<SEC-DOCUMENT>0001571049-14-001476.txt : 20140505
<SEC-HEADER>0001571049-14-001476.hdr.sgml : 20140505
<ACCEPTANCE-DATETIME>20140505160635
ACCESSION NUMBER:		0001571049-14-001476
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20140702
FILED AS OF DATE:		20140505
DATE AS OF CHANGE:		20140505
EFFECTIVENESS DATE:		20140505

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Voya PRIME RATE TRUST
		CENTRAL INDEX KEY:			0000826020
		IRS NUMBER:				956874587
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05410
		FILM NUMBER:		14813458

	BUSINESS ADDRESS:	
		STREET 1:		VOYA PRIME RATE TRUST
		STREET 2:		7337 E. DOUBLETREE RANCH ROAD, STE 100
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85258
		BUSINESS PHONE:		4804773000

	MAIL ADDRESS:	
		STREET 1:		VOYA PRIME RATE TRUST
		STREET 2:		7337 E. DOUBLETREE RANCH ROAD, STE 100
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85258

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ING PRIME RATE TRUST
		DATE OF NAME CHANGE:	20020205

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PILGRIM AMERICA PRIME RATE TRUST
		DATE OF NAME CHANGE:	19960518

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PILGRIM PRIME RATE TRUST/
		DATE OF NAME CHANGE:	19960518
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>t1400833_def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none">SCHEDULE
14A</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Rule 14a-101)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION REQUIRED IN PROXY STATEMENT</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none">SCHEDULE
14A INFORMATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed by
the Registrant </FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed by
a Party other than the Registrant </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Preliminary Proxy Statement</FONT></TD>
    <TD STYLE="width: 49%"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) </FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Wingdings">x</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Definitive
Proxy Statement</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Definitive
Additional Materials</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soliciting
Material Under Rule 14a-12</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: none">VOYA PRIME RATE TRUST</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(Name of Registrant as Specified in Its Charter)</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of filing fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">x</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">No fee required.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and
0-11.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(1)</TD><TD>Title of each class of securities to which transaction applies:</TD></TR>                                                                                                                                        <TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(2)</TD><TD>Aggregate number of securities to which transaction applies:</TD></TR>                                                                                                           <TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(3)</TD><TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on
which the filing fee is calculated and state how it was determined.):</TD></TR>                                                                               <TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(4)</TD><TD>Proