0acb6448c51_1)** | 1 |
| **[HISTORY OF](#xx_baba5ca5-0266-4855-bd9c-f0acb6448c51_2)[the Trust](#xx_baba5ca5-0266-4855-bd9c-f0acb6448c51_2)**  | 2 |
| **[SUPPLEMENTAL DESCRIPTION OF](#xx_baba5ca5-0266-4855-bd9c-f0acb6448c51_2)[Fund](#xx_baba5ca5-0266-4855-bd9c-f0acb6448c51_2)[INVESTMENTS AND RISKS](#xx_baba5ca5-0266-4855-bd9c-f0acb6448c51_2)** | 2 |
| **[PORTFOLIO TURNOVER](#xx_baba5ca5-0266-4855-bd9c-f0acb6448c51_40)** | 40 |
| **[FUNDAMENTAL AND NON-FUNDAMENTAL INVESTMENT RESTRICTIONS](#xx_baba5ca5-0266-4855-bd9c-f0acb6448c51_40)** | 40 |
| **[DISCLOSURE OF](#xx_baba5ca5-0266-4855-bd9c-f0acb6448c51_41)[the Fund's PORTFOLIO SECURITIES](#xx_baba5ca5-0266-4855-bd9c-f0acb6448c51_41)** | 41 |
| **[MANAGEMENT OF](#xx_b7cb3b73-2d46-4518-b5f8-66e780692988_1)[the Trust](#xx_b7cb3b73-2d46-4518-b5f8-66e780692988_1)** | 43 |
| **[CODE OF ETHICS](#xx_374f1440-ccf5-4efb-a997-579d872c6dae_7)** | 54 |
| **[PRINCIPAL SHAREHOLDERS AND CONTROL PERSONS](#xx_374f1440-ccf5-4efb-a997-579d872c6dae_7)** | 54 |
| **[PROXY VOTING PROCEDURES AND GUIDELINES](#xx_374f1440-ccf5-4efb-a997-579d872c6dae_7)** | 54 |
| **[INVESTMENT ADVISER](#xx_374f1440-ccf5-4efb-a997-579d872c6dae_8)** | 55 |
| **[EXPENSES](#xx_374f1440-ccf5-4efb-a997-579d872c6dae_10)** | 57 |
| **[EXPENSE LIMITATIONS](#xx_374f1440-ccf5-4efb-a997-579d872c6dae_10)** | 57 |
| **[SUB-ADVISER](#xx_374f1440-ccf5-4efb-a997-579d872c6dae_11)** | 58 |
| **[PRINCIPAL UNDERWRITER](#xx_374f1440-ccf5-4efb-a997-579d872c6dae_13)** | 60 |
| **[DISTRIBUTION AND SERVICING PLANS](#xx_374f1440-ccf5-4efb-a997-579d872c6dae_16)** | 63 |
| **[OTHER SERVICE PROVIDERS](#xx_374f1440-ccf5-4efb-a997-579d872c6dae_17)** | 64 |
| **[PORTFOLIO TRANSACTIONS](#xx_374f1440-ccf5-4efb-a997-579d872c6dae_18)** | 65 |
| **[ADDITIONAL INFORMATION ABOUT](#xx_374f1440-ccf5-4efb-a997-579d872c6dae_21)[Voya Funds Trust](#xx_374f1440-ccf5-4efb-a997-579d872c6dae_21)** | 68 |
| **[PURCHASE, EXCHANGE, AND REDEMPTION OF SHARES](#xx_374f1440-ccf5-4efb-a997-579d872c6dae_22)** | 69 |
| **[TAX CONSIDERATIONS](#xx_374f1440-ccf5-4efb-a997-579d872c6dae_28)** | 75 |
| **[FINANCIAL STATEMENTS](#xx_374f1440-ccf5-4efb-a997-579d872c6dae_38)** | 85 |
| **[APPENDIX A – DESCRIPTION OF CREDIT RATINGS](#xx_992cb8f2-b8b2-409e-bbd7-b653e08f620e_1)** | A-1 |
| **[APPENDIX B – PROXY VOTING PROCEDURES AND GUIDELINES](#xx_9efc7da6-3853-4b85-b970-76bfa03f8015_1)** | B-1 |

---

------

**INTRODUCTION AND GLOSSARY**

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

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

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

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

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

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

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

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

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

**CDSC**: Contingent deferred sales charge

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

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

**Distributor**: Voya Investments Distributor, LLC

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

**ETF**: Exchange-Traded Fund

**EU**: European Union

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

**FDIC:** Federal Deposit Insurance Corporation

**FHLMC:** Federal Home Loan Mortgage Corporation

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

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

**Fitch:** Fitch Ratings

**FNMA:** Federal National Mortgage Association

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

**GNMA:** Government National Mortgage Association

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

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

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

**IPO:** Initial Public Offering

**IRA:** Individual Retirement Account

**IRS**: United States Internal Revenue Service

**LIBOR**: London Interbank Offered Rate

**MLPs**: Master Limited Partnerships

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

**NAV**: Net Asset Value

**NRSRO:** Nationally Recognized Statistical Rating Organization

**NYSE**: New York Stock Exchange

------

**OTC:** Over-the-counter

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

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

**REIT**: Real Estate Investment Trust

**REMICs**: Real Estate Mortgage Investment Conduits

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

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

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

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

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

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

**SOFR:** Secured Overnight Financing Rate

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

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

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

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

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

**The Trust**: Voya Funds Trust

**HISTORY OF the Trust**

Voya Funds Trust, an open-end management investment company that is registered under the 1940 Act, was organized as a Delaware statutory trust on August 6, 1998. On February 28, 2001, the name of the Trust changed from ING Funds Trust to Pilgrim Funds Trust. On March 1, 2002, the name of the Trust changed from Pilgrim Funds Trust to ING Funds Trust. On May 1, 2014, the name of the Trust changed from ING Funds Trust to Voya Funds Trust.

**SUPPLEMENTAL DESCRIPTION OF Fund INVESTMENTS AND RISKS**

**Diversification** 

The Fund is classified as a "diversified" fund as that term is defined under the 1940 Act. 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).

A non-diversified fund 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 a fund's share price to fluctuate more than that of a diversified fund. 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. The Fund has a fundamental policy against concentration.

**Investments, Investment Strategies, and Risks** 

The table on the following pages identifies various securities and investment techniques that the Investment Adviser or the Sub-Adviser may use in managing the Fund and provides a more detailed description of those securities and investment techniques along with the risks associated with them. The Fund may use any or all of these techniques at any one time, and the fact that the Fund may use a technique does not mean that the technique will be used. The Fund's transactions in a particular type of security or use of a particular technique is subject to the limitations imposed by the Fund's investment objective, policies, and restrictions described in the Fund's Prospectus and/or in this SAI, as well as the federal securities laws. There can be no assurance that the Fund will achieve its investment objective. The 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 the Fund's Prospectus. Where a particular type of security or investment technique is not discussed in the 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 for more information on any applicable limitations.

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

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| | |
|:---|:---|
| **Asset Class/Investment Technique** | **Voya Short Duration High** <br> **Income Fund**<br>|
| **Equity Securities** |  |
| Commodities | X |
| Common Stocks | X |
| Convertible Securities | X |
| Initial Public Offerings |  |
| Master Limited Partnerships | X |
| Other Investment Companies and Pooled Investment Vehicles | X |
| Preferred Stocks | X |
| Private Investments in Public Companies | X |
| Real Estate Securities and Real Estate Investment Trusts |  |
| Small- and Mid-Capitalization Issuers | X |
| Special Purpose Acquisition Companies |  |
| Special Situation Issuers |  |
| Trust Preferred Securities |  |
| **Fixed-Income Instruments** |  |
| Asset-Backed Securities |  |
| Bank Instruments | X |
| Commercial Paper | X |
| Corporate Fixed-Income Instruments | X |
| Credit-Linked Notes |  |
| Custodial Receipts and Trust Certificates |  |
| Delayed Funding Loans and Revolving Credit Facilities |  |
| Event-Linked Bonds |  |
| Floating or Variable Rate Instruments | X |
| Guaranteed Investment Contracts |  |
| High-Yield Securities | X |
| Inflation-Indexed Bonds |  |
| Inverse Floating Rate Securities |  |
| Mortgage-Related Securities | X |
| Municipal Securities |  |
| Senior and Other Bank Loans | X |
| U.S. Government Securities and Obligations | X |
| Zero-Coupon, Deferred Interest and Pay-in-Kind Bonds | X |
| **Foreign Investments** |  |
| Depositary Receipts |  |
| Emerging Market Investments | X |
| Eurodollar and Yankee Dollar Instruments |  |
| Foreign Currencies | X |
| Sovereign Debt |  |
| Supranational Entities |  |
| **Derivative Instruments** |  |
| Forward Commitments |  |
| Futures Contracts | X |
| Hybrid Instruments | X |
| Options |  |
| Participatory Notes |  |

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| | |
|:---|:---|
| **Asset Class/Investment Technique** | **Voya Short Duration High** <br> **Income Fund**<br>|
| Rights and Warrants | X |
| Swap Transactions and Options on Swap Transactions | X |
| **Other Investment Techniques** |  |
| Borrowing | X |
| Illiquid Securities | X |
| Participation on Creditors Committees |  |
| Repurchase Agreements | X |
| Restricted Securities | X |
| Reverse Repurchase Agreements and Dollar Roll Transactions |  |
| Securities Lending | X |
| Short Sales |  |
| To Be Announced Sale Commitments |  |
| When-Issued Securities and Delayed Delivery Transactions | - |

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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.

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**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. The Fund will not necessarily participate in an IPO in which other mutual funds or accounts managed by the Investment Adviser or Sub-Adviser participate.

**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 the Fund to all the risks of that other investment company or pooled investment vehicle as well as additional expenses at the other investment company or pooled investment vehicle-level, such as a proportionate share of portfolio management fees and operating expenses. Such expenses are in addition to the expenses the Fund pays in connection with its own operations. Investing in a pooled investment vehicle involves the risk that the vehicle will not perform as anticipated. The amount of assets that may be invested in another investment company or pooled investment vehicle or in other investment companies or pooled investment vehicles generally may be limited by applicable law.

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

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

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

The Investment Adviser has informed the Board that its investment process may be influenced by an affiliated insurance company that issues financial products in which the Fund may be offered as an investment option. In certain of those products an affiliated insurance company may offer guaranteed lifetime income or death benefits. The Investment Adviser's and Sub-Adviser's investment decisions, including their allocation decisions with respect to the other investment companies, may benefit the affiliated insurance company issuing such benefits. For example, selecting and allocating assets to other investment companies which invest primarily in 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 the Fund to the extent it invests in ETFs. There can be no assurance an ETF's shares will continue to be listed on an active exchange.

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

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

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

Interests in a Private Fund will be subject to substantial restrictions on transfer and, in some instances, may be non-transferable for a period of years. Private Funds may participate in only a limited number of investments and, as a consequence, the return of a particular Private Fund may be substantially adversely affected by the unfavorable performance of even a single investment. Certain Private Funds may pay their investment managers a fee based on the performance of the Private Fund, which may create an incentive for the manager to make investments that are riskier or more speculative than would be the case if the manager was paid a fixed fee. Private Funds are not registered under the 1940 Act and, consequently, are not subject to the restrictions on affiliated transactions and other protections

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applicable to registered investment companies. The valuations of securities held by Private Funds, which are generally unlisted and illiquid, may be very difficult and will often depend on the subjective valuation of the managers of the Private Funds, which may prove to be inaccurate. Inaccurate valuations of a Private Fund's portfolio holdings will affect the ability of the Fund to calculate its NAV accurately.

**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 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 the Fund's investments are concentrated geographically, by property type or in certain other respects, the Fund may be subject to certain of the foregoing risks to a greater extent. Investments by the Fund in securities of issuers providing mortgage servicing will be subject to the risks associated with refinancing and their impact on servicing rights.

In addition, if the Fund receives rental income or income from the disposition of real property acquired as result of a default on securities the Fund owns, the receipt of such income may adversely affect the Fund's ability to qualify as a RIC because of certain income source requirements applicable to RICs under the Code.

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

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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:** The Fund may invest in stock, rights, and warrants of special purpose acquisition companies ("SPACs"). Also known as a "blank check company," a SPAC is a company with no commercial operations that is formed solely to raise capital from investors for the purpose of acquiring one or more existing private companies. The typical SPAC IPO involves the sale of units consisting of one share of common stock combined with one or more warrants or fractions of warrants to purchase common stock at a fixed price upon or after consummation of the acquisition. SPACs often have pre-determined time frames to make an acquisition after going public (typically two years) or the SPAC will liquidate, at which point invested funds are returned to the entity's shareholders (less certain permitted expenses) and any rights or warrants issued by the SPAC expire worthless. Unless and until an acquisition is completed, a SPAC generally holds its assets in U.S. government securities, money market securities and cash. To the extent the SPAC holds cash or similar securities, this may impact the Fund's ability to meet its investment objective.

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

It is possible that a significant portion of the funds raised by a SPAC for the purpose of identifying and effecting an acquisition or merger may be expended during the search for a target transaction. Attractive acquisition or merger targets may become scarce if the number of SPACs seeking to acquire operating businesses increases. Only a thinly traded market for shares of or interests in a SPAC may develop, leaving the Fund unable to sell its interest in a SPAC or able to sell its interest only at a price below what the Fund believes is the SPAC security's value.

**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

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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 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

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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 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.

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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.

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).

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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 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.

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

**High-Yield Securities:** High-yield securities (commonly referred to as "junk bonds") are 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, the 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 the 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.

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

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

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

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

**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 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 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 the Fund or reduce the effectiveness of related transactions such as hedges. The effect of any changes to or discontinuation of LIBOR on the 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 the 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.

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<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.

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.

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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 the Fund. For example, third parties may seek to withhold proceeds due to holders of the mortgage-related securities, including the Fund, to cover legal or related costs. Any such action could result in losses to the Fund.

<u>Collateralized Mortgage Obligations</u>: Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by mortgages and divided into classes. Similar to a bond, interest and prepaid principal is paid, in most cases, on a monthly basis. CMOs may be collateralized by whole mortgage loans or private mortgage bonds, but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by GNMA, FHLMC, or FNMA, and their income streams.

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.

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<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 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.

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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 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.

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**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 the Fund's ability to sell particular municipal bonds at then-current market prices, especially in periods when other investors are attempting to sell the same securities.

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

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

From time to time, proposals have been introduced before Congress that, if enacted, would have the effect of restricting or eliminating the 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.

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<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). The Fund may also make its investments in Senior Loans through the use of derivative instruments as long as the reference obligation for such instrument is a Senior Loan. In addition, the Fund has the ability to act as an agent in originating and administering a loan on behalf of all lenders or as one of a group of co-agents in originating loans.

<u>Investment Quality and Credit Analysis</u> 

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

<u>Senior Loan Characteristics</u> 

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

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

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

Senior Loans typically pay interest at least quarterly at rates, which equal a fixed percentage spread over a base rate such as 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.

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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 the Fund and the borrower become insolvent or enter FDIC receivership or bankruptcy, any interest in the Senior Loan of such person and any loan payment held by such person for the benefit of the fund should not be included in such person's or entity's bankruptcy estate. If, however, any such amount were included in such person's or entity's bankruptcy estate, the Fund would incur certain costs and delays in realizing payment or could suffer a loss of principal or interest. In this event, the Fund could experience a decrease in the NAV.

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

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

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

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

<u>Additional Costs</u> 

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

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

<u>Loan Participation and Assignments</u> 

The Fund's investment in loan participations typically will result in the fund having a contractual relationship only with the lender and not with the borrower. The Fund will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing participation, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating

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to the loan, nor any right of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund may be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

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

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

<u>Additional Information on Loans</u> 

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

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

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

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

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

<u>Bridge Loans</u> 

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

<u>Covenant-Lite Loans</u> 

Loans in which the Fund may invest or to which the Fund may gain exposure indirectly through its investments in CDOs, CLOs or other types of structured securities may be considered "covenant-lite" loans. Covenant-lite refers to loans which do not incorporate traditional performance-based financial maintenance covenants. Covenant-lite does not refer to a loan's seniority in the borrower's capital structure nor to a lack of the benefit from a legal pledge of the borrower's assets, and it also does not necessarily correlate to the overall credit quality of the borrower. Covenant-lite loans generally do not include terms which allow the lender to take action based on the borrower's performance relative to its covenants. Such actions may include the ability to renegotiate and/or re-set the credit spread on the loan with the borrower, and even to declare a default or force a borrower into bankruptcy restructuring if certain criteria are breached. Covenant-lite

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loans typically still provide lenders with other covenants that restrict a company from incurring additional debt or engaging in certain actions. Such covenants can only be breached by an affirmative action of the borrower, rather than by a deterioration in the borrower's financial condition. Accordingly, the Fund may have fewer rights against a borrower when it invests in or has exposure to covenant-lite loans and, accordingly, may have a greater risk of loss on such investments as compared to investments in or exposure to loans with additional or more conventional covenants.

**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 the 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 the Fund or issuers of securities held by the Fund. The Investment Adviser and Sub-Adviser cannot predict the effects of these or similar events in the future on the U.S. economy and securities markets or on the Fund's portfolio. The Investment Adviser and Sub-Adviser may not timely anticipate or manage existing, new or additional risks, contingencies or developments.

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

**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

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that could adversely affect the values of the investments in certain non-U.S. countries. In certain foreign markets an issuer's securities are blocked from trading at the custodian or sub-custodian level for a specified number of days before and, in certain instances, after a shareholder meeting where such shares are voted. This is referred to as "share blocking." The blocking period can last up to several weeks. Share blocking may prevent buying or selling securities during this period, because during the time shares are blocked, trades in such securities will not settle. It may be difficult or impossible to lift blocking restrictions, with the particular requirements varying widely by country. Economic or other sanctions imposed on a foreign country or issuer by the U.S., or on the U.S. by a foreign country, could impair the Fund's ability to buy, sell, hold, receive, deliver, or otherwise transact in certain securities. Sanctions could also affect the value and/or liquidity of a foreign 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 the Fund's ability to invest in these instruments and to enforce its rights as a beneficial owner of these instruments. Trading through Bond Connect is subject to a number of restrictions that may affect the Fund's investments and returns.

Investments made through Bond Connect are subject to order, clearance and settlement procedures that are relatively untested in China, which could pose risks to the Fund. CIBM does not support all trading strategies (such as short selling) and investments in Chinese 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

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via Bond Connect will be held via a book entry omnibus account in the name of the Hong Kong Monetary Authority Central Money Markets Unit ("CMU") maintained with a China-based depository (either the China Central Depository & Clearing Co. ("CDCC") or the Shanghai Clearing House ("SCH")). The Fund's ownership interest in these Chinese 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 the Fund's Hong Kong sub-custodian. Therefore, the Fund's ability to enforce its rights as a bondholder may depend on CMU's ability or willingness as record-holder of the bonds to enforce the Fund's rights as a bondholder. Additionally, the omnibus manner in which Chinese fixed-income instruments are held could expose the Fund to the credit risk of the relevant securities depositories and the Fund's Hong Kong sub-custodian. While the Fund holds a beneficial interest in the instruments it acquires through Bond Connect, the mechanisms that beneficial owners may use to enforce their rights are untested. In addition, courts in China have limited experience in applying the concept of beneficial ownership. Moreover, Chinese 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.

The 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. The Fund will not benefit from access to Hong Kong investor compensation funds, which are set up to protect against defaults of trades, when investing through Bond Connect. Bond Connect can only operate when both China and Hong Kong markets are open for trading and when banking services are available in both markets on the corresponding settlement days. The rules applicable to taxation of Chinese 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 the Fund, which may negatively affect investment returns for shareholders.

<u>Investing through Stock Connect</u>: The Fund may, directly or indirectly (through, for example, participation notes or other types of equity-linked notes), purchase shares in mainland China-based companies that trade on Chinese stock exchanges such as the Shanghai Stock Exchange and the Shenzhen Stock Exchange ("China A-Shares") through the Shanghai-Hong Kong Stock Connect ("Stock Connect"), a mutual market access program designed to, among other things, enable foreign investment in the People's Republic of China ("PRC") via brokers in Hong Kong. There are significant risks inherent in investing in China A-Shares through Stock Connect. The underdeveloped state of PRC's investment and banking systems subjects the settlement, clearing, and registration of China A-Shares transactions to heightened risks. Stock Connect can only operate when both PRC and Hong Kong markets are open for trading and when banking services are available in both markets on the corresponding settlement days. As such, if either or both markets are closed on a U.S. trading day, the Fund may not be able to dispose of its China A-Shares in a timely manner, which could adversely affect the Fund's performance. PRC regulations require that the Fund that wishes to sell its China A-Shares pre-deliver the China A-Shares to a broker. If the China A-Shares are not in the broker's possession before the market opens on the day of sale, the sell order will be rejected. This requirement could also limit the Fund's ability to dispose of its China A-Shares purchased through Stock Connect in a timely manner. Additionally, Stock Connect is subject to daily quota limitations on purchases of China A Shares. Once the daily quota is reached, orders to purchase additional China A-Shares through Stock Connect will be rejected. The Fund's investment in China A-Shares may only be traded through Stock Connect and is not otherwise transferable. Stock Connect utilizes an omnibus clearing structure, and the Fund's shares will be registered in its custodian's name on the Central Clearing and Settlement System. This may limit the ability of the Investment Adviser or Sub-Adviser to effectively manage the Fund, and may expose the Fund to the credit risk of its custodian or to greater risk of expropriation. Investment in China A-Shares through Stock Connect may be available only through a single broker that is an affiliate of the Fund's custodian, which may affect the quality of execution provided by such broker. Stock Connect restrictions could also limit the ability of the Fund to sell its China A-Shares in a timely manner, or to sell them at all. Further, different fees, costs and taxes are imposed on foreign investors acquiring China A-Shares acquired through Stock Connect, and these fees, costs and taxes may be higher than comparable fees, costs and taxes imposed on owners of other securities providing similar investment exposure. Stock Connect trades are settled in Renminbi ("RMB"), the official currency of PRC, and investors must have timely access to a reliable supply of RMB in Hong Kong, which cannot be guaranteed.

**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 the Fund's investments in the defaulting or exiting country, in issuers, both private and governmental, with direct exposure to that country, and in European issuers generally. 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

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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.

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.

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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, the Fund's ability to exercise remedies (such as the termination of transactions, netting of obligations and realization on collateral) could be stayed or eliminated under new special resolution regimes adopted in the United States, the EU, the UK and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, the liabilities of counterparties who are subject to such proceedings in the EU and the UK could be reduced, eliminated, or converted to equity in such counterparties (sometimes referred to as a "bail in").

Additionally, U.S. regulators, the EU, the UK, and certain other jurisdictions have adopted minimum margin and capital requirements for uncleared derivatives transactions. 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 the Fund is able to engage in derivatives transactions, even if the derivatives are considered to be "senior securities" for purposes of Section 18 of the 1940 Act, and it is expected that the Fund will continue to rely on that exemption, to the extent applicable. Rule 18f-4, among other things, requires a fund to apply value-at-risk ("VaR") leverage limits to its investments in derivatives transactions and certain other transactions that create future payment and delivery obligations as well as implement a derivatives risk management program. Generally, these requirements apply unless a fund satisfies Rule 18f-4's "limited derivatives users" exception. When a fund invests in reverse repurchase agreements or similar financing transactions, including certain tender option bonds, Rule 18f-4 requires the fund to either aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the fund's asset coverage ratio or treat all such transactions as derivatives transactions.

**Exclusions of the Investment Adviser from commodity pool operator definition.** With respect to the 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 the Fund, the Investment Adviser is relying upon a related exclusion from the definition of "commodity trading advisor" under the CEA and the rules of the CFTC.

The terms of the CPO exclusion require the Fund, among other things, to adhere to certain limits on its investments in "commodity interests." Commodity interests include 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 the Fund in the same manner as it would in the absence of CPO exclusion requirements. The 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 the 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 the Fund makes additional investments while a delayed delivery purchase is outstanding, this may result in a form of leverage. Forward commitments involve a risk of loss if the value of the security to be purchased declines prior to the settlement date, or if the other party fails to complete the transaction.

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

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

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

**Futures Contracts:** A 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

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

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

<u>Interest Rate Futures Contracts</u>: An interest rate futures contract is an agreement to take or make delivery of either: (i) an amount of cash equal to the difference between the value of a particular 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 the Fund owned long-term bonds and interest rates were expected to increase, the Fund might enter into interest rate futures contracts for the sale of fixed-income instruments. Such a sale would have much the same effect as selling some of the long-term bonds in the Fund's portfolio. If interest rates did increase, the value of the 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 the Fund from declining as much as it otherwise would have.

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

<u>Gold Futures Contracts</u>: A gold futures contract is a standardized contract which is traded on a regulated commodity futures exchange, and which provides for the future delivery of a specified amount of gold at a specified date, time, and price. If the Fund purchases a gold futures contract, it becomes obligated to take delivery and pay for the gold from the seller in accordance with the terms of the contract. If the Fund sells a gold futures contract, it becomes obligated to 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, the Fund either may accept or make delivery of the currency specified in the contract, or at or prior to maturity enter into a closing transaction involving the purchase or sale of an offsetting contract. Closing transactions with respect to futures contracts may be effected only on a commodities exchange or board of trade which provides a 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, the Fund would continue to be required to make daily cash payments of variation margin.

<u>Margin Payments</u>: If the Fund purchases or sells a futures contract, it is required to deposit with a futures commission merchant an amount of cash, U.S. Treasury bills, or other permissible collateral equal to a 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 the Fund upon termination of the contract, assuming the Fund satisfies its contractual obligations.

Subsequent payments to and from the broker occur on a daily basis in a process known as "marking to market." These payments are called "variation margin" and are made as the value of the underlying futures contract fluctuates. For example, when the Fund sells a futures contract and the price of the underlying asset rises above the delivery price, the Fund's position declines in value. The Fund then pays the broker a variation margin payment generally equal to the difference between the 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, the

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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, the Fund would have to provide additional capital to cover the higher margin rates which could require closing out other positions earlier than anticipated.

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

<u>Options on Futures Contracts</u>: Options on futures contracts generally operate in the same manner as options purchased or written directly on the underlying assets. A futures option gives the holder, in return for the premium paid, the right, but not the obligation, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put) at a specified exercise price at any time during the period of the option. 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.

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

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

The use of futures and related options involves the risk of imperfect correlation among movements in the prices of the 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 the Fund has purchased puts on futures contracts to hedge its portfolio against a decline in the market, the securities or index on which the puts are purchased may increase in value and the value of securities held in the portfolio may decline. If this occurred, the Fund would lose money on the puts and also experience a decline in value in its portfolio securities. In addition, the prices of futures, for a number of reasons, may not correlate perfectly with movements in the underlying asset due to certain market distortions. For example, all participants in the futures market are subject to margin deposit requirements. Such requirements may cause investors to close futures contracts through offsetting transactions, which could distort the normal relationship between the underlying asset and futures markets. The margin 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. The Fund's futures commission merchant may limit the Fund's ability to invest in certain futures contracts. Such restrictions may adversely affect the Fund's performance and its ability to achieve its investment objective.

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

<u>Risks of Investing in Hybrid Instruments</u>: The risks of investing in hybrid instruments reflect a combination of the risks of investing in securities, swaps, options, futures and currencies. An investment in a hybrid instrument may entail significant risks that are not associated with a similar investment in a traditional 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. The Fund may be prohibited from transferring a hybrid instrument, or the number of possible purchasers may be limited by applicable law or because few investors have an interest in purchasing such a customized product. Because hybrid instruments are typically privately negotiated contracts between two parties, the value of a hybrid instrument will depend on the willingness and ability of the issuer of the instrument to meet its obligations. Hybrid instruments also may not be subject to regulation by the CFTC, which generally regulates the trading of 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, the 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, the Fund generally receives an amount in cash equal to the difference between the conversion price and the then-current value of the underlying security. Unlike a true convertible security, a synthetic convertible security comprises 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, the Fund would be exposed to an increased risk of loss, because if the price of the underlying asset or instrument exceeds the option's exercise price, the Fund would suffer a loss equal to the amount by which the market price exceeds the exercise price at the time the call option is exercised, minus the premium received. Calls written on securities that the Fund does not own are riskier than calls written on securities owned by the Fund because there is no underlying asset held by the Fund that can act as a partial hedge. When such a call is exercised, the Fund must purchase the underlying asset to meet its call obligation or make a payment equal to the value of its obligation in order to close out the option. Calls written on securities that the Fund does not own have speculative characteristics and the potential for loss is theoretically unlimited. There is also a risk, especially with less liquid preferred and 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 the Fund is the writer of a cleared option, the Fund is required to deposit initial margin. Additional variation margin may also be required. If the Fund is the writer of an uncleared option, the Fund may be required to deposit initial margin and additional variation margin.

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

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

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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 the Fund.

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

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

**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, the Fund may purchase a participatory note from a broker-dealer, which holds the securities on behalf of the noteholders.

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

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

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

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

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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 the Fund were not to exercise an index-linked warrant prior to its expiration, then the Fund would lose the amount of the purchase price paid by it for the warrant.

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

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

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

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

Investments in these instruments involve the risk that the issuer of the instrument may default on its obligation to deliver the underlying security or cash in lieu thereof. These instruments may also be subject to liquidity risk because there may be a limited secondary market for trading the warrants. They are also subject, like other investments in foreign 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 the Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate, and will receive payments from its counterparty based on another interest rate. Other forms of swap agreements include interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap"; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor"; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in 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 the Fund buys protection, it may or may not own securities of the reference entity. If it does own securities of the reference entity, the swap serves as a hedge against a decline in the value of the securities due to the occurrence of a credit event involving the issuer of the securities. If the Fund does not own securities of the reference entity, the credit default swap may be seen to create a short position in the reference entity. If the Fund is a buyer and no credit event occurs, the Fund will typically recover nothing under the swap, but will have had to pay the required upfront payment or stream of continuing payments under the swap. If the Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund's portfolio through the Fund's indirect long exposure to the issuer or securities on which the swap is written. If the Fund sells protection, it may do so either to earn additional income or to create such a "synthetic" long position. Credit default swaps involve general market risks, illiquidity risk, counterparty risk, and credit risk.

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

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 the Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, if the Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement.

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

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

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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 the Fund's interest. The Fund bears the risk that its manager will not accurately forecast future market trends or the values of assets, reference rates, indices, or other economic factors in establishing swap positions for the Fund. If the manager attempts to use a swap as a hedge against, or as a substitute for, a portfolio investment, the Fund would be exposed to the risk that the swap will have or will develop imperfect or no correlation with the portfolio investment. This could cause substantial losses for the Fund. While hedging strategies involving swap instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other Fund investments. Many swaps are complex and often valued subjectively.

Counterparty risk with respect to derivatives has been and may continue to be affected by 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 the Fund, and what impact an insolvency of a clearing house or clearing member would have on the financial system more generally. In some ways, cleared derivative arrangements are less favorable to the Fund than bilateral arrangements, for example, by requiring that the Fund provide more margin for its cleared derivatives positions. Also, as a general matter, in contrast to a bilateral derivatives position, following a period of notice to the Fund, the clearing house or the clearing member through which it holds its position at any time can require termination of an existing cleared derivatives position or an increase in the margin required at the outset of a transaction. Any increase in margin requirements or termination of existing cleared derivatives positions by the clearing member or the clearing house could interfere with the ability of the Fund to pursue its investment strategy.

Also, in the event of a counterparty's (or its affiliate's) insolvency, the possibility exists that the Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, could be stayed or eliminated under 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 the Fund of a counterparty who is subject to such proceedings in the EU and the UK (sometimes referred to as a "bail in").

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

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

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

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

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

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

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

**Restricted Securities**: The 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. The Fund may incur additional expenses when disposing of restricted securities, including costs to register the sale of the securities. The Board has delegated to Fund management the responsibility for monitoring and determining the liquidity of restricted securities, subject to the Board's oversight.

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

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

Reverse repurchase agreement and dollar rolls involve the risk that the market value of the securities to be repurchased under the agreement may decline below the repurchase price. If the buyer of securities under a reverse repurchase agreement or dollar rolls files for bankruptcy or becomes insolvent, such a buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the obligation to repurchase the securities and use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision. Additionally, reverse repurchase agreements entail many of the same risks as OTC derivatives. These include the risk that the counterparty to the reverse repurchase agreement may not be able to fulfill its obligations, that the parties may disagree as to the meaning or application of contractual terms, or that the instrument may not perform as expected.

**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.

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

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

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

**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 be decreased, and the amount of a loss increased, 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 the Fund engages in when-issued or delayed delivery transactions, it relies on the other party to consummate the trade. Failure of such party to do so may result in the Fund's incurring a loss or missing an opportunity to obtain a price considered to be advantageous.

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

**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 the Fund or its service providers may adversely impact the Fund. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential business information, impede trading, subject the Fund to regulatory fines or financial losses and/or cause reputational damage. The Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which the Fund may invest, which could result in material adverse consequences for such issuers and may cause the Fund's investment in such companies to lose value. In addition, substantial costs may be incurred in order to prevent any cyber-attacks in the future. While the Fund has established a business continuity plan in the event of, and risk management systems to prevent, such cyber-attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber security plans and systems put in place by service providers to the Fund, and such third party service providers may have limited indemnification obligations to the Investment Adviser or the Fund, each of whom could be negatively impacted as a result. The Fund and its shareholders could be negatively impacted as a result. Similar types of operational and technology risks are also present for issuers of securities or other instruments in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the Fund's investments to lose value. In addition, cyber-attacks involving the Fund's counterparty could affect such counterparty's ability to meet its obligations to the Fund, which may result in losses to the Fund and its shareholders. Furthermore, as a result of cyber-attacks, disruptions or failures, an exchange or market may close or issue trading halts on specific securities or the entire market, which may result in the Fund being, among other things, unable to buy or sell certain securities or unable to accurately price its investments.

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

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**TEMPORARY DEFENSIVE STRATEGIES**

When the Investment Adviser or the Sub-Adviser (if applicable) to the 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, 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.

**PORTFOLIO TURNOVER**

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

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

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

**FUNDAMENTAL AND NON-FUNDAMENTAL INVESTMENT RESTRICTIONS**

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

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

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

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**FUNDAMENTAL INVESTMENT RESTRICTIONS** 

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

**Voya Short Duration High Income Fund** 

As a matter of fundamental policy:

1. The Fund may not issue any class of securities which is senior to the Fund's shares of beneficial interest, except to the extent the Fund is permitted to borrow money and except as otherwise consistent with applicable law from time to time.

2. The Fund may borrow money to the extent permitted by applicable law from time to time.

3. The Fund may not act as underwriter of securities of other issuers except to the extent that, in connection with the disposition of portfolio securities or in connection with the purchase of securities directly from the issuer thereof, it may be deemed to be an underwriter under certain federal securities laws.

4. The Fund may not purchase any security if as a result 25% or more of the Fund's total assets (taken at current value) would be invested in securities of issuers in a single industry (for purposes of this restriction, (i) bank loans and loan participations will be considered investments in the industry of the underlying borrower, (ii) investment companies are not considered to constitute an industry, and (iii) derivatives counterparties are not considered to be part of any industry). This restriction does not apply to securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities (or repurchase agreements with respect thereto).

5. The Fund may make loans, including to affiliated investment companies, except to the extent the Fund is prohibited from doing so by applicable law. The Fund may purchase loan participations or otherwise invest in loans or similar obligations, and may make loans directly to borrowers, itself or as part of a lending syndicate. The Fund may purchase debt obligations or other financial instruments in which the Fund may invest consistent with its investment policies, enter into repurchase agreements, or lend its portfolio securities.

6. The Fund may purchase or sell commodities to the extent permitted by applicable law from time to time.

7. The Fund will not purchase real estate directly, but may possess, hold, purchase and/or dispose of it in connection with managing or exercising its rights in respect of its investments. The Fund may, for clarity, (i) purchase interests in issuers which deal or invest in real estate, including limited partnership interests of limited partnerships that invest or deal in real estate, (ii) purchase securities which are secured by real estate or interests in real estate, including real estate mortgage loans, and (iii) acquire (by way of foreclosure or otherwise), hold and/or dispose of real estate that secured, or is otherwise related to, an investment of the Fund. (For purposes of this restriction, investments by the Fund in mortgage-backed securities and other securities representing interests in mortgage pools shall not constitute the purchase or sale of real estate.)

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

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

In addition, the Fund posts its portfolio holdings schedule on Voya's website on a monthly basis and makes it available on the 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.

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

The Fund also compiles a list of its ten largest ("Top Ten") holdings and/or its Top Ten 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 the Fund's shares, and most third parties may receive the Fund's annual or semi-annual shareholder reports, or view them on Voya's website, along with the Fund's portfolio holdings schedule.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**QUARTERLY PORTFOLIO HOLDINGS** 

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Fund's Form NPORT-P is available on the SEC's website at www.sec.gov. The Fund's complete schedule of portfolio holdings is also available at https://individuals.voya.com/product/mutual-fund/prospectuses-reports and without charge upon request from the Fund by calling Shareholder Services toll-free at 1-800-992-0180.

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

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name, Address and** <br> **Age**<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> **Age**<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 the Fund (as defined below, "Independent Trustee") is subject to the Board's retirement policy, which states that each duly elected or appointed Independent Trustee shall retire from and cease to be a member of the Board of Trustees at the close of business on December 31 of the calendar year in which the Independent Trustee attains the age of 75. A majority vote of the Board's other Independent Trustees may extend the retirement date of an Independent Trustee if the retirement would trigger a requirement to hold a meeting of shareholders of the Trust under applicable law, whether for the purposes of appointing a successor to the Independent Trustee or otherwise complying under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Trustees).

For the purposes of this table, "Fund Complex" includes the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya 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.

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**Information Regarding Officers of the Trust** 

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

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

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age** | &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>7337 East Doubletree <br> Ranch Road, Suite 100<br> Scottsdale, Arizona <br> 85258-2034 <br>| &nbsp;&nbsp; Chief Compliance <br> Officer<br>| December 2022 – Present | &nbsp;&nbsp; Chief Compliance Officer (December 2022 – Present); Senior Vice President, Voya <br> Investment Management (December 2022 – Present). Formerly, Head of Funds <br> Compliance, Brighthouse Financial, Inc.; and Chief Compliance Officer, Brighthouse Funds <br> and Brighthouse Investment Advisers, LLC (March 2017 – 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 family of funds (September 2014 – June 2022); <br> Vice President, Voya Investments, LLC (October 2015 – February 2022); Vice President, <br> Head of Proxy Voting, Voya Investment Management (October 2015 – August 2021). <br>|

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age** | &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; **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, Voya family of funds (March 2018 – June <br> 2022); Vice President, Head of Mutual Fund Operations, Voya Investment Management <br> (February 2018 – February 2022); Vice President, Voya Investment Management (March <br> 2014 – February 2018).<br>|
| &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; June 2022 – 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, Assistant Secretary, Voya family of <br> funds (January 2020 – September 2020); Vice President and Counsel, Voya Investment <br> Management – Mutual Fund Legal Department (January 2013 – September 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 | October 2000 – 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>|

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

**The Board Leadership Structure and Related Matters** 

The Board is comprised of seven (7) members, all of whom are independent or disinterested persons, which means that they are not "interested persons" of the Fund as defined in Section 2(a)(19) of the 1940 Act (the "Independent Trustees").

The Trust is one of 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 March 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 six (6) meetings during the fiscal year ended March 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 the Fund). The responsibilities of the Contracts Committee include, among other things: (i) identifying the scope and format of information to be provided by service providers in connection with applicable contract approvals or renewals; (ii) providing guidance to independent legal counsel regarding specific information requests to be made by such counsel on behalf of the Trustees; (iii) evaluating regulatory and other developments that might have an impact on applicable approval and renewal processes; (iv) reporting to the Trustees its recommendations and decisions regarding the foregoing matters; (v) assisting in the preparation of a written record of the factors considered by Trustees relating to the approval and renewal of advisory and sub-advisory agreements; (vi) recommending to the Board specific steps to be taken by it regarding the contracts approval and renewal process, including, for example, proposed schedules of certain actions to be taken; and (vii) otherwise providing assistance in connection with Board decisions to renew, reject, or modify agreements or plans.

The Contracts Committee currently consists of all 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 March 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. The Fund is monitored by the IRCs, as indicated below. Each committee is described below.

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

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| | | |
|:---|:---|:---|
| **Fund** | **IRC E** | **IRC F** |
| Voya Short Duration High Income 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 March 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 March 31, 2022.

The IRC E and IRC F sometimes meet jointly to consider matters that are reviewed by both committees. The committees held two (2) such additional joint meetings during the fiscal year ended March 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 March 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 the Fund. In this connection, the Board has been advised that it is not practicable to identify all of the risks that may impact the Fund or to develop procedures or controls that are designed to eliminate all such risk exposures, and that applicable securities law regulations do not contemplate that all such risks be identified and addressed.

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

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

**Qualifications of the Trustees** 

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

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

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**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 the Fund and the aggregate holdings of shares of equity securities of all the funds in the Voya family of funds for the calendar year ended December 31, 2022.

"N/A" in the table indicates that, as the Fund was not in operation during the calendar year ended December 31, 2022, no Trustee held any equity securities of the Fund during that time.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Dollar Range of Equity Securities in the Fund as of December 31, 2022** | **Dollar Range of Equity Securities in the Fund as of December 31, 2022** | **Dollar Range of Equity Securities in the Fund as of December 31, 2022** | **Dollar Range of Equity Securities in the Fund as of December 31, 2022** |
| **Fund** | **Colleen D. Baldwin** | **John V. Boyer** | **Patricia W. Chadwick** | **Martin J. Gavin** |
| Voya Short Duration High <br> Income Fund<br>| N/A | N/A | N/A | N/A |
| Aggregate Dollar Range of <br> Equity Securities in All <br> Registered Investment <br> Companies Overseen by <br> Trustee in the Voya family of <br> funds<br>| Over $100,000<sup>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 the Fund as of December 31, 2022** | **Dollar Range of Equity Securities in the Fund as of December 31, 2022** | **Dollar Range of Equity Securities in the Fund as of December 31, 2022** |
| **Fund** | **Joseph E. Obermeyer** | **Sheryl K. Pressler** | **Christopher P. Sullivan** |
| Voya Short Duration High <br> Income Fund<br>| N/A | N/A | N/A |
| Aggregate Dollar Range of <br> Equity Securities in All <br> Registered Investment <br> Companies Overseen by <br> Trustee in the Voya family of <br> funds<br>| Over $100,000<sup>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.

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**Independent Trustee Ownership of Securities of the Investment Adviser, Principal Underwriter, and their Affiliates** 

The following table sets forth information regarding each Independent Trustee's (and his/her immediate family members) share ownership, beneficially or of record, in securities of the 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 the 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, the Fund pays each Trustee who is not an interested person of the Fund his or her *pro rata* share, as described below, of: (i) an annual retainer of $270,000; (ii) 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, the 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 the Fund is based on the Fund's average net assets as a percentage of the average net assets of all the funds managed by the Investment Adviser or its affiliate for which the Trustees serve in common as Trustees.

**Future Compensation Payment** 

Certain future payment arrangements apply to certain Trustees. More particularly, each non-interested Trustee who will have served as a non-interested Trustee for five or more years for one or more funds in the Voya family of funds is entitled to a future payment ("Future Payment"), if such Trustee: (i) retires in accordance with the Board's retirement policy; (ii) dies; or (iii) becomes disabled. The Future Payment shall be made promptly to, as applicable, the Trustee or the Trustee's estate, in an amount equal to two (2) times the annual compensation payable to such Trustee, as in effect at the time of his or her retirement, death or disability if the Trustee had served as Trustee for at least five years as of May 9, 2007, or in a lesser amount calculated based on the proportion of time served by such Trustee (as compared to five years) as of May 9, 2007. The annual compensation determination shall be based upon the annual Board membership retainer fee in effect at the time of that Trustee's retirement, death or disability (but not any separate annual retainer fees for chairpersons of committees and of the Board), provided that the annual compensation used for this purpose shall not exceed the annual retainer fees as of May 9, 2007. This amount shall be paid by the Voya fund or Voya funds on whose Board the Trustee was serving at the time of his or her retirement, death, or disability. Each applicable Trustee may elect to receive payment of his or her benefit in a lump sum or in three substantially equal payments.

**Compensation Table** 

The following table sets forth information provided by the Fund's Investment Adviser regarding estimated future compensation to be paid to the Trustees of the Fund for the fiscal year ended March 31, 2023 and actual compensation paid by other funds managed by the Investment Adviser and its affiliates for the fiscal year ending March 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 Short Duration High <br> Income Fund<br>| $0 | $0 | $0 | $0 |
| 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>| $435000.00 | $365000.00 | $365000.00 | $365000.00 |

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Aggregate Compensation** | **Aggregate Compensation** | **Aggregate Compensation** |
| **Fund** | **Joseph E. Obermeyer** | **Sheryl K. Pressler** | **Christopher P. Sullivan** |
| Voya Short Duration High <br> Income Fund<br>| $0 | $0 | $0 |
| Pension or Retirement <br> Benefits Accrued as Part of <br> Fund Expenses<sup>2</sup> <br>| N/A | $0 | 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>| $365000.00<sup>1</sup> <br>| $400000.00<sup>1</sup> <br>| $365000.00 |

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During the fiscal year ended March 31, 2022, Mr. Obermeyer and Ms. Pressler deferred $36,500.00 and $90,000.00, 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**

The Fund, the Investment Adviser, the Sub-Adviser, and the Distributor have adopted a code of ethics (the "Code of Ethics") pursuant to Rule 17j-1 under the 1940 Act governing personal trading activities of all Trustees, Officers of the Trust and persons who, in connection with their regular functions, play a role in the recommendation of or obtain information pertaining to any purchase or sale of a security by the Fund. The Code of Ethics is intended to prohibit fraud against the Fund that may arise from the personal trading of securities that may be purchased or held by that Fund or of the Fund's shares. The Code of Ethics prohibits short-term trading of the Fund's shares by persons subject to the Code of Ethics. Personal trading is permitted by such persons subject to certain restrictions; however, such persons are generally required to pre-clear 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.

**Trustee and Officer Holdings** 

Because the Fund did not commence operations prior to the date of this Statement of Additional Information, the Trustees and officers of the Trust as a group owned no securities of the Fund.

**Principal Shareholders** 

Because the Fund did not commence operations prior to the date of this Statement of Additional Information, no person owned beneficially or of-record 5% or more of the outstanding shares of any class of the Fund or 5% or more of the outstanding shares of the Fund.

**PROXY VOTING PROCEDURES AND GUIDELINES**

The Board has adopted proxy voting procedures and guidelines to govern the voting of proxies relating to the 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 the 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 the Fund's proxy voting procedures and guidelines. A copy of the proxy voting procedures and guidelines of the Fund, including procedures of the Investment Adviser, is attached hereto as Appendix B. No later than August 31st of each year, information regarding how the Fund voted proxies relating to portfolio securities for the one-year period ending June 30th is

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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, the Fund. Voya Investments oversees all investment advisory and portfolio management services, and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including, but not limited to, the following: custodial, transfer agency, dividend disbursing, accounting, auditing, compliance, and related services.

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

**Investment Management Agreement** 

The Investment Adviser serves pursuant to an Investment Management Agreement between the Investment Adviser and the Trust on behalf of the Fund. Under the Investment Management Agreement, the Investment Adviser oversees, subject to the authority of the Board, the provision of all investment advisory and portfolio management services for the Fund. In addition, the Investment Adviser provides administrative services reasonably necessary for the ordinary operation of the Fund. The Investment Adviser has delegated certain management responsibilities to one or more Sub-Advisers.

**Investment Management Services** 

Among other things, the Investment Adviser: (i) provides general investment advice and guidance with respect to the Fund and provides advice and guidance to the Fund's Board; (ii) provides the Board with any periodic or special reviews or reporting it requests, including any reports regarding the Sub-Adviser and its investment performance; (iii) oversees management of the Fund's investments and portfolio composition including supervising the Sub-Adviser with respect to the services the Sub-Adviser provides; (iv) makes available its officers and employees to the Board and officers of the Trust; (v) designates and compensates from its own resources such personnel as the Investment Adviser may consider necessary or appropriate to the performance of its services hereunder; (vi) periodically monitors and evaluates the performance of the Sub-Adviser with respect to the investment objectives and policies of the Fund and performs periodic detailed analysis and review of the Sub-Adviser's investment performance; (vii) reviews, considers and reports on any changes in the personnel of the Sub-Adviser responsible for performing the Sub-Adviser's obligations or any changes in the ownership or senior management of the Sub-Adviser; (viii) performs periodic in-person or telephonic diligence meetings with the Sub-Adviser; (ix) assists the Board and management of the Fund in developing and reviewing information with respect to the initial and subsequent annual approval of the Sub-Advisory Agreement(s); (x) monitors the Sub-Adviser for compliance with the investment objective(s), policies and restrictions of the Fund, the 1940 Act, Subchapter M of the Code, and, if applicable, regulations under these provisions, and other applicable law; (xi) if appropriate, analyzes and recommends for consideration by the Board termination of a contract with the Sub-Adviser; (xii) identifies potential successors to or replacements of the Sub-Adviser or potential additional sub-adviser(s), performs appropriate due diligence, and develops and presents recommendations to the Board; and (xiii) is authorized to exercise full investment discretion and make all determinations with respect to the day-to-day investment of the Fund's assets and the purchase and sale of portfolio securities for 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 the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance, and related services. The Investment Adviser also reviews the Fund for compliance with applicable legal requirements and monitors the Sub-Adviser for compliance with requirements under applicable law and with the investment policies and restrictions of the Fund.

**Limitation of Liability** 

The Investment Adviser is not subject to liability to the Fund for any act or omission in the course of, or in connection with, rendering services under the Investment Management Agreement, except by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations and duties under the Investment Management Agreement.

**Continuation and Termination of the Investment Management Agreement** 

After an initial term of two years, the Investment Management Agreement continues in effect from year to year with respect to the Fund so long as such continuance is specifically approved at least annually by: (i) the Board of Trustees; or (ii) the vote of a "majority" of the Fund's outstanding voting securities (as defined in Section 2(a)(42) of the 1940 Act); and provided that such continuance is also approved by a vote of at least a majority of the Independent Trustees who are not parties to the agreement by a vote cast either in person at a meeting called for the purpose of voting on such approval, or in reliance on exemptive relief from the SEC that has permitted such approval at virtual meetings held by video or telephone conference since the commencement of the COVID-19 pandemic.

The Investment Management Agreement may be terminated as to the Fund at any time without penalty by: (i) the vote of the Board; (ii) the vote of a majority of the Fund's outstanding voting securities (as defined in Section 2(a)(42) of the 1940 Act); or (iii) the Investment Adviser, on sixty (60) days' prior written notice to the other party. The notice provided for herein may be waived by either party, as a single class, or upon notice given by the Investment Adviser. The Investment Management Agreement will terminate automatically in the event of its "assignment" (as defined in Section 2(a)(4) of the 1940 Act).

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**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, the Fund pays the Investment Adviser, expressed as an annual rate, a fee equal to the following as a percentage of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

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

---

| |
|:---|
| **Annual Management Fee** |
| 0.48% of the Fund's average daily net assets. |

---

**Total Investment Management Fees Paid by the Fund** 

During the past three fiscal years, the Fund paid the following investment management fees to the Investment Adviser or its affiliates. "N/A" in the table indicates that, as the Fund was not in operation during the relevant fiscal year, no information is shown.

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

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **March 31,** | **March 31,** | **March 31,** |
|  | 2022 | 2021 | 2020 |
| Voya Short Duration High Income Fund | N/A | N/A | N/A |

---

**EXPENSES**

The Fund's assets may decrease or increase during its fiscal year and the Fund's operating expense ratios may correspondingly increase or decrease.

In addition to the management fee and other fees described previously, the Fund pays other expenses, such as legal, audit, transfer agency and custodian out-of-pocket fees, proxy solicitation costs, and the compensation of Trustees who are not affiliated with the Investment Adviser.

Certain expenses of the Fund are generally allocated to the Fund, and each class of the Fund, in proportion to its *pro rata* average net assets, provided that expenses that are specific to a class of the 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), the Fund may pay service fees to intermediaries such as brokers, financial planners or advisers, banks, and insurance companies, including affiliates of the Investment Adviser, for administration, recordkeeping, and other shareholder services associated with investors whose shares are held of record in omnibus accounts. These financial intermediaries may (though they will not necessarily) provide services including, among other things: processing and mailing trade confirmations; capturing and processing tax data; issuing and mailing dividend checks to shareholders who have selected cash distributions; preparing record date shareholder lists for proxy solicitations; collecting and posting distributions to shareholder accounts; and establishing and maintaining systematic withdrawals and automated investment plans and shareholder account registrations. These additional fees paid by the Fund to intermediaries may take two forms: (i) basis point payments on net assets; and/or (ii) fixed dollar amount payments per shareholder account. These may include payments for 401(K) sub-accounting services, networking fees, and omnibus account servicing fees.

**EXPENSE LIMITATIONS**

As described in the Prospectus, the Investment Adviser, Distributor, and/or Sub-Adviser may have entered into one or more expense limitation agreements with the Fund pursuant to which they have agreed to waive or limit their fees. In connection with such an agreement, the Investment Adviser, Distributor, or Sub-Adviser, as applicable, will assume expenses (excluding certain expenses as discussed below) so that the total annual ordinary operating expenses of the Fund do not exceed the amount specified in the Fund's Prospectus.

**Exclusions** 

Expense limitations do not extend to interest, taxes, other investment-related costs, leverage expenses (as defined below), extraordinary expenses such as litigation and expenses of the CCO and CIRO, other expenses not incurred in the ordinary course of the 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 the Fund's use of leverage (including, without limitation, expenses incurred by the Fund in creating, establishing, and maintaining leverage through borrowings or the issuance of preferred shares). Acquired Fund Fees and Expenses are not covered by any expense limitation agreement.

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. "N/A" in the table indicates that, as the Fund was not in operation during the relevant fiscal year, no information is shown.

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

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **March 31,** | **March 31,** | **March 31,** |
|  | 2022 | 2021 | 2020 |
| Voya Short Duration High Income Fund | N/A | N/A | N/A |

---

------

**SUB-ADVISER**

The Investment Adviser has engaged the services of the Sub-Adviser to provide sub-advisory services to the Fund and, pursuant to a Sub-Advisory Agreement, has delegated certain management responsibilities to the Sub-Adviser. The Investment Adviser monitors and evaluates the performance of the Sub-Adviser.

The Sub-Adviser provides, subject to the supervision of the Board and the Investment Adviser, a continuous investment program for the Fund and determines the composition of the assets of the Fund, including determination of the purchase, retention, or sale of the securities, cash and other investments for the Fund, in accordance with the Fund's investment objectives, policies and restrictions and applicable laws and regulations.

**Limitation of Liability** 

The Sub-Adviser is not subject to liability to the Fund for any act or omission in the course of, or in connection with, rendering services under the Sub-Advisory Agreement, except by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations and duties under the Sub-Advisory Agreement.

**Continuation and Termination of the Sub-Advisory Agreement** 

After an initial term of two years, the Sub-Advisory Agreement continues in effect from year-to-year so long as such continuance is specifically approved at least annually by: (i) the Board; or (ii) the vote of a majority of the Fund's outstanding voting securities (as defined in Section 2(a)(42) of the 1940 Act); provided, that the continuance is also approved by a majority of the Independent Trustees who are not parties to the agreement by a vote cast in person at a meeting called for the purpose of voting on such approval.

The Sub-Advisory Agreement may be terminated as to the Fund without penalty upon sixty (60) days' written notice by: (i) the Board; (ii) the majority vote of the outstanding voting securities of the 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 the Fund's average daily net assets, as indicated below. The fee is accrued daily and paid monthly. The Sub-Adviser pays all of its expenses arising from the performance of its obligations under the Sub-Advisory Agreement.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Sub-Adviser** | **Annual Sub-Advisory Fee** |
| Voya Short Duration High Income <br> Fund<br>| Voya IM | 0.216% of the Fund's average daily net assets. |

---

**Total Sub-Advisory Fees Paid** 

The following table sets forth the sub-advisory fees paid by the Investment Adviser for the last three fiscal years. "N/A" in the table indicates that, as the Fund was not in operation during the relevant fiscal year, no information is shown.

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **March 31,** | **March 31,** | **March 31,** |
|  | 2022 | 2021 | 2020 |
| Voya Short Duration High Income Fund | N/A | N/A | N/A |

---

**Portfolio Management**

*Other Accounts Managed* 

The following table sets forth the number of accounts and total assets in the accounts managed by each portfolio manager as of December 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 Pooled Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets** |
| James Dudnick, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Steven Gish, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Justin Kass, CFA | 0 | $0 | 0 | $0 | 0 | $0 |

---

*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.

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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 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;

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| | | |
|:---|:---|:---|
| **Fund** | **Portfolio Manager** | **Benchmark** |
| Voya Short Duration High Income <br> Fund<br>| James Dudnick, CFA; Steven Gish, CFA; and <br> Justin Kass, CFA<br>| ICE BofA 1-3 Year US Treasury Index |

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*Ownership of Securities* 

The following table shows the dollar range of equity securities of the Fund beneficially owned by each portfolio manager as of December 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;

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| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Owned** |
| James Dudnick, CFA | None |
| Steven Gish, CFA | None |
| Justin Kass, CFA | None |

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**PRINCIPAL UNDERWRITER**

Pursuant to the Distribution Agreement, the Distributor, an indirect subsidiary of Voya Financial, Inc., serves as principal underwriter and distributor for the Fund. The Distributor's principal office is located at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034. Shares of the Fund are offered on a continuous basis. As principal underwriter, the Distributor has agreed to use its best efforts to distribute the shares of the Fund, although it is not obligated to sell any particular amount of shares.

The Distributor is responsible for all of its expenses in providing services pursuant to the Distribution Agreement, including the costs of printing and distributing prospectuses and SAIs for prospective shareholders and such other sales literature, reports, forms, advertising, and any other marketing efforts by the Distributor in connection with the distribution or sale of the shares. The Distributor does not receive compensation for providing services under the Distribution Agreement, 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 the Fund and by a vote of a majority of the Trustees who are not "interested persons" of the Distributor, or the Trust or parties to the Distribution Agreement, appearing in person at a meeting called for the purpose of approving such Agreement.

The Distribution Agreement terminates automatically upon assignment, and may be terminated at any time on sixty (60) days' written notice by the Trustees or the Distributor or by vote of a majority of the outstanding voting securities of the Fund without the payment of any penalty.

**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 the Fund or an affiliated person of that affiliated person, directly or indirectly, from the Fund during the most recent fiscal year. "N/A" in the table indicates that, as the Fund was not in operation during the relevant fiscal year, no information is shown.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Name of Principal** <br> **Underwriter**<br>| **Net Underwriting** <br> **Discounts and** <br> **Commissions**<br>| **Compensation on** <br> **Redemptions and** <br> **Repurchases**<br>| **Brokerage** <br> **Commissions**<br>| **Other** <br> **Compensation**<br>|
| Voya Short Duration High <br> Income Fund<br>| Voya Investments <br> Distributor, LLC<br>| N/A | N/A | N/A | N/A |

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**Sales Commissions and Dealer Reallowances – Class A Shares** 

In connection with the sale of Class A shares of the 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;

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| | |
|:---|:---|
|  | **Dealers' Reallowance as a Percentage of Offering Price** |
| **Amount of Transaction** | **Class A** |
| $0 to $99,999 | 2.00% |
| $100,000 to $499,999 | 1.50% |
| $500,000 and over | See below |

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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 $500,000

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 $500,000 or more of Class A shares that are subject to a CDSC.

In connection with qualified retirement plans that invest $500,000 or more in Class A shares of the 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.

**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 was not in operation during the relevant fiscal year, no information is shown.

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

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| | | |
|:---|:---|:---|
|  | **Class A** | **Class A** |
| **Fund** | **Sales Charges before Dealer Reallowance** | **Sales Charges after Dealer Reallowance** |
| 2022 | 2022 | 2022 |
| Voya Short Duration High <br> Income Fund<br>| N/A | N/A |
| 2021 | 2021 | 2021 |
| Voya Short Duration High <br> Income Fund<br>| N/A | N/A |
| 2020 | 2020 | 2020 |
| Voya Short Duration High <br> Income Fund<br>| N/A | N/A |

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**Payments to Financial Intermediaries** 

The Investment Adviser or the Distributor, out of its own resources and without additional cost to the Fund or its shareholders, may provide additional cash or non-cash compensation to financial intermediaries selling shares of the Fund, including affiliates of the Investment Adviser and the Distributor. These amounts are in addition to the distribution payments made by the Fund under any distribution agreements. "Financial intermediary" includes any broker, dealer, bank (including bank trust departments), insurance company, transfer agent, registered investment adviser, financial planner, retirement plan administrator and any other financial intermediary having a selling, administrative and shareholder servicing or similar agreement with the Distributor or Investment Adviser.

The benefits to the Distributor and the Investment Adviser include, among other things, entry into or increased visibility in the financial intermediary's sales system, participation by the financial intermediary in the Distributor's marketing efforts (such as helping facilitate or providing financial assistance for conferences, seminars or other programs at which Voya personnel may make presentations on the Voya funds to the intermediary's sales force), placement on the financial intermediary's preferred fund list, and access (in some cases, on a preferential basis over other competitors) to individual members of the financial intermediary's sales force or management. Revenue sharing payments are sometimes referred to as "shelf space" payments because the payments compensate the financial intermediary for including Voya funds in its fund sales system (on its "shelf space"). A financial intermediary typically initiates requests for additional compensation and the Distributor or Investment Adviser negotiates these arrangements with the financial intermediary.

These additional fees paid to financial intermediaries may take the following forms: (1) a percentage of the financial intermediary's customer assets invested in Voya mutual funds; (2) a percentage of the financial intermediary's gross sales; or (3) some combination of these payments. These payments may, depending on the broker-dealer's satisfaction of the required conditions, be periodic and may be up to: (1) 0.30% per annum of the value of the Fund's shares held by the broker-dealer's customers; or (2) 0.30% of the value of the Fund's shares sold by the broker-dealer during a particular period.

Payments based on sales primarily create incentives for the financial intermediary to make new sales of shares of Voya funds. Payments based on customer assets primarily create incentives for the financial intermediary to retain previously sold shares of Voya funds in investor accounts. A financial intermediary may receive either or both types of payments.

The Distributor and the Investment Adviser compensate financial intermediaries differently depending on the level and/or type of considerations provided by the financial intermediary. A financial intermediary may receive different levels of compensation with respect to sales or assets attributable to different types of clients of the same intermediary or different Voya funds. A financial intermediary may receive payment under more than one arrangement referenced here. Where services are provided, the costs of providing the services and the overall array of services provided may vary from one financial intermediary to another. The Distributor and the Investment Adviser do not make an independent assessment of the cost of providing such services. While a financial intermediary may request additional compensation from Voya to offset costs incurred by the financial intermediary in servicing its clients, the financial intermediary may earn a profit on these payments, since the amount of the payment may exceed the financial intermediary's costs.

As of January 1, 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  |

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------

---

| | |
|:---|:---|
| 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. |

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**Other Incentives** 

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

The Sub-Adviser of the Fund may contribute to non-cash compensation arrangements.

The Distributor may, from time to time, pay additional cash and non-cash compensation from its own resources to its employee sales staff for sales of certain Voya funds that are made by registered representatives of broker-dealers to the extent such compensation is not prohibited by law or the rules of any self-regulatory agency, such as FINRA.

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**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 quarterly 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**

The 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. The 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 the 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 Short Duration High Income Fund** | **Voya Short Duration High Income Fund** |  |  |  |
| **Class A** | &nbsp;&nbsp; Distribution and<br> Service Plan<br>| N/A | N/A | 0.25% |

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**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 the Fund and their transactions in the 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 the Fund; (v) facilitation of the tabulation

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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 the Fund and to service providers; (vii) provision of support services including providing information about the 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 ("Rule 12b-1 Trustees"), concluded that there is a reasonable likelihood that the Rule 12b-1 Plans would benefit the 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 the 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 the 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 the Fund. These anticipated benefits include increased promotion and distribution of the Fund's shares, and enhancement in the Fund's ability to maintain accounts and improve asset retention and increased stability of assets for the 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 the Fund for the most recent fiscal year. "N/A" in the table indicates that, as the Fund was not in operation during the relevant fiscal year, no information is shown.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class** | **Advertising** | **Printing** | **Salaries & Commissions** | **Broker Servicing** | **Miscellaneous** | **Total** |
| &nbsp;&nbsp; Voya Short Duration High Income <br> Fund<br>| A | N/A | N/A | N/A | N/A | N/A | N/A |
|  | I | N/A | N/A | N/A | N/A | N/A | N/A |
|  | R6 | N/A | N/A | N/A | N/A | N/A | N/A |

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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 the Fund to the Distributor under the Plans for the last three fiscal years. "N/A" in the table indicates that, as the Fund was not in operation during the relevant fiscal year, no information is shown.

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

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **March 31,** | **March 31,** | **March 31,** |
|  | 2022 | 2021 | 2020 |
| Voya Short Duration High Income Fund | N/A | N/A | N/A |

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**OTHER SERVICE PROVIDERS**

**Custodian** 

The Bank of New York Mellon, 240 Greenwich Street, New York, NY 10286, serves as custodian for the Fund.

The custodian's responsibilities include safekeeping and controlling the Fund's cash and securities, handling the receipt and delivery of securities, and collecting interest and dividends on the Fund's investments. The custodian does not participate in determining the investment policies of the Fund, in deciding which securities are purchased or sold by the Fund or in the declaration of dividends and distributions. The Fund may, however, invest in obligations of the custodian and may purchase or sell securities from or to the custodian.

For portfolio securities that are purchased and held outside the United States, the custodian has entered into sub-custodian arrangements with certain foreign banks and clearing agencies which are designed to comply with Rule 17f-5 under the 1940 Act.

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**Independent Registered Public Accounting Firm** 

Ernst & Young LLP serves as an independent registered public accounting firm for the Fund. Ernst & Young LLP provides audit services and tax return preparation services. Ernst & Young LLP is located at 200 Clarendon Street, Boston, Massachusetts 02116.

**Legal Counsel** 

Legal matters for the Trust are passed upon by Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.

**Transfer Agent and Dividend Paying Agent** 

BNY Mellon Investment Servicing (U.S.) Inc. (the "Transfer Agent") serves as the transfer agent and dividend-paying agent for the Fund. Its principal office is located at 301 Bellevue Parkway, Wilmington, DE 19809. As transfer agent and dividend-paying agent, BNY Mellon Investment Servicing (U.S.) Inc. is responsible for maintaining account records, detailing the ownership of Fund shares and for crediting income, capital gains and other changes in share ownership to shareholder accounts.

**Securities Lending Agent** 

The Bank of New York Mellon serves as the securities lending agent. The services provided by The Bank of New York Mellon, as the securities lending agent, for the most recent fiscal year primarily included the following:

(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent on behalf of the Fund with each such borrower;

(2) negotiating the terms of securities loans, including the amount of fees;

(3) directing the delivery of loaned securities;

(4) monitoring the daily value of the loaned securities and directing the payment of additional collateral or the return of excess collateral, as necessary;

(5) investing cash collateral received in connection with any loaned securities in accordance with specific guidelines and instructions provided by the Investment Adviser;

(6) monitoring distributions on loaned securities (for example, interest and dividend activity);

(7) in the event of default by a borrower with respect to any securities loan, using the collateral or the proceeds of the liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that of the loaned securities; and

(8) terminating securities loans and arranging for the return of loaned securities to the Fund at loan termination.

The following table provides the dollar amounts of income and fees/compensation related to the securities lending activities of the Fund for its most recent fiscal year. There are no fees paid to the securities lending agent for cash collateral management services, administrative fees, indemnification fees, or other fees. "N/A" in the table indicates that, as the Fund was not in operation during the relevant fiscal year, no information is shown.

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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 Short Duration High Income Fund | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

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**PORTFOLIO TRANSACTIONS**

The Investment Adviser or the Sub-Adviser for the Fund places orders for the purchase and sale of investment securities for the Fund, pursuant to authority granted in the relevant Investment Management Agreement or Sub-Advisory Agreement.

Subject to policies and procedures approved by the Board, the Investment Adviser and/or Sub-Adviser have discretion to make decisions relating to placing these orders including, where applicable, selecting the brokers or dealers that will execute the purchase and sale of investment securities, negotiating the commission or other compensation paid to the broker or dealer executing the trade, or using an electronic communications network ("ECN") or alternative trading system ("ATS").

In situations where the Sub-Adviser resigns or the Investment Adviser otherwise assumes day to day management of the Fund pursuant to its Investment Management Agreement with the Fund, the Investment Adviser will perform the services described herein as being performed by the Sub-Adviser.

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**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 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 Sub-Adviser(s) have a duty to seek to obtain best execution of the Fund's orders, taking into consideration a full range of factors designed to produce the most favorable overall terms reasonably available under the circumstances. In selecting brokers and dealers to execute trades, the Investment Adviser or the Sub-Adviser may consider both the characteristics of the trade and the full range and quality of the brokerage services available from eligible broker-dealers. This consideration often involves qualitative as well as quantitative judgments. Factors relevant to the nature of the trade may include, among others, price (including the applicable brokerage commission or dollar spread), the size of the order, the nature and characteristics (including liquidity) of the market for the security, the difficulty of execution, the timing of the order, potential market impact, and the need for confidentiality, speed, and certainty of execution. Factors relevant to the range and quality of brokerage services available from eligible brokers and dealers may include, among others, each firm's execution, clearance, settlement, and other operational facilities; willingness and ability to commit capital or take risk in positioning a block of securities, where necessary; special expertise in particular securities or markets; ability to provide liquidity, speed and anonymity; the nature and quality of other brokerage and research services provided to the Investment Adviser or the Sub-Adviser (consistent with the "safe harbor" described below and subject to the restrictions of the EU's updated Markets in Financial Instruments Directive ("MiFID II")); and each firm's general reputation, financial condition and responsiveness to the Investment Adviser or the Sub-Adviser, as demonstrated in the particular transaction or other transactions. Subject to its duty to seek best execution of the Fund's orders, the Investment Adviser or the Sub-Adviser may select broker-dealers that participate in commission recapture programs that have been established for the benefit of the Fund. Under these programs, the participating broker-dealers will return to the Fund (in the form of a credit to the Fund) a portion of the brokerage commissions paid to the broker-dealers by the Fund. These credits are used to pay certain expenses of the Fund. These commission recapture payments benefit the Fund, and not the Investment Adviser or the Sub-Adviser.

**The Safe Harbor for Soft Dollar Practices** 

In selecting broker-dealers to execute a trade for the Fund, the Investment Adviser or the Sub-Adviser may consider the nature and quality of brokerage and research services provided to the Investment Adviser or the Sub-Adviser as a factor in evaluating the most favorable overall terms reasonably available under the circumstances. As permitted by Section 28(e) of the 1934 Act, the Investment Adviser or the Sub-Adviser may cause the Fund to pay a broker-dealer a commission for effecting a securities transaction for the Fund that is in excess of the commission which another broker-dealer would have charged for effecting the transaction, as long as the services provided to the Investment Adviser or Sub-Adviser by the broker-dealer: (i) are limited to "research" or "brokerage" services; (ii) constitute lawful and appropriate assistance to the Investment Adviser or Sub-Adviser in the performance of its investment decision-making responsibilities; and (iii) the Investment Adviser or the Sub-Adviser makes a good faith determination that the broker's commission paid by the Fund is reasonable in relation to the value of the brokerage and research services provided by the broker-dealer, viewed in terms of either the particular transaction or the Investment Adviser's or the Sub-Adviser's overall responsibilities to the Fund and its other investment advisory clients. In making such a determination, the Investment Adviser or Sub-Adviser might consider, in addition to the commission rate, the range and quality of a broker's services, including the value of the research provided, execution capability, financial responsibility and responsiveness. The practice of using a portion of the Fund's commission dollars to pay for brokerage and research services provided to the Investment Adviser or the Sub-Adviser is sometimes referred to as "soft dollars." Section 28(e) 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,

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algorithmic trading, and other trading activities. On occasion, a broker-dealer may furnish the Investment Adviser or the Sub-Adviser with a service that has a mixed use (that is, the service is used both for brokerage and research activities that are within the safe harbor and for other activities). In this case, the Investment Adviser or the Sub-Adviser is required to reasonably allocate the cost of the service, so that any portion of the service that does not qualify for the safe harbor is paid for by the Investment Adviser or the Sub-Adviser from its own funds, and not by portfolio commissions paid by the Fund.

*Benefits to the Investment Adviser or the Sub-Adviser*– Research products and services provided to the Investment Adviser or the Sub-Adviser by broker-dealers that effect securities transactions for the Fund may be used by the Investment Adviser or the Sub-Adviser in servicing all of its accounts. Accordingly, not all of these services may be used by the Investment Adviser or the Sub-Adviser in connection with the Fund. Some of these products and services are also available to the Investment Adviser or the Sub-Adviser for cash, and some do not have an explicit cost or determinable value. The research received does not reduce the management fees payable to the Investment Adviser or the sub-advisory fees payable to the Sub-Adviser for services provided to the Fund. The Investment Adviser's or the Sub-Adviser's expenses would likely increase if the Investment Adviser or the Sub-Adviser had to generate these research products and services through its own efforts, or if it paid for these products or services itself. It is possible that the Sub-Adviser subject to MiFID II will cause the Fund to pay for research services with soft dollars in circumstances where it is prohibited from doing so with respect to other client accounts, although those other client accounts might nonetheless benefit from those research services.

**Broker-Dealers that are Affiliated with the Investment Adviser or the Sub-Adviser** 

Portfolio transactions may be executed by brokers affiliated with Voya Financial, Inc., the Investment Adviser, or the Sub-Adviser, so long as the commission paid to the affiliated broker is reasonable and fair compared to the commission that would be charged by an unaffiliated broker in a comparable transaction.

**Prohibition on Use of Brokerage Commissions for Sales or Promotional Activities** 

The placement of portfolio brokerage with broker-dealers who have sold shares of the Fund is subject to rules adopted by the SEC and FINRA. Under these rules, the Investment Adviser or the Sub-Adviser may not consider a broker's promotional or sales efforts on behalf of the Fund when selecting a broker-dealer for portfolio transactions, and neither the Fund nor the Investment Adviser or Sub-Adviser may enter into an agreement under which the Fund directs brokerage transactions (or revenue generated from such transactions) to a broker-dealer to pay for distribution of Fund shares. The Fund has adopted policies and procedures, approved by the Board, that are designed to attain compliance with these prohibitions.

**Principal Trades and Research** 

Purchases of securities for the Fund also may be made directly from issuers or from underwriters. Purchase and sale transactions may be effected through dealers which specialize in the types of securities which the Fund will be holding. Dealers and underwriters usually act as principals for their own account. Purchases from underwriters will include a concession paid by the issuer to the underwriter and purchases from dealers will include the spread between the bid and the asked price. If the execution and price offered by more than one dealer or underwriter are comparable, the order may be allocated to a dealer or underwriter which has provided such research or other services as mentioned above.

**More Information about Trading in 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. The 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 the Fund to obtain the best results, while taking into account the dealer's general execution and operational facilities, the type of transaction involved and other factors, such as the dealer's risk in positioning the instruments involved. While the Investment Adviser or the Sub-Adviser generally seeks reasonably competitive spreads or commissions, the Fund will not necessarily pay the lowest spread or commission available.

**Transition Management** 

Changes in sub-advisers, investment personnel and reorganizations of the Fund may result in the sale of a significant portion or even all of the Fund's portfolio securities. This type of change generally will increase trading costs and the portfolio turnover for the affected Fund. The Fund, the Investment Adviser, or the Sub-Adviser may engage a broker-dealer to provide transition management services in connection with a change in the sub-adviser, reorganization, or other changes.

**Allocation of Trades** 

Some securities considered for investment by the 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 the Fund and one or more of these other clients is considered at, or about the same time, transactions in such securities will be placed on an aggregate basis and allocated among the other funds and such other clients in a manner deemed fair and equitable, over time, by the 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 the Fund participated are subject to periodic review by the Board. To the extent the Fund

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seeks to acquire (or dispose of) the same security at the same time as other funds, such Fund may not be able to acquire (or dispose of) as large a position in such security as it desires, or it may have to pay a higher (or receive a lower) price for such security. It is recognized that in some cases, this system could have a detrimental effect on the price or value of the security insofar as the Fund is concerned. However, over time, the Fund's ability to participate in aggregate trades is expected to provide better execution for the Fund.

**Cross-Transactions** 

The Board has adopted a policy allowing trades to be made between affiliated registered investment companies or series thereof, provided they meet the conditions of Rule 17a-7 under the 1940 Act and conditions of the policy.

**Brokerage Commissions Paid** 

The following table sets forth brokerage commissions paid by the Fund for the last three fiscal years. An increase or decrease in commissions is due to a corresponding increase or decrease in the Fund's trading activity. "N/A" in the table indicates that, as the Fund was not in operation during the relevant fiscal year, no information is shown.

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

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **March 31,** | **March 31,** | **March 31,** |
|  | 2022 | 2021 | 2020 |
| Voya Short Duration High Income Fund | N/A | N/A | N/A |

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**Affiliated Brokerage Commissions** 

Because the Fund had not commenced operations as of March 31, 2022, the Fund did not use affiliated brokers to execute portfolio transactions.

**Securities of Regular Broker-Dealers** 

Because the Fund had not commenced operations as of March 31, 2022, the Fund acquired no securities of its regular broker-dealers (as defined in Rule 10b-1 under the 1940 Act) or their parent companies.

**ADDITIONAL INFORMATION ABOUT Voya Funds Trust**

**Description of the Shares of Beneficial Interest** 

Voya Funds Trust ("VFT") may issue unlimited shares of beneficial interest in VFT with a par value of $0.001. The shares may be issued in one or more series and each series may consist of one or more classes. VFT has nine 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, Class T, and Class W. All series and/or classes of VFT 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 VFT. 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 VFT which are not readily identifiable as belonging to any particular series or class shall be allocated and charged between 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 trust instrument ("Trust Instrument"), 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 Trust Instrument. Under certain circumstances, VFT may suspend the right of redemption as allowed by the SEC or federal securities laws. Pursuant to the Trust Instrument, the Trustees have the power to redeem shares of shareholders who do not satisfy minimum investment thresholds set forth in the prospectus from time to time. In addition, under the Trust Instrument, the Trustees have the power to call for the redemption of shares, or refuse to transfer the shares of, or issue shares to, a shareholder, if they are of the opinion that the direct or indirect ownership of shares has or may become so concentrated as to disqualify the series as a regulated investment company under the Code. The transfer of shares is subject to rules that may be established by the Board, as it deems appropriate, for a particular series of class or shares.

**Material Obligations and Liabilities of Owning Shares** 

VFT 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 VFT 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 Trust Instrument, shareholders have the power to vote, under certain circumstances, on: (1) the election or removal of trustees; (2) the approval of certain advisory or management contracts; and (3) on any amendment (a) which would affect their right to vote, (b) with respect to the provision governing amendments in the Trust Instrument, (c) as required by law, or (d) as submitted by the Trustees. 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.

VFT 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 at least 10% of the outstanding voting shares of VFT, 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 VFT. All shares shall be voted separately by individual series, except shares shall be voted together when: (1) required by the 1940 Act; or (2) the Trustees have determined that the matter affects the interests of more than one series, then the shareholders of all such affected series shall be entitled to vote as a single class.

**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.

**Inspection of Records** 

Under the by-laws of VFT, no shareholder shall have any right to inspect any account or book or document of VFT except as conferred by law or otherwise by the Trustees or by resolution of the shareholders.

**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** 

VFT has no sinking fund provision.

**PURCHASE, EXCHANGE, AND REDEMPTION OF SHARES**

An investor may purchase, redeem, or exchange shares of the Fund utilizing the methods, and subject to the restrictions, described in the Prospectus.

**Purchases** 

Shares of the 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 the Fund through a financial intermediary, you may be charged a commission or transaction fee by the financial intermediary for the purchase and sale of Fund shares.

Certain brokers or other designated intermediaries such as third-party administrators or plan trustees may accept purchase and redemption orders on behalf of the Fund. The Transfer Agent, the Distributor or the Fund will be deemed to have received such an order when the broker or the designee has accepted the order. Customer orders are priced at the NAV next computed after such acceptance. Such orders may be transmitted to the Fund or its agents several hours after the time of the acceptance and pricing.

**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 the Fund on a regular basis. The Pre-Authorized Investment Plan may be terminated without penalty at any time by the investor or the Fund. The minimum investment requirements may be waived by the 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 the Fund with liquid assets with a value which is readily ascertainable by reference to a domestic exchange price and which would be eligible for purchase by the Fund consistent with the Fund's investment policies and restrictions. These transactions only will be effected if the Investment Adviser or the Sub-Adviser intends to retain the security in the Fund as an investment. Assets so purchased by the Fund will be valued in generally the same manner as they would be valued for purposes of pricing the Fund's shares, if these assets were included in the Fund's assets at the time of purchase. The Fund reserves the right to amend or terminate this practice at any time.

**Self-Employed and Corporate Retirement Plans** 

For self-employed individuals and corporate investors that wish to purchase shares of the Fund, there is available through the 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 the 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 the 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 the 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 the 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 the 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 the 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. The 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 the Fund at NAV. In addition to the following, investors investing in the 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.

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.

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"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 the 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 the Fund.

9)

Former Class M shareholders if purchased directly with the Fund.

10)

Any charitable organization that has determined that the 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 the 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 the 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 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

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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 the 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 the 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 the 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

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.

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A shareholder must notify the 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 less than $500,000, 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 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 ninety (90) days of the eligible sale. 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 the Fund may suspend the right of redemption or postpone the date of payment during any period when: (i) trading on the NYSE is restricted as determined by the SEC or the NYSE is closed for other than weekends and holidays; (ii) an emergency exists as determined by the SEC, as a result of which: (a) disposal by the Fund of securities owned by it is not reasonably practicable; or (b) it is not reasonably practical for the Fund to determine fairly the value of its net assets; or (iii) for such other period as the SEC may permit by rule or by order for the protection of the Fund's shareholders.

The value of shares on redemption or repurchase may be more or less than the investor's cost, depending upon the market value of the portfolio securities at the time of redemption or repurchase.

**Payment-in Kind** 

The Fund intends to pay in cash for all shares redeemed, but under abnormal conditions that make payment in cash unwise, the Fund may make payment wholly or partly in securities at their then current market value equal to the redemption price. In such case, an investor may incur brokerage costs in converting such securities to cash. However, the Trust has elected to be governed by the provisions of Rule 18f-1 under the 1940 Act, which obligates the Fund to redeem shares with respect to any one shareholder during any 90-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, the Fund will distribute readily marketable securities, in conformity with applicable rules of the SEC. In the event the Fund must liquidate portfolio securities to meet redemptions, it reserves the right to reduce the redemption price by an amount equivalent to the pro-rated cost of such liquidation not to exceed one percent of the NAV of such shares.

**Signature Guarantee** 

A signature guarantee is verification of the authenticity of the signature given by certain authorized institutions. A medallion signature guarantee may be obtained from a domestic bank or trust company, broker, dealer, clearing agency, savings association, or other financial institution which is participating in a medallion program recognized by the Securities Transfer Association. The three recognized medallion programs are Securities Transfer Agents Medallion Program ("STAMP"), Stock Exchanges Medallion Program ("SEMP"), and New York Stock Exchange Medallion Signature Program ("NYSE MSP"). Signature guarantees from financial institutions which are not participating in one of these programs will not be accepted. Please note that signature guarantees are not provided by a notary public. The Fund reserves the right to amend, waive or discontinue this policy at any time and establish other criteria for verifying the authenticity of any redemption request.

**Systematic Withdrawal Plan** 

The 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 the Fund or terminated upon written notice by a relevant Fund.

**Additional Information Regarding Redemptions** 

At various times, the Fund may be requested to redeem shares for which it has not yet received good payment. Accordingly, the Fund may delay the mailing of a redemption check until such time as it has assured itself that good payment has been collected for the purchase of such shares, which may take up to 15 days or longer.

**Exchanges** 

The following conditions must be met for all exchanges of the 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.

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The 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. The 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 the Fund in response to market fluctuations. Accordingly, in order to maintain a stable asset base in the Fund and to reduce administrative expenses borne by the Fund, the Investment Adviser reserves the right to reject any exchange request.

In the event the 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.

**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** 

The Fund offers one or more of the shareholder services described below. You can obtain further information about these services by contacting the Fund at the telephone number or address listed on the cover of this SAI or from the Distributor, your financial adviser, your securities dealer or other financial intermediary.

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**Investment Account and Account Statements** 

The Transfer Agent maintains an account for each shareholder under which the registration and transfer of shares are recorded and any transfers shall be reflected by bookkeeping entry, without physical delivery.

The Transfer Agent will require that a shareholder provide requests in writing, accompanied by a valid signature guarantee form, when changing certain information in an account (i.e., wiring instructions, telephone privileges, etc.). The Transfer Agent may charge you a fee for special requests such as historical transcripts of your account and copies of cancelled checks.

Consolidated statements reflecting current values, share balances and year-to-date transactions generally will be sent to you each quarter. All accounts identified by the same social security number and address will be consolidated. For example, you could receive a consolidated statement showing your individual and IRA accounts. An IRS Form 1099 generally will also be sent each year by January 31.

With the prior permission of the other shareholders involved, you have the option of requesting that accounts controlled by other shareholders be shown on one consolidated statement. For example, information on your individual account, your IRA, your spouse's individual account and your spouse's IRA may be shown on one consolidated statement.

For investors purchasing shares of the Fund 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 the Fund on a periodic basis, the Fund may, in lieu of furnishing confirmations following each purchase of Fund shares, send statements no less frequently than quarterly pursuant to the provisions of the 1934 Act, and the rules thereunder. These quarterly statements, which would be sent to the investor or to the person designated by the group for distribution to its members, will be made within five business days after the end of each quarterly period and shall reflect all transactions in the investor's account during the preceding quarter.

**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 the Fund at the then current NAV, with no sales charge. The Fund's management believes that most investors desire to take advantage of this privilege. A shareholder may elect at any time by writing to the Fund or the Transfer Agent to have subsequent dividends and/or distributions paid in cash. In the absence of such an election, each purchase of shares of a class of the Fund is made upon the condition and understanding that the Transfer Agent is automatically appointed the shareholder's agent to receive his dividends and distributions upon all shares registered in his or her name and to reinvest them in full and fractional shares of the 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 the Fund's Prospectus. The Prospectus generally describes the U.S. federal income tax treatment of the Fund and its shareholders. This section of the SAI provides additional information concerning U.S. federal income taxes. It is based on the Code, applicable U.S. Treasury Regulations, judicial authority, and administrative rulings and practice, all as in effect as of the date of this SAI and all of which are subject to change, including with retroactive effect. The following discussion is only a summary of some of the important U.S. federal tax considerations generally applicable to investments in the Fund. There may be other tax considerations applicable to particular shareholders. 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** 

The Fund has elected or will elect to be treated as a RIC under Subchapter M of the Code and intends each year to qualify and to be eligible to be treated as such. In order to qualify for the special tax treatment accorded RICs and their shareholders, the Fund must, among other things: (a) derive at least 90% of its gross income for each taxable year from: (i) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies; and (ii) net income derived from interests in "qualified publicly traded partnerships" (as defined below); (b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year: (i) at least 50% of the fair market value of its total assets consists of: (A) cash and cash items (including receivables), U.S. government securities and securities of other RICs; and (B) other securities (other than those described in clause (A)) limited in respect of any one issuer to a value that does not exceed 5% of the value of the Fund's total assets and 10% of the outstanding voting securities of such issuer; and (ii) not more than 25% of the value of the Fund's total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, in the securities of any one issuer (other than those described in clause (i)(A)), the securities (other than securities of other RICs) of two or more issuers the Fund controls and which are engaged in the same, similar, or related trades or businesses, or the securities of one or more qualified publicly traded partnerships; and (c) distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid—generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses, taking into account any capital loss carryforwards) and its net tax-exempt income, for such year.

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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 the Fund's investments in MLPs and ETFs, if any, may qualify as interests in qualified publicly traded partnerships.

For purposes of the diversification test in (b) above, the term "outstanding voting securities of such issuer" will include the equity securities of a qualified publicly traded partnership and in the case of the Fund's investments in loan participations, the Fund shall treat both the financial intermediary and the issuer of the underlying loan as an issuer. Also, for purposes of the diversification test in (b) above, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment. In some cases, 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 the Fund's ability to meet the diversification test in (b) above. The qualifying income and diversification requirements described above may limit the extent to which the Fund can engage in certain derivative transactions, as well as the extent to which it can invest in MLPs and certain commodity-linked ETFs.

If the Fund qualifies as a RIC that is accorded special tax treatment, the Fund will not be subject to U.S. federal income tax on investment company taxable income and net capital gain (*i.e*., the excess of net long-term capital gain over net short-term capital loss, determined with reference to any capital loss carryforwards) distributed in a timely manner to its shareholders in the form of dividends (including Capital Gain Dividends, as defined below).

If the Fund were to fail to meet the income, diversification or distribution test described above, the Fund could in some cases cure such failure, including by paying a Fund-level tax, paying interest, making additional distributions, or disposing of certain assets. If the Fund were ineligible to or otherwise did not cure such failure for any year, or if the Fund were otherwise to fail to qualify as a RIC accorded special tax treatment for such year, the Fund would be subject to tax on its taxable income at corporate rates, and all distributions from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to shareholders as ordinary income. Some portions of such distributions may be eligible for the dividends-received deduction in the case of corporate shareholders and may be eligible to be treated as "qualified dividend income" in the case of shareholders taxed as individuals, provided, in both cases, the shareholder meets certain holding period and other requirements in respect of the Fund's shares (as described below). In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before re-qualifying as a RIC that is accorded special tax treatment.

The Fund intends to distribute at least annually to its shareholders all or substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction), its net tax-exempt income (if any), and its net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in each case determined with reference to any loss carryforwards). However, no assurance can be given that the Fund will not be subject to U.S. federal income taxation. Any taxable income, including any net capital gain retained by the Fund, will be subject to tax at the Fund level at regular corporate rates.

In the case of net capital gain, the Fund is permitted to designate the retained amount as undistributed capital gain in a timely notice to its shareholders who would then, in turn, be: (i) required to include in income for U.S. federal income tax purposes, as long-term capital gain, their shares of such undistributed amount; and (ii) entitled to credit their proportionate shares of the tax paid by the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds on a properly-filed U.S. tax return to the extent the credit exceeds such liabilities. If the Fund makes this designation, for U.S. federal income tax purposes, the tax basis of shares owned by a shareholder of the Fund would be increased by an amount equal to the difference between the amount of undistributed capital gains included in the shareholder's gross income under clause (i) of the preceding sentence and the tax deemed paid by the shareholder under clause (ii) of the preceding sentence. The Fund is not required to, and there can be no assurance the Fund will, make this designation if it retains all or a portion of its net capital gain in a taxable year.

In determining its net capital gain, including in connection with determining the amount available to support a Capital Gain Dividend (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, the Fund generally must make the distributions in the same taxable year that it realizes the income and gain, although in certain circumstances, the Fund may make the distributions in the following taxable year in respect of income and gains from the prior taxable year.

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If the Fund declares a distribution to shareholders of record in October, November, or December of one calendar year and pays the distribution in January of the following calendar year, the Fund and its shareholders will be treated as if the Fund paid the distribution on December 31 of the earlier year.

**Excise Tax** 

If the Fund were to fail to distribute in a calendar year at least an amount equal to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income for the one-year period ending October 31 of such year (or December 31 of that year if the Fund is permitted to elect and so elects), plus any such amounts retained from the prior year, the Fund would be subject to a nondeductible 4% excise tax on the undistributed amounts.

The Fund intends generally to make distributions sufficient to avoid the imposition of the 4% excise tax. However, no assurance can be given that the Fund will not be subject to the excise tax.

For purposes of the required excise tax distribution, a RIC's ordinary gains and losses from the sale, exchange or other taxable disposition of property that would otherwise be taken into account after October 31 of a calendar year generally are treated as arising on January 1 of the following calendar year. Also, for these purposes, the Fund will be treated as having distributed any amount on which it is subject to corporate income tax in the taxable year ending within the calendar year.

**Use of Tax Equalization** 

The Fund distributes its net investment income and capital gains to shareholders at least annually to the extent required to qualify as a RIC under the Code and generally to avoid U.S. federal income or excise tax. Under current law, the Fund is permitted to treat the portion of redemption proceeds paid to redeeming shareholders that represents the redeeming shareholders' *pro-rata* share of the Fund's accumulated earnings and profits as a dividend on the Fund's tax return. This practice, which involves the use of tax equalization, will reduce the amount of income and gains that the Fund is required to distribute as dividends to shareholders in order for the Fund to avoid U.S. federal income tax and excise tax, which may include reducing the amount of distributions that otherwise would be required to be paid to non-redeeming shareholders. The Fund's NAV generally will not be reduced by the amount of any undistributed income or gains allocated to redeeming shareholders under this practice and thus the total return on a shareholder's investment generally will not be reduced as a result of this practice.

**Capital Loss Carryforwards** 

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against the Fund's net investment income. Instead, potentially subject to certain limitations, the Fund is able to carry forward a net capital loss from any taxable year to offset its capital gains, if any, realized during a subsequent taxable year. Distributions from capital gains are generally made after applying any available capital loss carryforwards. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether the Fund retains or distributes such gains.

If the Fund incurs or has incurred net capital losses, those losses will be carried forward to one or more subsequent taxable years without expiration; any such carryover losses will retain their character as short-term or long-term.

See the Fund's most recent annual shareholder report for the Fund's available capital loss carryforwards, if any, as of the end of its most recently ended fiscal year.

**Fund Distributions** 

For U.S. federal income tax purposes, distributions of investment income generally are taxable to shareholders as ordinary income. Taxes on distributions of capital gains are determined by how long the Fund owned (or is deemed to have owned) the investments that generated them, rather than how long a shareholder has owned his or her shares. In general, the Fund will recognize long-term capital gain or loss on investments it has owned for more than one year, and short-term capital gain or loss on investments it has owned for one year or less. Tax rules can alter the Fund's holding period in investments and thereby affect the tax treatment of gain or loss on such investments. Distributions of net capital gain that are properly reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable to shareholders as long-term capital gains 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 the 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 the 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 the 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.

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If, in and with respect to any taxable year, the Fund makes a distribution to a shareholder in excess of the Fund's current and accumulated earnings and profits, the excess distribution will be treated as a return of capital to the extent of such shareholder's tax basis in its shares, and thereafter as capital gain. A return of capital is not taxable, but it reduces a shareholder's tax basis in its shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of its shares. To the extent the Fund makes distributions of capital gains in excess of the Fund's net capital gain for the taxable year (as reduced by any available capital loss carryforwards from prior taxable years), there is a possibility that the distributions will be taxable as ordinary dividend distributions, even though distributed excess amounts would not have been subject to tax if retained by the Fund.

Distributions are taxable as described herein whether shareholders receive them in cash or reinvest them in additional shares.

A dividend paid to shareholders in January generally is deemed to have been paid by the Fund on December 31 of the preceding year, if the dividend was declared and payable to shareholders of record on a date in October, November or December of that preceding year.

Distributions on the Fund's shares generally are subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund's realized income and gains, even though such distributions may economically represent a return of a particular shareholder's investment. Such distributions are likely to occur in respect of shares purchased at a time when the Fund's NAV reflects either unrealized gains, or realized but undistributed income or gains, that were therefore included in the price the shareholder paid. Such distributions may reduce the fair market value of the Fund's shares below the shareholder's cost basis in those shares. As described above, the Fund is required to distribute realized income and gains regardless of whether the Fund's NAV also reflects unrealized losses.

If the Fund holds, directly or indirectly, one or more "tax credit bonds" on one or more applicable dates during a taxable year, it is possible that the Fund will elect to permit its shareholders to claim a tax credit on their income tax returns equal to each shareholder's proportionate share of tax credits from the applicable bonds that otherwise would be allowed to the Fund. In such a case, a shareholder will be deemed to receive a distribution of money with respect to its Fund shares equal to the shareholder's proportionate share of the amount of such credits and be allowed a credit against the shareholder's U.S. federal income tax liability equal to the amount of such deemed distribution, subject to certain limitations imposed by the Code on the credits involved. Even if the Fund is eligible to pass through tax credits to shareholders, the Fund may choose not to do so.

In order for some portion of the dividends received by the Fund shareholder to be "qualified dividend income" that is eligible for taxation at long-term capital gain rates, the Fund must meet holding period and other requirements with respect to some portion of the dividend-paying stocks in its portfolio and the shareholder must meet holding period and other requirements with respect to the Fund's shares. In general, a dividend is not treated as qualified dividend income (at either the Fund or shareholder level): (1) if the dividend is received with respect to any share of stock held for fewer than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share becomes ex-dividend with respect to such dividend (or, in the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date); (2) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property; (3) if the recipient elects to have the dividend income treated as investment income for purposes of the limitation on deductibility of investment interest; or (4) if the dividend is received from a foreign corporation that is: (a) not eligible for the benefits of a comprehensive income tax treaty with the United States (with the exception of dividends paid on stock of such a foreign corporation readily tradable on an established securities market in the United States); or (b) treated as a passive foreign investment company.

In general, distributions of investment income reported by the Fund as derived from qualified dividend income are treated as qualified dividend income in the hands of a shareholder taxed as an individual, provided the shareholder meets the holding period and other requirements described above with respect to the Fund's shares.

If the aggregate qualified dividends received by the Fund during a taxable year are 95% or more of its gross income (excluding net long-term capital gain over net short-term capital loss), then 100% of the Fund's dividends (other than dividends properly reported as Capital Gain Dividends) are eligible to be treated as qualified dividend income.

In general, dividends of net investment income received by corporate shareholders of the Fund qualify for the dividends-received deduction generally available to corporations to the extent of the amount of eligible dividends received by the Fund from domestic corporations for the taxable year. A dividend received by the Fund will not be treated as a dividend eligible for the dividends-received deduction: (1) if it has been received with respect to any share of stock that the Fund has held for less than 46 days (91 days in the case of certain preferred stock) during the 91-day period beginning on the date which is 45 days before the date on which such share becomes ex-dividend with respect to such dividend (during the 181-day period beginning 90 days before such date in the case of certain preferred stock); or (2) to the extent that the Fund is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. Moreover, the dividends received deduction may otherwise be disallowed or reduced: (1) if the corporate shareholder fails to satisfy the foregoing requirements with respect to its shares of the Fund; or (2) by application of various provisions of the Code (for instance, the dividends-received deduction is reduced in the case of a dividend received on debt-financed portfolio stock (generally, stock acquired with borrowed funds)).

Any distribution of income that is attributable to: (i) income received by the Fund in lieu of dividends with respect to securities on loan pursuant to a securities lending transaction; or (ii) dividend income received by the Fund on securities it temporarily purchased from a counterparty pursuant to a repurchase agreement that is treated for U.S. federal income tax purposes as a loan by the Fund, will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends-received deduction for corporate shareholders.

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Distributions by the Fund to its shareholders that the Fund properly reports as "section 199A dividends," as defined and subject to certain conditions described below, are treated as qualified REIT dividends in the hands of non-corporate shareholders. Non-corporate shareholders are permitted a federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a "section 199A dividend" is any dividend or portion thereof that is attributable to certain dividends received by the Fund from REITs, to the extent such dividends are properly reported as such by the RIC in a written notice to its shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. The Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so.

Subject to future regulatory guidance to the contrary, distributions attributable to qualified publicly traded partnership income from the Fund's investments in MLPs will ostensibly not qualify for the deduction available to non-corporate taxpayers in respect of such amounts received directly from a MLP.

**Tax Implications of Certain Fund Investments** 

References to investments by the 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 the 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 the Fund in the secondary market may be treated as having "market discount." Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued with OID, its "revised issue price") over the purchase price of such obligation. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt 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, the Fund may elect to accrue market discount currently, in which case the Fund will be required to include the accrued market discount in the Fund's income (as ordinary income) and thus distribute it over the term of the debt 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 the Fund's income, will depend upon which of the permitted accrual methods the Fund elects.

Some debt obligations with a fixed maturity date of one year or less from the date of issuance may be treated as having OID or, in certain cases, "acquisition discount" (very generally, the excess of the stated redemption price over the purchase price). The Fund will be required to include the OID or acquisition discount in income (as ordinary income) and thus distribute it over the term of the debt 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 the Fund's income, will depend upon which of the permitted accrual methods the Fund elects.

If the Fund holds the foregoing kinds of obligations, or other obligations subject to special rules under the Code, it may be required to pay out as an income distribution each year an amount which is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or, if necessary, by disposition of portfolio securities including at a time when it may not be advantageous to do so. These dispositions may cause the Fund to realize higher amounts of short-term capital gains (generally taxed to shareholders at ordinary income tax rates) and, in the event the Fund realizes net capital gains from such transactions, its shareholders may receive a larger Capital Gain Dividend than if the Fund had not held such obligations.

*Securities Purchased at a Premium.* Very generally, where the Fund purchases a bond at a price that exceeds the redemption price at maturity – that is, at a premium – the premium is amortizable over the remaining term of the bond. In the case of a taxable bond, if the Fund makes an election applicable to all such bonds it purchases, which election is irrevocable without consent of the IRS, the Fund 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 the Fund may be eligible for the dividends received deduction to the extent attributable to the deemed dividend portion of such OID.

*At-risk or Defaulted Securities.* Investments in debt obligations that are at risk of or in default present special tax issues for the Fund. Tax rules are not entirely clear about issues such as whether or to what extent the Fund should recognize market discount on a debt obligation, when the Fund may cease to accrue interest, OID or market discount, when and to what extent the Fund may take deductions

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for bad debts or worthless securities and how the Fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by the Fund when, as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a RIC and does not become subject to U.S. federal income or excise tax.

*Certain Investments in REITs.* Any investment by the Fund in equity securities of REITs qualifying as such under Subchapter M of the Code may result in the Fund's receipt of cash in excess of the REIT's earnings; if the Fund distributes these amounts, these distributions could constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. Dividends received by the Fund from a REIT will not qualify for the corporate dividends-received deduction and generally will not constitute qualified dividend income.

Certain distributions made by the Fund attributable to dividends received by the Fund from REITs may qualify as "qualified REIT dividends" in the hands of non-corporate shareholders, as discussed above.

*Mortgage-Related Securities.* The Fund may invest directly or indirectly in REMICs (including by investing in residual interests in collateralized mortgage obligations ("CMOs") with respect to which an election to be treated as a REMIC is in effect) or equity interests in taxable mortgage pools ("TMPs"). Under a notice issued by the IRS in October 2006 and Treasury regulations that have yet to be issued but may apply retroactively, a portion of the Fund's income (including income allocated to the Fund from a REIT or other pass-through entity) that is attributable to a residual interest in a REMIC or an equity interest in a TMP (referred to in the Code as an "excess inclusion") will be subject to U.S. federal income tax in all events. This notice also provides, and the regulations are expected to provide, that excess inclusion income of a RIC will be allocated to shareholders of the RIC in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related interest directly. As a result, the Fund investing in such interests may not be a suitable investment for charitable remainder trusts, as noted below.

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 the Fund in foreign currencies, foreign currency-denominated debt obligations or certain foreign currency options, futures contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could require a larger dividend toward the end of the calendar year. Any such net losses generally will reduce and potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned in subsequent taxable years.

Foreign currency gains generally are treated as qualifying income for purposes of the 90% gross income test described above. There is a remote possibility that the Secretary of the Treasury will issue contrary tax regulations with respect to foreign currency gains that are not directly related to a RIC's principal business of investing in stocks or securities (or options or futures with respect to stocks or securities), and such regulations could apply retroactively.

*Passive Foreign Investment Companies.* Equity investments by the Fund in certain "passive foreign investment companies" ("PFICs") could potentially subject the Fund to a U.S. federal income tax (including interest charges) on distributions received from the company or on proceeds received from the disposition of shares in the company. This tax cannot be eliminated by making distributions to Fund shareholders. However, the Fund may elect to avoid the imposition of that tax. For example, the Fund may elect to treat a PFIC as a "qualified electing fund" (*i.e.*, make a "QEF election"), in which case the Fund will be required to include its share of the PFIC's income and net capital gains annually, regardless of whether it receives any distribution from the PFIC. The Fund also may make an election to mark the gains (and to a limited extent losses) in such holdings "to the market" as though it had sold (and, solely for purposes of this mark-to-market election, repurchased) its holdings in those PFICs on the last day of the Fund's taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed by the Fund to avoid taxation. Making either of these elections therefore may require the Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect the Fund's total return. Dividends paid by PFICs will not be eligible to be treated as "qualified dividend income." A foreign issuer in which the Fund invests will not be treated as a PFIC with respect to the Fund if such issuer is a controlled foreign corporation ("CFC") for U.S. federal income tax purposes and the Fund holds (directly, indirectly, or constructively) 10% or more of the voting interests in or total value of such issuer. In such a case, the Fund generally would be required to include in gross income each year, as ordinary income, its share of certain amounts of a CFC's income, whether or not the CFC distributes such amounts to the Fund.

Because it is not always possible to identify a foreign corporation as a PFIC, the Fund may incur the tax and interest charges described above in some instances.

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**Options and Futures** 

In general, option premiums received by the Fund are not immediately included in the income of the Fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the Fund transfers or otherwise terminates the option (*e.g.*, through a closing transaction). If a call option written by the Fund is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital gain or loss equal to (a) sum of the strike price and the option premium received by the Fund minus (b) the Fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by the Fund pursuant to the exercise of a put option written by it, the Fund generally will subtract the premium received for purposes of computing its cost basis in the securities purchased. Gain or loss arising in respect of a termination of the Fund's obligation under an option other than through the exercise of the option will be short-term gain or loss depending on whether the premium income received by the Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example, if an option written by the Fund expires unexercised, the Fund generally will recognize short-term gain equal to the premium received.

The Fund's options activities may include transactions constituting straddles for U.S. federal income tax purposes, that is, that trigger the U.S. federal income tax straddle rules contained primarily in Section 1092 of the Code. Such straddles include, for example, positions in a particular security, or an index of securities, and one or more options that offset the former position, including options that are "covered" by the Fund's long position in the subject security. Very generally, where applicable, Section 1092 requires: (i) that losses be deferred on positions deemed to be offsetting positions with respect to "substantially similar or related property," to the extent of unrealized gain in the latter; and (ii) that the holding period of such a straddle position that has not already been held for the long-term holding period be terminated and begin anew once the position is no longer part of a straddle. Options on single stocks that are not "deep in the money" may constitute qualified covered calls, which generally are not subject to the straddle rules; the holding period on stock underlying qualified covered calls that are "in the money" although not "deep in the money" will be suspended during the period that such calls are outstanding. These straddle rules and the rules governing qualified covered calls could cause gains that would otherwise constitute long-term capital gains to be treated as short-term capital gains, and distributions that would otherwise constitute "qualified dividend income" or qualify for the dividends-received deduction to fail to satisfy the holding period requirements and therefore to be taxed as ordinary income or to fail to qualify for the dividends-received deduction, as the case may be.

The tax treatment of certain positions entered into by the Fund (including regulated futures contracts, certain foreign currency positions and certain listed non-equity options) will be governed by section 1256 of the Code ("section 1256 contracts"). Gains or losses on section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, section 1256 contracts held by the Fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable.

*Other Derivatives, Hedging, and Related Transactions.* In addition to the special rules described above in respect of futures and options transactions, the Fund's transactions in other derivative instruments (*e.g.*, forward contracts and swap agreements), as well as any of its hedging, short sale, securities loan or similar transactions, may be subject to one or more special tax rules (*e.g.*, notional principal contract, straddle, constructive sale, wash sale and short sale rules). These rules may affect whether gains and losses recognized by the Fund are treated as ordinary or capital, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities, thereby affecting, among other things, whether capital gains and losses are treated as short-term or long-term. These rules could therefore affect the amount, timing and/or character of distributions to shareholders.

Because these and other tax rules applicable to these types of transactions are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether the Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a RIC and avoid a Fund-level tax.

*Commodity-Linked Instruments.* the Fund's investments in commodity-linked instruments can be limited by the Fund's intention to qualify as a RIC, and can bear on the Fund's ability to so qualify. Income and gains from certain commodity-linked instruments do not constitute qualifying income to a RIC for purposes of the 90% gross income test described above. The tax treatment of some other commodity-linked instruments in which the Fund might invest is not certain, in particular with respect to whether income or gains from such instruments constitute qualifying income to a RIC. If the Fund were to treat income or gain from a particular instrument as qualifying income and the income or gain were later determined not to constitute qualifying income and, together with any other nonqualifying income, caused the Fund's nonqualifying income to exceed 10% of its gross income in any taxable year, the Fund would fail to qualify as a RIC unless it is eligible to and does pay a tax at the Fund level.

*Exchange-Traded Notes, 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 the Fund's ability to qualify for treatment as a RIC and to avoid a fund-level tax.

*Book-Tax Differences.* Certain of the Fund's investments in derivative instruments and foreign currency-denominated instruments, and any of the Fund's transactions in foreign currencies and hedging activities, are likely to produce a difference between its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises, and the Fund's book income is less than the sum of its taxable income and net tax-exempt income, the Fund could be required to make distributions exceeding book income

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to qualify as a RIC that is accorded special tax treatment and to avoid an entity-level tax. In the alternative, if the Fund's book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income, the distribution (if any) of such excess generally will be treated as: (i) a dividend to the extent of the Fund's remaining earnings and profits (including earnings and profits arising from tax-exempt income); (ii) thereafter, as a return of capital to the extent of the recipient's basis in its shares; and (iii) thereafter as gain from the sale or exchange of a capital asset.

*Investments in Other RICs*. The Fund's investments in shares of another mutual fund, an ETF or another company that qualifies as a RIC (each, an "investment company") can cause the Fund to be required to distribute greater amounts of net investment income or net capital gain than the Fund would have distributed had it invested directly in the securities held by the investment company, rather than in shares of the investment company. Further, the amount or timing of distributions from the Fund qualifying for treatment as a particular character (*e.g.*, long-term capital gain, exempt interest, eligibility for dividends-received deduction, etc.) will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the investment company. If the Fund receives dividends from an investment company and the investment company reports such dividends as qualified dividend income, then the Fund is permitted in turn to report a portion of its distributions as qualified dividend income, provided the Fund meets holding period and other requirements with respect to shares of the investment company.

If the Fund receives dividends from an investment company and the investment company reports such dividends as eligible for the dividends-received deduction, then the Fund is permitted in turn to report its distributions derived from those dividends as eligible for the dividends-received deduction as well, provided the Fund meets holding period and other requirements with respect to shares of the investment company.

*Investments in Master Limited Partnerships and Certain Non-U.S. Entities.* The Fund's ability to make direct and indirect investments in MLPs and certain non-U.S. entities is limited by the Fund's intention to qualify as a RIC, and if the Fund does not appropriately limit such investments or if such investments are recharacterized for U.S. federal income tax purposes, the Fund's status as a RIC may be jeopardized. Among other limitations, the Fund is permitted to have no more than 25% of the value of its total assets invested in qualified publicly traded partnerships, including MLPs.

Subject to any future regulatory guidance to the contrary, any distribution of income attributable to qualified publicly traded partnership income from the Fund's investment in a MLP will ostensibly not qualify for the deduction that would be available to a non-corporate shareholder were the shareholder to own such MLP directly.

**Tax-Exempt Shareholders** 

Income of a RIC that would be UBTI if earned directly by a tax-exempt entity generally will not constitute UBTI when distributed to a tax-exempt shareholder of the RIC. Notwithstanding this "blocking" effect, a tax-exempt shareholder could realize UBTI by virtue of its investment in the Fund if shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Code Section 514(b).

A tax-exempt shareholder may also recognize UBTI if the Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in REMICs or equity interests in TMPs as described above, if the amount of such income recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

In addition, special tax consequences apply to charitable remainder trusts ("CRTs") that invest in RICs that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. Under legislation enacted in December 2006, a CRT (as defined in section 664 of the Code) that realizes any UBTI for a taxable year must pay an excise tax annually of an amount equal to such UBTI. Under IRS guidance issued in October 2006, a CRT will not recognize UBTI as a result of investing in the Fund that recognizes "excess inclusion income." Rather, if at any time during any taxable year a CRT (or one of certain other tax-exempt shareholders, such as the United States, a state or political subdivision, or an agency or instrumentality thereof, and certain energy cooperatives) is a record holder of a share in the Fund that recognizes "excess inclusion income," then the Fund will be subject to a tax on that portion of its "excess inclusion income" for the taxable year that is allocable to such shareholders at the highest federal corporate income tax rate. The extent to which this IRS guidance remains applicable in light of the December 2006 legislation is unclear. To the extent permitted under the 1940 Act, the Fund may elect to specially allocate any such tax to the applicable CRT, or other shareholder, and thus reduce such shareholder's distributions for the year by the amount of the tax that relates to such shareholder's interest in the Fund.

CRTs and other tax-exempt investors are urged to consult their tax advisers concerning the consequences of investing in the Fund.

**Sale, 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.

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**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 the 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 the 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 the Fund is subject to certain limitations imposed by the Code, which may result in the shareholder's not receiving a full credit or deduction (if any) for the amount of such taxes. Shareholders who do not itemize on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes.

Even if the Fund were eligible to make such an election for a given year, it may determine not to do so. Shareholders that are not subject to U.S. federal income tax, and those who invest in the Fund through tax-advantaged accounts (including those who invest through 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 the Fund to shareholders that are not "U.S. persons" within the meaning of the Code ("foreign shareholders") properly reported by the Fund as: (1) Capital Gain Dividends; (2) short-term capital gain dividends; and (3) interest-related dividends, each as defined below and subject to certain conditions described below, generally are not subject to withholding of U.S. federal income tax.

In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions from U.S. source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual foreign shareholder, in each case to the extent such distributions are properly reported as such by the Fund in a written notice to shareholders. The exceptions to withholding for Capital Gain Dividends and short-term capital gain dividends do not apply to (A) distributions to an individual foreign shareholder who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that is treated as effectively connected with the conduct by the foreign shareholder of a trade or business within the United States under special rules regarding the disposition of U.S. real property interests as described below. The exception to withholding for interest-related dividends does not apply to distributions to a foreign shareholder (A) that has not provided a satisfactory statement that the beneficial owner is not a U.S. person, (B) to the extent that the dividend is attributable to certain interest on an obligation if the foreign shareholder is the issuer or is a 10% shareholder of the issuer, (C) that is within certain foreign countries that have inadequate information exchange with the United States, or (D) to the extent the dividend is attributable to interest paid by a person that is a related person of the foreign shareholder and the foreign shareholder is a controlled foreign corporation. If the Fund invests in a RIC that pays such distributions to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to foreign shareholders. The Fund may report such part of its dividends as interest-related and/or short-term capital gain dividends as are eligible, but is not required to do so. In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend to shareholders.

Foreign shareholders should contact their intermediaries regarding the application of these rules to their accounts.

Distributions by the Fund to foreign shareholders other than Capital Gain Dividends, short-term capital gain dividends and interest-related dividends (*e.g.*, dividends attributable to dividend and foreign-source interest income or to short-term capital gains or U.S. source interest income to which the exception from withholding described above does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate).

A foreign shareholder is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of shares of the Fund unless: (i) such gain is effectively connected with the conduct by the foreign shareholder of a trade or business within the United States; (ii) in the case of a foreign shareholder that is an individual, the shareholder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions are met; or (iii) the special rules relating to gain attributable to the sale or exchange of "U.S. real property interests" ("USRPIs") apply to the foreign shareholder's sale of shares of the Fund (as described below).

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Subject to certain exceptions (*e.g.*, for the Fund that is a "United States real property holding corporation" as described below), the Fund is generally not required (and does not expect) to withhold on the amount of a non-dividend distribution (*i.e.*, a distribution that is not paid out of the Fund's current earnings and profits for the applicable taxable year or accumulated earnings and profits) when paid to its foreign shareholders.

Special rules would apply if the Fund were a qualified investment entity ("QIE") because it is either a "U.S. real property holding corporation" ("USRPHC") or would be a USRPHC but for the operation of certain exceptions to the definition of USRPIs described below. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the corporation's USRPIs, interests in real property located outside the United States, and other trade or business assets. USRPIs generally are defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or, very generally, an entity that has been a USRPHC in the last five years. A fund that holds, directly or indirectly, significant interests in REITs may be a USRPHC. Interests in domestically controlled QIEs, including REITs and RICs that are QIEs, not-greater-than-10% interests in publicly traded classes of stock in REITs and not-greater-than-5% interests in publicly traded classes of stock in RICs generally are not USRPIs, but these exceptions do not apply for purposes of determining whether the Fund is a QIE.

If an interest in the Fund were a USRPI, the Fund would be required to withhold U.S. tax on the proceeds of a share redemption by a greater-than-5% foreign shareholder, in which case such foreign shareholder generally would also be required to file U.S. tax returns and pay any additional taxes due in connection with the redemption.

Moreover, if the Fund were a USRPHC or, very generally, had been one in the last five years, it would be required to withhold on amounts distributed to a greater-than-5% foreign shareholder to the extent such amounts would not be treated as a dividend, *i.e.*, are in excess of the Fund's current and accumulated "earnings and profits" for the applicable taxable year. Such withholding generally is not required if the Fund is a domestically controlled QIE.

If the Fund were a QIE, under a special "look-through" rule, any distributions by the Fund to a foreign shareholder (including, in certain cases, distributions made by the Fund in redemption of its shares) attributable directly or indirectly to: (i) distributions received by the Fund from a lower-tier RIC or REIT that the Fund is required to treat as USRPI gain in its hands; and (ii) gains realized on the disposition of USRPIs by the Fund would retain their character as gains realized from USRPIs in the hands of the Fund's foreign shareholders and would be subject to U.S. tax withholding. In addition, such distributions could result in the foreign shareholder being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a foreign shareholder, including the rate of such withholding and character of such distributions (*e.g.*, as ordinary income or USRPI gain), would vary depending upon the extent of the foreign shareholder's current and past ownership of the Fund.

Foreign shareholders of the Fund also may be subject to "wash sale" rules to prevent the avoidance of the tax-filing and -payment obligations discussed above through the sale and repurchase of Fund shares.

Foreign shareholders should consult their tax advisers and, if holding shares through intermediaries, their intermediaries, concerning the application of these rules to their investment in the Fund.

Foreign shareholders with respect to whom income from the Fund is effectively connected with a trade or business conducted by the foreign shareholder within the United States will in general be subject to U.S. federal income tax on the income derived from the Fund at the graduated rates applicable to U.S. citizens, residents or domestic corporations, whether such income is received in cash or reinvested in shares of the Fund and, in the case of a foreign corporation, may also be subject to a branch profits tax. If a foreign shareholder is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the shareholder in the United States. More generally, foreign shareholders who are residents in a country with an income tax treaty with the United States may obtain different tax results than those described herein, and are urged to consult their tax advisers.

In order to qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding, a foreign shareholder must comply with special certification and filing requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, W-8BEN-E or substitute form). Foreign shareholders should consult their tax advisers in this regard.

Special rules (including withholding and reporting requirements) apply to foreign partnerships and those holding Fund shares through foreign partnerships. Additional considerations may apply to foreign trusts and estates. Investors holding Fund shares through foreign entities should consult their tax advisers about their particular situation.

A foreign shareholder may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal income tax referred to above.

**Backup Withholding** 

The Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to any individual shareholder who fails to properly furnish the Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

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**Shareholder Reporting Obligations With Respect to Foreign Bank and Financial Accounts** 

Shareholders that are U.S. persons and own, directly or indirectly, more than 50% of the Fund could be required to report annually their "financial interest" in the Fund's "foreign financial accounts," if any, on FinCEN Form 114, Report of Foreign Bank and Financial Accounts ("FBAR"). Shareholders should consult a tax adviser, and persons investing in the Fund through an intermediary should contact their intermediary, regarding the applicability to them of this reporting requirement.

**Other Reporting and Withholding Requirements** 

Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder (collectively, "FATCA") generally require the Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. If a shareholder fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on ordinary dividends it pays. The IRS and the Department of the Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions or Capital Gain Dividends the Fund pays. If a payment by the Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to foreign shareholders described above (*e.g.*, interest-related dividends and short-term capital gain dividends).

Each prospective investor is urged to consult its tax adviser regarding the applicability of FATCA and any other reporting requirements with respect to the prospective investor's own situation, including investments through an intermediary.

**General Considerations** 

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 the Fund, as well as the effects of state, local, foreign, and other tax law and any proposed tax law changes.

**FINANCIAL STATEMENTS**

Paper copies of the 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.

------

**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>Voya Funds Trust (the "Registrant") Trust Instrument dated July 30, 1998 (the "Trust Instrument") – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1066602/0000950123-98-009276.txt)<br> [<u>Exhibit to Pre-Effective Amendment No. 1 to the Registrant's Form N-1A Registration Statement on October 28,</u>](https://www.sec.gov/Archives/edgar/data/1066602/0000950123-98-009276.txt)<br> [<u>1998 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/0000950123-98-009276.txt)<br>|
| 28 (a)(2) | &nbsp;&nbsp; [<u>Certificate of Amendment, dated February 26, 2001, to the Trust Instrument – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095014701500443/ex-a2.txt)<br> [<u>Post-Effective Amendment No. 8 to the Registrant's Form N-1A Registration Statement on March 1, 2001 and</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095014701500443/ex-a2.txt)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095014701500443/ex-a2.txt)<br>|
| 28 (a)(3) | &nbsp;&nbsp; [<u>Certificate of Amendment, dated May 9, 2001, to the Trust Instrument – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095014701501120/ex-a3.txt)<br> [<u>Amendment No. 9 to the Registrant's Form N-1A Registration Statement on June 15, 2001 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095014701501120/ex-a3.txt)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095014701501120/ex-a3.txt)<br>|
| 28 (a)(4) | &nbsp;&nbsp; [<u>Certificate of Amendment, dated May 9, 2001, to the Trust Instrument – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wa4.txt)<br> [<u>Amendment No. 24 to the Registrant's Form N-1A Registration Statement on July 29, 2003 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wa4.txt)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wa4.txt)<br>|
| 28 (a)(5) | &nbsp;&nbsp; [<u>Amendment No. 1, dated November 2, 2001, to the Trust Instrument – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015302000362/p66197b5ex99-a4.txt)<br> [<u>Amendment No. 17 to the Registrant's Form N-1A Registration Statement on February 27, 2002 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015302000362/p66197b5ex99-a4.txt)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015302000362/p66197b5ex99-a4.txt)<br>|
| 28 (a)(6) | &nbsp;&nbsp; [<u>Certificate of Amendment, dated December 17, 2001, to the Trust Instrument – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465908049332/a08-20071_1ex99dba8.htm)<br> [<u>Post-Effective Amendment No. 42 to the Registrant's Form N-1A Registration Statement on August 1, 2008 and</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465908049332/a08-20071_1ex99dba8.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465908049332/a08-20071_1ex99dba8.htm)<br>|
| 28 (a)(7) | &nbsp;&nbsp; [<u>Certificate of Amendment, effective March 1, 2002, to the Trust Instrument – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wa8.txt)<br> [<u>Amendment No. 24 to the Registrant's Form N-1A Registration Statement on July 29, 2003 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wa8.txt)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wa8.txt)<br>|
| 28 (a)(8) | &nbsp;&nbsp; [<u>Amendment No. 4, dated March 1, 2002, to the Trust Instrument – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wa9.txt)<br> [<u>Amendment No. 24 to the Registrant's Form N-1A Registration Statement on July 29, 2003 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wa9.txt)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wa9.txt)<br>|
| 28 (a)(9) | &nbsp;&nbsp; [<u>Amendment No. 5, effective September 23, 2002, to the Trust Instrument, Abolition of Series of Shares of</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wa10.txt)<br> [<u>Beneficial Interest (ING European Equity Fund, ING Tax Efficient Equity Fund, ING Global Technology Fund,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wa10.txt)<br> [<u>and ING Global Real Estate Fund) – Filed as an Exhibit to Post-Effective Amendment No. 24 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wa10.txt)<br> [<u>Form N-1A Registration Statement on July 29, 2003 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wa10.txt)<br>|
| 28 (a)(10) | &nbsp;&nbsp; [<u>Amendment No. 6, effective September 23, 2002, to the Trust Instrument, Name Change of Series (ING Strategic</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wa11.txt)<br> [<u>Income Fund) – Filed as an Exhibit to Post-Effective Amendment No. 24 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wa11.txt)<br> [<u>Registration Statement on July 29, 2003 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wa11.txt)<br>|
| 28 (a)(11) | &nbsp;&nbsp; [<u>Amendment No. 7, effective November 22, 2002, to the Trust Instrument, Abolition of Series of Shares of</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wa12.txt)<br> [<u>Beneficial Interest (ING High Yield Fund) – Filed as an Exhibit to Post-Effective Amendment No. 24 to the</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wa12.txt)<br> [<u>Registrant's Form N-1A Registration Statement on July 29, 2003 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wa12.txt)<br>|
| 28 (a)(12) | &nbsp;&nbsp; [<u>Amendment No. 8, effective June 2, 2003, to the Trust Instrument, Establishment of New Share Class (ING</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wa13.txt)<br> [<u>Intermediate Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 24 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wa13.txt)<br> [<u>N-1A Registration Statement on July 29, 2003 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wa13.txt)<br>|
| 28 (a)(13) | &nbsp;&nbsp; [<u>Amendment No. 9, effective August 25, 2003, to the Trust Instrument, Abolition of Series of Shares of Beneficial</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015304001302/p68875a1exv99wa14.txt)<br> [<u>Interest (ING National Tax-Exempt Money Market Fund) – Filed as an Exhibit to Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015304001302/p68875a1exv99wa14.txt)<br> [<u>25 to the Registrant's Form N-1A Registration Statement on May 25, 2004 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015304001302/p68875a1exv99wa14.txt)<br>|
| 28 (a)(14) | &nbsp;&nbsp; [<u>Amendment No. 10, effective August 25, 2003, to the Trust Instrument, Abolition of Class of Shares of Beneficial</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015304001302/p68875a1exv99wa15.txt)<br> [<u>Interest (ING Classic Money Market Fund) – Filed as an Exhibit to Post-Effective Amendment No. 25 to the</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015304001302/p68875a1exv99wa15.txt)<br> [<u>Registrant's Form N-1A Registration Statement on May 25, 2004 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015304001302/p68875a1exv99wa15.txt)<br>|

---

------

---

| | |
|:---|:---|
| 28 (a)(15) | &nbsp;&nbsp; [<u>Amendment No. 11, effective April 23, 2004, to the Trust Instrument, Abolition of Series of Shares of Beneficial</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015304001302/p68875a1exv99wa16.txt)<br> [<u>Interest (ING Strategic Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 25 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015304001302/p68875a1exv99wa16.txt)<br> [<u>Form N-1A Registration Statement on May 25, 2004 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015304001302/p68875a1exv99wa16.txt)<br>|
| 28 (a)(16) | &nbsp;&nbsp; [<u>Amendment No. 12, effective March 24, 2004, to the Trust Instrument, Establishment of New Share Class (ING</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015304001302/p68875a1exv99wa17.txt)<br> [<u>Intermediate Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 25 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015304001302/p68875a1exv99wa17.txt)<br> [<u>N-1A Registration Statement on May 25, 2004 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015304001302/p68875a1exv99wa17.txt)<br>|
| 28 (a)(17) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series, effective February 26, 2004 (ING Strategic Bond Fund) – Filed as</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015304001302/p68875a1exv99wa18.txt)<br> [<u>an Exhibit to Post-Effective Amendment No. 25 to the Registrant's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015304001302/p68875a1exv99wa18.txt)<br> [<u>May 25, 2004 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015304001302/p68875a1exv99wa18.txt)<br>|
| 28 (a)(18) | &nbsp;&nbsp; [<u>Amendment No. 13, effective September 2, 2004, to the Trust instrument, Dissolution of Share Class (ING High</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015305001136/p70500aexv99waw19.txt)<br> [<u>Yield Opportunity Fund) – Filed as an Exhibit to Post-Effective Amendment No. 28 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015305001136/p70500aexv99waw19.txt)<br> [<u>N-1A Registration Statement on May 13, 2005 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015305001136/p70500aexv99waw19.txt)<br>|
| 28 (a)(19) | &nbsp;&nbsp; [<u>Amendment No. 14, effective October 25, 2004, to the Trust Instrument, Abolition of Series of Shares of</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015305001136/p70500aexv99waw20.txt)<br> [<u>Beneficial Interest (ING High Yield Opportunity Fund) – Filed as an Exhibit to Post-Effective Amendment No. 28</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015305001136/p70500aexv99waw20.txt)<br> [<u>to the Registrant's Form N-1A Registration Statement on May 13, 2005 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015305001136/p70500aexv99waw20.txt)<br>|
| 28 (a)(20) | &nbsp;&nbsp; [<u>Amendment No. 15, effective March 15, 2005, to the Trust Instrument, Abolition of Series of Shares of Beneficial</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015305001680/p70486bexv99wa21.txt)<br> [<u>Interest (ING Money Market Fund and ING Lexington Money Market Trust) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015305001680/p70486bexv99wa21.txt)<br> [<u>Post-Effective Amendment No. 30 to the Registrant's Form N-1A Registration Statement on July 21, 2005 and</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015305001680/p70486bexv99wa21.txt)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015305001680/p70486bexv99wa21.txt)<br>|
| 28 (a)(21) | &nbsp;&nbsp; [<u>Amendment No. 16, effective July 29, 2005, to the Trust Instrument, Establishment of New Series (ING</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015305001680/p70486bexv99wa22.txt)<br> [<u>Institutional Prime Money Market Fund) – Filed as an Exhibit to Post-Effective Amendment No. 30 to the</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015305001680/p70486bexv99wa22.txt)<br> [<u>Registrant's Form N-1A Registration Statement on July 21, 2005 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015305001680/p70486bexv99wa22.txt)<br>|
| 28 (a)(22) | &nbsp;&nbsp; [<u>Amendment No. 17, effective January 3, 2007, to the Trust Instrument, Conversion of Series, Shares and Classes,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015307001251/p73927aexv99wxayx23y.htm)<br> [<u>and the Abolition of a Class of Shares (ING GNMA Income Fund) – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015307001251/p73927aexv99wxayx23y.htm)<br> [<u>Amendment No. 34 to the Registrant's Form N-1A Registration Statement on May 30, 2007 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015307001251/p73927aexv99wxayx23y.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015307001251/p73927aexv99wxayx23y.htm)<br>|
| 28 (a)(23) | &nbsp;&nbsp; [<u>Amendment No. 18, effective November 19, 2007, to the Trust Instrument, Establishment of New Share Class and</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015307002527/p74434bexv99wxayx24y.htm)<br> [<u>Re-Designation of Current Share Class (ING Institutional Prime Money Market Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015307002527/p74434bexv99wxayx24y.htm)<br> [<u>Post-Effective Amendment No. 38 to the Registrant's Form N-1A Registration Statement on December 4, 2007</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015307002527/p74434bexv99wxayx24y.htm)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015307002527/p74434bexv99wxayx24y.htm)<br>|
| 28 (a)(24) | &nbsp;&nbsp; [<u>Amendment No. 19, effective November 19, 2007, to the Trust Instrument, Establishment of New Share Class</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015307002527/p74434bexv99wxayx25y.htm)<br> [<u>(ING GNMA Income Fund and ING Intermediate Bond Fund) – Filed as an Exhibit to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015307002527/p74434bexv99wxayx25y.htm)<br> [<u>No. 38 to the Registrant's Form N-1A Registration Statement on December 4, 2007 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015307002527/p74434bexv99wxayx25y.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015307002527/p74434bexv99wxayx25y.htm)<br>|
| 28 (a)(25) | &nbsp;&nbsp; [<u>Amendment No. 20, effective July 21, 2008, to the Trust Instrument, Establishment of New Share Class (ING</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465908049332/a08-20071_1ex99dba27.htm)<br> [<u>High Yield Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 42 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465908049332/a08-20071_1ex99dba27.htm)<br> [<u>Registration Statement on August 1, 2008 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465908049332/a08-20071_1ex99dba27.htm)<br>|
| 28 (a)(26) | &nbsp;&nbsp; [<u>Amendment No. 21, effective October 23, 2008, to the Trust Instrument, Abolition of Series of Shares of</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465909046041/a09-17582_1ex99dba28.htm)<br> [<u>Beneficial Interest (ING National Tax-Exempt Bond Fund) – Filed as an Exhibit to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465909046041/a09-17582_1ex99dba28.htm)<br> [<u>No. 44 to the Registrant's Form N-1A Registration Statement on July 30, 2009 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465909046041/a09-17582_1ex99dba28.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465909046041/a09-17582_1ex99dba28.htm)<br>|
| 28 (a)(27) | &nbsp;&nbsp; [<u>Amendment No. 22, effective November 20, 2009, to the Trust Instrument, Conversion of Series, Shares and</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465910039508/a10-13130_1ex99dba29.htm)<br> [<u>Classes, and the Abolition of a Class of Shares (ING GNMA Income Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465910039508/a10-13130_1ex99dba29.htm)<br> [<u>Post-Effective Amendment No. 47 to the Registrant's Form N-1A Registration Statement on July 26, 2010 and</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465910039508/a10-13130_1ex99dba29.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465910039508/a10-13130_1ex99dba29.htm)<br>|
| 28 (a)(28) | &nbsp;&nbsp; [<u>Amendment No. 23, effective May 27, 2010, to the Trust Instrument, Establishment of New Series (ING Floating</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465910039508/a10-13130_1ex99dba30.htm)<br> [<u>Rate Fund) – Filed as an Exhibit to Post-Effective Amendment No. 47 to the Registrant's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465910039508/a10-13130_1ex99dba30.htm)<br> [<u>Statement on July 26, 2010 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465910039508/a10-13130_1ex99dba30.htm)<br>|

---

------

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| | |
|:---|:---|
| 28 (a)(29) | &nbsp;&nbsp; [<u>Amendment No. 24, effective May 19, 2011, to the Trust Instrument, Establishment of New Share Class (ING</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312512322461/d354057dex99a31.htm)<br> [<u>GNMA Income Fund and ING High Yield Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 53</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312512322461/d354057dex99a31.htm)<br> [<u>to the Registrant's Form N-1A Registration Statement on July 30, 2012 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312512322461/d354057dex99a31.htm)<br>|
| 28 (a)(30) | &nbsp;&nbsp; [<u>Amendment No. 25, effective May 19, 2011, to the Trust Instrument, Establishment of New Share Class (ING</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312512322461/d354057dex99a32.htm)<br> [<u>High Yield Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 53 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312512322461/d354057dex99a32.htm)<br> [<u>Registration Statement on July 30, 2012 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312512322461/d354057dex99a32.htm)<br>|
| 28 (a)(31) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series, effective November 4, 2010 (ING Institutional Prime Money</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312511198946/dex99a31.htm)<br> [<u>Market Fund) – Filed as an Exhibit to Post-Effective Amendment No. 50 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312511198946/dex99a31.htm)<br> [<u>Registration Statement on July 27, 2011 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312511198946/dex99a31.htm)<br>|
| 28 (a)(32) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series, effective January 25, 2011 (ING Classic Money Market Fund) –</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312511198946/dex99a32.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 50 to the Registrant's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312511198946/dex99a32.htm)<br> [<u>July 27, 2011 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312511198946/dex99a32.htm)<br>|
| 28 (a)(33) | &nbsp;&nbsp; [<u>Amendment No. 26, effective July 12, 2012, to the Trust Instrument, Establishment of New Series (ING Strategic</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465912072761/a12-22831_1ex99dba35.htm)<br> [<u>Income Fund) – Filed as an Exhibit to Post-Effective Amendment No. 60 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465912072761/a12-22831_1ex99dba35.htm)<br> [<u>Registration Statement on October 31, 2012 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465912072761/a12-22831_1ex99dba35.htm)<br>|
| 28 (a)(34) | &nbsp;&nbsp; [<u>Amendment No. 27, effective September 6, 2012, to the Trust Instrument, Establishment of New Series (ING</u>](https://www.sec.gov/Archives/edgar/data/1066602/000114544312001362/d29993_ex-a36.htm)<br> [<u>Short Term Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 62 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000114544312001362/d29993_ex-a36.htm)<br> [<u>Registration Statement on November 30, 2012 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000114544312001362/d29993_ex-a36.htm)<br>|
| 28 (a)(35) | &nbsp;&nbsp; [<u>Amendment No. 28, effective September 6, 2012, to the Trust Instrument, Establishment of New Share Class</u>](https://www.sec.gov/Archives/edgar/data/1066602/000114544312001362/d29993_ex-a37.htm)<br> [<u>(ING Floating Rate Fund and ING High Yield Bond Fund) – Filed as an Exhibit to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1066602/000114544312001362/d29993_ex-a37.htm)<br> [<u>No. 62 to the Registrant's Form N-1A Registration Statement on November 30, 2012 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1066602/000114544312001362/d29993_ex-a37.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000114544312001362/d29993_ex-a37.htm)<br>|
| 28 (a)(36) | &nbsp;&nbsp; [<u>Amendment No. 29, effective September 6, 2012, to the Trust Instrument, Establishment of New Share Class</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312513304835/d545806dex99a38.htm)<br> [<u>(ING Intermediate Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 75 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312513304835/d545806dex99a38.htm)<br> [<u>Form N-1A Registration Statement on July 26, 2013 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312513304835/d545806dex99a38.htm)<br>|
| 28 (a)(37) | &nbsp;&nbsp; [<u>Amendment No. 30, effective May 23, 2013, to the Trust Instrument, Establishment of New Share Class (ING</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312513304835/d545806dex99a39.htm)<br> [<u>Short Term Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 75 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312513304835/d545806dex99a39.htm)<br> [<u>Registration Statement on July 26, 2013 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312513304835/d545806dex99a39.htm)<br>|
| 28 (a)(38) | &nbsp;&nbsp; [<u>Amendment No. 30, effective January 10, 2013, to the Trust Instrument, Amendment of Mandatory Trustee</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465914042781/a14-13841_1ex99da39.htm)<br> [<u>Retirement Age – Filed as an Exhibit to Post-Effective Amendment No. 79 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465914042781/a14-13841_1ex99da39.htm)<br> [<u>Registration Statement on May 30, 2014 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465914042781/a14-13841_1ex99da39.htm)<br>|
| 28 (a)(39) | &nbsp;&nbsp; [<u>Amendment No. 32, effective May 1, 2014, to the Trust Instrument, Name Change of Each Series – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465914042781/a14-13841_1ex99da41.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 79 to the Registrant's Form N-1A Registration Statement on May 30,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465914042781/a14-13841_1ex99da41.htm)<br> [<u>2014 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465914042781/a14-13841_1ex99da41.htm)<br>|
| 28 (a)(40) | &nbsp;&nbsp; [<u>Certificate of Amendment of Certificate of Trust, effective May 1, 2014 (Name Change of Trust) – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465914042781/a14-13841_1ex99da42.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 79 to the Registrant's Form N-1A Registration Statement on May 30,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465914042781/a14-13841_1ex99da42.htm)<br> [<u>2014 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465914042781/a14-13841_1ex99da42.htm)<br>|
| 28 (a)(41) | &nbsp;&nbsp; [<u>Amendment No. 33, effective May 22, 2014, to the Trust Instrument, Establishment of New Share Class (Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465914054528/a14-17863_1ex99dba43.htm)<br> [<u>Short Term Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 80 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465914054528/a14-17863_1ex99dba43.htm)<br> [<u>Registration Statement on July 29, 2014 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465914054528/a14-17863_1ex99dba43.htm)<br>|
| 28 (a)(42) | &nbsp;&nbsp; [<u>Amendment No. 34, effective December 1, 2014, to the Trust Instrument, Name Change of Series (Voya Strategic</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515206392/d933064dex99a44.htm)<br> [<u>Income Fund) – Filed as an Exhibit to Post-Effective Amendment No. 82 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515206392/d933064dex99a44.htm)<br> [<u>Registration Statement on May 29, 2015 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515206392/d933064dex99a44.htm)<br>|
| 28 (a)(43) | &nbsp;&nbsp; [<u>Amendment No. 35, effective July 9, 2015, to the Trust Instrument, Establishment of New Share Class (Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515268485/d933064dex99a45.htm)<br> [<u>Strategic Income Opportunities Fund) – Filed as an Exhibit to Post-Effective Amendment No. 83 to the</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515268485/d933064dex99a45.htm)<br> [<u>Registrant's Form N-1A Registration Statement on July 29, 2015 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515268485/d933064dex99a45.htm)<br>|

---

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| | |
|:---|:---|
| 28 (a)(44) | &nbsp;&nbsp; [<u>Amendment No. 36, effective September 10, 2015, to the Trust Instrument, Amendment to Increase Number of</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465916123994/a16-12275_1ex99dba46.htm)<br> [<u>Trustees – Filed as an Exhibit to Post-Effective Amendment No. 85 to the Registrant's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465916123994/a16-12275_1ex99dba46.htm)<br> [<u>Statement on May 27, 2016 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465916123994/a16-12275_1ex99dba46.htm)<br>|
| 28 (a)(45) | &nbsp;&nbsp; [<u>Amendment No. 37, effective May 12, 2016, to the Trust Instrument, Establishment of New Share Class (Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465916134529/a16-14413_1ex99dba47.htm)<br> [<u>High Yield Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 86 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465916134529/a16-14413_1ex99dba47.htm)<br> [<u>Registration Statement on July 27, 2016 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465916134529/a16-14413_1ex99dba47.htm)<br>|
| 28 (a)(46) | &nbsp;&nbsp; [<u>Amendment No. 38, effective January 12, 2017, to the Trust Instrument, Establishment of New Share Class (Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465917018879/a17-9082_1ex99dba48.htm)<br> [<u>Floating Rate Fund, Voya GNMA Income Fund, Voya High Yield Bond Fund, Voya Intermediate Bond Fund,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465917018879/a17-9082_1ex99dba48.htm)<br> [<u>Voya Short Term Bond Fund, and Voya Strategic Income Opportunities Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465917018879/a17-9082_1ex99dba48.htm)<br> [<u>Post-Effective Amendment No. 89 to the Registrant's Form N-1A Registration Statement on March 23, 2017 and</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465917018879/a17-9082_1ex99dba48.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465917018879/a17-9082_1ex99dba48.htm)<br>|
| 28 (a)(47) | &nbsp;&nbsp; [<u>Amendment No. 39, effective May 8, 2017, to the Trust Instrument, Abolition of a Class of Shares (Voya GNMA</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465917047333/a17-17233_1ex99dba49.htm)<br> [<u>Income Fund, Voya High Yield Bond Fund, and Voya Intermediate Bond Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465917047333/a17-17233_1ex99dba49.htm)<br> [<u>Post-Effective Amendment No. 92 to the Registrant's Form N-1A Registration Statement on July 27, 2017 and</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465917047333/a17-17233_1ex99dba49.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465917047333/a17-17233_1ex99dba49.htm)<br>|
| 28 (a)(48) | &nbsp;&nbsp; [<u>Amendment No. 40, effective January 11, 2018, to the Trust Instrument, Establishment of New Share Class (Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918005388/a18-2130_1ex99dba50.htm)<br> [<u>Floating Rate Fund, Voya High Yield Bond Fund, Voya Intermediate Bond Fund, and Voya Short Term Bond</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918005388/a18-2130_1ex99dba50.htm)<br> [<u>Fund) – Filed as an Exhibit to Post-Effective Amendment No. 95 to the Registrant's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918005388/a18-2130_1ex99dba50.htm)<br> [<u>Statement on January 31, 2018 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918005388/a18-2130_1ex99dba50.htm)<br>|
| 28 (a)(49) | &nbsp;&nbsp; [<u>Amendment No. 41, effective September 14, 2018, to the Trust Instrument, Establishment of New Share Class</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919004686/a18-42175_1ex99dba51.htm)<br> [<u>(Voya Strategic Income Opportunities Fund) – Filed as an Exhibit to Post-Effective Amendment No. 101 to the</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919004686/a18-42175_1ex99dba51.htm)<br> [<u>Registrant's Form N-1A Registration Statement on January 31, 2019 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919004686/a18-42175_1ex99dba51.htm)<br>|
| 28 (a)(50) | &nbsp;&nbsp; [<u>Amendment No. 42, effective January 25, 2019, to the Trust Instrument, Establishment of New Share Class (Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919004686/a18-42175_1ex99dba52.htm)<br> [<u>Strategic Income Opportunities Fund) – Filed as an Exhibit to Post-Effective Amendment No. 101 to the</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919004686/a18-42175_1ex99dba52.htm)<br> [<u>Registrant's Form N-1A Registration Statement on January 31, 2019 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919004686/a18-42175_1ex99dba52.htm)<br>|
| 28 (a)(51) | &nbsp;&nbsp; [<u>Amendment No. 43, effective May 23, 2019, to the Trust Instrument, Establishment of New Series (Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919055292/a19-19355_1ex99dba53.htm)<br> [<u>Government Money Market Fund II) – Filed as an Exhibit to Post-Effective Amendment No. 108 to the</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919055292/a19-19355_1ex99dba53.htm)<br> [<u>Registrant's Form N-1A Registration Statement on October 21, 2019 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919055292/a19-19355_1ex99dba53.htm)<br>|
| 28 (a)(52) | &nbsp;&nbsp; [<u>Amendment No. 44, effective September 12, 2019, to the Trust Instrument, Establishment of New Share Class</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919055292/a19-19355_1ex99dba54.htm)<br> [<u>(Voya Short Term Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 108 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919055292/a19-19355_1ex99dba54.htm)<br> [<u>Form N-1A Registration Statement on October 21, 2019 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919055292/a19-19355_1ex99dba54.htm)<br>|
| 28 (a)(53) | &nbsp;&nbsp; [<u>Amendment No. 45, effective November 8, 2019, to the Trust Instrument, Name Change of Series (Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919058232/a19-19351_1ex99dba55.htm)<br> [<u>Government Money Market Fund II) – Filed as an Exhibit to Post-Effective Amendment No. 109 to the</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919058232/a19-19351_1ex99dba55.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/1066602/000110465919058232/a19-19351_1ex99dba55.htm)<br>|
| 28 (a)(54) | &nbsp;&nbsp; [<u>Amendment No. 46, effective November 25, 2019, to the Trust Instrument, Abolition of a Class of Shares (Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465920036625/a20-13155_1ex99dba56.htm)<br> [<u>Government Money Market Fund) – Filed as an Exhibit to Post-Effective Amendment No. 112 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465920036625/a20-13155_1ex99dba56.htm)<br> [<u>Form N-1A Registration Statement on March 20, 2020 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465920036625/a20-13155_1ex99dba56.htm)<br>|
| 28 (a)(55) | &nbsp;&nbsp; [<u>Amendment No. 47, effective November 25, 2019, to the Trust Instrument, Abolition of a Class of Shares (Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465920036625/a20-13155_1ex99dba57.htm)<br> [<u>Government Money Market Fund) – Filed as an Exhibit to Post-Effective Amendment No. 112 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465920036625/a20-13155_1ex99dba57.htm)<br> [<u>Form N-1A Registration Statement on March 20, 2020 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465920036625/a20-13155_1ex99dba57.htm)<br>|
| 28 (a)(56) | &nbsp;&nbsp; [<u>Amendment No. 48, effective November 25, 2019, to the Trust Instrument, Amendment of Mandatory Trustee</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465920036625/a20-13155_1ex99dba58.htm)<br> [<u>Retirement Age – Filed as an Exhibit to Post-Effective Amendment No. 112 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465920036625/a20-13155_1ex99dba58.htm)<br> [<u>Registration Statement on March 20, 2020 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465920036625/a20-13155_1ex99dba58.htm)<br>|
| 28 (a)(57) | &nbsp;&nbsp; [<u>Amendment No. 2, dated November 2, 2001, to the Trust Instrument – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320009883/f4792d2.htm)<br> [<u>Amendment No. 113 to the Registrant's Form N-1A Registration Statement on May 20, 2020 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320009883/f4792d2.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320009883/f4792d2.htm)<br>|
| 28 (a)(58) | &nbsp;&nbsp; [<u>Amendment No. 3, dated November 2, 2001, to the Trust Instrument, Abolition of Series of Shares of Beneficial</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320009883/f4792d3.htm)<br> [<u>Interest (Pilgrim Internet Fund II) – Filed as an Exhibit to Post-Effective Amendment No. 113 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320009883/f4792d3.htm)<br> [<u>Form N-1A Registration Statement on May 20, 2020 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320009883/f4792d3.htm)<br>|

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|:---|:---|
| 28 (a)(59) | &nbsp;&nbsp; [<u>Amendment No. 49, effective March 13, 2020, to the Trust Instrument, Establishment of New Share Class (Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320009883/f4792d4.htm)<br> [<u>GNMA Income Fund) – Filed as an Exhibit to Post-Effective Amendment No. 113 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320009883/f4792d4.htm)<br> [<u>Registration Statement on May 20, 2020 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320009883/f4792d4.htm)<br>|
| 28 (a)(60) | &nbsp;&nbsp; [<u>Certificate of Amendment to Certificate of Trust of Voya Funds Trust, dated July 23, 2021 – Filed as an Exhibit</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322004855/f12537d2.htm)<br> [<u>to Post-Effective Amendment No. 120 to the Registrant's Form N-1A Registration Statement on May 27, 2022</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322004855/f12537d2.htm)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322004855/f12537d2.htm)<br>|
| 28 (a)(61) | &nbsp;&nbsp; [<u>Amendment No. 50, effective September 30, 2022, to the Trust Instrument, Abolition of Classes of Shares (Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322007202/f23540d2.htm)<br> [<u>Strategic Income Opportunities Fund) – Filed as an Exhibit to Amendment No. 123 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322007202/f23540d2.htm)<br> [<u>N-1A Registration Statement on November 18, 2022 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322007202/f23540d2.htm)<br>|
| 28 (a)(62) | &nbsp;&nbsp; [<u>Amendment No. 51, effective November 17, 2022, to the Trust Instrument, Establishment of New Series (Voya</u>](f24182d3.htm)<br> [<u>Short Duration High Income Fund) – Filed herein.</u>](f24182d3.htm)<br>|
| 28 (a)(63) | &nbsp;&nbsp; [<u>Amendment No. 52, effective November 18, 2022, to the Trust Instrument, Establishment of New Series (Voya</u>](f24182d4.htm)<br> [<u>VACS Series HYB Fund) – Filed herein.</u>](f24182d4.htm)<br>|
| 28 (b)(1) | &nbsp;&nbsp; [<u>Amended and Restated Bylaws of the Registrant dated March 18, 2018 – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbb.htm)<br> [<u>Amendment No. 98 to the Registrant's Form N-1A Registration Statement on July 27, 2018 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbb.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbb.htm)<br>|
| 28 (c)(1) | &nbsp;&nbsp; The rights of holders of the securities being registered are set out in Articles II, VII, IX, and X of the Declaration <br> of Trust referenced in Exhibit (a) above and in Articles IV, VI, and XIII of the Bylaws referenced in Exhibit (b) <br> above.<br>|
| 28 (d)(1) | &nbsp;&nbsp; [<u>Amended and Restated Investment Management Agreement, dated November 18, 2014, as amended and restated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515206392/d933064dex99d1.htm)<br> [<u>May 1, 2015, between the Registrant and Voya Investments, LLC – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515206392/d933064dex99d1.htm)<br> [<u>Amendment No. 82 to the Registrant's Form N-1A Registration Statement on May 29, 2015 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515206392/d933064dex99d1.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515206392/d933064dex99d1.htm)<br>|
| 28 (d)(1)(i) | &nbsp;&nbsp; [<u>Amended Schedule A, effective February 9, 2023, to the Amended and Restated Investment Management</u>](f24182d5.htm)<br> [<u>Agreement, dated November 18, 2014, as amended and restated May 1, 2015, between the Registrant and Voya</u>](f24182d5.htm)<br> [<u>Investments, LLC – Filed herein</u>](f24182d5.htm).<br>|
| 28 (d)(1)(ii) | &nbsp;&nbsp; [<u>Amended Schedules B and C, dated September 2020, to the Amended and Restated Investment Management</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320012268/f6343d3.htm)<br> [<u>Agreement, dated November 18, 2014, as amended and restated May 1, 2015, between the Registrant and Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320012268/f6343d3.htm)<br> [<u>Investments, LLC – 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/1066602/000168386320012268/f6343d3.htm)<br> [<u>Registration Statement on July 30, 2020 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320012268/f6343d3.htm)<br>|
| 28 (d)(1)(iii) | &nbsp;&nbsp; [<u>Waiver Letter, dated August 1, 2022, to the Amended and Restated Investment Management Agreement, dated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d3.htm)<br> [<u>November 18, 2014, as amended and restated May 1, 2015, between the Registrant and Voya Investments, LLC</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d3.htm)<br> [<u>(with respect to Class P shares of Voya Floating Rate Fund, Voya High Yield Bond Fund, and Voya Strategic</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d3.htm)<br> [<u>Income Opportunities Fund) for the period from August 1, 2022 through August 1, 2023 – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d3.htm)<br> [<u>Post-Effective Amendment No. 121 to the Registrant's Form N-1A Registration Statement on July 28, 2022 and</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d3.htm)<br> [<u>incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d3.htm).<br>|
| 28 (d)(2) | &nbsp;&nbsp; [<u>Amended and Restated Investment Management Agreement, dated November 18, 2014, as amended and restated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515206392/d933064dex99d2.htm)<br> [<u>May 1, 2015, between the Registrant and Voya Investments, LLC (with respect to Voya GNMA Income Fund) –</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515206392/d933064dex99d2.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 82 to the Registrant's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515206392/d933064dex99d2.htm)<br> [<u>May 29, 2015 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515206392/d933064dex99d2.htm)<br>|
| 28 (d)(2)(i) | &nbsp;&nbsp; [<u>Amended Schedule A, effective January 1, 2020, to the Amended and Restated Investment Management</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465920036625/a20-13155_1ex99dbd2i.htm)<br> [<u>Agreement, dated November 18, 2014, as amended and restated May 1, 2015, between the Registrant and Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465920036625/a20-13155_1ex99dbd2i.htm)<br> [<u>Investments, LLC (with respect to Voya GNMA Income Fund) – Filed as an Exhibit to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465920036625/a20-13155_1ex99dbd2i.htm)<br> [<u>No. 112 to the Registrant's Form N-1A Registration Statement on March 20, 2020 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465920036625/a20-13155_1ex99dbd2i.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465920036625/a20-13155_1ex99dbd2i.htm)<br>|

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| | |
|:---|:---|
| 28 (d)(2)(ii) | &nbsp;&nbsp; [<u>Amended Schedules B and C, dated September 2020, to the Amended and Restated Investment Management</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320012268/f6343d6.htm)<br> [<u>Agreement, dated November 18, 2014, as amended and restated May 1, 2015, between the Registrant and Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320012268/f6343d6.htm)<br> [<u>Investments, LLC (with respect to Voya GNMA Income Fund) – Filed as an Exhibit to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320012268/f6343d6.htm)<br> [<u>No. 116 to the Registrant's Form N-1A Registration Statement on July 30, 2020 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320012268/f6343d6.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320012268/f6343d6.htm)<br>|
| 28 (d)(2)(iii) | &nbsp;&nbsp; [<u>Waiver Letter, dated August 1, 2022, to the Amended and Restated Investment Management Agreement, dated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d4.htm)<br> [<u>November 18, 2014, as amended and restated May 1, 2015, between the Registrant and Voya Investments, LLC</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d4.htm)<br> [<u>(with respect to Class P shares of Voya GNMA Income Fund) for the period from August 1, 2022 through</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d4.htm)<br> [<u>August 1, 2023 – 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/1066602/000168386322005422/f12807d4.htm)<br> [<u>Registration Statement on July 28, 2022 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d4.htm).<br>|
| 28 (d)(3) | &nbsp;&nbsp; [<u>Expense Limitation Agreement, effective January 1, 2016, between the Registrant and Voya Investments, LLC –</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465916123994/a16-12275_1ex99dbd3.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 85 to the Registrant's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465916123994/a16-12275_1ex99dbd3.htm)<br> [<u>May 27, 2016 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465916123994/a16-12275_1ex99dbd3.htm)<br>|
| 28 (d)(3)(i) | &nbsp;&nbsp; [<u>Amended Schedule A, effective February 9, 2023, to the Expense Limitation Agreement, effective January 1,</u>](f24182d6.htm)<br> [<u>2016, between the Registrant and Voya Investments, LLC – Filed herein.</u>](f24182d6.htm)<br>|
| 28 (d)(3)(ii) | &nbsp;&nbsp; [<u>Expense Limitation Recoupment Letter dated January 1, 2016 (with respect to Voya Intermediate Bond Fund) –</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465916123994/a16-12275_1ex99dbd3ii.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 85 to the Registrant's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465916123994/a16-12275_1ex99dbd3ii.htm)<br> [<u>May 27, 2016 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465916123994/a16-12275_1ex99dbd3ii.htm)<br>|
| 28 (d)(3)(iii) | &nbsp;&nbsp; [<u>Letter Agreement, dated August 1, 2022, between Voya Investments, LLC and the Registrant with regard to</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d5.htm)<br> [<u>lowering the expense ratio for Voya Floating Rate Fund for the period from August 1, 2022 through August 1,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d5.htm)<br> [<u>2023 – Filed as an Exhibit to Post-Effective Amendment No. 121 to the Registrant's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d5.htm)<br> [<u>Statement on July 28, 2022 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d5.htm).<br>|
| 28 (d)(4) | &nbsp;&nbsp; [<u>Expense Limitation Agreement, effective August 1, 2016, between the Registrant and Voya Investments, LLC</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465916134529/a16-14413_1ex99dbd4.htm)<br> [<u>(with respect to Voya Strategic Income Opportunities Fund) – Filed as an Exhibit to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465916134529/a16-14413_1ex99dbd4.htm)<br> [<u>No. 86 to the Registrant's Form N-1A Registration Statement on July 27, 2016 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465916134529/a16-14413_1ex99dbd4.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465916134529/a16-14413_1ex99dbd4.htm)<br>|
| 28 (d)(4)(i) | &nbsp;&nbsp; [<u>Amended Schedule A, effective August 1, 2019, to the Expense Limitation Agreement, effective August 1, 2016,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919042040/a19-12131_1ex99dbd4i.htm)<br> [<u>between the Registrant and Voya Investments, LLC (with respect to Voya Strategic Income Opportunities Fund) –</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919042040/a19-12131_1ex99dbd4i.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 104 to the Registrant's Form N-1A Registration Statement</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919042040/a19-12131_1ex99dbd4i.htm)<br> [<u>on July 26, 2019 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919042040/a19-12131_1ex99dbd4i.htm)<br>|
| 28 (d)(5) | &nbsp;&nbsp; [<u>Money Market Fund Expense Limitation Agreement, effective November 5, 2019, among Voya Investments, LLC,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919058232/a19-19351_1ex99dbd5.htm)<br> [<u>Voya Investments Distributor, LLC, and the Registrant (with respect to Voya Government Money Market Fund) –</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919058232/a19-19351_1ex99dbd5.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 109 to the Registrant's Form N-1A Registration Statement</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919058232/a19-19351_1ex99dbd5.htm)<br> [<u>on October 31, 2019 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919058232/a19-19351_1ex99dbd5.htm)<br>|
| 28 (d)(5)(i) | &nbsp;&nbsp; [<u>Letter Agreement, dated August 1, 2022, among Voya Investments, LLC, Voya Investments Distributor, LLC, and</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d6.htm)<br> [<u>the Registrant, to waive a portion of the fees for Government Money Market Fund for the period from August 1,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d6.htm)<br> [<u>2022 through August 1, 2023 – Filed as an Exhibit to Post-Effective Amendment No. 121 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d6.htm)<br> [<u>Form N-1A Registration Statement on July 28, 2022 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d6.htm).<br>|
| 28 (d)(6) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement, effective November 18, 2014, between Voya Investments, LLC and Voya Investment</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515206392/d933064dex99d4.htm)<br> [<u>Management Co. LLC – Filed as an Exhibit to Post-Effective Amendment No. 82 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515206392/d933064dex99d4.htm)<br> [<u>Registration Statement on May 29, 2015 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515206392/d933064dex99d4.htm)<br>|
| 28 (d)(6)(i) | &nbsp;&nbsp; [<u>First Amendment, effective January 1, 2018, to the Sub-Advisory Agreement, effective November 18, 2014,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbd5i.htm)<br> [<u>between Voya Investments, LLC and Voya Investment Management Co. LLC – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbd5i.htm)<br> [<u>Post-Effective Amendment No. 98 to the Registrant's Form N-1A Registration Statement on July 27, 2018 and</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbd5i.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbd5i.htm)<br>|
| 28 (d)(6)(ii) | &nbsp;&nbsp; [<u>Second Amendment, effective February 1, 2018, to the Sub-Advisory Agreement, effective November 18, 2014,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbd5ii.htm)<br> [<u>between Voya Investments, LLC and Voya Investment Management Co. LLC – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbd5ii.htm)<br> [<u>Post-Effective Amendment No. 98 to the Registrant's Form N-1A Registration Statement on July 27, 2018 and</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbd5ii.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbd5ii.htm)<br>|

---

------

---

| | |
|:---|:---|
| 28 (d)(6)(iii) | &nbsp;&nbsp; [<u>Amended Schedule A, effective February 9, 2023, to the Sub-Advisory Agreement, effective November 18, 2014,</u>](f24182d7.htm)<br> [<u>between Voya Investments, LLC and Voya Investment Management Co. LLC – Filed herein.</u>](f24182d7.htm)<br>|
| 28 (d)(6)(iv) | &nbsp;&nbsp; [<u>Waiver Letter, dated August 1, 2022, to the Sub-Advisory Agreement, effective November 18, 2014, between</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d7.htm)<br> [<u>Voya Investments, LLC and Voya Investment Management Co. LLC (with respect to Class P shares of Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d7.htm)<br> [<u>Strategic Income Opportunities Fund) for the period from August 1, 2022 through August 1, 2023 – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d7.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 121 to the Registrant's Form N-1A Registration Statement on July 28,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d7.htm)<br> [<u>2022 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d7.htm).<br>|
| 28 (d)(6)(v) | &nbsp;&nbsp; [<u>Waiver Letter, dated August 1, 2022, to the Sub-Advisory Agreement, effective November 18, 2014, between</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d8.htm)<br> [<u>Voya Investments, LLC and Voya Investment Management Co. LLC (with respect to Class P shares of Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d8.htm)<br> [<u>GNMA Income Fund) for the period from August 1, 2022 through August 1, 2023 – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d8.htm)<br> [<u>Post-Effective Amendment No. 121 to the Registrant's Form N-1A Registration Statement on July 28, 2022 and</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d8.htm)<br> [<u>incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d8.htm).<br>|
| 28 (e)(1) | &nbsp;&nbsp; [<u>Underwriting Agreement, dated November 18, 2014, between the Registrant and Voya Investments Distributor,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515206392/d933064dex99e1.htm)<br> [<u>LLC – Filed as an Exhibit to Post-Effective Amendment No. 82 to the Registrant's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515206392/d933064dex99e1.htm)<br> [<u>Statement on May 29, 2015 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515206392/d933064dex99e1.htm)<br>|
| 28 (e)(1)(i) | &nbsp;&nbsp; [<u>Amended Schedule A, dated February 9, 2023, to the Underwriting Agreement, dated November 18, 2014,</u>](f24182d8.htm)<br> [<u>between the Registrant and Voya Investments Distributor, LLC – Filed herein</u>](f24182d8.htm).<br>|
| 28 (e)(2) | &nbsp;&nbsp; [<u>Placement Agent Agreement, effective November 18, 2022, between the Registrant and Voya Investments</u>](f24182d9.htm)<br> [<u>Distributor, LLC – Filed herein.</u>](f24182d9.htm)<br>|
| 28 (f)(1) | [<u>Deferred Compensation Plan for Independent Directors, as amended and restated January 11, 2023 – Filed herein.</u>](f24182d10.htm) |
| 28 (g)(1) | &nbsp;&nbsp; [<u>Custody Agreement, dated January 6, 2003, between the Registrant and The Bank of New York Mellon – Filed as</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wg1.txt)<br> [<u>an Exhibit to Post-Effective Amendment No. 24 to the Registrant's Form N-1A Registration Statement on July 29,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wg1.txt)<br> [<u>2003 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wg1.txt)<br>|
| 28 (g)(1)(i) | &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/1066602/000110465919004686/a18-42175_1ex99dbg1i.htm)<br> [<u>and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 101 to the</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919004686/a18-42175_1ex99dbg1i.htm)<br> [<u>Registrant's Form N-1A Registration Statement on January 31, 2019 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919004686/a18-42175_1ex99dbg1i.htm)<br>|
| 28 (g)(1)(ii) | &nbsp;&nbsp; [<u>Amended Exhibit A, effective February 9, 2023, to the Custody Agreement, dated January 6, 2003, between the</u>](f24182d11.htm)<br> [<u>Registrant and The Bank of New York Mellon – Filed herein.</u>](f24182d11.htm)<br>|
| 28 (g)(2) | &nbsp;&nbsp; [<u>Foreign Custody Manager Agreement, dated January 6, 2003, between the Registrant and The Bank of New York</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wg2.txt)<br> [<u>Mellon – Filed as an Exhibit to Post-Effective Amendment No. 24 to the Registrant's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wg2.txt)<br> [<u>Statement on July 29, 2003 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wg2.txt)<br>|
| 28 (g)(2)(i) | &nbsp;&nbsp; [<u>Amendment, dated September 6, 2012, to Foreign Custody Manager Agreement, dated January 6, 2003, between</u>](https://www.sec.gov/Archives/edgar/data/0001066602/000168386321004353/f9382d10.htm)<br> [<u>the Registrant and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 119 to</u>](https://www.sec.gov/Archives/edgar/data/0001066602/000168386321004353/f9382d10.htm)<br> [<u>the Registrant's Form N-1A Registration Statement on July 29, 2021 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/0001066602/000168386321004353/f9382d10.htm)<br>|
| 28 (g)(2)(ii) | &nbsp;&nbsp; [<u>Amendment, dated July 13, 2021, to Foreign Custody Manager Agreement, dated January 6, 2003, between the</u>](https://www.sec.gov/Archives/edgar/data/0001066602/000168386321004353/f9382d11.htm)<br> [<u>Registrant and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 119 to the</u>](https://www.sec.gov/Archives/edgar/data/0001066602/000168386321004353/f9382d11.htm)<br> [<u>Registrant's Form N-1A Registration Statement on July 29, 2021 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/0001066602/000168386321004353/f9382d11.htm)<br>|
| 28 (g)(2)(iii) | &nbsp;&nbsp; [<u>Amendment, dated July 21, 2021, to Foreign Custody Manager Agreement, dated January 6, 2003, between the</u>](https://www.sec.gov/Archives/edgar/data/0001066602/000168386321004353/f9382d12.htm)<br> [<u>Registrant and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 119 to the</u>](https://www.sec.gov/Archives/edgar/data/0001066602/000168386321004353/f9382d12.htm)<br> [<u>Registrant's Form N-1A Registration Statement on July 29, 2021 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/0001066602/000168386321004353/f9382d12.htm)<br>|
| 28 (g)(2)(iv) | &nbsp;&nbsp; [<u>Amended Exhibit A, effective February 9, 2023, to the Foreign Custody Manager Agreement, dated January 6,</u>](f24182d12.htm)<br> [<u>2003, between the Registrant and The Bank of New York Mellon – Filed herein.</u>](f24182d12.htm)<br>|
| 28 (g)(3) | &nbsp;&nbsp; [<u>Amended Master Repurchase Agreement, effective August 4, 2006, between the Registrant and Goldman, Sachs &</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465909046041/a09-17582_1ex99dbg3.htm)<br> [<u>Co. – Filed as an Exhibit to Post-Effective Amendment No. 44 to the Registrant's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465909046041/a09-17582_1ex99dbg3.htm)<br> [<u>Statement on July 30, 2009 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465909046041/a09-17582_1ex99dbg3.htm)<br>|
| 28 (g)(4) | &nbsp;&nbsp; [<u>Fund Accounting Agreement, dated January 6, 2003, between the Registrant and The Bank of New York Mellon –</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015304001302/p68875a1exv99wg4.txt)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 25 to the Form N-1A Registrant's Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015304001302/p68875a1exv99wg4.txt)<br> [<u>May 25, 2004 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015304001302/p68875a1exv99wg4.txt)<br>|

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| | |
|:---|:---|
| 28 (g)(4)(i) | &nbsp;&nbsp; [<u>Amendment, dated January 1, 2019, to the Fund Accounting Agreement, dated January 6, 2003, between the</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919004686/a18-42175_1ex99dbg4i.htm)<br> [<u>Registrant and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 101 to the</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919004686/a18-42175_1ex99dbg4i.htm)<br> [<u>Registrant's Form N-1A Registration Statement on January 31, 2019 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919004686/a18-42175_1ex99dbg4i.htm)<br>|
| 28 (g)(4)(ii) | &nbsp;&nbsp; [<u>Investment Company Reporting Modernization Services Amendment, dated February 1, 2018, to the Fund</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbg4ii.htm)<br> [<u>Accounting Agreement, dated January 6, 2003, between the Registrant and The Bank of New York Mellon – Filed</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbg4ii.htm)<br> [<u>as an Exhibit to Post-Effective Amendment No. 98 to the Registrant's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbg4ii.htm)<br> [<u>July 27, 2018 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbg4ii.htm)<br>|
| 28 (g)(4)(iii) | &nbsp;&nbsp; [<u>Amended Exhibit A, effective February 9, 2023, to the Fund Accounting Agreement, dated January 6, 2003,</u>](f24182d13.htm)<br> [<u>between the Registrant and The Bank of New York Mellon – Filed herein.</u>](f24182d13.htm)<br>|
| 28 (g)(5) | &nbsp;&nbsp; [<u>Securities Lending Agreement and Guaranty, dated August 7, 2003, between the Registrant and The Bank of New</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015304001302/p68875a1exv99wg5.txt)<br> [<u>York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 25 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015304001302/p68875a1exv99wg5.txt)<br> [<u>Registration Statement on May 25, 2004 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015304001302/p68875a1exv99wg5.txt)<br>|
| 28 (g)(5)(i) | &nbsp;&nbsp; [<u>Amendment, effective October 1, 2011, to Securities Lending Agreement and Guaranty, dated August 7, 2003,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312513241769/d545806dex99g5ii.htm)<br> [<u>between the Registrant and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312513241769/d545806dex99g5ii.htm)<br> [<u>No. 72 to the Registrant's Form N-1A Registration Statement on May 30, 2013 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312513241769/d545806dex99g5ii.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312513241769/d545806dex99g5ii.htm)<br>|
| 28 (g)(5)(ii) | &nbsp;&nbsp; [<u>Amendment, effective March 21, 2019, to Securities Lending Agreement and Guaranty, dated August 7, 2003,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919042040/a19-12131_1ex99dbg5ii.htm)<br> [<u>between the Registrant and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919042040/a19-12131_1ex99dbg5ii.htm)<br> [<u>No. 104 to the Registrant's Form N-1A Registration Statement on July 26, 2019 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919042040/a19-12131_1ex99dbg5ii.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919042040/a19-12131_1ex99dbg5ii.htm)<br>|
| 28 (g)(5)(iii) | &nbsp;&nbsp; [<u>Amendment, effective March 26, 2019, to Securities Lending Agreement and Guaranty, dated August 7, 2003,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919042040/a19-12131_1ex99dbg5iii.htm)<br> [<u>between the Registrant and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919042040/a19-12131_1ex99dbg5iii.htm)<br> [<u>No. 104 to the Registrant's Form N-1A Registration Statement on July 26, 2019 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919042040/a19-12131_1ex99dbg5iii.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919042040/a19-12131_1ex99dbg5iii.htm)<br>|
| 28 (g)(5)(iv) | &nbsp;&nbsp; [<u>Amended Exhibit A, effective April 4, 2022, to the Securities Lending Agreement and Guaranty, dated August 7,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322004855/f12537d7.htm)<br> [<u>2003, between the Registrant and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322004855/f12537d7.htm)<br> [<u>Amendment No. 120 to the Registrant's Form N-1A Registration Statement on May 27, 2022 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322004855/f12537d7.htm)<br> [<u>herein by reference</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322004855/f12537d7.htm).<br>|
| 28 (g)(5)(v) | &nbsp;&nbsp; [<u>Form of Amended Exhibit A, dated November 18, 2022, to the Securities Lending Agreement and Guaranty, dated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322007202/f23540d11.htm)<br> [<u>August 7, 2003, between the Registrant and The Bank of New York Mellon – Filed as an Exhibit to Amendment</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322007202/f23540d11.htm)<br> [<u>No. 123 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/1066602/000168386322007202/f23540d11.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322007202/f23540d11.htm)<br>|
| 28 (g)(6) | &nbsp;&nbsp; [<u>Custodian and Investment Accounting Agreement, effective November 1, 2001, between the Registrant and State</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbg7.htm)<br> [<u>Street Bank and Trust Company – Filed as an Exhibit to Post-Effective Amendment No. 98 to the Registrant's</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbg7.htm)<br> [<u>Form N-1A Registration Statement on July 27, 2018 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbg7.htm)<br>|
| 28 (g)(6)(i) | &nbsp;&nbsp; [<u>First Amendment, dated March 1, 2002, to the Custodian and Investment Accounting Agreement, effective</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbg7i.htm)<br> [<u>November 1, 2001, between the Registrant and State Street Bank and Trust Company – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbg7i.htm)<br> [<u>Post-Effective Amendment No. 98 to the Registrant's Form N-1A Registration Statement on July 27, 2018 and</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbg7i.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbg7i.htm)<br>|
| 28 (g)(6)(ii) | &nbsp;&nbsp; [<u>Second Amendment, dated October 1, 2007, to the Custodian and Investment Accounting Agreement, effective</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbg7ii.htm)<br> [<u>November 1, 2001, between the Registrant and State Street Bank and Trust Company – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbg7ii.htm)<br> [<u>Post-Effective Amendment No. 98 to the Registrant's Form N-1A Registration Statement on July 27, 2018 and</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbg7ii.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbg7ii.htm)<br>|
| 28 (g)(6)(iii) | &nbsp;&nbsp; [<u>Third Amendment, dated August 2, 2010, to the Custodian and Investment Accounting Agreement, effective</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbg7iii.htm)<br> [<u>November 1, 2001, between the Registrant and State Street Bank and Trust Company – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbg7iii.htm)<br> [<u>Post-Effective Amendment No. 98 to the Registrant's Form N-1A Registration Statement on July 27, 2018 and</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbg7iii.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbg7iii.htm)<br>|

---

------

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| | |
|:---|:---|
| 28 (g)(7) | &nbsp;&nbsp; [<u>Service Agreement, effective February 12, 2018, between the Registrant and State Street Bank and Trust</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbg8.htm)<br> [<u>Company – 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/1066602/000110465918047728/a18-15275_1ex99dbg8.htm)<br> [<u>Statement on July 27, 2018 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbg8.htm)<br>|
| 28 (h)(1) | &nbsp;&nbsp; [<u>Transfer Agency Services Agreement, dated February 25, 2009, between the Registrant and BNY Mellon</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465909046041/a09-17582_1ex99dbh3.htm)<br> [<u>Investment Servicing (US) Inc., (formerly, PNC Global Investment Servicing (U.S.) Inc.), effective April 20, 2009</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465909046041/a09-17582_1ex99dbh3.htm)<br> [<u>– Filed as an Exhibit to Post-Effective Amendment No. 44 to the Registrant's Form N-1A Registration Statement</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465909046041/a09-17582_1ex99dbh3.htm)<br> [<u>on July 30, 2009 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465909046041/a09-17582_1ex99dbh3.htm)<br>|
| 28 (h)(1)(i) | &nbsp;&nbsp; [<u>Amendment, effective February 9, 2023, to the Transfer Agency Services Agreement, dated February 25, 2009,</u>](f24182d14.htm)<br> [<u>between the Registrant and BNY Mellon Investment Servicing (US) Inc. – Filed herein.</u>](f24182d14.htm)<br>|
| 28 (h)(1)(ii) | &nbsp;&nbsp; [<u>Amendment, effective November 21, 2022, to the Transfer Agency Services Agreement, dated February 25, 2009,</u>](f24182d15.htm)<br> [<u>between the Registrant and BNY Mellon Investment Servicing (US) Inc. – Filed herein.</u>](f24182d15.htm)<br>|
| 28 (h)(1)(iii) | &nbsp;&nbsp; [<u>Amendment, effective November 18, 2022, to the Transfer Agency Services Agreement, dated February 25, 2009,</u>](f24182d16.htm)<br> [<u>between the Registrant and BNY Mellon Investment Servicing (US) Inc. – Filed herein.</u>](f24182d16.htm)<br>|
| 28 (h)(1)(iv) | &nbsp;&nbsp; [<u>Amendment, effective October 21, 2022, to the Transfer Agency Services Agreement, dated February 25, 2009,</u>](f24182d17.htm)<br> [<u>between the Registrant and BNY Mellon Investment Servicing (US) Inc. – Filed herein.</u>](f24182d17.htm)<br>|
| 28 (h)(1)(v) | &nbsp;&nbsp; [<u>Amendment, effective April 4, 2022, to the Transfer Agency Services Agreement, dated February 25, 2009,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322004855/f12537d8.htm)<br> [<u>between the Registrant and BNY Mellon Investment Servicing (US) Inc. – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322004855/f12537d8.htm)<br> [<u>Amendment No. 120 to the Registrant's Form N-1A Registration Statement on May 27, 2022 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322004855/f12537d8.htm)<br> [<u>herein by reference</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322004855/f12537d8.htm).<br>|
| 28 (h)(1)(vi) | &nbsp;&nbsp; [<u>Amendment, effective May 1, 2020, to the Transfer Agency Services Agreement, dated February 25, 2009,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320009883/f4792d10.htm)<br> [<u>between the Registrant and BNY Mellon Investment Servicing (US) Inc. – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320009883/f4792d10.htm)<br> [<u>Amendment No. 113 to the Registrant's Form N-1A Registration Statement on May 20, 2020 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320009883/f4792d10.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320009883/f4792d10.htm)<br>|
| 28 (h)(1)(vii) | &nbsp;&nbsp; [<u>Amendment, effective November 5, 2019, to the Transfer Agency Services Agreement, dated February 25, 2009,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919058232/a19-19351_1ex99dbh1iv.htm)<br> [<u>between the Registrant and BNY Mellon Investment Servicing (US) Inc. – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919058232/a19-19351_1ex99dbh1iv.htm)<br> [<u>Amendment No. 109 to the Registrant's Form N-1A Registration Statement on October 31, 2019 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919058232/a19-19351_1ex99dbh1iv.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919058232/a19-19351_1ex99dbh1iv.htm)<br>|
| 28 (h)(1)(viii) | &nbsp;&nbsp; [<u>Amendment, effective May 1, 2019, to the Transfer Agency Services Agreement, dated February 25, 2009,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919042040/a19-12131_1ex99dbh1iii.htm)<br> [<u>between the Registrant and BNY Mellon Investment Servicing (US) Inc. – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919042040/a19-12131_1ex99dbh1iii.htm)<br> [<u>Amendment No. 104 to the Registrant's Form N-1A Registration Statement on July 26, 2019 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919042040/a19-12131_1ex99dbh1iii.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919042040/a19-12131_1ex99dbh1iii.htm)<br>|
| 28 (h)(1)(ix) | &nbsp;&nbsp; [<u>Amendment, effective January 1, 2019, to the Transfer Agency Services Agreement, dated February 25, 2009,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919004686/a18-42175_1ex99dbh1i.htm)<br> [<u>between the Registrant and BNY Mellon Investment Servicing (US) Inc. – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919004686/a18-42175_1ex99dbh1i.htm)<br> [<u>Amendment No. 101 to the Registrant's Form N-1A Registration Statement on January 31, 2019 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919004686/a18-42175_1ex99dbh1i.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919004686/a18-42175_1ex99dbh1i.htm)<br>|
| 28 (h)(1)(x) | &nbsp;&nbsp; [<u>Amendment, effective February 8, 2011, to the Transfer Agency Services Agreement, dated February 25, 2009,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312511198946/dex99h2ii.htm)<br> [<u>between the Registrant and BNY Mellon Investment Servicing (US) Inc. – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312511198946/dex99h2ii.htm)<br> [<u>Amendment No. 50 to the Registrant's Form N-1A Registration Statement on July 27, 2011 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312511198946/dex99h2ii.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312511198946/dex99h2ii.htm)<br>|
| 28 (h)(2) | &nbsp;&nbsp; [<u>Allocation Agreement dated May 24, 2002 – Fidelity Bond – Filed as an Exhibit to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320009883/f4792d11.htm)<br> [<u>No. 113 to the Registrant's Form N-1A Registration Statement on May 20, 2020 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320009883/f4792d11.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320009883/f4792d11.htm)<br>|
| 28 (h)(2)(i) | &nbsp;&nbsp; [<u>Amended Schedule A, dated July 2021, with respect to Allocation Agreement – Fidelity Bond – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/0001066602/000168386321004353/f9382d13.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 119 to the Registrant's Form N-1A Registration Statement on July 29,</u>](https://www.sec.gov/Archives/edgar/data/0001066602/000168386321004353/f9382d13.htm)<br> [<u>2021 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/0001066602/000168386321004353/f9382d13.htm)<br>|
| 28 (h)(3) | &nbsp;&nbsp; [<u>Allocation Agreement dated May 24, 2002 – Directors & Officers Liability – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320012268/f6343d13.htm)<br> [<u>Amendment No. 116 to the Registrant's Form N-1A Registration Statement on July 30, 2020 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320012268/f6343d13.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320012268/f6343d13.htm)<br>|

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|:---|:---|
| 28 (h)(3)(i) | &nbsp;&nbsp; [<u>Amended Schedule A, dated July 2021, with respect to Allocation Agreement – Directors & Officers Liability –</u>](https://www.sec.gov/Archives/edgar/data/0001066602/000168386321004353/f9382d14.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 119 to the Registrant's Form N-1A Registration Statement</u>](https://www.sec.gov/Archives/edgar/data/0001066602/000168386321004353/f9382d14.htm)<br> [<u>on July 29, 2021 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/0001066602/000168386321004353/f9382d14.htm)<br>|
| 28 (i)(1) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (Class R shares of ING</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wi.txt)<br> [<u>Intermediate Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 24 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wi.txt)<br> [<u>N-1A Registration Statement on July 29, 2003 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015303001435/p67810bexv99wi.txt)<br>|
| 28 (i)(2) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (ING Institutional Prime Money</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015305001754/p70500bexv99wxiyx3y.txt)<br> [<u>Market Fund) – Filed as an Exhibit to Post-Effective Amendment No. 31 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015305001754/p70500bexv99wxiyx3y.txt)<br> [<u>Registration Statement on July 26, 2005 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015305001754/p70500bexv99wxiyx3y.txt)<br>|
| 28 (i)(3) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (Class W shares of ING GNMA</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015307002627/p74439bexv99wxiyx3y.htm)<br> [<u>Income Fund and ING Intermediate Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 39 to the</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015307002627/p74439bexv99wxiyx3y.htm)<br> [<u>Registrant's Form N-1A Registration Statement on December 14, 2007 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015307002627/p74439bexv99wxiyx3y.htm)<br>|
| 28 (i)(4) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (Class IS shares of ING</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015307002527/p74434bexv99wxiyx4y.htm)<br> [<u>Institutional Prime Money Market Fund) – Filed as an Exhibit to Post-Effective Amendment No. 38 to the</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015307002527/p74434bexv99wxiyx4y.htm)<br> [<u>Registrant's Form N-1A Registration Statement on December 4, 2007 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000095015307002527/p74434bexv99wxiyx4y.htm)<br>|
| 28 (i)(5) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (Class I shares of ING High</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465908049332/a08-20071_1ex99dbi5.htm)<br> [<u>Yield Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 42 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465908049332/a08-20071_1ex99dbi5.htm)<br> [<u>Registration Statement on August 1, 2008 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465908049332/a08-20071_1ex99dbi5.htm)<br>|
| 28 (i)(6) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (ING Floating Rate Fund) –</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312510188512/dex99i6.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 48 to the Registrant's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312510188512/dex99i6.htm)<br> [<u>August 13, 2010 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312510188512/dex99i6.htm)<br>|
| 28 (i)(7) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (Class W shares of ING High</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312511198946/dex99i7.htm)<br> [<u>Yield Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 50 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312511198946/dex99i7.htm)<br> [<u>Registration Statement on July 27, 2011 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312511198946/dex99i7.htm)<br>|
| 28 (i)(8) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (ING Strategic Income Fund) –</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465912072761/a12-22831_1ex99dbi8.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 60 to the Registrant's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465912072761/a12-22831_1ex99dbi8.htm)<br> [<u>October 31, 2012 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465912072761/a12-22831_1ex99dbi8.htm)<br>|
| 28 (i)(9) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (Class R6 shares for ING</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465913046172/a13-14054_1ex99dbi9.htm)<br> [<u>Intermediate Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 73 to the Registrant's Form</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465913046172/a13-14054_1ex99dbi9.htm)<br> [<u>N-1A Registration Statement on May 31, 2013 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465913046172/a13-14054_1ex99dbi9.htm)<br>|
| 28 (i)(10) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (Class P shares for ING Floating</u>](https://www.sec.gov/Archives/edgar/data/1066602/000114544312001362/d29993_ex-i10.htm)<br> [<u>Rate Fund and ING High Yield Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 62 to the</u>](https://www.sec.gov/Archives/edgar/data/1066602/000114544312001362/d29993_ex-i10.htm)<br> [<u>Registrant's Form N-1A Registration Statement on November 30, 2012 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000114544312001362/d29993_ex-i10.htm)<br>|
| 28 (i)(11) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (ING Short Term Bond Fund) –</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465912083978/a12-29332_1ex99dbi11.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 63 to the Registrant's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465912083978/a12-29332_1ex99dbi11.htm)<br> [<u>December 13, 2012 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465912083978/a12-29332_1ex99dbi11.htm)<br>|
| 28 (i)(12) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (Class R6 shares for ING Short</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312513304835/d545806dex99i12.htm)<br> [<u>Term Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 75 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312513304835/d545806dex99i12.htm)<br> [<u>Registration Statement on July 26, 2013 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312513304835/d545806dex99i12.htm)<br>|
| 28 (i)(13) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (Class R shares for ING High</u>](https://www.sec.gov/Archives/edgar/data/1066602/000114544314000083/i13.htm)<br> [<u>Yield Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 77 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000114544314000083/i13.htm)<br> [<u>Registration Statement on January 29, 2014 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000114544314000083/i13.htm)<br>|
| 28 (i)(14) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (Class R shares for Voya Short</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465914054528/a14-17863_1ex99dbi14.htm)<br> [<u>Term Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 80 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465914054528/a14-17863_1ex99dbi14.htm)<br> [<u>Registration Statement on July 29, 2014 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465914054528/a14-17863_1ex99dbi14.htm)<br>|
| 28 (i)(15) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (Class R6 shares for Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515268485/d933064dex99i15.htm)<br> [<u>Strategic Income Opportunities Fund) – Filed as an Exhibit to Post-Effective Amendment No. 83 to the</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515268485/d933064dex99i15.htm)<br> [<u>Registrant's Form N-1A Registration Statement on July 29, 2015 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000119312515268485/d933064dex99i15.htm)<br>|

---

------

---

| | |
|:---|:---|
| 28 (i)(16) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (Class R6 shares for Voya High</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465916134529/a16-14413_1ex99dbi16.htm)<br> [<u>Yield Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 86 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465916134529/a16-14413_1ex99dbi16.htm)<br> [<u>Registration Statement on July 27, 2016 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465916134529/a16-14413_1ex99dbi16.htm)<br>|
| 28 (i)(17) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (Class T shares for Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465917018879/a17-9082_1ex99dbi17.htm)<br> [<u>Floating Rate Fund, Voya GNMA Income Fund, Voya High Yield Bond Fund, Voya Intermediate Bond Fund,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465917018879/a17-9082_1ex99dbi17.htm)<br> [<u>Voya Short Term Bond Fund, and Voya Strategic Income Opportunities Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465917018879/a17-9082_1ex99dbi17.htm)<br> [<u>Post-Effective Amendment No. 89 to the Registrant's Form N-1A Registration Statement on March 23, 2017 and</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465917018879/a17-9082_1ex99dbi17.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465917018879/a17-9082_1ex99dbi17.htm)<br>|
| 28 (i)(18) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (Class P3 shares for Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918005388/a18-2130_1ex99dbi18.htm)<br> [<u>Floating Rate Fund, Voya High Yield Bond Fund, Voya Intermediate Bond Fund, and Voya Short Term Bond</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918005388/a18-2130_1ex99dbi18.htm)<br> [<u>Fund) – Filed as an Exhibit to Post-Effective Amendment No. 95 to the Registrant's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918005388/a18-2130_1ex99dbi18.htm)<br> [<u>Statement on January 31, 2018 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918005388/a18-2130_1ex99dbi18.htm)<br>|
| 28 (i)(19) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (Class P shares for Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919004686/a18-42175_1ex99dbi19.htm)<br> [<u>Strategic Income Opportunities Fund) – Filed as an Exhibit to Post-Effective Amendment No. 101 to the</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919004686/a18-42175_1ex99dbi19.htm)<br> [<u>Registrant's Form N-1A Registration Statement on January 31, 2019 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919004686/a18-42175_1ex99dbi19.htm)<br>|
| 28 (i)(20) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (Class P3 shares for Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919042040/a19-12131_1ex99dbi20.htm)<br> [<u>Strategic Income Opportunities Fund) – Filed as an Exhibit to Post-Effective Amendment No. 104 to the</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919042040/a19-12131_1ex99dbi20.htm)<br> [<u>Registrant's Form N-1A Registration Statement on July 26, 2019 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919042040/a19-12131_1ex99dbi20.htm)<br>|
| 28 (i)(21) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (Voya Government Money</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919058232/a19-19351_1ex99dbi21.htm)<br> [<u>Market Fund II) – Filed as an Exhibit to Post-Effective Amendment No. 109 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919058232/a19-19351_1ex99dbi21.htm)<br> [<u>Registration Statement on October 31, 2019 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919058232/a19-19351_1ex99dbi21.htm)<br>|
| 28 (i)(22) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (Class P2 shares for Voya Short</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919055292/a19-19355_1ex99dbi22.htm)<br> [<u>Term Bond Fund) – Filed as an Exhibit to Post-Effective Amendment No. 108 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919055292/a19-19355_1ex99dbi22.htm)<br> [<u>Registration Statement on October 21, 2019 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919055292/a19-19355_1ex99dbi22.htm)<br>|
| 28 (i)(23) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (Class P shares for Voya GNMA</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320009883/f4792d13.htm)<br> [<u>Income Fund) – Filed as an Exhibit to Post-Effective Amendment No. 113 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320009883/f4792d13.htm)<br> [<u>Registration Statement on May 20, 2020 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320009883/f4792d13.htm)<br>|
| 28 (i)(24) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (Class R6 shares for Voya</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320012268/f6343d15.htm)<br> [<u>GNMA Income 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/1066602/000168386320012268/f6343d15.htm)<br> [<u>Registration Statement on July 30, 2020 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386320012268/f6343d15.htm)<br>|
| 28 (i)(25) | &nbsp;&nbsp; [<u>Opinion and Consent of Counsel regarding the legality of shares being registered (Class A, Class I, and Class R6</u>](f24182d18.htm)<br> [<u>shares for Voya Short Duration High Income Fund) – Filed herein.</u>](f24182d18.htm)<br>|
| 28 (j)(1) | [<u>Consent of Ropes & Gray LLP – Filed herein.</u>](f24182d19.htm) |
| 28 (j)(2) | [<u>Consent of Ernst & Young LLP – Filed herein.</u>](f24182d20.htm) |
| 28 (k) | Not applicable. |
| 28 (l) | Not applicable. |
| 28 (m)(1) | &nbsp;&nbsp; [<u>Third Amended and Restated Service and Distribution Plan (Class A shares), effective November 16, 2017 (with</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbm1.htm)<br> [<u>respect to Voya GNMA Income Fund) – Filed as an Exhibit to Post-Effective Amendment No. 98 to the</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbm1.htm)<br> [<u>Registrant's Form N-1A Registration Statement on July 27, 2018 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbm1.htm)<br>|
| 28 (m)(1)(i) | &nbsp;&nbsp; [<u>Amended Schedule A to the Third Amended and Restated Service and Distribution Plan (Class A shares),</u>](f24182d21.htm)<br> [<u>effective November 16, 2017 – Filed herein.</u>](f24182d21.htm)<br>|
| 28 (m)(2) | &nbsp;&nbsp; [<u>Fourth Amended and Restated Distribution Plan (Class C shares), effective November 16, 2017 – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbm4.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 98 to the Registrant's Form N-1A Registration Statement on July 27,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbm4.htm)<br> [<u>2018 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbm4.htm)<br>|
| 28 (m)(3) | &nbsp;&nbsp; [<u>Third Amended and Restated Service and Distribution Plan (Class C shares), effective November 16, 2017 (with</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbm5.htm)<br> [<u>respect to Voya GNMA Income Fund) – Filed as an Exhibit to Post-Effective Amendment No. 98 to the</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbm5.htm)<br> [<u>Registrant's Form N-1A Registration Statement on July 27, 2018 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbm5.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/0001066602/000168386321003839/f9153d6.htm)<br> [<u>Plan (Class C shares), effective November 16, 2017 – Filed as an Exhibit to Post-Effective Amendment No. 118</u>](https://www.sec.gov/Archives/edgar/data/0001066602/000168386321003839/f9153d6.htm)<br> [<u>to the Registrant's Form N-1A Registration Statement on May 28, 2021 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/0001066602/000168386321003839/f9153d6.htm)<br>|
| 28 (m)(4) | &nbsp;&nbsp; [<u>Fifth Amended and Restated Shareholder Servicing Plan (Class A and Class C shares), effective November 16,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbm6.htm)<br> [<u>2017 – 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/1066602/000110465918047728/a18-15275_1ex99dbm6.htm)<br> [<u>Statement on July 27, 2018 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbm6.htm)<br>|
| 28 (m)(5) | &nbsp;&nbsp; [<u>Third Amended and Restated Shareholder Service and Distribution Plan (Class R shares), effective November 16,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbm7.htm)<br> [<u>2017 – 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/1066602/000110465918047728/a18-15275_1ex99dbm7.htm)<br> [<u>Statement on July 27, 2018 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbm7.htm)<br>|
| 28 (m)(5)(i) | &nbsp;&nbsp; [<u>Amended Schedule A, effective November 5, 2019, to the Third Amended and Restated Shareholder Service and</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919058232/a19-19351_1ex99dbm5i.htm)<br> [<u>Distribution Plan (Class R shares), effective November 16, 2017 – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919058232/a19-19351_1ex99dbm5i.htm)<br> [<u>Amendment No. 109 to the Registrant's Form N-1A Registration Statement on October 31, 2019 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919058232/a19-19351_1ex99dbm5i.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465919058232/a19-19351_1ex99dbm5i.htm)<br>|
| 28 (m)(6) | &nbsp;&nbsp; [<u>Amended and Restated Service and Distribution Plan (Class T shares), effective November 16, 2017 – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbm9.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 98 to the Registrant's Form N-1A Registration Statement on July 27,</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbm9.htm)<br> [<u>2018 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000110465918047728/a18-15275_1ex99dbm9.htm)<br>|
| 28 (n)(1) | &nbsp;&nbsp; [<u>Twentieth Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3, dated September 10, 2021 – Filed</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322004855/f12537d9.htm)<br> [<u>as an Exhibit to Post-Effective Amendment No. 120 to the Registrant's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322004855/f12537d9.htm)<br> [<u>May 27, 2022 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322004855/f12537d9.htm).<br>|
| 28 (n)(1)(i) | &nbsp;&nbsp; [<u>Amended Schedules A and B, each dated February 9, 2023, to the Twentieth Amended and Restated Multiple</u>](f24182d22.htm)<br> [<u>Class Plan Pursuant to Rule 18f-3, dated September 10, 2021 – Filed herein.</u>](f24182d22.htm)<br>|
| 28 (o) | Not applicable. |
| 28 (p)(1) | [<u>Voya Funds and Advisers Code of Ethics dated August 2022 – Filed herein.</u>](f24182d23.htm) |

---

**Item 29. Persons Controlled by or Under Common Control with Registrant**

None

**Item 30. Indemnification**

Article X of the Registrant's Declaration of Trust provides the following:

Section 10.1 Limitation of Liability. A trustee, when acting in such capacity, shall not be personally liable to any person other than the Trust or a beneficial owner for any act, omission or obligation of the Trust or any trustee. A trustee shall not be liable for any act or omission or any conduct whatsoever in his capacity as trustee, provided that nothing contained herein or in the Delaware Act shall protect any trustee against any liability to the Trust or to Shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of trustee hereunder.

Section 10.2 Indemnification.

(a) Subject to the exceptions and limitations contained in Section (b) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) every person who is, or has been a trustee or officer of the Trust (hereinafter referred to as a "Covered Person") shall be indemnified by the Trust to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him or her in connection with any claim, action, suit, or proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been a trustee or officer and against amounts paid or incurred by him or her in the settlement thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the words "claim," "action," "suit," or "proceeding" shall apply to all claims, actions, suits, or proceedings (civil, criminal, or other, including appeals) actual or threatened while in office or thereafter, and the words "liability" and "expenses" shall include, without limitation, attorneys' fees, costs, judgments, amounts paid in settlement, fines, penalties, and other liabilities.

(b) No indemnification shall be provided hereunder to a Covered Person:

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) who shall have been adjudicated by a court or body before which the proceeding was brought (A) to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office or (B) not to have acted in good faith in the reasonable belief that his or her action was in the best interest of the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event of a settlement, unless there has been a determination that such trustee or officer did not engage in willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) by the court or other body approving the settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) by at least a majority of those trustees who are neither interested persons of the Trust nor are parties to the matter based upon a review of readily available facts (as opposed to a full trial-type inquiry); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry) provided; however, that any Shareholder may, by appropriate legal proceedings, challenge any such determination by the trustees or by independent counsel.

(c) The rights of indemnification therein provided may be insured against by policies maintained by the Trust, shall be severable, shall not be exclusive of or affect any other rights to which any Covered Person may now or hereafter be entitled, shall continue as to a person who has ceased to be a Covered Person and shall inure to the benefit of the heirs, executors, and administrators of such a person. Nothing contained herein shall affect any rights to indemnification to which Trust personnel, other than Covered Persons, and other persons may be entitled by contract or otherwise under law.

(d) Expenses in connection with the preparation and presentation of a defense to any claim, action, suit, or proceeding of the character described in paragraph (a) of this Section 10.2 may be paid by the Trust or Series from time to time prior to final disposition thereof upon receipt of an undertaking by or on behalf of such Covered Person that such amount will be paid over by him or her to the Trust or Series if it is ultimately determined that he or she is not entitled to indemnification under this Section 10.2 provided; however, that either: (a) such Covered Person shall have provided appropriate security for such undertaking; (b) the Trust is insured against losses arising out of any such advance payments; or (c) either a majority of the trustees who are neither interested persons of the Trust nor parties to the matter, or independent legal counsel in a written opinion, shall have determined, based upon a review of readily available facts (as opposed to a trial-type inquiry or full investigation), that there is reason to believe that such Covered Person will be found entitled to indemnification under this Section 10.2.

Article IX of the Registrant's By-Laws provides the following:

The Trust may purchase and maintain insurance on behalf of any Covered Person or employee of the Trust, including any Covered Person or employee of the Trust who is or was serving at the request of the Trust as a trustee, officer, or employee of a corporation, partnership, joint venture, trust, or other enterprise against any liability asserted against him and incurred by him in any such capacity or arising out of his status as such, whether or not the trustees would have the power to indemnify him against such liability.

The Trust may not acquire or obtain a contract for insurance that protects or purports to protect any trustee or officer of the Trust against any liability to the Trust or its Shareholders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his office.

Reference is made to Article IX of the Registrants By-Law and paragraph 1.11 of the Distribution Agreement.

The Registrant is covered under an insurance policy, insuring its officers and trustees against liabilities, and certain costs of defending claims against such officers and trustees; to the extent such officers and trustees are not found to have committed conduct constituting willful misfeasance, bad faith, gross negligence, or reckless disregard in the performance of their duties. The insurance policy also insures the Registrant against the cost of indemnification payments to officers under certain circumstances.

Section 9 of the Management Agreement between the Registrant and investment manager, Section 14 of the Sub-Advisory Agreement and Section 20 of the Distribution Agreement between the Registrant and the distributor limit the liability of the investment manager, the sub-advisor and the distributor to liabilities arising from willful misfeasance, bad faith, or gross negligence in the performance of their respective duties, or from reckless disregard by them of their respective obligations and duties under the agreements.

The Registrant hereby undertakes that it will apply the indemnification provisions of its Trust Instrument, By-Laws, Management Agreement, and Distribution Agreement in a manner consistent with Release No. 11330 of the U.S. Securities and Exchange

------

Commission under the Investment Company Act of 1940, as amended so long as the interpretations of Section 17 (h) and 17(i) of such Act remain in effect and are consistently applied.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act") may be permitted to trustees, officers, and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant understands that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities 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 Securities 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 the sub-adviser of Voya Funds Trust and each trustee, officer or partner of any such investment adviser, is or has been, at any time during the past two fiscal years, engaged for his or her own account or in the capacity of director, officer, employee, partner or trustee is described in each investment adviser's Form ADV as currently on file with the SEC, the text of which is hereby incorporated by reference.

INVESTMENT ADVISER FILE NO. <br> Voya Investments, LLC 801-48282 <br> Voya Investment Management Co. LLC 801-9046

**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:

---

| | | |
|:---|:---|:---|
| Name and Principal Business <br> Address<br>| Positions and Offices with Voya Investments Distributor, LLC | Positions and Offices with the Registrant |
| Stephen Easton<br> One Orange Way<br> Windsor, CT 06095<br>| Chief Compliance Officer |  |
| Huey P. Falgout, Jr.<br> 7337 E. Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, AZ 85258<br>| Secretary |  |
| James M. Fink<br> 5780 Powers Ferry Road <br> NW<br> Atlanta, GA 30327<br>| Senior Vice President | Executive Vice President |
| Stacy L. Hughes<br> 5780 Powers Ferry Road <br> NW<br> Atlanta, GA 30327<br>| Chief Information Security Officer |  |
| Michelle P. Luk<br> 230 Park Avenue<br> New York, NY 10169<br>| Senior Vice President and Treasurer |  |

---

------

---

| | | |
|:---|:---|:---|
| Name and Principal Business <br> Address<br>| Positions and Offices with Voya Investments Distributor, LLC | Positions and Offices with the Registrant |
| Francis G. O'Neill<br> One Orange Way<br> Windsor, CT 06095<br>| Senior Vice President and Chief Risk Officer |  |
| Niccole A. Peck<br> 5780 Powers Ferry Road <br> NW<br> Atlanta, GA 30327<br>| Vice President and Assistant Treasurer |  |
| Monia Piacenti<br> One Orange Way<br> Windsor, CT 06095<br>| Anti-Money Laundering Officer | Anti-Money Laundering Officer |
| Justina Y. Richards<br> 5780 Powers Ferry Road <br> NW<br> Atlanta, GA 30327<br>| Vice President and Assistant Treasurer |  |
| Andrew K. Schlueter<br> 7337 E. Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, AZ 85258<br>| Senior Vice President | Senior Vice President |
| Robert P. Terris<br> 5780 Powers Ferry Road <br> NW<br> Atlanta, GA 30327<br>| Senior Vice President | Senior Vice President |
| Jacob J. Tuzza<br> 230 Park Avenue<br> New York, NY 10169<br>| Director, President, and Chief Executive Officer |  |
| Katrina M. Walker<br> 5780 Powers Ferry Road <br> NW<br> Atlanta, GA 30327<br>| Vice President and Assistant Treasurer |  |
| Catrina Willingham<br> 5780 Powers Ferry Road <br> NW<br> Atlanta, GA 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;(a) Voya Funds Trust 7337 East Doubletree Ranch Road, Suite 100 Scottsdale, Arizona 85258

&nbsp;&nbsp;&nbsp;&nbsp;(b) Voya Investments, LLC 7337 East Doubletree Ranch Road, Suite 100 Scottsdale, Arizona 85258

&nbsp;&nbsp;&nbsp;&nbsp;(c) Voya Investments Distributor, LLC 7337 E. Doubletree Ranch Road, Suite 100 Scottsdale, Arizona 85258

------

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Bank of New York Mellon 225 Liberty Street New York, New York 10286

&nbsp;&nbsp;&nbsp;&nbsp;(e) BNY Mellon Investment Servicing (U.S.) Inc. 301 Bellevue Parkway Wilmington, Delaware 19809

&nbsp;&nbsp;&nbsp;&nbsp;(f) Voya Investment Management Co. LLC 230 Park Avenue New York, New York 100169

**Item 34. Management Services**

N/A

**Item 35. Undertakings** 

None

------

**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. 123 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. 123 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 8<sup>th</sup> day of February, 2023.

VOYA FUNDS TRUST

By

/s/ Joanne F. Osberg

------

Joanne F. Osberg

Secretary

Pursuant to the requirements of the 1933 Act, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| SIGNATURE  | TITLE | DATE |
| ___________________<br> Andy Simonoff\*<br>| President and Chief Executive Officer | February 8, 2023 |
| ___________________<br> Todd Modic\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President, <br> Chief/Principal Financial Officer and <br> Assistant Secretary <br>| February 8, 2023 |
| ___________________<br> Fred Bedoya\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; Vice President, Treasurer and Principal Accounting <br> Officer<br>| February 8, 2023 |
| ___________________<br> Colleen D. Baldwin\*<br>| Trustee | February 8, 2023 |
| ___________________<br> John V. Boyer\*<br>| Trustee | February 8, 2023 |
| ___________________<br> Patricia W. Chadwick\*<br>| Trustee | February 8, 2023 |
| ___________________<br> Martin J. Gavin\*<br>| Trustee | February 8, 2023 |
| ___________________<br> Joseph E. Obermeyer\*<br>| Trustee | February 8, 2023 |
| ___________________<br> Sheryl K. Pressler\*<br>| Trustee | February 8, 2023 |
| ___________________<br> Christopher P. Sullivan\*<br>| Trustee | February 8, 2023 |

---

\*By: /s/ Joanne F. Osberg

------

Joanne F. Osberg

Attorney-in-Fact\*\*

\*\*

[<u>Powers of attorney for Todd Modic and each Trustee were filed as attachments to Post-Effective Amendment No. 121 to the</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d2.htm)[<u>Registrant's Form N-1A Registration Statement on July 28, 2022 and are incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322005422/f12807d2.htm)[<u>Power of attorney</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322007226/f23551d2.htm)[<u>for Fred Bedoya was filed as an attachment to Post-Effective Amendment No. 122 to the Registrant's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322007226/f23551d2.htm)[<u>Statement on November 22, 2022 and is incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1066602/000168386322007226/f23551d2.htm) Power of attorney for Andy Simonoff is attached hereto.

------

## 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

/s/ Andy Simonoff

<u>_____________________________</u>

Andy Simonoff

President and Chief Executive Officer

## Ex-99

Exhibit (a)(62)

**AMENDMENT NO. 51 TO TRUST INSTRUMENT OF**

**VOYA FUNDS TRUST**

**Establishment of New Series**

**Effective: November 17, 2022**

THIS AMENDMENT NO. 51 TO THE TRUST INSTRUMENT OF VOYA FUNDS TRUST ("VFT"), a Delaware statutory trust, dated July 30, 1998, as amended (the "Trust Instrument"), reflects resolutions adopted by the Board of Trustees of VFT on November 17, 2022 with respect to Voya Short Duration High Income Fund (the "Fund"), a new series of VFT, acting pursuant to the Trust Instrument, including Article II, Sections 2.1 and 2.6 and Article XI, Section 11.8 of VFT's Trust Instrument. The resolutions serve to establish and designate a new series of VFT.

**VOYA FUNDS TRUST**

**SECRETARY'S CERTIFICATE**

I, Joanne F. Osberg, Secretary of Voya Funds Trust ("VFT"), do hereby certify that the

following is a true copy of resolutions duly adopted by the Board of Trustees of VFT at a

meeting held on November 17, 2022 with regard to the establishment of Voya Short Duration

High Income Fund, a new series of VFT:

**RESOLVED**, that pursuant to the Trust Instrument, dated July 30, 1998, as amended (the "Trust Instrument") of Voya Funds Trust ("VFT"), a Delaware statutory trust, including Article II, Sections 2.1 and 2.6 and Article XI, Section

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8of the Trust Instrument, the establishment of an additional series of VFT designated as Voya Short Duration High Income Fund (the "Fund"), or a substantially similar name, be, and it hereby is, approved;

**RESOLVED**, that pursuant to the Trust Instrument, including Article II, Sections 2.1 and 2.6 and Article XI, Section 11.8, the Board of Trustees of VFT hereby establishes and designates Class A, Class I, and Class R6 shares as share classes for the Fund (the "Shares");

**FURTHER RESOLVED**, that VFT be, and it hereby is, authorized to issue and to sell for cash or securities from time to time an unlimited number of full and/or fractional Shares of beneficial interest of the Fund, such shares to be issued and sold at net asset value per share, and, in the case of fractional shares, at a proportionate reduction in such price, in a public offering registered under the Securities Act of 1933, and in accordance with the applicable provisions of the Trust Instrument, the by-laws, the laws of the state of Delaware, and the federal securities laws;

**FURTHER RESOLVED**, that such shares shall be issued in uncertificated form, unless and to the extent necessary, in the judgment of VFT's officers, with the advice of VFT counsel, to conduct the offering and listing of the Shares;

**FURTHER RESOLVED**, that when so issued and paid for, such shares shall be duly and validly issued, fully paid and non-assessable;

**FURTHER RESOLVED**, that the Fund shall have the relative rights, preferences and characteristics (including conversion of share classes) specified in the Trust Instrument and registration statement on Form N-1A (as amended from time to time);

**FURTHER RESOLVED**, that the officers of VFT be, and each hereby is, authorized, with the advice of counsel, to take any and all such actions they determine, in their discretion, to be necessary or desirable to prepare, execute and deliver an Amendment to the Trust Instrument to establish the Fund, to be effective on a date deemed appropriate by the officers of VFT; and

**FURTHER RESOLVED,** that shares of the Fund be qualified or registered for sale in various states and other jurisdictions, that the officers of VFT be, and each hereby is, authorized to determine the states and other jurisdictions in which appropriate action shall be taken to qualify or register for sale all or such part of said shares as said officers may deem advisable; and that the officers of VFT be, and each hereby is, authorized to perform in the name and on behalf of VFT any and all such acts as such officer may deem necessary or desirable in order to comply with the applicable laws of any such states and jurisdictions.

---

| | |
|:---|:---|
| By: | <u>/s/ Joanne F. Osberg</u>____ |
| Name: | Joanne F. Osberg |
| Title: | Secretary |

---

Dated: November 22, 2022

## Ex-99

Exhibit (a)(63)

**AMENDMENT NO. 52 TO TRUST INSTRUMENT OF**

**VOYA FUNDS TRUST**

**Establishment of New Series**

**Effective: November 18, 2022**

THIS AMENDMENT NO. 52 TO THE TRUST INSTRUMENT OF VOYA FUNDS TRUST ("VFT"), a Delaware statutory trust, dated July 30, 1998, as amended (the "Trust Instrument"), reflects resolutions adopted by the Board of Trustees of VFT on November 17, 2022 with respect to Voya VACS Series HYB Fund (the "Fund"), a new series of VFT, acting pursuant to the Trust Instrument, including Article II, Section 2.6 and Article XI, Section 11.8 of VFT's Trust Instrument. The resolutions serve to establish and designate a new series of VFT.

**VOYA FUNDS TRUST**

**SECRETARY'S CERTIFICATE**

I, Joanne F. Osberg, Vice President and Secretary of Voya Funds Trust ("VFT"), do

hereby certify that the following is a true copy of resolutions duly adopted by the Board of

Trustees of VFT at a meeting held on November 17, 2022 with regard to the establishment of

Voya VACS Series HYB Fund, a new series of VFT:

**RESOLVED**, that pursuant to the Trust Instrument, dated July 30, 1998, as amended (the "VFT Charter") of Voya Funds Trust ("VFT"), a Delaware statutory trust, including Article II, Section 2.6 and Article XI, Section 11.8 of the VFT Charter, the establishment of an additional series of VFT designated as Voya VACS Series HYB Fund (the "Fund"), or a substantially similar name, be, and it hereby is, approved;

**FURTHER RESOLVED**, that pursuant to the VFT Charter, including Article II, Section 2.6 and Article XI, Section 11.8, the Board of Trustees of VFT hereby establishes and designates shares for the Fund (the "Shares");

**FURTHER RESOLVED**, that VFT be, and it hereby is, authorized to issue and to sell for cash or securities from time to time an unlimited number of full and/or fractional Shares of beneficial interest of the Fund, such shares to be issued and sold at net asset value per share, and, in the case of fractional shares, at a proportionate reduction in such price, and in accordance with the applicable provisions of the VFT Charter, the by-laws, the laws of the state of Delaware, and the federal securities laws;

**FURTHER RESOLVED**, that such shares shall be issued in uncertificated form, unless and to the extent necessary, in the judgment of VFT's officers, with the advice of VFT counsel, to conduct the offering and listing of the Shares;

**FURTHER RESOLVED**, that when so issued and paid for, such shares shall be duly and validly issued, fully paid and non-assessable;

**FURTHER RESOLVED**, that the Fund shall have the relative rights, preferences and characteristics (including conversion of share classes) specified in the VFT Charter and registration statement on Form N-1A (as amended from time to time);

**FURTHER RESOLVED**, that the officers of VFT be, and each hereby is, authorized, with the advice of counsel, to take any and all such actions they

determine, in their discretion, to be necessary or desirable to prepare, execute and deliver an Amendment to the VFT Charter to establish the Fund, to be effective on a date deemed appropriate by the officers of VFT; and

**FURTHER RESOLVED,** that shares of the Fund be qualified or registered for sale in various states and other jurisdictions, that the officers of VFT be, and each hereby is, authorized to determine the states and other jurisdictions in which appropriate action shall be taken to qualify or register for sale all or such part of said shares as said officers may deem advisable; and that the officers of VFT be, and each hereby is, authorized to perform in the name and on behalf of VFT any and all such acts as such officer may deem necessary or desirable in order to comply with the applicable laws of any such states and jurisdictions.

By: <u>/s/ Joanne F. Osberg</u>_____________

Name: Joanne F. Osberg

Title: Vice President and Secretary

Dated: November 18, 2022

## Ex-99

![](gga172n8ibjpqapt6m5re.jpg)

Exhibit (d)(1)(i)

February 9, 2023

Todd Modic

Senior Vice President

Voya Investments, LLC

7337 East Doubletree Ranch Road

Suite 100

Scottsdale, AZ 85258

Re: Addition of Voya Short Duration High Income Fund

Dear Mr. Modic:

Pursuant to the Amended and Restated Investment Management Agreement, dated November 18, 2014, as amended and restated on May 1, 2015, between Voya Funds Trust ("VFT") 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 Short Duration High Income Fund (the "Fund"), effective on February 9, 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 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 Funds Trust

ACCEPTED AND AGREED TO:

Voya Investments, LLC

By: <u>/s/ Todd Modic</u>_________________

Name: Todd Modic

Title: Senior Vice President, Duly Authorized

**AMENDED SCHEDULE A**

**with respect to the**

**AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENT**

**between**

**VOYA FUNDS TRUST**

**and**

**VOYA INVESTMENTS, LLC**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Series</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Annual Management Fee</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Series</u>** | (as a percentage of average daily net assets) |
|  | 0.650% on the first $300 million of assets; |
| &nbsp;&nbsp;Voya Floating Rate Fund | 0.625% on the next $200 million of assets; and |
|  | 0.600% thereafter |
| &nbsp;&nbsp;Voya Government Money Market Fund | 0.350% on all assets |
|  | 0.61% on first $500 million of assets; |
| &nbsp;&nbsp;Voya High Yield Bond Fund | 0.55% on next $4.5 billion of assets; and |
|  | 0.50% thereafter |
| &nbsp;&nbsp;Voya Intermediate Bond Fund | 0.27% on all assets |
| &nbsp;&nbsp;Voya Short Duration High Income Fund | 0.48% on all assets |
| &nbsp;&nbsp;Voya Short Term Bond Fund | 0.25% on all assets |
| &nbsp;&nbsp;Voya Strategic Income Opportunities Fund | 0.50% on all assets |
| &nbsp;&nbsp;Voya VACS Series HYB Fund | 0.00% on all assets |

---

**Effective Date: February 9, 2023, to reflect the addition of Voya Short Duration High Income Fund.**

## Ex-99

![](g8mcvlpaa4colc8innat7.jpg)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;Exhibit (d)(3)(i) | &nbsp;&nbsp;&nbsp;Exhibit (d)(3)(i) |  |  |
|  |  | **AMENDED SCHEDULE A** | **AMENDED SCHEDULE A** | **AMENDED SCHEDULE A** |  |  |  |  |  |
|  |  |  | **to the** |  |  |  |  |  |  |
|  | **EXPENSE LIMITATION AGREEMENT** | **EXPENSE LIMITATION AGREEMENT** | **EXPENSE LIMITATION AGREEMENT** | **EXPENSE LIMITATION AGREEMENT** | **EXPENSE LIMITATION AGREEMENT** |  |  |  |  |
|  |  | **VOYA FUNDS TRUST** | **VOYA FUNDS TRUST** | **VOYA FUNDS TRUST** |  |  |  |  |  |
|  | **OPERATING EXPENSE LIMITS** | **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;**<u>Name of Fund<sup>1</sup></u>** |  |  | **<u>Maximum Operating Expense Limit</u>** | **<u>Maximum Operating Expense Limit</u>** | **<u>Maximum Operating Expense Limit</u>** | **<u>Maximum Operating Expense Limit</u>** | **<u>Maximum Operating Expense Limit</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Name of Fund<sup>1</sup></u>** |  |  | (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) | (as a percentage of average net assets) |  |  |
| &nbsp;&nbsp;Voya VACS Series HYB Fund |  |  |  |  | 0.15% |  |  |  |  |
| &nbsp;&nbsp;Initial Term Expires August 1, |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2024 |  |  |  |  |  |  |  |  |  |
|  |  |  | **<u>Maximum Operating Expense Limit</u>** | **<u>Maximum Operating Expense Limit</u>** | **<u>Maximum Operating Expense Limit</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) | (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>Share Classes</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Name of Fund[<sup>1</sup>](#page_1)</u>** | <u>A</u> | <u>C</u> | <u>I</u> | <u>P</u> | <u>P2</u> | <u>P3</u> | <u>R</u> | <u>R6</u> | <u>W</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Name of Fund[<sup>1</sup>](#page_1)</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Voya Floating Rate Fund | 1.00% | 1.75% | 0.75% | 0.15% | N/A | 0.00% | 1.25% | &nbsp;&nbsp;N/A | 0.75% |
| &nbsp;&nbsp;Initial Term Expires |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;August 1, 2012 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Initial Term for Class P Expires |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;August 1, 2014 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Term for Class W Expires August |  |  |  |  |  |  |  |  |  |
| 1, 2018 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Initial Term for Class P3 Expires |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;August 1, 2019 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Voya GNMA Income Fund | 0.84% | 1.59% | 0.54% | 0.15% | N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | N/A | 0.54% | 0.59% |
| &nbsp;&nbsp;Term Expires |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;August 1, 2021 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Initial Term for Class P Expires |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;August 1, 2021 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Initial Term for Class R6 Expires |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;August 1, 2021 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Voya Government Money Market | 0.40% | 1.40% | 0.40% | N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | N/A | &nbsp;&nbsp;N/A | 0.40% |
| &nbsp;&nbsp;Fund |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Initial Term Expires August 1, |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |

---

1This Agreement shall automatically renew for one-year terms with respect to a Fund unless otherwise terminated in accordance with the Agreement.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **<u>Maximum Operating Expense Limit</u>** | **<u>Maximum Operating Expense Limit</u>** | **<u>Maximum Operating Expense Limit</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) | (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>Share Classes</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Name of Fund[<sup>1</sup>](#page_1)</u>** | <u>A</u> | <u>C</u> | <u>I</u> | <u>P</u> | <u>P2</u> | <u>P3</u> | <u>R</u> | <u>R6</u> | <u>W</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Name of Fund[<sup>1</sup>](#page_1)</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Voya High Yield Bond Fund | 1.10% | 1.85% | 0.85% | 0.15% | N/A | 0.00% | 1.35% | 0.83% | 0.85% |
| &nbsp;&nbsp;Initial Term for Classes A, B, and |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;C Expires August 1, 2007 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Initial Term for Class I Expires |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;August 1, 2010 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Initial Term for Class W Expires |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;August 1, 2012 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Initial Term for Class P Expires |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;August 1, 2014 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Initial Term for Class R Expires |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;August 1, 2015 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Initial Term for Class R6 Expires |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;August 1, 2017 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Initial Term for Class P3 Expires |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;August 1, 2019 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Voya Intermediate Bond Fund | 0.75% | 1.50% | 0.50% | N/A | N/A | 0.00% | 1.00% | 0.50% | 0.50% |
| &nbsp;&nbsp;Term Expires |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;August 1, 2010 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Initial Term for Class R6 Expires |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;August 1, 2014 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Initial Term for Class P3 Expires |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;August 1, 2019 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Voya Short Duration High Income | 0.85% | N/A | 0.60% | N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | N/A | 0.60% | N/A |
| &nbsp;&nbsp;Fund |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Initial Term for Class A, I, and R6 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Expires August 1, 2024 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Voya Short Term Bond Fund | 0.65% | 1.40% | 0.35% | N/A | 0.15% | 0.00% | 0.90% | 0.30% | 0.40% |
| &nbsp;&nbsp;Term for Class A, C, I, P3, R, R6 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;and W Expires August 1, 2020 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Initial Term for Class P2 Expires |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;August 1, 2021 |  |  |  |  |  |  |  |  |  |

---

<u>HE</u>

HE

**Effective Date: February 9, 2023, to reflect addition of Voya Short Duration High Income Fund.**

_______________________

1This Agreement shall automatically renew for one-year terms with respect to a Fund unless otherwise terminated in accordance with the Agreement.

## Ex-99

![](gm296a8omqrxwy4aa22g4.jpg)

Exhibit (d)(6)(iii)

February 9, 2023

Catrina Willingham

Vice President – Division Controller

Voya Investment Management Co. LLC

One Orange Way, C1-N

Windsor, CT 06095

Re: Addition of Voya Short Duration High Income Fund

Dear Ms. Willingham:

Pursuant to the Sub-Advisory Agreement, effective as of November 18, 2014, as amended (the "Agreement"), between Voya Investments, LLC and Voya Investment Management Co. LLC, we hereby notify you of our intention to retain you as Sub-Adviser to render investment advisory services to Voya Short Duration High Income Fund (the "Fund"), effective on February 9, 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 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:

Voya Investment Management Co. LLC

By: <u>/s/ Catrina Willingham</u>

Name: Catrina Willingham

Title: Vice President – Division Controller, Duly Authorized

**AMENDED SCHEDULE A**

**with respect to the**

**SUB-ADVISORY AGREEMENT**

**between**

**VOYA INVESTMENTS, LLC**

**and**

**VOYA INVESTMENT MANAGEMENT CO. LLC**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Annual Sub-Advisory 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;**<u>Series</u>** | **(as a percentage of average daily** |
|  | **assets allocated to the Sub-Adviser)** |
|  | 0.2925% on the first $300 million; |
| &nbsp;&nbsp;Voya Floating Rate Fund | 0.2812% on the next $200 million; and |
|  | 0.2700% thereafter |
|  | 0.2025% on the first $1 billion; |
| &nbsp;&nbsp;Voya GNMA Income Fund | 0.1935% on the next $500 million; and |
|  | 0.1845% on assets thereafter |
| &nbsp;&nbsp;Voya Government Money Market | 0.1125% on all assets |
| &nbsp;&nbsp;Fund | 0.1125% on all assets |
| &nbsp;&nbsp;Fund |  |
|  | 0.2295% on the first $1 billion; |
| &nbsp;&nbsp;Voya High Yield Bond Fund | 0.2025% on the next $4 billion; and |
|  | 0.1800% on assets thereafter |
| &nbsp;&nbsp;Voya Intermediate Bond Fund | 0.0765% |
| &nbsp;&nbsp;Voya Short Duration High | 0.2160% |
| &nbsp;&nbsp;Income Fund | 0.2160% |
| &nbsp;&nbsp;Income Fund |  |
| &nbsp;&nbsp;Voya Short Term Bond Fund | 0.0675% |
| &nbsp;&nbsp;Voya Strategic Income | 0.1800% |
| &nbsp;&nbsp;Opportunities Fund | 0.1800% |
| &nbsp;&nbsp;Opportunities Fund |  |
| &nbsp;&nbsp;Voya VACS Series HYB Fund | 0.00% on all assets |

---

**Effective Date: February 9, 2023 to reflect the addition of Voya Short Duration High Income Fund.**

## Ex-99

![](glgwbxahly1ppj440fjhe.jpg)

Exhibit (e)(1)(i)

February 9, 2023

Andrew K. Schlueter

Vice President

Voya Investments Distributor, LLC

7337 East Doubletree Ranch Road

Suite 100

Scottsdale, AZ 85258

Dear Mr. Schlueter:

Pursuant to the Underwriting Agreement, dated November 18, 2014, between Voya Funds Trust ("VFT") and Voya Investments Distributor, LLC (the "Agreement"), we hereby notify you of our intention to retain you as Underwriter to render underwriting services to Voya Short Duration High Income Fund (the "Fund"), a newly established series of VFT, effective on February 9, 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 adding the Fund to the **<u>Amended Schedule A</u>** of the Agreement. The **<u>Amended Schedule A</u>** is attached hereto.

Please signify your acceptance to act as Underwriter under the Agreement with respect to the aforementioned Fund by signing below where indicated.

Very sincerely,

By: <u>/s/ Kimberly A. Anderson</u>___________

Name: Kimberly A. Anderson

Title: Senior Vice President

Voya Equity Trust

ACCEPTED AND AGREED TO:

Voya Investments Distributor, LLC

By: <u>/s/ Andrew K. Schlueter</u>____________

Name: Andrew K. Schlueter

Title: Vice President, Duly Authorized

**AMENDED SCHEDULE A**

**with respect to the**

**UNDERWRITING AGREEMENT**

**between**

**VOYA FUNDS TRUST**

**and**

**VOYA INVESTMENTS DISTRIBUTOR, LLC**

**<u>Name of Fund</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

## Ex-99

Exhibit (e)(2)

**PLACEMENT AGENT AGREEMENT**

**VOYA FUNDS TRUST**

**AGREEMENT**, effective as of November 18, 2022, by and between Voya Funds Trust (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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Any of the outstanding Shares of each Funds 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 Trust Instrument and By-Laws. The redemption price is the net asset value per share next determined after the initial receipt of proper request for redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&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.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;

&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.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;

&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 FUNDS TRUST**

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 FUNDS TRUST**

**and**

**VOYA INVESTMENTS DISTRIBUTOR, LLC**

**<u>Name of Fund</u>**

Voya VACS Series HYB Fund

## Ex-99

Exhibit (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;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>").

Exhibit (f)(1)

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

Exhibit (f)(1)

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

Exhibit (f)(1)

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

Exhibit (f)(1)

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

Exhibit (f)(1)

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.

Exhibit (f)(1)

**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

Exhibit (f)(1)

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

Exhibit (f)(1)

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.

Exhibit (f)(1)

**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,

Exhibit (f)(1)

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.

Exhibit (f)(1)

**<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

Exhibit (f)(1)

**<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

![](gagnsb8p1sbjxenl8x0er.jpg)

(g)(1)(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 **<u>Amended Exhibit A</u>** to the Agreements. This **<u>Amended Exhibit A</u>** supersedes the previous **<u>Amended Exhibit A</u>** dated November 18, 2022.

**REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK**

![](gakp6zlcjbdq5hm9w9wt9.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

![](g90jjuo5iq08g5qs15i4u.jpg)

(g)(2)(iv)

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 **<u>Amended Exhibit A</u>** to the Agreements. This **<u>Amended Exhibit A</u>** supersedes the previous **<u>Amended Exhibit A</u>** dated November 18, 2022.

**REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK**

![](gs6ba0ahz9kqe4kdjoz24.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

![](gag1luapknvdggl0a3gp1.jpg)

(g)(4)(iii)

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 **<u>Amended Exhibit A</u>** to the Agreements. This **<u>Amended Exhibit A</u>** supersedes the previous **<u>Amended Exhibit A</u>** dated November 18, 2022.

**REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK**

![](glp3dguey87yj5h1nh5zg.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

Execution

(h)(1)(i)

**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

(h)(1)(i)

&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

(h)(1)(i)

**<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

VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio

Execution

(h)(1)(i)

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

(h)(1)(i)

**<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

Exhibit (h)(1)(ii)

**AMENDMENT**

**(DATED NOVEMBER 21, 2022)**

**TO**

**TRANSFER AGENCY SERVICES AGREEMENTS**

This Amendment To Transfer Agency Services Agreements ("**Amendment**"), dated as of November 21, 2022 ("**Effective Date**"), is being entered into by and between BNY Mellon Investment Servicing (US) Inc. ("**BNYM**") and each investment company indicated on the signature page to this Amendment ("**Investment Company**"), on its own behalf and, to the extent an investment company has one or more Portfolios, on behalf of each such Portfolio, and by and between BNYM and Corporate Leaders Trust, a unit investment trust ("**CLT**"). "**Portfolio**" is hereby defined to mean a portfolio, series, tier or other subdivision of an investment company.

**<u>Background</u>**

BNYM and certain of the Investment Companies are party to a Transfer Agency Services Agreement, dated February 25, 2009, which is referred to by the parties as the "**Unified Agreement**". BNYM and certain of the Investment Companies are party to a Transfer Agency Services Agreement, dated February 25, 2009, which is referred to by the parties as the "**Aetna Agreement**". BNYM and CLT are party to a Transfer Agency Services Agreement, dated February 25, 2009, which is referred to by the parties as the "**CLT Agreement**". The "Unified Agreement", the "Aetna Agreement" and the "CLT Agreement", as each may have been amended to date, are collectively referred to herein in the singular number as a "**Current Agreement**" and in the plural number as the "**Current Agreements**"). Each party to this Amendment intends that its respective Current Agreement be amended as set forth in this Amendment.

**<u>Terms</u>**

NOW, THEREFORE, 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:

**I.<u>Modifications to Current Agreements</u>.** The Current Agreement is hereby amended as of the Effective Date as follows:

1. Section 2(a)(xvii) is deleted and replaced in its entirety with 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;(xvii)Cancel certificates (when requested in writing by the shareholder);

2. Section 2(j) is deleted and replaced in its entirety with 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;**(j)<u>Lost or Stolen Certificates</u>.** BNYM shall place a stop notice against any certificate reported to be lost or stolen and comply with all applicable federal regulatory requirements for reporting such loss or alleged misappropriation. In the records of the Fund, BNYM shall cancel the lost or stolen certificate and record the Shares represented by such certificate to be uncertificated book entry Shares.

3. Section 2(m) is deleted and replaced in its entirety with 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;**(m)<u>Lost Shareholders</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;(A)BNYM shall perform such services as are required in order to comply with Rule 17Ad-17 of the 1934 Act (the "**Rule 17Ad-17**"), including but not limited to 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)execution of required database searches for "lost securityholders", as that term is defined in Rule 17Ad-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;(ii)sending the required written notification to each "unresponsive payee", as that term is defined in Rule 17Ad-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;(iii)maintain records to demonstrate compliance with the requirements of Rule 17Ad-17, including written procedures that describe BNYM's methodology for complying with Rule 17Ad-17 and records of the results of the database searches for lost securityholders; 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;(iv)retain the records required by Rule 17Ad-17 in accordance with applicable SEC regulations.

&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)For purposes of clarification: Section 2(m)(A) does not obligate BNYM to perform the services described therein for broker-controlled accounts, omnibus accounts and similar accounts with respect to which BNYM does not receive or maintain information which would permit it to determine whether the account owner is a lost securityholder or an unresponsive payee.

&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)Upon the Fund's reasonable written request and following written agreement between the Fund and BNYM regarding responsibility for expenses relating to the request, BNYM agrees to assist the Fund: (i) in complying with any document or information requests that the Fund receives from the SEC related to the services performed by BNYM pursuant to this Section 2(m) by furnishing to the Fund copies of the Fund's standard files and reports in the BNYM System (as defined herein) and copies of documents already existing by virtue of other services performed by BNYM pursuant to this Agreement and (ii) in providing the Fund and the SEC, jointly, with access to knowledgeable personnel of BNYM, with the participation of counsel if so elected by BNYM, to answer questions of the SEC regarding the services performed by BNYM pursuant to this Section 2(m).

4. Section 2(n) is deleted and replaced in its entirety with 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;**(n)<u>Tax Advantaged Accounts</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;(i)Certain definitions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)"**Eligible Assets**" means shares of the Fund and such other assets as the Fund and BNYM may mutually agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)"**Participant**" means a beneficial owner of a Custodied 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)"**Custodied Account**" means a Tax Advantaged Account with respect to which the Custodian serves as the 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;(D)"Tax Advantaged Account" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)any of the following 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)a Traditional, SEP, Roth, or SIMPLE individual retirement account within the meaning of Section 408 of the Code ("**IRA 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)a Coverdell educational savings account within the meaning of Section 530 of the Code (collectively, "**CESA 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)403(b)(7) custodial accounts ("**403B Accounts**"); 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;(d)Money purchase and profit sharing plan accounts ("**Plan 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;(2)which is facilitated or sponsored by the Fund (or Affiliates of the Fund's investment advisor or management company and approved by the Fund) and with respect to which the contributions of Participants are or were used to purchase or invest solely in Eligible Assets.

(ii)In addition to appropriate services provided to a Custodied Account and Participants in accordance with other provisions of Section 2(a), BNYM shall provide the following administrative services to the extent the particular administrative service is appropriate under the Code, subject to applicable terms and conditions of the Code, this Agreement, Written Procedures, Account Documentation and the Fund's Prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)For IRA Accounts and CESA Accounts only: Upon receipt of a properly completed application for a Custodied Account, establish a Custodied Account in the Fund and maintain the Custodied Account thereafter in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)For IRA Accounts and CESA Accounts only: Process instructions received in good order regarding contributions, including using contribution payments actually received to purchase appropriate Eligible Assets, and keep appropriate records of contributions for tax reporting purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)Effect instructions for distributions received in good order and establish and maintain a record of the types and reasons for distributions (<u>e.g.</u>, attainment of age 59-1/2, disability, death, and, for IRA Accounts and CESA Accounts only, return of excess contributions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)For IRA Accounts, CESA Accounts and 403B Accounts only: Send blank designation of beneficiary forms to Participants and process designation of beneficiary forms completed and received from Participants in good order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)Process instructions received in good order for exchanges of Shares, rollovers, direct rollovers, conversions, transfers of assets (or the proceeds of liquidated assets) to a successor custodian or successor trustee, and, for IRA Accounts and CESA Accounts only, recharacterizations and return of excess contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)For IRA Accounts, CESA Accounts and 403B Accounts only: Upon receipt in good order of a notification of the death of a Participant, process transfers and distributions in accordance with instructions received in good order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)Prepare any annual reports or returns required to be prepared and/or filed by a custodian of Tax Advantaged Accounts, including, but not limited to, an annual fair market value report,

Form 1099R and, for IRA Accounts and CESA Accounts only, Form 5498; and file same with the Internal Revenue Service and provide same to the Participant or Participant's beneficiary, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H)For IRA Accounts, CESA Accounts and 403B Accounts only: Perform applicable federal withholding and send to the Participant or Participant's beneficiary, as applicable, an annual TEFRA notice regarding required federal tax withholding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)For IRA Accounts and CESA Accounts only: Upon the receipt after the Service Effective Date of a request to open a Custodied Account, BNYM shall provide appropriate Account Documentation (as defined below) to open the Custodied Account and thereafter as necessary to maintain the Custodied Account in compliance with the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J)For IRA Accounts, CESA Accounts and 403B Accounts only: BNYM shall maintain the Account Documentation in compliance with applicable provisions of the Code.

(iii)BNYM shall arrange for BNYM Trust, BNY Mellon Bank or other qualified institution (which may be an Affiliate of BNYM) to serve as custodian for the Tax Advantaged Accounts. The institution serving as custodian pursuant to the foregoing authorization is referred to herein as the "**Custodian**". In consideration for such service and the services of the Custodian, the Fund agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)The Fund will provide at least thirty (30) days' advance written notice to Participants in connection with a Fund liquidation or any other event or circumstance or act or course of conduct involving the Fund or assets held in a Custodied Account that would result in an involuntary liquidation of any asset held in a Custodied Account or would otherwise materially affect the Custodied Account, its operation, the rights or obligations of a Participant, any asset in a Custodied Account or the terms or provisions of a Custodied Account ("**Material Event**"), regardless of whether the Material Event was or was not described in an amendment to the Fund's Prospectus or statement of additional information, and reimburse BNYM and the Custodian for all reasonable costs, including costs of legal counsel, incurred in determining, in consideration of the Material Event, an appropriate course of conduct under the law, including the Code, and under agreements with Participants and in implementing the course of conduct determined to be appropriate. The Fund shall, in addition, provide at least sixty (60) days' advance written notice of the Material Event to BNYM, or if such notice is impractical due to circumstances beyond the Fund's control, advance written notice that in time and detail permits BNYM a reasonable opportunity to review the circumstances of the Material Event, consult with legal counsel, and prepare, print and mail materials it determines in view of its duties as Custodian under the Code and Account Documentation to be appropriate to give Participants not less than 30 days advance notice of any consequences of the Material Event on the Custodied Accounts, but in no event shall such advance written notice be given to BNYM less than 45 days in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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, at its cost and expense, at the request of BNYM or the Custodian and in accordance with all applicable provisions of the Code, will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)appoint and provide for a qualified successor custodian for all Custodied Accounts in the event this Agreement expires or is terminated or if any other event or circumstance occurs which constitutes commercially reasonable cause for the Custodian to resign as custodian of the Custodied Accounts or seek appointment of a successor custodian,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)provide for any interim custodial or transfer arrangements made appropriate by any of the circumstances governed by clause (1),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)cause all Custodied Accounts and all assets in the Custodied Accounts to transfer to such successor or interim custodians; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)notify appropriate parties of custodial resignations and appointments.

(C)At its cost and expense, the Fund will provide to persons applying to become a Participant or a Related Party, all BNYM Account Documentation that BNYM or the Custodian has most recently designated as the current version of the BNYM Account Documentation, including without limitation all privacy notices of BNYM and the Custodian, obtain the signature of all such persons on the appropriate BNYM Account Documentation, and, to the extent requested by BNYM, furnish a copy of the executed BNYM Account Documentation to BNYM. The performance by BNYM and the Custodian of the respective obligations set forth in this Section 2(n) subsequent to the Transfer Date shall be contingent upon the Fund's compliance with this Section 2(n)(iii)(C) and the Fund shall upon the reasonable request of BNYM certify to its compliance with this Section 2(n)(iii)(C) or otherwise verify or provide verification of its compliance with this Section 2(n)(iii)(C). Upon notice to the Fund, BNYM shall not be obligated to convert to the BNYM System, or provide a Custodian for, any Tax-Advantaged Accounts of the Fund which BNYM reasonably determines are not bound by BNYM Account Documentation or by account documentation substantially similar in all material respects with the BNYM Account Documentation.

(D)Subsequent to the Transfer Date, in the event of changes to the BNYM Account Documentation or other need to communicate in writing with Participants or Related Parties: (aa) the Custodian may directly furnish new or revised BNYM Account Documentation and any other written notifications, materials and communications which it reasonably determines to be appropriate to its role as custodian ("**Related Custodian Materials**") to Participants and Related Parties at the Fund's cost and expense, payable upon being invoiced for same, or (bb) in lieu of the distribution method provided for in clause (aa) with respect to

particular BNYM Account Documentation or Related Custodian Materials, the Fund will, at its cost and expense, upon the reasonable request of BNYM or the Custodian include such items in a Fund mailing of Fund materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)In consideration for BNYM or the Custodian furnishing any one or more of the services provided for in this Section 2(n), the Fund shall pay to BNYM the related Fees and Reimbursable Expenses as set forth in the Fee Agreement. The Fund may direct BNYM to collect such Fees and Reimbursable Expenses from the assets in relevant Tax Advantaged Accounts upon appropriate disclosure to Participants, but shall remain responsible for such Fees and Reimbursable Expenses to the extent it does not so direct BNYM or such amounts are not collectable from the Tax Advantaged Accounts.

5. A new Section 2(s), which reads in its entirety as follows, is added:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(s)<u>Unclaimed Property Services</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;(A)Subject to the further provisions of this Section 2(s) and to Sections 8(a) and 26(b), BNYM shall implement procedures on behalf of the Fund that are reasonably designed for the Fund to comply on a substantial basis with the unclaimed property laws and regulations of the States and Territories of the United States (as defined below) ("**Unclaimed Property Laws**") with respect to Eligible Property (as defined below). In connection with its performance of the foregoing services ("**Unclaimed Property Services**"), BNYM shall be entitled to implement procedures consistent with practices adopted by mutual funds and other mutual fund service providers, procedures it determines represent reasonable risk based on the reasoned analysis of counsel, procedures based on communications with the agencies enforcing and administering the Unclaimed Property Laws, the administrative practices of such agencies and interpretations of the Unclaimed Property Laws by such agencies and BNYM shall not be liable for reasonable conduct undertaken in accordance with any of the foregoing. For purposes of the foregoing:

&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)"States and Territories of the United States" means the states of the United States of America, the District of Columbia, Guam, Puerto Rico, U.S. Virgin Islands and any territory or commonwealth of the United States of America with a formal local government substantially equivalent to a state government which subsequent to the Effective Date adopts a statute substantially similar to the Uniform Unclaimed Property Act of 1995 (or its then current successor).

&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)"**Eligible Property**" means property beneficially owned by a person or entity other than the Fund and held in a bank account maintained by BNYM for or on behalf of the Fund, or property held in a Fund shareholder account, which is (x) subject to reporting or escheat under an Unclaimed Property Law, (y) of a nature or type or classification reasonably related to the services performed by BNYM under this Agreement (such as cash amounts representing non-negotiated dividend checks and shares in abandoned shareholder accounts), and (z) under the control of BNYM.

&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)BNYM shall have no liability for any Loss arising (i) with respect to Eligible Property deemed abandoned or unclaimed under an Unclaimed Property Law before the UPS Commencement Date (as defined immediately below) but which was not reported or delivered to the applicable jurisdiction as required by

an Unclaimed Property Law; (ii) from any inaccuracy in, or from the absence of any data or information from, any records of the Fund relating to any period prior to the UPS Commencement Date that adversely impacts BNYM's ability to perform the Unclaimed Property Services or BNYM's ability to comply with an Unclaimed Property Law on behalf of the Fund, including without limitation absences due to the failure to record the occurrence or non-occurrence of events relevant to an Unclaimed Property Law; (iii) from any other failure of any party to comply with an Unclaimed Property Law or to perform a service required for accurate, timely and complete future compliance with an Unclaimed Property Law, other than a failure by BNYM to perform in accordance with this Section 2(s) (collectively, "**Compliance Failures**"). At its election, BNYM may in good faith seek to respond to Compliance Failures of which it becomes aware or respond to a Compliance Failure only upon the request of the Fund and in accordance with a written agreement reached with the Fund regarding the response, but BNYM shall have no liability for any course of conduct undertaken in good faith in accordance with the foregoing. The Fund alone shall be exclusively liable for and shall directly pay any fines, penalties, interest or other monetary liability, payment obligations or remediation requirements that arise due to a Compliance Failure. Notwithstanding any other provision of the Agreement, the Fund shall indemnify BNYM for all Loss BNYM suffers or incurs as a result of or in connection with any Compliance Failure, including without limitation all Loss suffered or incurred as a result of seeking in good faith to respond to the Compliance Failure. In addition to any fees and reimbursement of expenses that BNYM may be entitled to under Section 2(s), in the event BNYM performs any services in connection with Compliance Failures BNYM shall be entitled to be paid fees for such services at the rate set forth in the Fee Agreement, or if no applicable fee is set forth therein, at commercially reasonable rates, and to a reimbursement of all reasonable expenses incurred in connection with such services, and the Fund shall pay BNYM such fees and reimburse BNYM for such expenses upon being invoiced. "**UPS Commencement Date**" means the date the Fund was converted to the BNYM System or, if applicable, the date that individual accounts within the Fund were converted to the BNYM System, or, if later than either of the foregoing, the date BNYM commenced providing Unclaimed Property Services to the Fund or, if applicable, to an individual account within the Fund.

(C)(i) The Fund shall be the "holder" under all Unclaimed Property Laws, as that term or its equivalent is used and defined in the Unclaimed Property Laws, and BNYM acts solely as agent of the Fund in performing the Unclaimed Property Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Fund hereby authorizes BNYM to sign reports, to sign letters, to communicate with government representatives, current and former shareholders and other appropriate third parties and otherwise to act in all manners on behalf of and in the name of the Fund and to utilize all tax identification numbers or other appropriate identifying numbers or data of a Fund ("**Identification Data**") in the scope and manner BNYM reasonably determines to be appropriate to perform the Unclaimed Property Services, including for clarification utilizing the Identification Data associated with each specific portfolio of the Fund (including each class, series, tier or other subdivision of a portfolio, if any) for reporting purposes if such is determined to be appropriate based on an Unclaimed Property Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)In signing the abandoned property reports and other written instruments and communications appropriate to compliance with the Unclaimed Property Laws ("**Unclaimed Property Documentation**") pursuant to the

authorization granted by subsection (ii) above, BNYM does so as an agent of the Fund as holder under the Unclaimed Property Laws. In the event any law, regulation, rule, regulatory order or legal process requires the Fund to sign the Unclaimed Property Documentation or prohibits BNYM from signing the Unclaimed Property Documentation as agent, or The Bank of New York Mellon Corporation adopts a formal policy applicable to all unclaimed property clients of BNYM prohibiting BNYM from signing the Unclaimed Property Documentation as agent, the Fund shall thereafter be responsible for signing the Unclaimed Property Documentation and BNYM and the Fund shall reasonably cooperate to develop and implement procedures enabling the Fund to perform the signing function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)The Fund agrees to execute and deliver to BNYM all documentation or instruments that may be requested by BNYM to evidence the authorization of subsection (ii) above but agrees that the authority of BNYM to act on behalf of and in the name of the Fund as described above and to use the Identification Data shall not be diminished or revoked by the absence of such documentation or instruments, and the Fund irrevocably releases BNYM from any and all Claims against BNYM on the grounds of absence of the authority granted by subsection (ii) above. This Section 2(s) shall survive any termination of the 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;(D)The Fund agrees, upon the reasonable request of BNYM, 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;(i)execute and deliver to BNYM in a timely manner any reports, forms, documents and instruments reasonably determined by BNYM to be appropriate in connection with its performance the Unclaimed Property Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)respond in a timely manner to requests from BNYM for information and requests to review information or reports related to the Unclaimed Property Services; 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;(iii)Provide sufficient letterhead paper of the Fund or its electronic letterhead template for use by BNYM in communications related to the Unclaimed Property Services.

&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 Fund agrees that upon any termination of the Agreement it will cause all property held in bank accounts maintained by BNYM for or on behalf of the Fund, and all property held in Fund shareholder accounts maintained by BNYM on a Fund's behalf, to be transferred to the Fund or to a successor service provider and BNYM may condition completion of Deconversion Services on the completion of arrangements reasonably satisfactory to BNYM for such transfers.

6. A new Section 2(t), which reads in its entirety as follows, is added:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)**<u>Access To And Use Of The BNYM System</u>**. The terms of Appendix B to this Agreement shall apply to the Fund's access to and use of any component of the BNYM System (as defined in Appendix B). BNYM shall provide the Fund with access to and use of those components of the BNYM System for which the Fund pays a fee in accordance with the Fee Agreement or with respect to which the Fee Agreement indicates the fee is included in the Account Fees (as such term is used in the Fee Agreement).

7. Section 3 is deleted and replaced in its entirety with 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.<u>Anti-Money</u> <u>Laundering Services</u>**. BNYM shall perform the AML Services (as defined in Appendix C) in accordance with the terms of Appendix C.

8. Sections 4, 5 and 6 are deleted and in each case are replaced with the following: [Reserved. Intentionally Omitted.]

9. A new Section 8(e), which reads in its entirety as follows, is added:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 connection with BNYM's performance of transfer agency services, the Fund acknowledges and agrees 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)BNYM in its role as transfer agent may be notified of a Fund payment obligation that BNYM as transfer agent is expected to satisfy, such as a same-day settlement obligation with the NSCC, by forwarding payment to the NSCC or other obligee but the amount required to satisfy the particular payment obligation of the Fund may exceed the amount of funds then available for transfer in the relevant Service Accounts (such excess amount if transferred by BNYM being hereinafter referred to as an "**Overdraft Amount**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)BNYM is not obligated to transfer any funds representing Overdraft Amounts, may in its sole discretion decline without liability hereunder to transfer funds representing Overdraft Amounts, and will notify the Fund if it declines to fund an Overdraft Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Notwithstanding the absence of an obligation to do so, BNYM may elect to transfer funds representing Overdraft Amounts (from sources other than the Service Accounts) as a courtesy to a Fund and to maintain BNYM's good standing with the NSCC and other participants in the financial services industry and that by electing to transfer funds representing Overdraft Amounts BNYM does not, even if it has transferred such funds as part of a regular pattern of conduct, waive any rights under this Section 8(e) or assume the obligation it has expressly disclaimed in clause (ii) above and BNYM may at any time in its sole discretion and without notice decline to continue to make such transfers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)The Fund is at all times obligated to pay to BNYM an amount of money equal to the Overdraft Amounts that have not been offset by credits posted to the relevant Service Account subsequent to the transfer of the Overdraft Amount and such amounts are payable, and shall be paid, together with such accrued interest as may be charged by The Bank of New York Mellon ("BNY Mellon Bank") in accordance with the Custody Agreement (as defined in Appendix D), by the Fund immediately upon demand by BNYM, except that to the extent the Fund repays outstanding Overdraft Amounts and any accrued interest to BNY Mellon Bank pursuant to the tenth paragraph of Appendix D, the Fund's obligation to repay that amount to BNYM pursuant to this Section 8(e)(iv) shall be deemed satisfied; 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;(v)Simultaneously with the execution of this Agreement the Fund will execute the letter agreement attached hereto as Appendix D with BNY Mellon Bank as an Affiliated Third Party Institution in which one or more Service Accounts will be established and as the Fund Custodian.

10. Section 9(a) is deleted and replaced in its entirety with 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;&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)BNYM shall commence to provide Services to the Fund under this Agreement on April 20, 2009 and, unless terminated pursuant to its terms, shall continue until 11:59 PM on the December 31, 2027 (the "**Initial Term**").

11. Section 9(e) is deleted and replaced in its entirety with 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;(e)BNYM at its election may terminate this Agreement other than pursuant to another provision of this Section 9, solely in the event of the following conditions (a "**Permissive Termination**"): (i) a Permissive Termination Event has occurred; and (ii) BNYM delivers written notice to the affected Funds (or all Funds, if appropriate) indicating (A) it is electing to terminate this Agreement pursuant to Section 9(e), and (B) the date of such termination, which shall not be less than three hundred sixty-five (365) days from the date such notice is received by the Fund(s). A "**Permissive Termination Event**" with respect to a Fund occurs if: (A) the assets of one or more Funds serviced by The Bank of New York Mellon under the Custody Agreement are removed from the coverage of the Custody Agreement and are subsequently serviced by another service provider (including the Fund or an affiliate of the Fund) ("**Removed Assets**"), and (B) the amount of all Removed Assets, when taken in the aggregate, represents 25% or more of the aggregate assets of all Funds serviced by The Bank of New York Mellon under the Custody Agreement as of the day immediately preceding the first such removal of assets.

12. Sections 9(f), 9(g) and 9(h) are deleted and in each case are replaced with the following: [Reserved. Intentionally Omitted.]

13. A new Section 10(d), which reads in its entirety as set forth below, is added:

&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 shall implement reasonable measures to ensure that Written Instructions received by BNYM are authorized, accurate and complete and shall have sole and exclusive responsibility for the authorization, accuracy and completeness of such Written Instructions.

14. Section 17 is deleted and replaced in its entirety with 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;(a)BNYM agrees to indemnify, defend and hold harmless the Fund and its respective directors, trustees, officers, employees, shareholders, agents, affiliates, controlling persons, successors and assigns from and against any and all Losses arising from or relating to BNYM's negligence, willful misconduct, or lack of good faith in connection with its performance or non-performance under 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;(b)The Fund agrees to indemnify, defend and hold harmless BNYM and its affiliates, and the respective directors, trustees, officers, employees, shareholders, agents, affiliates, controlling persons, successors and assigns of each, from and against any and all Losses arising from or relating to (i) the Fund's negligence, willful misconduct, or lack of good faith in connection with its performance or non-performance under this Agreement; (ii) the Fund's failure to comply with applicable law in connection with its performance under this Agreement; (iii) third party Claims based on conduct of the Fund or a Fund agent, contractor, subcontractor or prior or current service provider; (iv) BNYM's response to legal process from third parties compelling testimony or evidence production from BNYM in connection with a Claim asserted against the Fund or its agents but not BNYM, and (v) conduct of BNYM taken as agent of the Fund not involving BNYM's intentional misconduct, reckless disregard, fraud or negligence,

including without limitation conduct required or permitted by the Agreement and conduct taken pursuant to fund communications and Instructions and conduct undertaken in response to Routine Information Requests.

&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 Section 17 shall survive termination of this Agreement.

15. Section 16(g)(1) is deleted and replaced in its entirety with 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;&nbsp;&nbsp;&nbsp;&nbsp;(g)(1) Subject to Section 16(g)(4), BNYM's maximum aggregate cumulative liability under this Agreement to the Fund and all persons or entities claiming through the Fund, considered as a whole, for all Loss, including without limitation obligations under Section 17, the recovery of which is not excluded by another provision of this Agreement, shall not exceed an amount equal to thirty- six (36) times the "**Monthly Average**", which is hereby defined to mean the quotient obtained by <u>dividing</u> (i) the amount of fees paid or payable by the Fund for the twelve (12) calendar months immediately prior to the last Loss Date (as defined below), <u>by</u> (ii) 12.

16. Section 23 is deleted and replaced in its entirety by 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;**23.<u>Delegation; Assignment</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;(a)Except as expressly provided in this Section 23, no party may assign, transfer or delegate this Agreement, or assign or transfer any right hereunder or assign, transfer or delegate any obligation hereunder, without the written consent of the other party and any purported assignment, transfer or delegation in violation of this Section 23 by a party shall be voidable at the option of the other party. For clarification: "assign," "transfer" and "delegate" as used in the foregoing sentence are intended to mean conveyances, whether voluntary or involuntary, whether by contract, a sale of a majority or more of the assets, equity interests or voting control of a party, merger, consolidation, dissolution, insolvency proceedings, court order, operation of law or otherwise, which fully and irrevocably vest in the assignee, transferee or delegatee, as applicable, some or all rights and/or obligations under the Agreement and fully and irrevocably divest the assignor, transferor or delegator, as applicable, of some or all rights and/or obligations under the 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;(b)Notwithstanding the foregoing, and without the prior written consent of any party: (i) to the extent appropriate under rules and regulations of the NSCC, BNYM may satisfy its obligations with respect to services involving the NSCC through an Affiliate that is a member of the NSCC by delegation or subcontracting; (ii) BNYM may assign, transfer and delegate this Agreement to an Affiliate and assign, transfer and delegate this Agreement in connection with a sale or transfer of a majority or more of its assets, equity interests or voting control, provided that in the event of such assignment, transfer or delegation, BNYM shall provide Investment Company a reasonable opportunity to perform reasonable diligence regarding such assignee, transferee or delegatee and its ability to perform the services in accordance with the Agreement following such assignment, transfer or delegation, such assignment, transfer or delegation does not impair the Investment Company's receipt of services under this Agreement in any material respect, and the assignee, transferee or delegatee agrees to be bound by all terms of this Agreement in place of BNYM, and the Funds acting collectively and not individually shall have the right, without payment of any fee or penalty, to terminate the Agreement within thirty (30) days, or such longer period as the parties may agree, of receiving the notice of assignment, transfer, or delegation by delivering a written notice of termination to BNYM, citing this

Section, and designating a termination date not less than 180 days after the date the notice is delivered to BNYM; and (iii); and BNYM may subcontract with, hire, engage or otherwise outsource to any third party with respect to the performance of any one or more of the functions, services, duties or obligations of BNYM under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall not relieve BNYM of any of its responsibilities and liabilities hereunder and BNYM shall be responsible for the compliance and noncompliance with the terms of the Agreement by any third party in connection with any such subcontracting, hiring, engaging or outsourcing.

&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)All such functions, services, duties or obligations are required to be performed by the third party shall also be performed in accordance with any applicable service levels. BNYM agrees, subject to its information security policies and procedures and confidentiality obligations to third parties, to respond in a timely manner to questions the Fund may have regarding any subcontracting with respect to which it has received notice pursuant to this Section 23.

17. A new Section 26(l), which reads in its entirety as follows, is added:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Securities Data</u>. With respect to securities data, files, reports, information and research furnished to BNYM by third parties (not delegated duties, subcontracted or otherwise engaged by BNYM to perform the services hereunder on its behalf) and included in the BNYM System ("**Securities Data**"), the Fund acknowledges that BNYM makes no warranty concerning the Securities Data and BNYM disclaims all responsibility for the Securities Data, including its content, accuracy, completeness, availability or timeliness of delivery, and BNYM shall not be liable for Loss caused by Errant Securities Data (as defined below); <u>provided</u>, <u>however</u>, with respect to transaction activity communicated to BNYM by the DTCC or NSCC, BNYM will maintain commercially reasonable processes and procedures to detect and attempt to resolve rejected transactions. "**Errant Securities Data**" means Securities Data not being provided to BNYM with the content and at the time which is standard for the industry or which is required for or used in the performance of any service provided for in the Agreement.

18. A new Section 26(m), which reads in its entirety as follows, is added:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>Insurance</u>. BNYM shall maintain insurance coverage, including without limitation cyber insurance, with reputable and financially responsible insurance companies or associations in such amounts and covering such risks as are usually carried by companies engaged in the same or a similar business; provided, however, BNYM shall have the right to self-insure in lieu of such coverage with insurance companies or associations.

19. The defined term Authorized Person in Appendix A is deleted and replaced in its entirety by 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;(c)"<u>Authorized Person</u>" means with respect to the Fund each individual identified to BNYM as an Authorized Person on the properly completed version of Appendix C most recently provided to BNYM. Any limitation on the authority of an Authorized Person of the Fund to give Instructions must be expressly set forth in Appendix C next to the individual's name.

20. The following defined terms are added to the Appendix 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)"<u>Affiliate</u>" means an entity controlled by, controlling or under common control with the subject entity, with "control" for this purpose defined to mean direct or beneficial ownership of 50% or more of the equity interests of an entity and possession of the power to elect 50% or more of the entity's directors, trustees or similar persons performing policy-making functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)"<u>Claim</u>" means any claim, demand, suit, action, obligation, liability, suit, controversy, breach, proceeding or allegation of any nature, claim for indemnification, including any threat of any of the foregoing (including but not limited to those arising out of or related to this Agreement) and regardless of the form of action or legal theory or forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)"<u>Conduct</u>" or "<u>Course of Conduct</u>" (both capitalized and uncapitalized) means a single act, two or more acts, a single instance of an action not being taken or of forbearance given, two or more instances of an action not being taken or of forbearance given, or any combination of the foregoing.

21. A new Appendix B (Terms And Conditions Governing Use Of The BNYM System), that reads in its entirety as set forth in Appendix B attached hereto, is added.

22. A new Appendix C (Anti-Money Laundering Program Services), that reads in its entirety as set forth in Appendix C attached hereto, is added.

23. A new Appendix D (Bank DDA Lien Letter), that reads in its entirety as set forth in Appendix D attached hereto, is added.

24. A new Appendix E (Authorized Persons), that reads in its entirety as set forth in Appendix E attached hereto, is added.

**II.<u>Remainder of Current Agreement</u>.** Except as specifically modified by this Amendment, all terms and conditions of each Current Agreement shall remain in full force and effect.

**III.<u>Governing Law</u>.** The governing law provision of the Current Agreements shall be the governing law provision of this Amendment.

**IV. <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 Current Agreements 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.

**V.<u>Signatures; Counterparts</u>.** This Amendment may be executed in one or more counterparts and such execution may occur by manual signature on a copy of the Amendment physically delivered, on a copy of the Amendment transmitted by facsimile transmission or on a copy of the 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 the 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.

[Remainder of page intentionally left blank]

[Signature page follows]

IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment To Transfer Agency Services Agreements 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.

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| | | | |
|:---|:---|:---|:---|
| **BNY Mellon Investment Servicing (US) Inc.** | **BNY Mellon Investment Servicing (US) Inc.** | **Each Investment Company listed on Exhibit A** | **Each Investment Company listed on Exhibit A** |
|  |  | **to the Unified Agreement, on its own behalf and,** | **to the Unified Agreement, on its own behalf and,** |
|  |  | **to the extent applicable, on behalf of each of its** | **to the extent applicable, on behalf of each of its** |
|  |  | **Portfolios listed on Exhibit A to the Unified** | **Portfolios listed on Exhibit A to the Unified** |
|  |  | **Agreement, each in its individual and separate** | **Agreement, each in its individual and separate** |
|  |  | **capacity** | **capacity** |
| By: | /s/ Sean Brumble | By: | /s/ Andrew K. Schlueter |
| Name: Sean Brumble | Name: Sean Brumble | Name: Andrew K. Schlueter | Name: Andrew K. Schlueter |
| Title: | Managing Director | Title: | Senior Vice President |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Leaders Trust** | **Corporate Leaders Trust** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Each Investment Company listed on Exhibit A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Each Investment Company listed on Exhibit A** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**to the Aetna Agreement, on its own behalf and,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**to the Aetna Agreement, on its own behalf and,** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**to the extent applicable, on behalf of each of its** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**to the extent applicable, on behalf of each of its** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Portfolios listed on Exhibit A to the Aetna** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Portfolios listed on Exhibit A to the Aetna** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Agreement, each in its individual and separate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Agreement, each in its individual and separate** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**capacity** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**capacity** |
| By: | /s/ Andrew K. Schlueter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Andrew K. Schlueter |
| Name: Andrew K. Schlueter | Name: Andrew K. Schlueter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Andrew K. Schlueter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Andrew K. Schlueter |
| Title: | Senior Vice President | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: | Senior Vice President |

---

**APPENDIX B**

**TERMS AND CONDITIONS GOVERNING USE OF THE BNYM SYSTEM**

---

| | |
|:---|:---|
| **SECTION 0.** | **GENERAL.** |

---

**0.1<u>Capitalized Terms</u>.** Capitalized terms not defined in this Appendix B shall have the meaning ascribed to them in the Main Agreement. Capitalized terms defined in this Appendix B shall have that meaning solely in this Appendix B and not in any other part of the Agreement unless expressly stated otherwise in a specific instance. References to Section numbers in this Appendix B shall mean Sections of this Appendix B unless expressly stated otherwise in a specific instance. References to the "Agreement" in this Appendix B means the Main Agreement and this Appendix B.

**0.2<u>Purpose</u>.** BNYM utilizes some components of the BNYM System to perform the Core Services. But BNYM does not utilize all components of the BNYM System to provide the Core Services. Some components of the BNYM System are maintained by BNYM and offered to customers solely to permit customers to access the data and information maintained in the BNYM System in connection with the Core Services and put it to additional uses. Consequently, Company is given rights pursuant to this Appendix B (i) to access and use components of the BNYM System, from the Company System (as defined in Section 2.7), to engage in activities that are separate and distinct and apart from the activities engaged in by BNYM to provide the Core Services, and (ii) to authorize third parties, the "Authorized Users", to access and use certain Component Systems to engage in activities that are also separate and distinct and apart from the activities engaged in by BNYM to provide the Core Services. Such access and use of the BNYM System by Company from the Company System and by Authorized Users may include the ability to input data and information into the BNYM System that BNYM utilizes in performing the Core Services but which is not required for BNYM to perform the Core Services. This ability of Company and Authorized Users to access and use the BNYM System represents a service offered by BNYM that is supplemental to the Core Services. No access to or use of the BNYM System by Company or Authorized Users is permitted, required or contemplated by the Core Services or the Main Agreement. This Appendix B governs solely those supplemental services offered by BNYM and Company's use of them.

**SECTION 1. CERTAIN DEFINITIONS.**

"**Authorized Persons**" means the persons who have been authorized by the Company in accordance with the applicable Documentation and procedures of BNYM and Section 2.1(a)(iii) to access and use the Licensed System or specific Component Systems.

"**Authorized Users**" means Authorized Persons and Permitted Users.

"**BNYM Web Application**" means with respect to a relevant Component System the collection of electronic documents and files, content, text, graphics, processes, functions, and software code, including, but not limited to, HTML and XML files, Java and JavaScript files, graphics files, animation files, data, technology, scripts, programs, interfaces and databases residing on a computer system maintained by or for BNYM, accessible via the Internet at an Internet address furnished by BNYM for use of the particular Component System.

"**Company**" means a Fund.

"**Company Data**" means (i) data and information regarding each Fund and the shareholders and shareholder accounts of each Fund which is inputted into the Licensed System and the content of records, files and reports generated from such data and information by the Licensed System, and (ii) Company 22c-2 Data (as defined in Section 6.15(a) of this Appendix B).

"**Company Web Application**" means the collection of electronic documents and files, content, text, graphics, processes, functions, and software code, including, but not limited to, HTML and XML files, Java and JavaScript files, graphics files, animation files, data, technology, scripts, programs, interfaces

and databases residing on a computer system maintained by or for the Company, connected to the Internet and utilized by the Company in connection with its use of a Component System as contemplated by applicable Documentation.

"**Component Effective Date**" means, with respect to each Component System of the Licensed System that Company is given the right to access and use, the date as of which the Company is first given such right to access and use.

"**Component System**" means, as of its relevant Component Effective Date, each Listed System and each Support Function that is part of the Licensed System and, subsequent to a relevant Component Effective Date, such Listed Systems and Support Functions as they may be changed as provided in subsection (b) of the definition of Licensed System.

"**Copy**", whether or not capitalized, means any paper, disk, tape, film, memory device, or other material or object on or in which any words, object code, source code or other symbols are written, recorded or encoded, whether permanent or transitory.

"**Core Services**" means the services described in the Main Agreement that BNYM is obligated to perform for Company (for clarification: excluding the products and services provided pursuant to this Appendix B).

"**Data Terms Web Site**" means the set of terms and conditions (as may be amended by BNYM) available at <u>http://www.bnymellon.com/products/assetservicing/vendoragreement.pdf</u> or such other location as BNYM shall notify Company in writing.

"**Documentation**" means any user manuals, reference guides, specifications, documentation, instruction materials and similar recorded data and information, whether in electronic or physical output form, that BNYM makes available to, provides access to or provides to the Company, and that describe how the Licensed System is to be operated by users and set forth the features, functionalities, user responsibilities, procedures, commands, requirements, limitations and capabilities of and similar information about the Licensed System.

"**Exhibit 1**" means Exhibit 1 to this Appendix B.

"**Employee**" and "**employee**" means officers and any employees of the Fund and officers and employees of Related Entities.

"**General Upgrade**" means (i) an Upgrade that BNYM in its sole and absolute discretion incorporates into the Licensed System at no additional fees or charges to Company, and (ii) an Upgrade that BNYM offers to incorporate into the Licensed System without charge or at such additional fees and charges as the parties shall agree in writing and that Company accepts for incorporation into the Licensed System.

"**Harmful Code**" means any computer code, software routine, or programming device designed to (a) disable, disrupt, impair, delete, damage, corrupt, reprogram, recode or modify in any way a computer processing system, computer network, computer service, a deliverable for any of the foregoing, interface, data, files, software, storage media, or computer or electronic hardware or equipment (sometimes referred to as a "Trojan horse," "worm," "virus", "preventative routine," "disabling code," or "cookie" devices); (b) impair in any way the operation of any of the foregoing based on the elapsing of a period of time, advancement of a particular date or other numeral (sometimes referred to as "time bombs," "time locks," or "drop dead" devices); or (c) permit a non-authorized party to access, transmit or utilize, as appropriate, any computer processing system, computer network, computer service, deliverable for any of the foregoing, interface, data, files, software, storage media, or computer or electronic hardware or equipment without proper consent (sometimes referred to as "lockups," "traps," "access codes," or "trap door" devices); or (d) any other similar harmful or hidden procedures, routines or mechanisms.

"**Intellectual Property Rights**" means all intellectual property rights throughout the world, including copyrights, patents, mask works, trademarks, service marks, trade secrets, inventions (whether or not patentable), know how, authors' rights, rights of attribution, and other proprietary rights and all applications and rights to apply for registration or protection of such rights and the legal rights, interests and protections afforded under applicable patent, copyright, trademark, trade secret and other intellectual property laws.

"**Licensed Services**" means all functions performed by the Licensed System. "**Licensed System**" means, collectively:

(a)as of its applicable Component Effective Date, any one or more of the following: (i) any Listed System to which the Company is given access to and use of by BNYM in its entirety in accordance with the Main Agreement; and (ii) any "**Support Function**", which is hereby defined to mean any system, subsystem, software, program, application, interface, process, subprogram, series of commands or function, regardless of the degree of separability from or integration with a Listed System, that Company is given access to and use of to support its utilization of a Listed System - items within "Support Function" and this clause (ii) could be one or more parts of a Listed System or could be items which exist apart from any Listed System but which are provided to support utilization of a Listed System.

(b)Updates, General Upgrades and Company Modifications (as defined at Section 2.16) to the Listed Systems included within clause (a)(i) above and the systems, subsystems, software, programs, applications, interfaces, processes, subprograms, series of commands and functions included within clause (a)(ii) above.

"**Listed Systems**" means the computer systems listed on Exhibit 1, whether mainframe systems, surround systems, subsystems or component systems, and in the case of the NSCC and CMS means as well the separate and distinct component systems of NSCC and CMS that BNYM may give Company access to and use of at Company's request in lieu of access to and use of the entire NSCC or CMS.

"**Main Agreement**" means all parts of this Agreement other than this Appendix B.

"**Marks**" means trademarks, service marks and trade names as those terms are generally understood under applicable intellectual property laws and any other marks, names, words or expressions of a similar character.

"**Permitted User**" means a Fund shareholder who has been authorized pursuant to applicable Documentation and procedures of BNYM to access and use IAM.

"**Product Assistance**" means assistance provided by BNYM personnel regarding the Licensed System, including regarding its impact on other software, functionality, usage and integration.

**"Proprietary Items" means:**

(a)(i) All contents of the Listed Systems, (ii) all systems, subsystems, software, programs, applications, interfaces, processes, subprograms, series of commands or functions, regardless of the degree of separability from or integration with a Listed System, and whether or not part of a Listed System, that BNYM may at any time provide any customer with access to and use of to support the customer's s utilization of a Listed System, including the Support Functions, (iii) all systems, subsystems, software, programs, applications, interfaces, processes, subprograms, series of commands or functions which BNYM utilizes in providing any of the services, or engaging in any of the activities, contemplated by this Agreement, (iv) all systems, subsystems, software, programs, applications, interfaces, processes, subprograms, series of commands or functions owned, leased, licensed or sublicensed by BNYM which interface with, provide data to or receive data from any of the foregoing, and (v) all updates, upgrades, revisions, modifications, refinements, releases, versions,

instances, translations, enhancements and improvements to and of all or any part of the foregoing, whether in existence on, or occurring prior to or subsequent to, the Effective Date (collectively, the "**BNYM Software**");

(b)all facilities, central processing units, nodes, equipment, storage devices, peripherals and hardware utilized by BNYM in connection with the BNYM Software (the "**BNYM Equipment**");

(c)all documentation materials relating to the BNYM Software, including materials describing functions, capabilities, dependencies and responsibilities for proper operation of the Licensed System, including the Documentation, and all updates, upgrades, revisions, modifications, refinements, releases, versions, translations, enhancements and improvements to or of all or any part of foregoing (the "**BNYM Documentation**", and together with the BNYM Software and the BNYM Equipment, the "**System**" or the "**BNYM System**") and all versions of the BNYM System as they may exist after the Effective Date or may have existed at any time prior to the Effective Date;

(d)all methods, concepts, visual expressions, screen formats, file and report formats, interactivity techniques, engine protocols, models and design features used in the BNYM System;

(e)source code and object code for all of the foregoing, as applicable;

(f)all derivative works, inventions, discoveries, patents, copyrights, patentable or copyrightable items and trade secrets prepared or furnished by or for BNYM in connection with the performance of the services or in connection with any activities of the parties related to this Agreement;

(g)all materials related to the testing, implementation, support and maintenance of all of the foregoing;

(h)all other documentation, manuals, tutorials, guides, instructions, policy and procedure documents and other materials in any recorded medium prepared or furnished by or for BNYM in connection with the performance of the Licensed Services or in connection with any activities of the parties related this Agreement;

(i)the contents of all databases and other data and information of whatsoever nature in the BNYM System, other than Company Data, whether residing in the BNYM System or existing outside the BNYM System in recorded form whether in hardcopy, electronic or other format; and

(j)all copies of any of the foregoing in any form, format or medium.

"**Related Entity**" means an entity that is not a competitor of BNYM in the transfer agency or omnibus subaccounting business services that provides investment advisory, investment management or administrative services to the Fund pursuant to one or more material agreements between the Fund and such entity filed with the SEC (or, if the Fund is not registered with the SEC, pursuant to one or more material agreements that would be required to be filed with the SEC if the Fund were registered with the SEC).

"**Terms of Use**" means any privacy policy, terms of use or other terms and conditions made applicable by BNYM in connection with the Company's or an Authorized User's access to and use of a Component System or a BNYM Web Application or other access site or access method, including without limitation the Data Terms Web Site.

"**Third Party Products**" means the products or services of parties other than BNYM that constitute part of the Licensed System.

"**Third Party Provider**" means licensors, subcontractors and suppliers of BNYM furnishing the Third Party Products.

"**United States**" means the states of the United States of America and the District of Columbia.

"**Update**" means a modification to a Component System necessary to maintain the operation of the Component System in compliance with the Documentation in effect as of the Component System's applicable Component Effective Date and includes without limitation modifications correcting any design or operational errors in the Component System and modifications enabling the Component System to be operated in any revised operating environment issued by BNYM and excludes Upgrades.

"**Upgrade**" means an enhancement to a Component System as it exists on its applicable Component Effective Date, new features and new functionalities added to the Component System as it exists on its applicable Component Effective Date, and all revisions, modifications, refinements, releases, enhancements and improvements to a Component System as it exists on its applicable Component Effective Date which change the operation of Component System rather than just bring it into compliance with the applicable Documentation.

**SECTION 2. ACCESS AND USE RIGHTS; OBLIGATIONS.**

**2.1<u>Access And Use Rights</u>**.

(a)(i) BNYM hereby grants to Company a royalty-free, non-exclusive, non-assignable, non- transferable license and right to access and use the Licensed System in the United States through Employees (other than as expressly permitted otherwise by Section 2.1(a)(ii) below), solely in accordance with applicable Documentation, through the interfaces and telecommunication lines designated by BNYM, solely to perform the Licensed Services for the internal business purposes of the Company, solely in support of the Core Services and solely for so long as applicable fees are paid by Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The right granted by Section 2.1(a)(i) includes, where such access and use is expressly contemplated by the Documentation applicable to a particular Component System to which the Company has been given access and use, the right to authorize persons not Employees to access and use in the United States the specified Component System strictly in compliance with applicable Documentation, through the interfaces and telecommunication lines designated by BNYM, solely to perform the Licensed Services in support of the Core Services and solely for so long as applicable fees are paid by Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Except with respect to Fund shareholders seeking to access IAM, to exercise the right contained in Section 2.1(a)(i) or Section 2.1(a)(ii) the Company must designate such persons to BNYM and approve them in a writing that conforms to the requirements of applicable Documentation and procedures of BNYM and furnish any information reasonably requested by BNYM. Upon BNYM's approval of a designated person (which approval will not be unreasonably withheld), BNYM issue appropriate Security Codes for each such person. Company shall notify BNYM in writing of any Authorized Person to be deactivated and return any secure identification devices issued to such Authorized Person. Upon receipt of Company's deactivation notice and any secure identification devices, BNYM shall deactivate the Security Codes for such Authorized Person, at which point such person shall no longer be deemed an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Access to IAM for Fund shareholders shall occur in accordance with the Documentation applicable to IAM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)The Company shall be responsible and liable for compliance by all Authorized Users with all applicable terms of this Appendix B, whether or not in an individual instance an Authorized User is an Employee.

(b)Company may not, and shall not, under any circumstances (i) grant any license or sublicense to any license or right granted by this Section 2.1, (ii) assign, delegate or transfer in any manner, in whole or in part, or attempt to do any of the foregoing, with respect to any license or right granted by this

Section 2.1, or (iii) use the Licensed System to provide services to third parties, other than shareholders of its Funds, or for any other purpose other than that described in Sections 2.1(a)(i) and (ii).

(c)The grant of rights in this Section 2.1 shall be construed narrowly. No right is conferred

hereunder to Company or to any other party, except the right expressly provided for in this Section 2.1. The rights granted by this Section 2.1 shall immediately terminate without further action required on anyone's part, including without prior notification, upon the termination or expiration of the Agreement. BNYM and its licensors reserve all rights in the BNYM System not expressly granted to Company in this Section 2.1. Nothing in this Section 2.1 shall be construed to give Company rights of any nature in source code. The rights granted to Company by this Section 2.1 are sometimes referred to herein as the "**Licensed Rights**".

(c)For clarification:

Company may be given access to and use of a Listed System which contains integration points or links to one or more Support Functions that are part of a Listed System to which the Company has not been given access and use ("**Linked Functions**"). The Licensed Rights granted by this Section 2.1 to access and use a particular Listed System containing integration points or links to Linked Functions includes the right to access and use such Linked Functions, does not include the right to use the entire Listed System containing the Linked Functions or other subsystems, software, programs, applications, interfaces, processes, subprograms, series of commands or functions in that Listed System. To the extent exercise of Licensed Rights hereunder inadvertently or otherwise results in access to or use of a Component System or other system, subsystem, software, program, application, interface, process, subprogram, series of commands or function which is not part of the its Licensed System, all terms of this Agreement shall apply to such access and use.

**2.2<u>Documentation</u>.** Company shall use the Licensed System solely and strictly in accordance and compliance with the Documentation provided or made available to Company by BNYM from time to time and any specifications contained therein. Company may copy the Documentation solely to the extent reasonably necessary for routine backup and disaster recovery purposes and upon request of an applicable regulatory authority. Company shall pay BNYM such fees as it has established for copies of the Documentation, if any, as listed in the Fee Agreement.

**2.3<u>Third Party Software and Services</u>.** Company acknowledges that Third Party Products may constitute part of the Licensed System. Company's use of Third Party Products shall be subject to the terms and conditions of this Agreement; <u>provided</u>, <u>however</u>, access, use, maintenance and support of Third Party Products made available to Company after an applicable Component Effective Date may be conditioned upon Company's execution of an agreement with the applicable Third Party Provider ("**Third Party Agreement**") which would provide for certain rights and obligations between the Company and the Third Party Provider ("**Direct Third Party Product**"), in which case the terms of the Third Party Agreement will also apply to Company's use of the particular Third Party Product. Notwithstanding the foregoing sentences of this Section 2.3, Company acknowledges that BNYM is not responsible for, nor does BNYM warrant the performance or other features of, nor can it fix errors or defects in, third party software and services and BNYM's sole obligation with respect to third party software and services is to inform the third party of any errors, defects, deficiencies or other matters regarding the third party software and services of which BNYM is made aware by Company and to request and pursue in a commercially reasonable manner remediation of the errors, defects or deficiencies by the third party to the extent BNYM reasonably determines remediation to be available pursuant to the terms of BNYM's agreement with the third party.

**2.4<u>Compliance With Applicable Law</u>.** Company shall comply with all laws, regulations, rules and orders of whatsoever nature of governmental bodies and authorities (whether legislative, executive, independent, self-regulatory or otherwise) applicable to the business or activities in connection with which it utilizes the Licensed System.

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**2.5<u>Responsibility For Use</u>**.

(a)The Company alone will be responsible for furnishing, or arranging for a third party to furnish, all data and information required by the Documentation and the specifications therein for the Licensed System to function and perform in accordance with the Documentation, other than the data and information residing in the Licensed System in connection with BNYM's performance of the Core Services. BNYM shall have no liability or responsibility for any Loss caused in whole or in part by the Company's or an Authorized User's exercise of the Licensed Rights or use of the Licensed System or by data or information of any nature inputted into the Licensed System by or under the direction or authorization of Company or an Authorized User; <u>provided</u>, <u>however</u>, this Section 2.5 shall not relieve BNYM of its obligation to act in accordance with its obligations under the Main Agreement. Company shall be responsible and solely liable for the cost or expense of regenerating any output or other remedial action if the Company, an Authorized User or an agent of either shall have failed to transmit properly and in the correct format any data or information, shall have transmitted erroneous or incorrect information or data, or shall have failed to timely verify or reconcile any such data or information when it is generated by the Licensed System ("**Data Faults**").

(b)Company warrants that the data transmitted to the Licensed System by or under the direction or authorization of Company or Authorized Users will not disrupt, disable, harm, or otherwise impede in any manner the operation of the Licensed System or any associated software, firmware, hardware, or BNYM computer system or network.

**2.6<u>Internal Control Obligations</u>**.

(a)Company shall adopt and implement commercially reasonable internal control procedures regarding the use of the Licensed System, which internal control procedures shall be reasonably designed to ensure that any use of the Licensed System complies with (i) Sections 2.1, 2.2, 2.6, 2.12, 2.17 and 2.20 of this Appendix B, and (ii) applicable Documentation.

(b)Company shall establish and adhere to security policies and procedures intended to (i) safeguard the Licensed System from unauthorized or improper access and use from equipment utilized by the Company, (ii) safeguard the integrity and validity of any user identifications, passwords, mnemonics, security images, security questions and answers, token and supertoken generated character and symbols and any other data elements or information intended to restrict access to the Licensed Systems or to safeguard the information in or the operation of the Licensed System or any Component System in any manner from unauthorized users ("**Security Codes**"), and (iii) prevent unauthorized access to and protect electronically stored, processed or transmitted information. Such policies and procedures shall be at least equal to industry standards and any higher standard agreed upon by the Company and BNYM.

(c)Unless Company obtains prior written permission from BNYM, Company shall permit only Authorized Persons to use Security Codes assigned to or selected by Company with respect to the Licensed System. The Security Codes shall constitute Confidential Information of both Company and BNYM under the Agreement subject to all obligations thereunder, and Company shall not permit access to Security Codes to any person other than Authorized Persons. Company shall notify BNYM immediately if Company has reason to believe that any person who is not an Authorized Person has obtained access to a Security Code or accessed or used the Licensed System, that an Authorized Person has accessed or used the Licensed System using Security Codes not assigned to that Authorized Person, that any other loss of confidentiality with respect to a Security Code has occurred or the security of the Licensed System has otherwise been breached. BNYM shall not be responsible or liable for any unauthorized use of valid Security Codes assigned to Authorized Users. Company is solely responsible for Authorized Users' access to the Licensed System, and Company, on behalf of itself and its Authorized Users, acknowledges and agrees that BNYM has no duty or obligation to verify or confirm the actual identity of the persons who access the Licensed System or that the person who accesses the Licensed System is, in fact, an Authorized User.

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

(d)Company shall verify and confirm all information entered on the Licensed System and shall notify BNYM of any error in any information entered on the Licensed System as soon as practicable following Company's knowledge of such error.

(e)Company will not recirculate, redistribute or otherwise retransmit or re-rout the Licensed System to any third party or authorize the use of any information included on the Licensed System on any equipment or display not authorized by BNYM without BNYM's prior express written approval.

**2.7<u>Company Resources</u>**.

(a)Company will be solely responsible, at Company's expense, for procuring, maintaining, and supporting all third-party software other than Third Party Products and all workstations, personal computers, printers, controllers or other hardware or peripheral equipment at Company's sites ("**Company System**") required for Company to operate the Licensed System in accordance with the Documentation and specifications provided by BNYM from time to time. BNYM will provide Company with specifications for Company System, including any requirements relating to the connection and operation of the Company System with the Licensed System and Third Party Products. Company shall conform its operating system environment to the operating system requirements provided by BNYM for the Licensed System. Company will support and maintain the Company System as necessary to ensure its operation does not impact the Licensed System adversely or otherwise in a manner not contemplated by the Documentation.

(b)Company shall, at its own expense, devote such of the Company System and other equipment, facilities, personnel and resources reasonably necessary to (a) implement the Licensed System, (b) be trained in the use of the Licensed System, (c) perform timely any electrical work and cable installation necessary for Company's use of the Licensed System, and (d) begin using the Licensed System on a timely basis. BNYM shall not be responsible for any delays or fees and costs associated with Company's failure to timely perform its obligations under this Section 2.7.

**2.8<u>Company Telecommunications and Data Transmissions</u>**. Company will be solely responsible for complying at all times with telecommunications requirements designated by BNYM for use of the Licensed System. Any data or information electronically transmitted by or on behalf of Company to the Licensed System will be so transmitted solely and exclusively in the format specified by BNYM.

**2.9<u>Notices Of Material Increase In Use.</u>** Company shall give advance written notice to BNYM whenever Company intends to increase its scope of use of the Licensed System in any material respect. Upon receipt of such notice, Company and BNYM shall mutually agree in writing on any required changes to the Company's scope of use for the Licensed System and, if applicable, the corresponding fees with respect to such increased scope.

**2.10<u>Certifications and Audits</u>.** Company shall promptly complete and return to BNYM any certifications which BNYM in its sole reasonable discretion may from time to time send to Company, certifying that Company is using the Licensed System in material compliance with the terms and conditions set forth in this Agreement. BNYM may, at its expense and after giving at least 30 days' written notice to Company, virtually audit Company's utilization of the Licensed System and the scope of use and information during normal business hours pertaining to Company's compliance with the provisions of this Agreement. The foregoing right may be exercised directly by BNYM or by delegation to an independent auditor acting on its behalf.

**2.11<u>Taxes</u>**. The amounts payable by Company to BNYM in consideration of the performance of services by BNYM under the Agreement, including providing access to and use of the Licensed System pursuant to this Appendix B, do not include, and Company will timely pay, all federal, state and local taxes (including sales, use, excise and property taxes), if any, assessed or imposed in connection therewith, <u>excluding</u> any taxes imposed upon BNYM based upon BNYM's net income.

**2.12<u>Use Restrictions</u>**.

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

(a)Company and its Authorized Users will not do or attempt to do, and Company and its Authorized Users will not knowingly or through its negligence permit any other person or entity to do or attempt to do, any of the following, directly or indirectly:

(i) use or access or attempt to use or access any Proprietary Item for any purpose, at any location or in any manner not specifically authorized by this Agreement;

(ii) make or retain any copy of any Proprietary Item except as specifically authorized by this Agreement;

(iii) create, recreate or obtain the source code for any Proprietary Item;

(iv) refer to or otherwise use any Proprietary Item as part of any effort to develop other software, programs, applications, interfaces or functionalities or to compete with BNYM or a Third Party Provider;

(v) modify, adapt, translate or create derivative works based upon any Proprietary Item, or combine or merge any Proprietary Item or part thereof with or into any other product or service not provided for in this Agreement and not authorized in writing by BNYM;

(vi) remove, erase or tamper with any copyright or other proprietary notice printed or stamped on, affixed to, or encoded or recorded in any Proprietary Item, or fail to preserve all copyright and other proprietary notices in any copy of any Proprietary Item made by Company;

(vii) sell, transfer, assign or otherwise convey in any manner any ownership interest or Intellectual Property Right of BNYM, or market, license, sublicense, distribute or otherwise grant, or subcontract or delegate to any other person, including outsourcers, vendors, consultants, joint venturers and partners, any right to access or use any Proprietary Item, whether on Company's behalf or otherwise;

(viii) subcontract for or delegate the performance of any act or function involved in accessing or using any Proprietary Item, whether on Company's behalf or otherwise;

(ix) reverse engineer, re-engineer, decrypt, disassemble, decompile, decipher, reconstruct, re-orient or modify the circuit design, algorithms, logic, source code, object code or program code or any other properties, attributes, features or constituent parts of any Proprietary Item;

(x) take any action that would challenge, contest, impair or otherwise adversely effect an ownership interest or Intellectual Property Right of BNYM;

(xi) use any Proprietary Item to provide remote processing, network processing, network communications, a service bureau or time sharing operation, or services similar to any of the foregoing to any person or entity, whether on a fee basis or otherwise;

(xii) allow Harmful Code into any Proprietary Item, as applicable, or into any interface or other software or program provided by it to BNYM, through Company's systems or personnel or Company's use of the Licensed Services or Company's activities in connection with this Agreement; or

(xiii) engage in, or attempt to engage in, vulnerability assessments or penetration testing of the BNYM System of any nature, "ethical hacking", "white hat hacking" or similar hacking of the BNYM System of any nature, or any other process or procedure intended to identify or exploit flaws, vulnerabilities or weaknesses in the BNYM System, or otherwise engage in or attempt to engage in any activity to use, access, test or harm the BNYM System or expose BNYM to harm through the BNYM System, other than access and use authorized by BNYM in accordance with security measures and access methods approved by BNYM.

(b)Company shall, promptly after becoming aware of such, notify BNYM of any facts, circumstances or events regarding its or an Authorized User's use of the Licensed System that are reasonably likely to constitute or result in a breach of this Section 2.12, and take all reasonable steps requested by BNYM to prevent, control, remediate or remedy any such facts, circumstances or events or any future occurrence of such facts, circumstances or events.

**2.13<u>Restricted Party Status</u>.** Company warrants at all times that it is not a "**Restricted Party**", which shall be defined to mean any person or entity: (i) located in or a national of Cuba, Iran, Libya, North Korea, Sudan, Syria, or any other countries that may, from time to time, become subject to U.S. export controls for anti-terrorism reasons or with which U.S. persons are generally prohibited from

engaging in financial transactions; (ii) on the U.S. Department of Commerce Denied Person's List, Entity List, or Unverified List; U.S. Department of the Treasury list of Specially Designated Nationals and Blocked Persons; or U.S. Department of State List of Debarred Parties; (iii) engaged in activities involving nuclear materials or weapons, missile or rocket technologies, or proliferation of chemical or biological weapons; (iv) affiliated with or a part of any non-U.S. military organization, or (v) designated by the U.S. Government to have a status equivalent to any of the foregoing. If Company becomes a Restricted Party during the term of this Agreement, the Licensed Rights shall terminate immediately without notice and Company shall have no further rights to use the Licensed System.

**2.14<u>Mitigation Measures</u>.** Company shall take commercially reasonable measures (except measures causing it to incur out-of-pocket expenses which BNYM does not agree in advance to reimburse) to mitigate losses or potential losses to BNYM, including taking verification, validation and reconciliation measures that are commercially reasonable or standard practice in the Company's business.

**2.15<u>Company Dependencies</u>.** To the extent an obligation of BNYM under this Appendix B is dependent and contingent upon Company's or Authorized User's performance of an action or refraining from performing an action that has been specified or described in this Appendix B or the Documentation or that is part of practices and procedures which are commercially reasonable or standard in the user's industry ("**Company Dependency**"), BNYM shall not be liable for Loss to the extent caused by or resulting from, or that could have been avoided but for, a failure to properly perform or a delay in properly performing a Company Dependency and BNYM's obligation to perform an obligation contemplated by this Agreement shall be waived or delayed to the extent the performance of the related Company Dependency is not properly performed or is delayed.

**2.16<u>Software Modifications</u>.** Company may request that BNYM, at Company's expense, develop modifications to the software constituting a part of the Licensed System that BNYM generally makes available to customers for modification (**"<u>Software</u>"**) that are required to adapt the Software for Company's unique business requirements. Such requests, containing the material features and functionalities of all such modifications in reasonable detail, will be submitted by Company in writing to BNYM in accordance with the applicable, commercially reasonable procedures maintained by BNYM at the time of the request. Company shall be solely responsible for preparing, reviewing and verifying the accuracy and completeness of the business specifications and requirements relied upon by BNYM to estimate, design and develop such modifications to the Software. BNYM shall have no obligation to develop modifications to the Licensed System requested by Company, but may in its discretion agree to develop requested modifications which it, in its sole discretion, reasonably determines it can accomplish with existing resources or with readily obtainable resources without disruption of normal business operations provided Company agrees at such time in writing to pay all costs and expenses, including out-of-pocket expenses, associated with the customized modification. BNYM shall be obligated to develop modifications under this Section 2.16 only upon the execution of and in accordance with a writing containing, to BNYM's reasonable satisfaction, all necessary business and technical terms, specifications and requirements for the modification, acceptance testing and implementation, as determined by BNYM in its sole judgment exercised reasonably ("**Customization Order**") and Company's agreement to pay all costs and expenses, including out-of- pocket expenses, associated with the customized modification, including any increases due to the engagement of resources outside BNYM to perform the modification, such resources to be identified in the Customization Order (such portion of the Customization Order being the "**Customization Fee Agreement**"). All modifications developed and incorporated into the Licensed System pursuant to a Customization Order are referred to herein as "**Company Modifications**". BNYM may make Company Modifications available to all users of the Licensed System, including BNYM, at any time after implementation of the particular Company Modification and any entitlement of Company to reimbursement on account of such action must be contained in the Customization Fee Agreement. In accordance with Section 3.1, BNYM shall be the sole and exclusive owner of any Company Modifications (including all source code relating thereto) and all Intellectual Property Rights therein or relating thereto.

**2.17<u>Export of Software</u>.** The Company and Authorized Users are without exception prohibited from (i) accessing or using the BNYM System outside the United States, or (ii) exporting, transmitting, transferring or shipping any Proprietary Item to a country or jurisdiction outside the United States. No provision of the Agreement shall be interpreted to require BNYM to permit access or use outside the United States or to export any Proprietary Item to a country or jurisdiction outside the United States. The Company shall comply with all applicable export and re-export restrictions and regulations of the U.S. Department of Commerce or other U.S. agency or authority and the Company may not transfer a Proprietary Item in violation of any such restrictions and regulations.

**2.18<u>Authorized Users Contemplated By Documentation</u>**. Notwithstanding any other provision of the Agreement, to the extent Documentation applicable to a particular Component System contemplates that Company Data will be transmitted or transferred to an Authorized User outside the BNYM System, that Company Data will be made available within the BNYM System for retrieval by an Authorized User for use outside the BNYM System, that the Company Data will be provided or made available to Authorized Users within the BNYM System for use by the Authorized User within the BNYM System or within a system of the Authorized User, or that the Company may authorize Authorized Users to access and use Company Data contained within the Licensed System in any other manner:

(i)The Company hereby grants to BNYM a worldwide, royalty-free, non-exclusive right and license to display the Company Data through any BNYM Web Application contemplated by the Documentation for the applicable Component System and hereby authorizes and directs BNYM, as appropriate, to transmit, transfer, make available and provide the Company Data to Authorized Users, as contemplated by the Documentation applicable to the particular Component System, including without limitation through the Internet via a BNYM Web Application or other communication link or method or access site or method designated by BNYM for use of the particular Component System;

(ii)The Company hereby authorizes and directs BNYM, (A) to permit Authorized Users to view and use Company Data within the Licensed System as contemplated by applicable Documentation, (B) to act on behalf of a shareholder in any way contemplated by applicable Documentation and authorized by the Company in accordance with applicable Documentation, including to effect purchases, sales, redemptions, distributions, exchanges, transfers and other activities and to change the status, data or information involving a shareholder account or assets in a shareholder account, and (C) to the extent contemplated by applicable Documentation, to permit Authorized Users to download and store, copy in on-line and off-line form, reformat, perform calculations with, and distribute, publish, transmit, and display the Company Data in the systems of the Authorized User and to and through any relevant BNYM Web Application;

(iii)Company acknowledges and agrees that it is solely responsible for Company Data, and Company shall indemnify and defend BNYM against any third party claim alleging that the Company Data or BNYM's use thereof infringes on any Intellectual Property Right or other proprietary right of such party;

(iv)The Company shall have sole responsibility for imposing any desired use restrictions on Authorized Users to the extent use restrictions are contemplated by the applicable Documentation and BNYM shall cooperate in a commercially reasonable manner in imposing such use restrictions to the extent the applicable Documentation contemplates a role for BNYM in imposing such use restrictions;

(v)The Company acknowledges and agrees that it alone is responsible for entering into agreements with Authorized Users governing the terms and conditions, as between the Company and the Authorized User, of the Authorized User's use of the Company Data; the Company releases BNYM from any and all responsibility and duty for obtaining any such agreements, including agreements relating to confidentiality and privacy of the data and information, and for any monitoring, supervision or inspection of Authorized Users of any nature; the Company releases

BNYM from any Loss the Company may incur, and will indemnify and defend BNYM for all Loss it may incur, arising or resulting from or in connection with Company Data after BNYM, as appropriate, transmits, transfers, makes available or provides the Company Data to the Authorized User in accordance with applicable Documentation, whether through a BNYM Web Application or otherwise;

(vi)The Company shall be responsible and liable to BNYM for the acts and omissions of Authorized Users while accessing and using a Component System pursuant to authorization from the Company and any person obtaining access to a Component System through Company or its Authorized Users or through use of any Security Code, whether or not Company or an Authorized User authorized such access and shall indemnify and defend BNYM for all Loss arising from or related to acts or omissions by an Authorized User or other person as described above that would constitute a breach of this Appendix B if committed by the Company, that constitute negligent conduct or willful misconduct or that constitute a breach of a duty of the Authorized User imposed by this Appendix B; and

(vii)BNYM may immediately terminate access to and use of the Licensed System by an Authorized User if BNYM reasonably believes conduct of the Authorized User would constitute a breach of this Appendix B if committed by the Company, constitutes negligent conduct or willful misconduct, or constitutes a breach of a duty of the Authorized User or the Company imposed by this Appendix B, applicable Documentation or applicable Terms of Use.

**2.19<u>Communications with Third Parties regarding Component System Services</u>**. The Company shall be solely responsible for communicating with third parties to the extent such is reasonably required for services to be provided in accordance with the Documentation for the particular Component System.

**2.20<u>Compliance with Terms Of Use</u>.** The Company's and, to the extent applicable in connection with a particular Component System, each Authorized User's use of a Component System, a BNYM Web Application and any other access site or access method to a particular Component System shall be conducted in material compliance with applicable Terms of Use. In addition, Authorized Users shall be required to comply with requirements set forth in applicable Documentation, including requirements relating to Security Codes, as a condition to use of particular Component Systems.

**2.21<u>Third Party Providers To The Company</u>.** The Company shall have sole responsibility to maintain through itself or its agents all agreements with third party providers that may be appropriate for use of a Component System and to pay as they come due all fees and charges associated with such agreements either directly or as passed through on invoices of BNYM.

**2.22<u>Fees</u>.** The Company shall be obligated to pay to BNYM such fees and charges for access and use of any part of the Licensed System as may be set forth in the Fee Agreement and such fees and charges shall be paid in accordance with any applicable provisions set forth in the Main Agreement.

**SECTION 3. PROVISIONS REGARDING BNYM.**

**3.1<u>Right to Modify</u>.** BNYM may alter, modify or change the Licensed System or any component, code, language, function, format, design, architecture, security measure or other element of whatsoever nature of the Licensed System and implement such alterations, modifications and changes into the Documentation and/or the Licensed System as Updates or Upgrades applicable to Company's continued use of the Licensed System after such implementation; <u>provided</u>, <u>however</u>, at no time shall this section be interpreted in such a manner as to allow BNYM by such alterations, modifications or changes to alter the License granted by Section 2.1 or modify any other service obligation of BNYM under this Agreement.

**3.2<u>Training and Product Assistance</u>.** BNYM agrees to use commercially reasonable efforts to provide requested training and Product Assistance for Company's personnel at BNYM's facilities or at

Company's facilities in connection with access to and use of the Licensed System and subsequent Updates, as reasonably requested by Company, at BNYM 's then-current charges and rates for such services. All reasonable travel and out-of-pocket expenses incurred by BNYM personnel in connection with and during such training or Product Assistance shall be borne by Company upon pre- approval in writing.

**3.3<u>Monitoring</u>.** BNYM is not responsible for Company's or Authorized User's use of the Licensed System but shall have the right to monitor such use on BNYM's network solely to verify compliance with the terms and conditions set forth herein and for operational purposes related to the delivery of services by the Licensed System.

**3.4<u>BNYM Failure to Receive Data</u>.** BNYM shall not be liable for data or information which the Company, an Authorized User or an agent of either transmits or attempts to transmit to BNYM in connection with its use of a Component System and which is not received by BNYM or for any failure of a Component System to perform a function in connection with any such data or information. BNYM shall not be obligated to ascertain the accuracy, actual receipt by it or successful transmission to it of any data or information in connection with the Company's or an Authorized User's use of a Component System or to confirm the performance of any function by a Component System based on the transmission of instructions, data or information to BNYM in connection with such use by the Company or an Authorized User. Sole responsibility for the foregoing shall rest with the party initiating the transmission.

**3.5<u>ACH Activity</u>.** To the extent contemplated by the Documentation, and to the extent authorized by the Company and agreed to by BNYM in its sole discretion, BNYM will accept bank account information over the Internet or other communication channel from Authorized Users and take such other actions as may be appropriate to facilitate movement of money to and from shareholder accounts through the Automated Clearing House ("**ACH**"). The Company shall be solely responsible for all market risk (gain/loss liability) associated with transactions utilizing the ACH process.

**SECTION 4. OWNERSHIP RIGHTS AND OTHER RIGHTS.**

**4.1<u>BNYM Ownership</u>**.

(b)In the event a Company Web Application contains a Proprietary Item or other intellectual property of BNYM, including, but not limited to, rights in copyrighted works, trademarks and trade dress, BNYM shall retain all rights in such Proprietary Item or other intellectual property. To the extent a Proprietary Item or other intellectual property of BNYM is duplicated within a Company Web Application to replicate the "look and feel," "trade dress" or other aspect of the appearance or functionality of a BNYM Web Application or other component of the BNYM System, BNYM grants to the Company a limited, non-exclusive, non-transferable right to use such Proprietary Item or other

intellectual property for the duration of its authorized use of the applicable Component System. The right granted by the foregoing sentence is limited to the intellectual property needed to replicate the appearance of the particular BNYM Web Application or other component of the BNYM System and does not extend to any other Proprietary Item or other intellectual property owned by BNYM.

Company shall immediately cease using such Proprietary Item or other intellectual property immediately upon termination of the Licensed Rights governing the relevant Component System.

(c)This Agreement is not an agreement of sale, and no title, patent, copyright, trademark, service mark, trade secret, intellectual property or other ownership rights to any Proprietary Items are transferred to Company by virtue of this Agreement. Upon BNYM's request, the Company shall promptly inform BNYM in writing of the quantity and location of any tangible Proprietary Item furnished to Company in connection with this Agreement. Nothing contained in this Agreement, no disclosure of BNYM Confidential Information and no use of Proprietary Items hereunder shall be construed as granting to or conferring on Company any rights, by license or otherwise, for any invention, discovery or improvement made, conceived, or acquired by BNYM prior to or after the date hereof. No patent application that may hereafter be made, and no claim to any trade secret or other protection, shall be prejudiced by any disclosure of Confidential Information or use of Proprietary Items hereunder. Any sale, assignment or transfer of any nature or in any manner, or any attempt to do such, by Company or any party through Company of any ownership interest or Intellectual Property Right of BNYM in the Proprietary Items shall be void. Any subcontracting or delegation of any right to access or use a Proprietary Item and any subcontracting for or delegation of the performance of any activities or functions involved in accessing or using a Proprietary Item shall be void and unenforceable against BNYM.

**4.2<u>Company Ownership</u>.** Company will own its respective right, title, and interest, including Intellectual Property Rights, in and to the Company Data. Company hereby grants BNYM a limited, nonexclusive, nontransferable license to access and use the Company Data, and consents to BNYM's permitting access to, transferring and transmitting Company Data, all as appropriate to Company's use of the Licensed Rights or as contemplated by the Documentation.

**4.3<u>Mutual Retention of Certain Rights</u>.** Each party acknowledges and agrees that, other than the Licensed Rights provided for by Section 2.1 of this Appendix B, this Agreement does not give a party any right, title or interest in or to any ownership or other rights of the other party to property. Any software, interfaces or other programs a party provides to the other party hereunder (i) shall be used solely by such receiving party and only during the term of the Agreement and only for the purpose it was provided and in accordance with the provisions of this Agreement, and (ii) shall not be used by such party or any affiliate for any other purpose or to connect to or with any other person. To the extent the Intellectual Property Rights of one party are cached to expedite communication, such party grants to the other party a limited, non-exclusive, non-transferable right to use such Intellectual Property Rights for a period of time no longer than that reasonably necessary for the communication and a party shall immediately cease using such Intellectual Property Rights immediately upon termination of the Licensed Rights governing the relevant Component System.

**4.4<u>Use of Hyperlinks</u>.** To the extent use of hyperlinks is contemplated by the Documentation for a particular Component System: The Company hereby grants to BNYM a royalty-free, nonexclusive, nontransferable and revocable right to use the Company's hyperlink in connection with the relevant Licensed Services; BNYM hereby grants to the Company a royalty-free, nonexclusive, nontransferable and revocable right to use BNYM 's hyperlink in connection with providing the relevant Licensed Services; each party shall reasonably cooperate with the other party concerning the placement, location and destination of such hyperlinks; and a party shall immediately cease using another party's hyperlink immediately upon termination of the Licensed Rights governing the relevant Component System.

**4.5<u>Use of Marks</u>.** To the extent one party's Marks must be utilized by the other party in connection with the operation of a particular Component System or the Licensed Services related to the particular Component System: the Company hereby grants to BNYM a non-exclusive, limited right to use its Marks solely in connection with the Licensed Services provided by the Component System;

BNYM hereby grants to the Company a non-exclusive, limited right to use its Marks solely in connection with the Licensed Services provided by the Component System; all use of Marks shall be in accordance with the granting party's reasonable policies regarding the advertising and usage of its Marks as established from time to time; the Company hereby grants BNYM the right to display the Company's Mark's on applicable BNYM Web Applications and in advertising and marketing materials related to the BNYM Web Application and the Licensed Services provided by the relevant Component System; each party shall retain all right, title and interest in and to its Marks worldwide, including any goodwill associated therewith, subject to the limited right granted in this Section 4.5; use of the Marks hereunder by the grantee pursuant to this limited right shall inure to the benefit of the trademark owner and grantees shall take no action that is inconsistent with the trademark owner's ownership thereof; each party shall exercise reasonable efforts within commercially reasonable limits, to maintain all on- screen disclaimers and copyright, trademark and service mark notifications, if any, provided to it by the other party in writing from time to time, and all "point and click" features relating to Authorized Users' acknowledgment and acceptance of such disclaimers and notifications; and a party shall immediately cease using another party's Marks immediately upon termination of the Licensed Rights governing the relevant Component System.

**SECTION 5. INDEMNIFICATION; WARRANTIES.**

**5.1<u>Infringement Indemnification</u>**.

(a)BNYM shall defend and indemnify Company against any third party claim alleging that the Licensed System infringes in any material respect upon any United States patent or copyright or any trade secret or other proprietary right of any person. BNYM shall have no liability or obligation under this Section 5.1 unless Company gives written notice to BNYM within ten (10) days (provided that later notice shall relieve BNYM of its liability and obligations under this Section 5.1 only to the extent that BNYM is prejudiced by such later notice) after any applicable infringement claim is initiated against Company and allows BNYM to have sole control of the defense or settlement of the claim. The remedies provided in this Section 5.1 are the Company's sole remedies for third party claims against the Company alleging infringement by the Licensed System. If any applicable claim is initiated, or in BNYM's sole opinion is likely to be initiated, then BNYM shall have the option, at its expense, to:

(i)modify or replace the Licensed System or the infringing part of the Licensed System so that the Licensed System is no longer infringing; or

(ii)procure the right to continue using or providing the infringing part of the Licensed System; or

(iii)if neither of the remedies provided for in clauses (i) and (ii) can be accomplished in a commercially reasonable fashion, eliminate the infringing part of the Licensed System from the Licensed System and refund any fees paid by the Company with respect the infringing part for future periods.

(b)Neither BNYM nor any Third Party Provider shall have any liability under any provision of this Agreement with respect to any performance problem, warranty, claim of infringement or other matter to the extent attributable to (i) Company's use of a Proprietary Item in a negligent manner or any manner not consistent with this Appendix B or Company's breach of this Appendix B; (ii) any modification or alteration of a Proprietary Item made by anyone other than BNYM or made by BNYM at the request or direction of the Company, (iii) BNYM's compliance with the instructions or requests of Company relating to a Proprietary Item; (iv) any combination of a Proprietary Item with any item, service, process or data not provided by BNYM, (v) third parties gaining access to a Proprietary Item due to acts or omissions of Company, (vi) third party software not recommended by BNYM or the use of open source software, (vii) Company's failure to license and maintain copies of any third-party software required to operate the any BNYM Software, (viii) Company's failure to operate the BNYM Software in accordance with the Documentation, or (ix) Data Faults (collectively, "**Excluded Events**"). Company will indemnify, and with respect to third party claims will defend, and hold

harmless BNYM and Third Party Providers from and against any and all Loss and claims resulting or arising from any Excluded Events.

**5.2<u>BNYM Warranty</u>.** BNYM warrants that except for Direct Third Party Products, with respect to which no warranty is made, and subject to the last sentence of Section 2.3, the Licensed System, if used in accordance with applicable Documentation, will operate in material conformity with applicable Documentation, and in the event of a breach of this Section 5.2 BNYM shall take commercially reasonable actions to restore performance of the Licensed System to the requirements of the foregoing warranty.

**5.3<u>Warranty Disclaimer</u>.** THE LICENSED SYSTEM AND ALL RELATED SERVICES ARE MADE AVAILABLE TO COMPANY ON AN "AS IS", "AS AVAILABLE" BASIS. UNLESS A SPECIFIC WARRANTY IS EXPRESSLY GIVEN IN THIS APPENDIX B, NO WARRANTY OF ANY NATURE, EXPRESS OR IMPLIED, IS MADE IN THIS APPENDIX B, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY AS TO THE AVAILABILITY, CONDITION, MERCHANTABILITY, NON-INFRINGEMENT, DESIGN, OPERATION OR FITNESS FOR OR SATISFACTION IN REGARDS TO A PARTICULAR PURPOSE.

**5.4<u>Limitation of Warranties</u>.** The warranty made by BNYM in this Appendix B, and the obligations of BNYM under this Appendix B, run only to Company and not to its affiliates, its customers or any other persons.

**SECTION 6. OTHER PROVISIONS.**

**6.1<u>Scope of Services</u>.** The scope of services to be provided by BNYM under this Agreement shall not be increased as a result of new or revised legal, regulatory or other requirements that may become applicable with respect to the Company, unless the parties hereto expressly agree in writing to any such increase. BNYM shall not be obligated to develop or implement Upgrades, but to the extent it elects to do so Section 3.1 shall apply.

**6.2<u>Additional Provision Regarding Governing Law</u>**. This Agreement will not be governed by the United Nations Convention on Contracts for the International Sale of Goods. The Uniform Computer Information Transaction Act drafted by the National Conference Of Commissioners On Uniform State Laws, or a version thereof, or any law based on or similar to such Act ("**UCITA**"), if and as adopted by the jurisdiction whose laws govern with respect to this Agreement in any form, shall not apply to this Agreement or the activities contemplated hereby. To the extent UCITA is applicable notwithstanding the foregoing, the parties agree to opt out of the applicability of UCITA pursuant to the "opt out" provisions contained therein.

**6.3<u>Third Party Providers</u>.** Except for those terms and conditions that specifically apply to Third Party Providers, under no circumstances shall any other person be considered a third party beneficiary of this Agreement or otherwise entitled to any rights or remedies under this Agreement. Except as may be provided in Third Party Agreements, Company shall have no rights or remedies against Third Party Providers, Third Party Providers shall have no liability of any nature to the Company, and the aggregate cumulative liability of all Third Party Providers to the Company shall be $1.

**6.4<u>Liability Provisions</u>**.

(a)Notwithstanding any provision of the Main Agreement or this Appendix B, BNYM shall not be liable under this Appendix B under any theory of tort, contract, strict liability or other legal or equitable theory for lost profits, for exemplary, punitive, special, incidental, indirect or consequential damages, or for any other damages which are not direct damages regardless of whether such damages were or should have been foreseeable and regardless of whether any entity has been advised of the possibility of such damages, all and each of which damages is hereby excluded by agreement of the parties.

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(b)Notwithstanding any provision of the Main Agreement or this Appendix B, BNYM's

cumulative, aggregate liability to the Company for any Loss, including Loss arising from Claims for indemnification pursuant to the Main Agreement and this Appendix B, that arises or relates to a term of this Appendix B, the recovery of which is not otherwise excluded or barred by another provision of this Agreement, shall not exceed the fees paid by Company to BNYM for use of the particular Component System with respect to which the claim of Loss was made for the six (6) months immediately prior to the date the last claim of Loss relating to the particular Component System arose.

(c)In the event of a material breach of this Appendix B by BNYM with respect to the operation of a particular Component System, Company's sole and exclusive termination remedy shall be to terminate the Licensed Rights granted by this Appendix B to the particular Component System with respect to which the material breach occurred by complying with the notice and cure period provisions in the Main Agreement applicable to a material breach of the Agreement, but the Company shall not be entitled to terminate any other provision of the Agreement or the Licensed Rights with respect to any other Component System. For purposes of clarification: The foregoing sentence is not intended to restrict, modify or abrogate any remedy available to a Company under another provision of the Agreement for a breach of Appendix B by BNYM other than the termination remedy.

**6.5<u>Assignment</u>.** Notwithstanding any provision of the Main Agreement or this Appendix B, except as expressly provided in Section 2.1 of this Appendix B, Company may not, and shall not under any circumstances, assign, license, sublicense, grant rights to use, delegate, outsource, or otherwise transfer any Licensed Rights or any right in or part thereof or any obligation under this Appendix B, and any such assignment, licensing, sublicensing, grant of rights, delegation, outsourcing or transfer, or attempt to do any of the foregoing, shall be voidable at the any time thereafter in the sole and absolute discretion of BNYM.

**6.6<u>Return of Proprietary Items</u>.** Upon a termination of this Agreement or a termination of the right to use the Licensed System or a right to use a particular Component System, or at the end of a Continuation Period (as defined in Section 6.15), as applicable, Company shall immediately cease attempts to access and use the relevant Component Systems and related Proprietary Items, and Company shall promptly return to BNYM all copies of the relevant Documentation and any other related Proprietary Items then in Company's possession. Company shall remain liable for any payments due to BNYM with respect to the period ending on the date of termination or any Continuation Period, as applicable, and any charges arising due to the termination.

**6.7<u>Conflicts</u>.** Applicable terms of the Main Agreement shall apply to this Appendix B but any conflict between a term of the Main Agreement and this Appendix B shall be resolved to the fullest extent possible in favor of the term in this Appendix B.

**6.8<u>Exclusivity</u>.** Company shall solely and exclusively use the Licensed System to perform the computing functions and services made available to the Company by the Licensed System. For clarification: this means the Company will not use any system, subsystem, component or functionality of another service provider to perform functions or services similar to those provided by the Licensed System that in any way transmits data or instructions into, derives data from, changes data in, or otherwise interacts in any manner with the BNYM System.

**6.9<u>Term</u>.** The term of this Appendix B shall be the same as the term in effect for the Main Agreement, including with respect to any renewal terms. Additionally, with respect to each Component System to which the Company is given access and use, the term applicable to BNYM's obligation to furnish the Component System and the Company's obligation to pay the fees and charges applicable to the Component System (**"<u>Component System Obligations</u>"**) shall be the same as the term applicable to the Core Services, including with respect to any renewal term. For clarification: this Appendix B and the Component System Obligations may be terminated only in connection with a termination of the Main Agreement in accordance with the termination provisions set forth in the Main Agreement, except where this Appendix specifically sets forth an additional termination right.

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**6.10<u>Confidentiality</u>.** Company agrees to maintain the confidentiality of and protect the Proprietary Items and to prevent access and use not permitted hereunder with at least the same degree of care that it utilizes with respect to its own proprietary and nonpublic material, including without limitation agreeing:

(a)not to disclose to or otherwise permit any person access to, in any manner, the Proprietary Items, or any part thereof in any form whatsoever, except that such disclosure or access shall be permitted to an employee of Company in the course of his or her employment and who is bound to maintain the confidentiality thereof;

(b)not to use the Proprietary Items for any purpose other than in connection with the Company's exercise of the Licensed Rights, without the consent of BNYM; and

(c)to promptly report to BNYM any facts, circumstances or events that are reasonably likely to constitute or result in a breach of this Section 6.10 or a breach of Section 18 of the Main Agreement with respect to the Proprietary Items, and take all reasonable steps requested by BNYM to prevent, control, remediate or remedy any such facts, circumstances or events or any future occurrence of such facts, circumstances or events.

**6.11<u>Provisions Applicable Solely to IAM</u>.** In connection with any permitted access and use of IAM, the Company agrees, at its expense, to;

(a)Provide, or retain other persons to provide, all computers, telecommunications equipment, encryption technology and other materials, services, equipment and software reasonably necessary to develop and maintain a Company Web Application as contemplated by IAM Documentation, including the functionality necessary to maintain the hypertext links to IAM ("**Company IAM Site**");

(b)Promptly provide BNYM written notice of changes in Fund policies or procedures requiring changes to the IAM settings or parameters or services ("**Parameter Changes**"); provided, however, this provision shall be interpreted to require BNYM to modify only adjustable settings and parameters already provided for in IAM in response to a Parameter Change and not to require BNYM to effect any Upgrade;

(c)Reasonably cooperate with BNYM to develop Internet marketing materials for Permitted Users and forward a copy of appropriate marketing materials to BNYM;

(d)Promptly revise and update applicable prospectuses and other pertinent materials, such as user agreements, to include the appropriate consents, notices and disclosures, including disclaimers and information reasonably requested by BNYM;

(e)With respect to the Company IAM Site, maintain all on-screen disclaimers and copyright, trademark and service mark notifications, if any, provided by BNYM in writing from time to time, and all "point and click" features relating to acknowledgment and acceptance of such disclaimers and notifications; and

(f)Design and develop the Company IAM Site functionality necessary to facilitate, implement and maintain the hypertext links to IAM and the various inquiry and transaction web pages and otherwise make the Company IAM Site available to Permitted Users.

**6.12<u>Termination and Suspension by BNYM</u>**.

(a)In the event of a material breach of this Appendix B by Company, BNYM may terminate the Licensed Rights in their entirety and all access to and use of the Licensed System by complying with the notice and cure period provisions in the Main Agreement applicable to a material breach of the Agreement.

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(b)In the event BNYM reasonably believes in good faith that any activity of the Company or an Authorized User (i) constitutes a breach of a provision of this Appendix B governing access to or use of the BNYM System, including without limitation Section 2.12(a), or (ii) presents a threat to the integrity or security of the BNYM System or the information contained within it (a "**Use Incident**"), BNYM may without incurring any liability hereunder, temporarily suspend access to and use of the Licensed System or a Component System solely for the amount of time necessary for the investigation and resolution of the issues, and shall notify the Company as soon as practicable under the circumstances of such action and the conduct believed to be a Use Incident. BNYM shall exercise this right with diligence to minimize the impact of any such suspension. The parties agree to promptly cooperate in good faith to address such issues. The Company shall indemnify BNYM for all Loss, and to the extent applicable defend BNYM against all Loss, without limitations of any nature under the Main Agreement, resulting from or arising out of or in connection with a Use Incident attributable to conduct of the Company, an Authorized User, or any person obtaining access to the Licensed System by or through such persons or through use of any Security Code, whether or not Company or an Authorized User authorized such access.

**6.13<u>Equitable Relief</u>.** Company agrees that BNYM would not have an adequate remedy at law in the event of a breach or threatened breach of a Use Provision by the Company and that BNYM would suffer irreparable injury and damage as a result of any such breach. Accordingly, in the event Company breaches or threatens to breach a Use Provision, in addition to and not in lieu of any legal or other remedies BNYM may pursue hereunder or under applicable law, Company hereby consents to the granting of equitable relief (including the issuance of a temporary restraining order, preliminary injunction or permanent injunction) against it by a court of competent jurisdiction, without the necessity of proving actual damages or posting any bond or other security therefor, prohibiting any such breach or threatened breach. In any proceeding upon a motion for such equitable relief, BNYM's ability to answer in damages shall not be interposed as a defense to the granting of such equitable relief.

**6.14<u>Survival</u>.** Sections 2.1(b), 2.12, 4.1, 4.2, 4.3, 6.10, provisions which by their nature are applicable after an agreement termination, provisions expressly stated to survive termination and any provisions appropriate to interpret such provisions or to determine the rights or obligations of the parties surviving termination of the Agreement by law, shall survive any termination of the Main Agreement, this Appendix B or the Licensed Rights.

**6.15<u>Provisions Applicable Solely to the</u> <u>22c-2 System</u>**. In connection with any permitted access and use of the 22c-2 System, the Company agrees as follows:

(a)<u>Definitions</u>. The following terms have the following meanings solely for purposes of this Section 6.15:

"**Commercially Reasonable Efforts**" means efforts that are reasonable under the circumstances for a well managed company in the securities processing industry.

"**Company 22c-2 Data**" means, collectively, the Fund Data, the Shareholder Data and the Supplemental Data.

"**Company Database**" means the database maintained within the 22c-2 System by and for Company containing the Company 22c-2 Data.

"**Financial Intermediary**" means a financial intermediary as that term is defined in Rule 22c-2.

"**Front End Data**" means the transaction data relating to the Funds and the accounts of Shareholders of the Funds (i) specified by applicable Documentation for use within the 22c-2 System to yield reports intended to assist the Company in determining the Financial Intermediaries from which additional transactional details could be requested for purposes of compliance with Rule 22c-2, and (ii) which has been selected by the Company and transmitted to the Company Database.

"**Fund Data**" means, collectively, the Front End Data and the Fund Settings.

"**Fund Settings**" means the Fund preferences, parameters, rules and settings inputted into the Company Database and 22c-2 System by Company to administer a Fund's Rule 22c-2 policies.

"**Rule 22c-2**" means Rule 22c-2 of the SEC promulgated under the 1940 Act.

"**Shareholder**" means a shareholder, as that term is defined in Rule 22c-2, of any of the Funds.

"**Shareholder Data**" means the transaction data with respect to Shareholders in a Fund requested by Company that a Financial Intermediary, for access and use by Company in the 22c-2 System, (i) delivers to BNYM by a Designated Method, or (ii) delivers to Company and is inputted into the Company Database by Company.

"**SRO**" means any self-regulatory organization, including national securities exchanges and national securities associations.

"**Supplemental Data**" means any data or information, other than the Shareholder Data and Fund Data, inputted into the Company Database by Company, or provided to BNYM and inputted into the Company Database by BNYM as an additional service, that Company has reasonably determined is necessary in the operation of the 22c-2 System for purposes of compliance with Rule 22c-2.

(b)<u>Availability</u>. BNYM shall make the 22c-2 System available to Company from 8:00 a.m. to 6:00 p.m., Eastern Time, during days the New York Stock Exchange is open for trading, except for periods therein in which BNYM suspends access for maintenance, backup, updates, upgrades, modifications required due to changes in applicable law, or other commercially reasonable purposes as reasonably determined by BNYM. BNYM will use Commercially Reasonable Efforts to limit any periods of nonavailability due to the foregoing activities.

(c)<u>Third Party Provisions</u>. Company's use of the 22c-2 System shall be subject to the terms and conditions contained in BNYM's agreements with Third Party Providers that BNYM is required by such agreements to apply to users of the software or services of the particular Third Party Provider to the extent notified of such terms and conditions by BNYM.

(d)<u>BNYM Modifications</u>. Company hereby accepts all such modifications, revisions and updates, including changes in programming languages, rules of operation and screen or report format, as and when they are implemented by BNYM, and agrees to take no action intended to have or having the effect of canceling, reversing, nullifying or modifying in any fashion the operation or results of such modifications, revisions and updates. BNYM will make Commercially Reasonable Efforts to give Company advance written notice before any such modifications, revisions or updates to the 22c-2 System go into effect.

(e)<u>Shareholder Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Company acknowledges that Financial Intermediaries, not BNYM, provide the Shareholder Data, that Company's access to the Shareholder Data through use of the 22c-2 System is dependent upon delivery of the Shareholder Data by the Financial Intermediaries, and that BNYM is not responsible or liable in any manner for any act or omission by a Financial Intermediary with respect to the delivery of Shareholder Data. Company also acknowledges that Financial Intermediaries may deliver Shareholder Data which modifies Shareholder Data previously delivered or may refuse to provide Shareholder Data and that BNYM is not responsible or liable in any manner for any such modification of Shareholder Data or any such refusal to deliver Shareholder Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Company has sole responsibility for authorizing and directing a Financial Intermediary to deliver Shareholder Data that Company may require for purposes of Rule 22c-2. BNYM shall be

obligated to receive and input into the Company Database only that Shareholder Data which has been delivered by a Financial Intermediary through the facilities maintained for such purpose by the NSCC or through the internal communications links provided in the 22c-2 System ("**Designated Methods**"). Company shall be solely responsible for inputting into the Company Database and the 22c-2 System any Shareholder Data delivered by a method other than a Designated Method.

(f)<u>Company</u> <u>22c-2 Data</u>. As between Company and BNYM, Company alone shall be responsible for obtaining all Fund Data, Shareholder Data and Supplemental Data that Company determines is required in connection with its use of the 22c-2 System. As between Company and BNYM, Company is also exclusively responsible for (i) the accuracy and adequacy of all Company 22c-2 Data; (ii) the review for accuracy and adequacy of all output of the 22c-2 System before reliance or use (provided the 22c-2 System is operating in accordance with the Documentation); and (iii) the establishment and maintenance of appropriate control procedures and back up procedures to reduce any loss of information, interruption or delay in processing Company 22c-2 Data after received by Company. Company shall comply with all applicable laws and obtain all necessary consents from any person, including Financial Intermediaries, regarding the collection, use and distribution to BNYM of Company 22c-2 Data as contemplated herein and of any other information or data regarding Company and the Funds that Company provides or causes to be provided for the purposes set forth herein.

(g)<u>Communications Configuration</u>. Company shall be responsible, at its expense, for procuring and maintaining the communications equipment, lines and related hardware and software reasonably specified by BNYM to comprise the communications configuration required for Company to use the 22c-2 System and any Updates and General Upgrades to the communications configuration.

(h)<u>Front End Data</u>. As between Company and BNYM, Company shall be solely responsible for selecting Front End Data, identifying it to BNYM and directing BNYM to transmit the identified Front End Data from the BNYM transfer agent system to the Company 22c-2 Database in the 22c-2 System. Company hereby authorizes BNYM to transmit Front End Data to the 22c-2 System without further action on anyone's part upon receiving a communication from Company identifying Front End Data for transmission to the 22c-2 System.

(i)<u>Restricted Use of Company</u> <u>22c-2 Data</u>. The Company 22c-2 Data constitutes "Confidential Information" for all purposes of Section 18 and other applicable provisions of the Main Agreement. As between the Company and BNYM, title to all Company 22c-2 Data and all related intellectual property and other ownership rights shall remain exclusively with Company. Company authorizes BNYM to maintain and use Company 22c-2 Data solely in the manner contemplated by applicable Documentation and this Agreement and to aggregate Company 22c-2 Data in the Company Database with data of other users of the 22c-2 System to analyze and enhance the effectiveness of the 22c-2 System and to create broad-based statistical analyses and reports for users and potential users of the 22c-2 System and industry forums.

(j)<u>Application of Results</u>. Except to the extent that the results are inaccurate due to BNYM's gross negligence, willful misconduct or reckless disregard, neither BNYM nor any Third Party Provider shall have liability for any loss or damage resulting from any application of the results, or from any unintended or unforeseen results, obtained from the use of the 22c-2 System or any related service provided by BNYM.

(k)<u>Exclusion for Unauthorized Actions</u>. Neither BNYM nor any Third Party Provider shall have any liability with respect to any performance problem, warranty, claim of infringement or other matter to the extent attributable to any unauthorized or improper use, alteration, addition or modification of the 22c-2 System by Company, any combination of the 22c-2 System with software not specified by applicable Documentation and any other use of the 22c-2 System in a manner inconsistent with this Agreement or applicable Documentation.

(l)<u>Disclaimer</u>. BNYM DOES NOT WARRANT THAT USE OF THE 22C-2 SYSTEM BY COMPANY GUARANTEES COMPLIANCE WITH RULE 22C-2 OR ANY OTHER FEDERAL,

STATE, LOCAL OR SRO LAW OR REGULATION. BNYM DOES NOT ASSUME ANY RESPONSIBILITY FOR ANY ASPECT OF LEGAL AND REGULATORY COMPLIANCE BY OR ON BEHALF OF COMPANY, NOR SHALL COMPANY REPRESENT OTHERWISE TO ANY PERSON. COMPANY'S USE OF THE 22C-2 SYSTEM AND ANY OTHER SERVICES PROVIDED UNDER THIS AGREEMENT SHALL NOT BE DEEMED LEGAL ADVICE.

(m)<u>Hardware Disclaimer</u>. Under no circumstance shall BNYM or a Third Party Provider be liable to Company or any other Person for any loss of profits, loss of use, or for any damage suffered or costs and expenses incurred by Company or any Person, of any nature or from any cause whatsoever, whether direct, special, incidental or consequential, arising out of or related to computer hardware.

(n)<u>Termination by BNYM</u>. BNYM may immediately terminate Company's right to use and Company's access to and use of the 22c-2 System upon the occurrence of any of the following events:

(i)Company engages in conduct which infringes or exceeds the scope of the right granted to Company by Section 2.1 of this Appendix B and does not cure the breach within ten (10) business days after receiving written notice from BNYM; or

(ii)A Third Party Provider terminates any relevant agreement the Third Party Provider has with BNYM that is necessary in order for BNYM to be able to license (or continue to license) the 22c-2 System to Company. BNYM agrees to provide Company with as much notice of such termination as BNYM receives from the Third Party Provider.

(o)<u>Continuation Period</u>. In the event the Agreement is terminated and in connection with such a termination the parties agree that Company will continue to have access to and use of the 22c-2 System, then the terms of this Agreement shall apply during any such continuation period. The term of any such continuation period shall be day to day and the continuation period may be terminated immediately by either party at any time by written notice notwithstanding the contents of any notice or other communication the parties may exchange, unless both parties agree in writing to such contents. A continuation period as described in this subsection (o) is referred to herein as a "**Continuation Period**".

(p)<u>Effect of Termination</u>. Following a termination of the Agreement or at the end of a Continuation Period, as applicable, BNYM will (i) dispose of all Company 22c-2 Data in accordance with its applicable backup and data destruction policies, and (ii) use good faith efforts to make electronic copies of Company 22c-2 Data in existing report formats of the 22c-2 System to the extent reasonably requested by Company no less than thirty (30) days in advance of the termination of the Agreement.

(q)This Section 6.15 shall benefit and be enforceable by Third Party Providers of the 22c-2 System.

**6.16<u>Internet and Mobile Applications</u>**.

(a)Each party acknowledges that the Internet is an unsecured, unstable, unregulated, unorganized and unreliable network, and that to the extent the ability of the other party to provide or perform services or duties hereunder is dependent upon the Internet and equipment, software, systems, data and services provided by various telecommunications carriers, equipment manufacturers, firewall providers, encryption system developers and other vendors and third parties, each party agrees that the other shall not be liable in any respect for the functions or malfunctions of the Internet.

(b)In connection with the use of any device by the Company or an Authorized User which utilizes a wireless connection, whether to a router or other computer equipment or to a wireless telecommunications network or system, in whole or in part to access the BYNM System directly or through the Internet, BNYM shall not be responsible in any respect for the functions or malfunctions of such telecommunications network or system or wireless connection or for the loss of personal

information or Security Codes or for events of identity theft occurring through such telecommunications network or system or wireless connection.

**6.17.<u>Requirement For Written Consent or Written Release</u>**. No failure to act, no omission, no failure to respond, object or deny consent, and no other instance of an absence of action or communication (collectively, "Forbearance") shall be construed as a consent or waiver (implied, constructive, deemed or otherwise) under this Appendix B. Any conduct (as defined in the Main Agreement) not expressly permitted by this Appendix B, notwithstanding any number of occurrences of the conduct, any number of requests to engage in the conduct, any failures of BNYM to discover the conduct and any number of related Forbearances, shall be prohibited in the absence of a written consent to the conduct or a written waiver of a relevant prohibition or restriction.

**6.18<u>Aggregation And Other Third Party Services</u>.**

(a)In the event (i) BNYM facilitates connectivity with, develops or implements functionality, APIs, transmission protocols or any other technological service, product or item that permits or enables a third party acting on behalf of the Company or an Authorized User to access or use a Component System or any part of the BNYM System for any purpose ("**Connected Component**"), including without limitation to access, use, extract, retrieve, input or modify Company Data or other confidential, private or personal information of the Company or an Authorized Use or to conduct financial or non- financial transactions (such access and use being an "**Investment Service**", and such third party being an "**Investment Service Provider**"), (ii) Company elects to access and use or permit Authorized Users to access and use a Connected Component, and (iii) in connection therewith the Company or a Authorized User furnishes one or more Security Codes to the Investment Service Provider:

(1)Company acknowledges that in order to permit an Investment Service Provider to provide an Investment Service BNYM may implement or operate information security processes, procedures, features or characteristics with respect to the Connected Component that differ from the information security processes, procedures, features and characteristics it maintains for some or all of the other components of the BNYM System ("**Security Differences**") and in consideration for its access and use of a Connected Component or for BNYM permitting Authorized Users to access and use a Connected System it consents to the existence of the Security Differences and agrees that the Security Differences do not constitute negligence or other Liable Conduct on the part of BNYM; and

(2)Company agrees that BNYM bears no liability or responsibility of any nature to Company for any Loss or other consequences arising to any extent from any access to or use of a Connected Component by or through an Investment Service Provider's technology system, and that it shall indemnify and defend BNYM in accordance with the terms of Section 17 of the Main Agreement for all Loss incurred by BNYM or its affiliates arising to any extent from any access to or use of a Connected Component by or through an Investment Service Provider's technology system.

(b)BNYM bears no liability or responsibility for Loss or other consequences arising from the use of a Security Code established by or for the Company or an Authorized User by any person not specifically permissioned by the Security Code to access and use the BNYM System or any of its Component Systems or from the use of such Security Code other than as specifically permissioned by the Security Code.

**6.19<u>Export Regulations</u>.** In order to facilitate compliance with regulations of the United States Government concerning the export of technical information, the parties agree that any technical information not in the public domain (whether written or otherwise) first received hereunder from the other or any technical information which may be developed by using such technical information received from the other, or any product utilizing technical information so received or developed, will not, without the prior written permission of the Disclosing Party, knowingly be transmitted by the

Receiving Party, directly or indirectly, to any of the restricted countries designated in the United States Government regulations, as issued from time to time relating to the exportation of technical data.

**6.20<u>Captions</u>.** The captions in this Attachment 1 to SOW#3 are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

**[Remainder of Page Intentionally Blank]**

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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;**<u>EXHIBIT 1 TO APPENDIX B</u>** |
| Active Advisor/ | A portal for trusts, financial advisors, broker/dealers and other financial |
| AdvisorCentral | intermediaries to view mutual fund and client account data on the transfer agent |
|  | mainframe via the Internet if permitted access by Company and for Company |
|  | back offices to view the same data. |
| ACE | ACE Settlement (Automated Control Environment) - Performs automated mutual |
|  | fund settlement, dividend settlement, tax withholding tracking, and gain loss |
|  | settlement and produces the supersheet that contains a summary of dollar and |
|  | share activities. Includes in the foregoing all estimation functions previously |
|  | performed by ACE Estimate. |
| AOS | AOS (Advanced Output Solutions) Digital Reports - Provides access to and the |
|  | ability to print certain print/mail output generated by the Document Solutions |
|  | system in connection with services provided to customers of clients, such as |
|  | customer statements, customer confirmations and customer tax forms. |
| CMS\* | (Customer Management Suite) - the combination of functionalities, systems and |
|  | subsystems which together provide the following capabilities: workflow |
|  | management, electronic document processing, integrated Web-based front-end |
|  | processing, customer relationship management and automated servicing of |
|  | brokers and investors. The principal subsystems are Correspondence, Customer |
|  | Relationship Manager (automates call center activities), Image and Operational |
|  | Desktop and includes E-Forms. |
| Data Delivery | (Includes DAZL - Data Access Zip Link) Applications which extract |
|  | broker/dealer data at the representative level, branch level and broker/dealer level |
|  | and third party administrator data from the transfer agent mainframe and |
|  | transmits it to Company designated end users for viewing. |
| DRAS | (Data Repository and Analytics Suite) - a relational data base for management |
|  | reporting which consists of the Company's entire customer information base as |
|  | copied nightly from the transfer agent mainframe and includes an integrated |
|  | reporting tool. |
| FPT | (Fund Pricing Transmission) (formerly known as PRAT) - application that |
|  | receives fund price and rate information from fund accounting agents on a nightly |
|  | basis, edits and performs quality control checks on the information, then uploads |
|  | the prices and rates to the mainframe recordkeeping system, allows the user the |
|  | ability to view, enter, upload, download, and print price/rate information. |
| FSR | (Full Service Retail) - principal transfer agent mainframe system which performs |
|  | comprehensive processing and shareholder recordkeeping functions, including: |
|  | transaction processing (purchases, redemptions, exchanges, transfers, |
|  | adjustments, and cancellations), distribution processing (dividends and capital |
|  | gains), commission processing and shareholder event processing (automatic |
|  | investment plans, systematic withdrawal plans, systematic exchanges); creating |
|  | and transmitting standard and custom data feeds to support printed output |
|  | (statements, confirmations, checks), sales and tax reporting. FSR interfaces and |
|  | exchanges data with various surround systems and subsystems and includes a |
|  | functionality providing for direct online access. Also includes a functionality that |
|  | temporarily stores systems-generated reports electronically before being |
|  | transferred to COLD. |

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---

| | |
|:---|:---|
| IAM | (Internet Account Management, also known as Active Investor) - application |
|  | permitting account owners via the Internet to view account information and effect |
|  | certain transactions and account maintenance changes and includes an |
|  | administrator site. Optional security enhancements may be offered through this |
|  | site. |
| IFM | (Intermediary Fee Management System) - application that facilitates the |
|  | management, processing and payment of amounts owed by Funds to financial |
|  | intermediaries as distribution expenses. |
| IFS | (Web Services/BOB/Statement) Back-office Browser, Web Services, Statement |
|  | Rendering, Social Security Database Administration Reporting APIs for client |
|  | portal. |
| JIRA | Work management tool used to log and track issues encountered by clients or |
|  | operations. |
| Mobius | Document management system that provides for the storage and retrieval of |
|  | reports generated on a mainframe. Mobius replaced COLD. |
| NSCC\* | (National Securities Clearing Corporation) - application allowing web-based |
|  | utility at user's desktop to support processing linked to NSCC activity, including |
|  | networking, Fund/SERV, DCC&S, Commission/SERV, mutual fund profile, and |
|  | transfer of retirement assets, and includes NEWS (NSCC Exception Workflow |
|  | Processing) which provides for the inputting of reject and exception information |
|  | to the NSCC system. |
| OOM | (Online Output Management) - functionality permitting user to view within the |
|  | Document Solutions processing system (performs print mail and tax form |
|  | production and fulfillment services) the location of a specific output, such as a |
|  | confirmation or statement, in the Document Solutions work flow. |
| SA3 | (Subaccounting DRAS/SBO Applications) - Subaccounting management |
|  | information system reporting. |
| SRP | SuRPAS Classic - provides mutual fund sub accounting record keeping |
|  | functionality, trade aggregation, and fee calculation and payment to the broker |
|  | dealer community and their asset manager partners. The application interfaces |
|  | with multiple brokerage systems to enable trade placement, aggregation, |
|  | settlement and reconciliation with any fund family. When integrated with a |
|  | brokerage platform, mutual fund trading and settlement is streamlined and |
|  | operationally efficient in support of the Asset Servicing business. |
| SR2 | SuRPAS UI - Portal providing user interface to internal and external users to |
|  | application functionality of the core SRP (SuRPAS Classic) platform. |
| Treasury Edge | Application permitting inquiry of ACH and wire activity and DDA information. |
| TRS | (Tax Reporting Service) - functionality performing all applicable federal and state |
|  | tax reporting (tax form processing and corrections), tax-related information |
|  | reporting, and compliance mailings (including W-9, W-8, RMD, B-Notice, and |
|  | C-Notice). |
| 22c-2 System | The data warehousing, analytic and administrative applications together with the |
|  | related software, interfaces, functionalities, databases and other components |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 41 |

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provided by BNYM to assist fund sponsors and their principal underwriters in satisfying requirements imposed by Rule 22c-2.

-------------------------------------------------------------------------------------

\* For clarification: Company or an Authorized User may be given a right to access and use one or more separable components of this system rather than the entire system and any right to access and use one of more of such separable components is limited to the functionalities of the separable components even if certain of functionalities of the separable components may include integration points with functionalities of other system components.

[End to Exhibit 1 to Appendix B]

[End to Appendix B]

**APPENDIX C**

**ANTI-MONEY LAUNDERING PROGRAM SERVICES**

BNYM will perform the services described in Sections (1) through (7) of this Appendix C ("**AML Services**"). References to Sections in this Appendix C shall mean Sections of this Appendix C, unless stated otherwise.

(1)<u>Anti-Money</u> <u>Laundering</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)BNYM will perform actions reasonably designed to assist the Fund in complying with Section 352 of the USA PATRIOT Act, as amended, as follows: BNYM will: (i) establish and implement written internal policies, procedures and controls reasonably designed to prevent the Fund from being used for money laundering or the financing of terrorist activities and to achieve compliance with applicable provisions of the Bank Secrecy Act (31 U.S.C. 5311, et seq.) ("**Bank Secrecy Act**") and implementing regulations thereunder; (ii) provide for independent testing, by an employee who is not responsible for the operation of BNYM's anti-money laundering ("**AML**") program or by a qualified outside party, for compliance with BNYM's written AML policies and procedures; (iii) designate a person or persons responsible for implementing and monitoring the operation and internal controls of BNYM's AML program; (iv) provide ongoing training for appropriate persons, and (v) implement appropriate risk-based procedures for conducting ongoing shareholder due diligence to include but not be limited to (aa) understanding the nature and purpose of shareholder relationships for the purposes of developing a shareholder risk profile, and (bb) conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update shareholder information, including information regarding the beneficial owners of legal entity shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)BNYM will provide to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a copy of BNYM's written AML policies and procedures, or, alternatively, access to such policies and procedures at a BNYM website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a copy of the report prepared by independent accountants covering the independent accountants' examination of BNYM's AML controls and control objectives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a summary of the training provided pursuant to clause (iv) of subsection (A) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)BNYM agrees to permit inspections relating to its AML program by U.S. Federal departments or regulatory agencies with appropriate jurisdiction and to make available to examiners from such departments or regulatory agencies such information and records relating to its AML program as such examiners shall reasonably request. Without limiting or expanding subsections (A) or

(B)above, the parties agree this Section (1) relates solely to Fund compliance with Section 352 of the USA PATRIOT Act and does not relate to any other obligation the Fund may have under the USA PATRIOT Act, including without limitation Section 326 thereof.

(2)<u>Foreign Account Due Diligence</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)To assist the Fund in complying with requirements regarding a due diligence program for "foreign financial institution" accounts in accordance with applicable regulations promulgated by U.S. Department of Treasury under Section 312 of the USA PATRIOT Act, as amended ("**FFI Regulations**"), BNYM will do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Implement and operate a due diligence program that includes appropriate, specific, risk-based policies, procedures and controls that are reasonably designed to enable the Fund to detect and report, on an ongoing basis, any known or suspected money laundering activity conducted through or involving any correspondent account established, maintained, administered or managed by the Fund for a "foreign financial institution" (as defined in 31 CFR 1010.605(f))("**Foreign Financial Institution**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Conduct due diligence to identify and detect any Foreign Financial Institution accounts in connection with new accounts and account maintenance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Assess the money laundering risk presented by each such Foreign Financial Institution account, based on a consideration of all appropriate relevant factors (as generally outlined in 31 CFR 1010.610), and assign a risk category to each such Foreign Financial Institution account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Apply risk-based procedures and controls to each such Foreign Financial Institution account reasonably designed to detect and report known or suspected money laundering activity, including a periodic review of the Foreign Financial Institution account activity sufficient to determine consistency with information obtained about the type, purpose and anticipated activity of the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Include procedures to be followed in circumstances in which the appropriate due diligence cannot be performed with respect to a Foreign Financial Institution account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Adopt and operate enhanced due diligence policies for certain Foreign Financial Institution accounts in compliance with 31 CFR 1010.610(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)Record due diligence program and maintain due diligence records relating to Foreign Financial Institution accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)Establish and operate internal controls to identify, detect and prohibit any new accounts wherein a customer does not have a U.S. social security number and a U.S. address; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)Report to the Fund about measures taken under (i)-(viii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)Nothing in Section (2) shall be construed to require BNYM to perform any course of conduct that is not required for Fund compliance with the FFI Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)Without limiting or expanding subsections (A) or (B) above, the parties agree this Section (2) relates solely to Fund compliance with Section 312 of the USA PATRIOT Act and does not relate to any other obligation the Fund may have under the USA PATRIOT Act, including without limitation Section 326 thereof.

(3)<u>Customer Identification Program</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)To assist the Fund in complying with requirements regarding a customer identification program in accordance with applicable regulations promulgated by U.S. Department of Treasury under Section 326 of the USA PATRIOT Act ("**CIP Regulations**"), BNYM will do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Implement procedures which require that prior to establishing a new account in the Fund BNYM obtain the name, date of birth (for natural persons only), address and government-issued identification number (collectively, the "**Data Elements**") for the "**Customer**" (defined for purposes of this Agreement as provided in 31 CFR 1024.100(c)) associated with the new account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Use collected Data Elements to attempt to reasonably verify the identity of each new Customer promptly before or after each corresponding new account is opened. Methods of verification may consist of non-documentary methods (for which BNYM may use unaffiliated information vendors to assist with such verifications) and documentary methods (as permitted by 31 CFR 1024.220), and may include procedures

under which BNYM personnel perform enhanced due diligence to verify the identities of Customers the identities of whom were not successfully verified through the first- level (which will typically be reliance on results obtained from an information vendor) verification process(es).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Record the Data Elements and maintain records relating to verification of new Customers consistent with 31 CFR 1024.220(a)(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Regularly report to the Fund about measures taken under (i)-(iii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)If BNYM provides services by which prospective Customers may subscribe for shares in the Fund via the Internet or telephone, BNYM will work with the Fund to notify prospective Customers, consistent with 31 CFR 1024.220(a)(5), about the program conducted by the Fund in accordance with the CIP Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)To assist the Fund in complying with the Customer Due Diligence Requirements for Financial Institutions promulgated by FinCEN (31 CFR § 1020.230) pursuant to the Bank Secrecy Act ("**CDD Rule**"), BNYM will maintain and implement written procedures that are reasonably designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Obtain information of a nature and in a manner permitted or required by the CCD Rule in order to identify each natural person who is a "beneficial owner" (as that term is defined in the CDD Rule) of a legal entity at the time that such legal entity seeks to open an account as a shareholder of the Fund, unless that legal entity is excluded from the CDD Rule or an exemption provided for in the CDD Rule applies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Verify the identity of each beneficial owner so identified according to risk based procedures to the extent reasonable and practicable, in accordance with the minimum requirements of the CDD Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)Nothing in Section (3) shall be construed to require BNYM to perform any course of conduct that is not required for Fund compliance with the CIP Regulations or CDD Rule, including by way of illustration not limitation the collection of Data Elements or verification of identity for individuals opening Fund accounts through financial intermediaries which use the facilities of the NSCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)BNYM agrees to permit inspections relating to the CIP services provided hereunder by U.S. Federal departments or regulatory' agencies with appropriate jurisdiction and to make available to examiners from such departments or regulatory agencies such information and records relating to the CIP services provided hereunder as such examiners shall reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)<u>CIP Notice</u>. To help the U.S. government fight the funding of terrorism and money laundering activities, U.S. Federal law requires each financial institution to obtain, verify, and record certain information that identifies each person who initially opens an account with that financial institution on or after October 1, 2003. Certain of BNYM's affiliates are financial institutions, and BNYM may, as a matter of policy, request (or may have already requested) the Fund's name, address and taxpayer identification number or other government-issued identification number, and, if such party is a natural person, that party's date of birth. BNYM may also ask (and may have already asked) for additional identifying information, and BNYM may take steps (and may have already taken steps) to verify the authenticity and accuracy of these data elements.

(4)<u>FinCEN Requests Under USA PATRIOT Act Section 314(a)</u>. BNYM will provide the services set forth in this Section (4) with respect to FinCEN Section 314(a) information requests ("**Information Requests**") received by the Fund. Upon receipt by BNYM of an Information Request delivered by the Fund in full compliance with all 314(a) Procedures (as defined below), BNYM will compare appropriate information contained in the Information Request against relevant information contained in

account records maintained for the Fund. Information relating to potential matches resulting from these comparisons, after review by BNYM for quality assurance purposes ("**Comparison Results**"), will be made available to the Fund in a timely manner. In addition, a potential match will be analyzed by BNYM in conjunction with other relevant activity contained in records for the particular relevant account, and if, after such analysis, BNYM determines that further investigation is warranted because the activity might constitute "suspicious activity", as that term is used in the Bank Secrecy Act and the suspicious activity reporting requirements thereunder, then BNYM will deliver a suspicious activity referral to the Fund in a timely manner, with "timely" for all purposes of Appendix C meaning within a commercially reasonable period following BNYM's detection of the events and circumstances reasonably suspected to be suspicious activity and BNYM's investigation of such events and circumstances, utilizing reasonably designed detection and investigative procedures which may include consultation with the Fund. "**314(a) Procedures**" means the procedures adopted from time to time by BNYM governing the delivery and processing of Information Requests transmitted by BNYM's clients to BNYM, including without limitation requirements governing the timeliness, content, completeness, format and mode of transmissions to BNYM.

(5)<u>U.S. Government List Matching Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)BNYM will compare Appropriate List Matching Data (as defined in subsection

(C) below) contained in BNYM databases which are maintained for the Fund pursuant to this Agreement ("**Fund List Data**") to "**U.S. Government Lists**", which is hereby defined to mean the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)data promulgated in connection with the list of Specially Designated Nationals published by the Office of Foreign Asset Control of the U.S. Department of the Treasury ("**OFAC**") and any other sanctions lists or programs administered by OFAC to the extent such lists or programs remain operative and applicable to the Fund ("**OFAC Lists**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)data promulgated in connection with the published Financial Action Task Force lists ("**FATF Lists**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)data promulgated in connection with determinations by the Director (the "**Director**") of the Financial Crimes Enforcement Network of the U.S. Department of the Treasury that a foreign jurisdiction, institution, class of transactions, type of account or other matter is a primary money laundering concern ("**PMLC Determination**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)data promulgated in connection with any other lists, programs or determinations (A) which BNYM determines to be substantially similar in purpose to any of the foregoing lists, programs or determinations, or (B) which BNYM and the Fund agree in writing to add to the service described in this Section (5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)In the event that following a comparison of Fund List Data to a U.S. Government List as described in subsection (A) BNYM determines that any Fund List Data constitutes a "match" with the U.S. Government List in accordance with the criteria applicable to the particular U.S. Government List, BNYM:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)will notify the Fund of such match;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)will send any other notifications required by applicable law or regulation by virtue of the match;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)if a match to an OFAC List, will to the extent required by applicable law or regulation assist the Fund in taking appropriate steps to block any transactions or attempted transactions to the extent such action may be required by applicable law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)if a match to the FATF Lists or a PMLC Determination, will to the extent required by applicable law or regulation conduct a suspicious activity review of accounts related to the match and if suspicious activity is detected will deliver a suspicious activity referral to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)if a match to a PMLC Determination, will assist the Fund in taking the appropriate special measures imposed by the Director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)will assist the Fund in taking any other appropriate actions required by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)"**Appropriate List Matching Data**" means (A) account registration and alternate payee data, to the extent made appropriate by statutes, rules or regulations governing the U.S. Government Lists, (ii) data determined by BNYM in light of statutes, rules or regulations governing the U.S. Government Lists to be necessary to provide the services described in this Section (5), and (iii) data the parties agree in writing to be necessary to provide the services described in this Section (5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)BNYM may fulfill its obligations under this Section (5) by utilizing commercially available lists that contain the data promulgated as the U.S. Government Lists, whether such lists consist of data exclusive to one U.S. Government List or of data representing a combination of several watch lists, including several U.S. Government Lists.

(6)<u>Legal Process SAR Referral</u>. Upon the conclusion of any conduct undertaken in response to Routine Information Requests, BNYM will review the Routine Information Request and other pertinent account records to determine whether such information reasonably indicates "suspicious activity" has occurred, and if it determines suspicious activity has occurred deliver a suspicious activity referral to the Fund in a timely manner.

(7)<u>Suspicious Activity Monitoring and Services</u>. BNYM will maintain and implement procedures reasonably designed to assist the Fund in complying with rules promulgated by FinCEN under the Bank Secrecy Act (31. C.F.R § 1024.320) with respect to the monitoring for suspicious activity that may occur in connection with the Fund and its shareholders during BNYM's performance of transaction processing and recordkeeping services hereunder and if in the course of such monitoring it determines that any of such activities could indicate the existence of suspicious activity and that an investigation of the potential suspicious activity is warranted, then BNYM will deliver a suspicious activity referral to the Fund in a timely manner, with "timely" for purposes of this Section 7 meaning within a commercially reasonable period following BNYM's detection of the events and circumstances reasonably suspected to be suspicious activity and BNYM's investigation of such events and circumstances, utilizing reasonably designed detection and investigative procedures. BNYM as agent for the Fund shall: (A) use reasonable efforts to determine in coordination with the Fund's AML Compliance Officer when a suspicious activity report ("**SAR**") should be filed as required by regulations applicable to the Fund, (B) prepare and file the SAR and, maintain documents supporting the SAR, (C) if appropriate under regulatory guidance and procedures, file a Joint SAR, and (D) provide the Fund with a copy of the SAR and supporting documentation within a reasonable time after filing. Although BNYM may file a joint SAR for the Fund and other financial institutions, BNYM shall do so solely as agent for the Fund and not as agent for any other financial institution. To the extent permitted by applicable law or regulation, BNYM may share information related to the services under this Section 7 with its supervising parent entities and financial institutions subject to a joint SAR filing.

(8)BNYM agrees to permit governmental authorities with jurisdiction over the Fund requesting such to conduct examinations of the operations and the records relating to the services performed by BNYM under this Appendix C upon reasonable advance request and during normal business hours and

to furnish copies at the Fund's cost and expense of records relating to the services. BNYM will notify a Fund in the event BNYM receives notice from such authorities of such an examination of the Fund's records, unless such notice is prohibited by law, regulation or court or regulatory order.

(9)For purposes of clarification: All Written Procedures relating to the services performed by BNYM pursuant to this Appendix C and any information, written matters or other recorded materials relating to such services and maintained by BNYM shall constitute Confidential Information of BNYM, except to the extent, if any, such materials constitute Fund records under the federal securities laws.

(10)Notwithstanding any other term of this Appendix C, application of specific AML Services to particular applying persons, accounts and account owners shall occur in accordance with BNYM's Written Procedures. Without limiting the generality of the foregoing, BNYM will have no obligation to provide AML Services with respect to shareholder accounts opened by financial intermediaries on behalf of their customers, or with respect to the owners of such accounts, whether opened through public or private electronic communication channels with BNYM, Internet portals or applications hosted by BNYM, the NSCC or otherwise, where such accounts do not contain sufficient information to provide the AML Services, where such accounts do not contain sufficient information to provide the AML Services, unless expressly provided for in the Written Procedures.

(11)The Fund is solely and exclusively responsible for determining the applicability to the Fund of the Bank Secrecy Act, the USA PATRIOT Act, regulations of FinCEN, and all other laws and regulations of similar subject matter, as they may be constituted from time to time ("**Fund AML Laws**"), for complying with the Fund AML Laws, for determining the extent to which the AML Services assist the Fund in complying with the Fund AML Laws, and for furnishing any supplementation or augmentation to the AML Services it determines to be appropriate. This Appendix C shall not be construed to impose on BNYM any obligation other than to engage in the specific course of conduct specified by the provisions therein, and in particular shall not be construed to impose any other obligation on BNYM to design, develop, implement, administer, or otherwise manage compliance activities of the Fund. BNYM expressly disclaims any representation, warranty or covenant that the AML Services satisfy obligations of the Fund under the AML Laws. The services provided pursuant to this Appendix C may be changed at any time and from time to time by BNYM in its reasonable sole discretion to include commercially reasonable provisions appropriate to the relevant requirements of the Fund AML Laws and the description of services contained in Appendix C shall be deemed revised accordingly without written amendment pursuant to Section 22 of the Main Agreement. BNYM shall provide to the Fund for its review notice of the nature or content of any such changes that BNYM reasonably believes the Fund should be informed about and consult with the Fund to the extent requested by the Fund due to responsibilities of the Fund described in the first sentence of this Section (11). In the event the Fund becomes subject to new or modified AML Laws and BNYM does not revise its AML Services in a manner that the Fund determines is sufficient for the Fund to comply with the new or modified AML Law and as a consequence the Fund requests that BNYM implement and develop a new or modified AML Service, BNYM agrees to consult with the Fund in good faith to determine whether BNYM will develop and implement a new or modified AML Service, and if so, the time frame and scope of such new or modified AML Service.

Dated: November 21, 2022

**APPENDIX D**

**BANK DDA LIEN LETTER**

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Re: <u>Letter Agreement Relating to the Demand Deposit Accounts Established by BNY Mellon Investment Servicing (US) Inc. at The Bank of New York Mellon for the Benefit of the Fund</u>

Dear Sirs:

This Appendix D constitutes Appendix D to the "**TA Agreement**", which is hereby defined to mean the Transfer Agency And Shareholder Services Agreement, dated as of February 25, 2009, between BNY Mellon Investment Servicing (US) Inc. ("**BNYM**") and each investment company listed on the signature page to such agreement (each, an "**Investment Company**"), on its own behalf and, to the extent an investment company has one or more Portfolios, on behalf of each such Portfolio, whether such Portfolio is listed there as of the Effective Date or is added by virtue of Section 22 of such agreement, and by and between BNYM and Corporate Leaders Trust, a unit investment trust ("**CLT**"). Capitalized terms not defined in this Appendix D shall have the meaning ascribed to them in the TA Agreement.

The Investment Companies and/or the Funds are each party to a Global Custody Agreement with The Bank of New York Mellon (the "**Bank**") dated as of January 6, 2003. Each respective Global Custody Agreement, and each Separate Custody Agreement (as defined below), as it may have been amended to date and may be amended in the future, is referred to herein with respect to each Investment Company, and each Fund, as a "**Custody Agreement**".

The TA Agreement provides, among other things, for BNYM to provide cash administration services to the Fund, utilizing one or more demand deposit accounts or other accounts established at the Bank in the name of BNYM for the benefit of the Fund (the "**DDA**"). In particular, BNYM will utilize the DDAs (i) to accept payments for the purchase of Fund shares and forward such payments once funds have been collected to the Bank for deposit into the custody account of the Fund established with the Bank pursuant to the Custody Agreement ("**Custody Account**"); and (ii) in connection with redemptions of Fund shares by Fund shareholders and with cash distributions effected by the Fund, such as dividend payments and capital gains distributions, to accept monies from the Bank drawn from the Custody Account and to remit such amounts to appropriate parties.

In connection with BNYM's performance of transfer agency services and in particular the cash administration services described above, BNYM may be notified of a Fund payment obligation that BNYM as transfer agent is expected to satisfy, such as a same-day settlement obligation with the NSCC, by forwarding payment to the NSCC or other obligee but the amount required to satisfy the particular payment obligation of the Fund may exceed the amount of funds then available for transfer in the relevant DDAs (such excess amount if transferred by BNYM being hereinafter referred to as an "**Overdraft Amount**").

The need to transfer an Overdraft Amount may occur due to any one or more of the transfer needs of the Fund that arise in the ordinary course of the Fund's business, such as, by way of illustration, and not limitation: transfers needed in order to satisfy the Fund's same day settlement obligations with the NSCC; and purchase payments being forwarded to the Custody Account one day after receipt while the check representing the payment takes more than one day to clear.

Each Fund, on its own behalf, and not on behalf of any other Fund, acknowledges, consents and agrees with the statements made above and as follows:

Overdraft Amounts shall constitute overdrafts, outstanding indebtedness and an outstanding obligation of the Fund under the Custody Agreement and shall be deemed to be a loan made by the Bank to the Fund.

The Fund agrees that the Bank shall at no time be under any obligation whatsoever to extend credit in connection with the transfer agency activities conducted by BNYM on behalf of the Fund and in particular the cash administration activities described herein, including without limitation an extension of credit constituting an Overdraft Amount, even if it has done so as part of a regular pattern of conduct, and that the Bank may at any time in its sole discretion and without notice decline to continue or re- extend any such credit.

Notwithstanding the absence of an obligation to do so, the Bank may in its sole discretion elect to transfer on behalf of the Fund an amount of funds that constitutes an Overdraft Amount and that by electing to transfer funds constituting an Overdraft Amount the Bank does not, even if it has transferred funds constituting Overdraft Amounts as part of a regular pattern of conduct in the past waive any rights under this letter agreement or assume the obligation it has expressly disclaimed in the immediately preceding paragraph and the Bank may at any time in its sole discretion and without notice decline to continue to make such transfers.

The Fund is at all times obligated to pay to the Bank an amount of money equal to the Overdraft Amounts and such amounts are payable, and shall be paid, together with such accrued interest as may be charged by the Bank in accordance with the Custody Agreement, by the Fund immediately upon demand by the Bank, except that to the extent the Fund repays outstanding Overdraft Amounts and any accrued interest to BNYM pursuant to Section 8(b) of the TA Agreement, the Fund's obligation to repay that amount to the Bank pursuant to this letter agreement shall be deemed satisfied

In order to secure repayment of Overdraft Amounts, the Fund agrees that the Bank shall to the maximum extent permitted by law have a continuing lien, security interest, security entitlement and right of setoff in and to any property, including without limitation, any investment property or any financial asset, of the Fund at any time held by the Bank for the benefit of the Fund or in which the Fund may have an interest which is then in the Bank's possession or control or in possession or control of any third party acting on the Bank's behalf. In addition, at any time when the Fund shall not have honored any of its obligations, the Bank shall have the right without notice to the Fund to retain or set-off, against such obligations, any cash the Bank may directly or indirectly hold for the account of the Fund, and any obligations (whether matured or unmatured) that the Bank may have to the Fund.

This Agreement has been duly authorized, executed and delivered by the Fund, constitutes its valid and legally binding obligation, enforceable in accordance with its terms, and no statute, regulation, rule, order, judgment or contract binding on the Fund prohibits its execution or performance of this agreement.

This agreement shall be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles thereof. The parties consent to the exclusive jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder. The parties hereby waive any right to trial by jury they may have in any action or proceeding involving, directly or indirectly, any matter in any way arising out of, related to, or connected with, this agreement.

A Custodied Portfolio (as defined below) that is added to Exhibit A of the TA Agreement after the Effective Date by virtue of Section 22 of the TA Agreement and thereby becomes a party to the TA Agreement shall automatically and without further action by any party become a party to this Appendix D. "**Custodied Portfolio**" means an Investment Company Portfolio which is party to a Custody Agreement or which is a party to a "**Separate Custody Agreement**", which is hereby defined to mean a custody agreement with the Bank, other than a Custody Agreement, executed in its individual capacity or by an Investment Company on its behalf, pursuant to which assets of the Portfolio are held in custody by the Bank.

This Letter Agreement may be executed in one or more counterparts and such execution may occur by manual signature on a copy of the Letter Agreement physically delivered, on a copy of the Letter Agreement transmitted by facsimile transmission or on a copy of the Letter Agreement 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 the Letter Agreement 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 Letter Agreement or of executed signature pages to counterparts of this Letter Agreement, in either case by facsimile transmission or as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Letter Agreement and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Letter Agreement.

IN WITNESS WHEREOF, each of the parties hereto has caused this Letter Agreement to be executed as of the Effective Date by its duly authorized representative designated below. An authorized representative, if executing this Letter Agreement by Electronic Signature, affirms authorization to execute this Letter Agreement by Electronic Signature and that the Electronic Signature represents an intent to enter into this Letter Agreement and an agreement with its terms.

Sincerely,

---

| | | | |
|:---|:---|:---|:---|
| **Each Investment Company listed on Exhibit A** | **Each Investment Company listed on Exhibit A** | **Corporate Leaders Trust** | **Corporate Leaders Trust** |
| **to the Unified Agreement, on its own behalf and,** | **to the Unified Agreement, on its own behalf and,** |  |  |
| **to the extent applicable, on behalf of each of its** | **to the extent applicable, on behalf of each of its** |  |  |
| **Portfolios listed on Exhibit A to the Unified** | **Portfolios listed on Exhibit A to the Unified** |  |  |
| **Agreement, each in its individual and separate** | **Agreement, each in its individual and separate** |  |  |
| **capacity** | **capacity** |  |  |
| By: | /s/ Andrew K. Schlueter | By: | /s/ Andrew K. Schlueter |
| Name: Andrew K. Schlueter | Name: Andrew K. Schlueter | Name: Andrew K. Schlueter | Name: Andrew K. Schlueter |
| Title: | Senior Vice President | Title: | Senior Vice President |

---

**Each Investment Company listed on Exhibit A to the Aetna Agreement, on its own behalf and, to the extent applicable, on behalf of each of its Portfolios listed on Exhibit A to the Aetna Agreement, each in its individual and separate capacity**

---

| | | |
|:---|:---|:---|
| By: | /s/ Andrew K. Schlueter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ACKNOWLEDGED AND AGREED:** |
| By: | /s/ Andrew K. Schlueter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank of New York Mellon |
| Name: Andrew K. Schlueter | Name: Andrew K. Schlueter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank of New York Mellon |
| Name: Andrew K. Schlueter | Name: Andrew K. Schlueter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sean Brumble |
| Title: | Senior Vice President | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managing Director |
| Title: | Senior Vice President | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: /s/ Sean Brumble |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Authorized Signer |

---

**APPENDIX E**

**AUTHORIZED PERSONS**

Each of the following individuals is an "Authorized Person" of the "Fund", as those terms are defined and used in the Transfer Agency Services Agreement, dated as of February 25, 2009, by and among BNY Mellon Investment Servicing (US) Inc. and each of the Funds listed on Exhibit A to such agreement.

Name: Dina Santoro until January 1, 2023; effective January 1, 2023: Andy Simonoff

Name: James M. Fink

Name: Todd Modic

Name: Andrew K. Schlueter

Name: Robert Terris

Name: Fred Bedoya

Name: Sarah Brewer

Name: Robyn L. Ichilov

Name: Jason Kadavy

Name: Dorothy Roman

Name: Craig Wheeler

Name: Keri Bedoya

Name: Michelle R. Khoury

Name: Joelle McEnaney

Name: Brian Weaver

Name: Rachel Gonyea

Name: Mark Schofield

Terms not specifically defined in this Appendix E shall have the meaning ascribed elsewhere in the Agreement.

BNYM may at all times rely on the most recently dated Appendix E. For clarification: this means that BNYM will at all times and under all circumstances rely on and use a properly completed Appendix E until it is replaced by a properly completed Appendix E bearing a later date. An Appendix E will take effect on the date signed by BNYM.

For clarification: BNYM is not obligated to verify signatures nor issue nor require any security IDs, passwords or other security codes in connection with its interaction with Authorized Persons in such capacity.

---

| | | | |
|:---|:---|:---|:---|
| On behalf of each Fund listed on Exhibit A to the | On behalf of each Fund listed on Exhibit A to the | BNY Mellon Investment Servicing (US) Inc. | BNY Mellon Investment Servicing (US) Inc. |
| Agreement, each in its individual and separate | Agreement, each in its individual and separate |  |  |
| capacity: | capacity: |  |  |
| By: | <u>/s/ Andrew K. Schlueter</u>____________ | By: | <u>/s/ Sean Brumble</u>__________________ |
| Name: <u>Andrew K. Schlueter</u>______________ | Name: <u>Andrew K. Schlueter</u>______________ | Name: <u>Sean Brumble</u>_____________________ | Name: <u>Sean Brumble</u>_____________________ |
| Title: | <u>Senior Vice President</u>______________ | Title: | <u>Managing Director</u>_________________ |
| Date: | <u>November 21, 2022</u>________________ | Date: | <u>December 22, 2022</u>_________________ |

---

## Ex-99

Execution

(h)(1)(iii)

**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

(h)(1)(iii)

&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 Equity Trust** |
|  |  | **Voya Funds Trust** | **Voya Funds Trust** |
| By: | <u>/s/ Sean Brumble</u>____________________ | **Voya Mutual Funds** | **Voya Mutual Funds** |
|  |  | **Voya Separate Portfolios Trust** | **Voya Separate Portfolios Trust** |
| Name: <u>Sean Brumble</u>______________________ | Name: <u>Sean Brumble</u>______________________ |  |  |
|  |  | Each on its own behalf and, to the extent | Each on its own behalf and, to the extent |
| Title: | <u>Managing Director</u>__________________ | 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>_______________ |

---

![](gdirk4uffh8v58fxicna3.jpg)

Execution

(h)(1)(iii)

**<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>

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

VY<sup>®</sup> Invesco Growth and Income 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

(h)(1)(iii)

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

VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio

Execution

(h)(1)(iii)

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

Execution

(h)(1)(iv)

**Amendment**

**To**

**Transfer Agency Services Agreement**

(Unified Agreement)

This Amendment To Transfer Agency Services Agreement ("**Amendment**"), dated as of October 21, 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, and an Amendment To Transfer Agency Services Agreement, dated as of April 4, 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 October 21, 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

(h)(1)(iv)

&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 Credit Income Fund** | **Voya Credit Income Fund** |
|  |  | **Voya Equity Trust** | **Voya Equity Trust** |
|  |  | **Voya Funds Trust** | **Voya Funds Trust** |
|  |  | **Voya Investors Trust** | **Voya Investors Trust** |
| By: | <u>/s/ Sean Brumble</u>____________________ | **Voya Mutual Funds** | **Voya Mutual Funds** |
|  |  | **Voya Partners, Inc.** | **Voya Partners, Inc.** |
| Name: <u>Sean Brumble</u>______________________ | Name: <u>Sean Brumble</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** |
| Title: | <u>Managing Director_</u>_________________ |  |  |
|  |  | 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

(h)(1)(iv)

**<u>EXHIBIT A</u>**

(Unified Agreement)

(Dated: October 21, 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>** (formerly, Voya Senior Income Fund, effective June 30, 2022)

**<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 Voya VACS Index Series S Portfolio

VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio

VY<sup>®</sup> CBRE Global Real Estate Portfolio (formerly, VY<sup>®</sup> Clarion Global Real Estate Portfolio, effective May 1, 2022) VY<sup>®</sup> CBRE Real Estate Portfolio (formerly, VY<sup>®</sup> Clarion Real Estate Portfolio, effective May 1, 2022)

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

![](ghp0n8s0us5o5q6axw6ya.jpg)

Execution

(h)(1)(iv)

VY<sup>®</sup> T. Rowe Price International Stock Portfolio<sup>1</sup>

**<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

**<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

1Merged at the close of business on July 8, 2022 into Voya International Index Portfolio, a series of Voya Variable Portfolios, Inc. Will not appear on future Exhibit A.

Execution

(h)(1)(iv)

**<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 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

## Ex-99

![](g7zrs34bel32giwtas56i.jpg)

Exhibit (i)(25)

ROPES & GRAY LLP PRUDENTIAL TOWER

800 BOYLSTON STREET BOSTON, MA 02199 WWW.ROPESGRAY.COM

February 8, 2023

Voya Funds Trust

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258

Ladies and Gentlemen:

This opinion is being furnished in connection with the Registration Statement on Form N-1A (the "Registration Statement") being filed today by Voya Funds Trust (the "Trust") under the Securities Act of 1933, as amended (the "Act"), relating to the issuance of Class A, Class I and Class R6 shares of beneficial interest of Voya Short Duration High Income 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 8, 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

Exhibit (j)(1)

CONSENT OF COUNSEL

We hereby consent to the use of our name and the references to our firm under the

caption "Legal Counsel" included in or made a part of Post-Effective Amendment No. 123 to the Registration Statement of Voya Funds Trust (File No. 333-59745) on Form N-1A under the Securities Act of 1933, as amended.

<u>/s/ Ropes & Gray LLP</u>

Ropes & Gray LLP

Boston, MA

February 8, 2023

## Ex-99

Exhibit (j)(2)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the reference to our firm under the caption "Independent Registered Public Accounting Firm" in the Statement of Additional Information, dated February 9, 2023, and included in this Post-Effective Amendment No. 123 on the Registration Statement (Form N-1A, File No. 333-59745) of Voya Funds Trust (the "Registration Statement").

/s/ Ernst & Young

Boston, Massachusetts

February 8, 2023

## Ex-99

Exhibit (m)(1)(i)

**AMENDED SCHEDULE A**

**with respect to the**

**VOYA FUNDS TRUST**

**THIRD AMENDED AND RESTATED SERVICE AND DISTRIBUTION PLAN**

**CLASS A SHARES**

**<u>Fund</u>**

Voya GNMA Income Fund

Voya Short Duration High Income Fund

## Ex-99

Exhibit (n)(1)(i)

**AMENDED SCHEDULE A**

**to the**

**TWENTIETH AMENDED AND RESTATED MULTIPLE CLASS PLAN**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **PURSUANT TO RULE 18f-3** | **PURSUANT TO RULE 18f-3** | **PURSUANT TO RULE 18f-3** | **PURSUANT TO RULE 18f-3** | **PURSUANT TO RULE 18f-3** |  |  |  |
|  | |  |  | **for** |  |  |  |  |  |
|  | | **VOYA FUNDS TRUST** | **VOYA FUNDS TRUST** | **VOYA FUNDS TRUST** | **VOYA FUNDS TRUST** |  |  |  |  |
| **<u>Name of Fund</u>** | |  |  | **<u>Classes of Shares</u>** | **<u>Classes of Shares</u>** | **<u>Classes of Shares</u>** |  |  |  |
|  | <br>**A** | **C** | **I** | &nbsp;&nbsp; **<u>P</u>** | **<u>P2</u>** | **<u>P3</u>** | **<u>R</u>** | **<u>R6</u>** | **<u>W</u>** |
| Voya Floating Rate Fund | √ | √ | √ | √ | N/A | √ | √ | √ | √ |
| Voya GNMA Income | √ | √ | √ | √ | N/A | N/A | √ | √ | √ |
| Fund |  |  |  |  |  |  |  |  |  |
| Voya Government | √ | √ | √ | &nbsp;&nbsp; N/A | N/A | N/A | √ | N/A | √ |
| Money Market Fund |  |  |  |  |  |  |  |  |  |
| Voya High Yield Bond | √ | √ | √ | √ | N/A | √ | √ | √ | √ |
| Fund |  |  |  |  |  |  |  |  |  |
| Voya Intermediate Bond | √ | √ | √ | &nbsp;&nbsp; N/A | N/A | √ | √ | √ | √ |
| Fund |  |  |  |  |  |  |  |  |  |
| Voya Short Duration | √ | N/A | √ | &nbsp;&nbsp; N/A | N/A | N/A | N/A | √ | N/A |
| High Income Fund |  |  |  |  |  |  |  |  |  |
| Voya Short Term Bond | √ | √ | √ | &nbsp;&nbsp; N/A | √ | √ | √ | √ | √ |
| Fund |  |  |  |  |  |  |  |  |  |
| Voya Strategic Income | √ | √ | √ | √ | N/A | √ | √ | √ | √ |
| Opportunities Fund |  |  |  |  |  |  |  |  |  |

---

**<u>Schedule A Last Amended</u>: February 9, 2023 to reflect the addition of Voya Short Duration High Income Fund.**

Exhibit (n)(1)(i)

**AMENDED SCHEDULE B**

**to the**

**TWENTIETH AMENDED AND RESTATED MULTIPLE CLASS PLAN**

**PURSUANT TO RULE 18f-3**

**for**

**VOYA FUNDS TRUST**

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

**Paid Each Year by the Funds**

**(as a percentage of average net assets)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund</u>** | | | | **<u>Classes of Shares</u>** | **<u>Classes of Shares</u>** | **<u>Classes of Shares</u>** |  |  |  |
|  | <br>**A** | <br>**C** | <br>**I** | **<u>P</u>** | **<u>P2</u>** | **<u>P3</u>** | **<u>R</u>** | **<u>R6</u>** | **<u>W</u>** |
| Voya Floating Rate | 0.25 | <br> 1.00 | N/A | N/A | N/A | N/A | 0.50 | N/A | N/A |
| Fund | 0.25 | 1.00 | N/A | N/A | N/A | N/A | 0.50 | N/A | N/A |
| Voya GNMA | 0.25 | 1.00 | N/A | N/A | N/A | N/A | 0.50 | N/A | N/A |
| Income Fund | N/A | 1.00 | N/A | N/A | N/A | N/A | 0.50 | N/A | N/A |
| Voya Government | N/A | 1.00 | N/A | N/A | N/A | N/A | 0.50 | N/A | N/A |
| Money Market |  |  |  |  |  |  |  |  |  |
| Fund | 0.25 | 1.00 | N/A | N/A | N/A | N/A | 0.50 | N/A | N/A |
| Voya High Yield | 0.25 | 1.00 | N/A | N/A | N/A | N/A | 0.50 | N/A | N/A |
| Bond Fund | 0.25 | 1.00 | N/A | N/A | N/A | N/A | 0.50 | N/A | N/A |
| Voya Intermediate | 0.25 | 1.00 | N/A | N/A | N/A | N/A | 0.50 | N/A | N/A |
| Bond Fund | 0.25 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Voya Short | 0.25 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Duration High |  |  |  |  |  |  |  |  |  |
| Income Fund | 0.25 | 1.00 | N/A | N/A | N/A | N/A | 0.50 | N/A | N/A |
| Voya Short Term | 0.25 | 1.00 | N/A | N/A | N/A | N/A | 0.50 | N/A | N/A |
| Bond Fund | 0.25 | 1.00 | N/A | N/A | N/A | N/A | 0.50 | N/A | N/A |
| Voya Strategic | 0.25 | 1.00 | N/A | N/A | N/A | N/A | 0.50 | N/A | N/A |
| Income |  |  |  |  |  |  |  |  |  |
| Opportunities Fund |  |  |  |  |  |  |  |  |  |

---

**<u>Schedule B Last Amended</u>: February 9, 2023, to reflect the addition of Voya Short Duration High Income Fund.**

## Ex-99

![](g48bt9i51q6hpipq45l60.jpg)

Exhibit (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**

**AUGUST 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 Gifts and Business 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 ("MC"). 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 Voya open-end funds. 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 Voya open-end funds (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 Voya open-end mutual funds 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 Voya Fund Shares**

The following restrictions and requirements apply to all purchases and sales of shares of open-end funds issued by the Voya funds other than money market and short-term bond funds ("Voya fund Shares") and all holdings of Voya fund 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 fund 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 Voya fund Shares 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 Voya fund. 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 Voya 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 a closed-end Voya 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;12.1. Nominal Business Gifts and Business Entertainment

Giving or receiving gifts and gratuities in a business setting may give rise to an appearance of impropriety or raise a potential conflict of interest. As a general rule, while an employee may accept a nominal gift or occasional, normal and customary meals and/or business entertainment, an employee should not accept an inappropriate or significant gift from or participate in inappropriate or excessive entertainment with a third-party having business dealings with Voya IM, such as a customer, broker, or vendor.

While "inappropriate" or "significant" may be difficult to define, an employee should not give or accept gifts and should refrain from participating in entertainment that is so excessive, frequent or extensive as to raise any question of impropriety. 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 acceptable if an independent third party might think that the employee would be influenced in conducting business.

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 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, nominal gifts.

–An acceptable gift should be of nominal value, but may not exceed a face value of **$100 per year,** 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.

• **Business Meals and Entertainment**

![](gzaws03cl6pvrizo0v3r7.jpg)

–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 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/$1000 annual limit, provided that the mode of transportation must be reasonable. 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;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Serving as a registered representative of any broker-dealer other than VID.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Making any monetary investment in any non-publicly traded business, corporation or partnership, including passive investments in private companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Accepting employment of any kind or engaging in any other business outside of Voya IM.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

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

&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;•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;•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**

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| | | | |
|:---|:---|:---|:---|
| **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 Voya | Yes | Yes | 60 calendar days from purchase |
| Closed end Funds | Yes | Yes | 60 calendar days from purchase |
| Closed end Funds |  |  |  |
| 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 Voya open-end funds |  |  | 30 calendar days from the most |
| <u>Including</u>: funds held within the | No | Yes | recent purchase date of the |
| Voya 401(k) |  |  | relevant fund |
| 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. |  |  |  |

---

![](gbvbx9n5ec3h564ctcjs5.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.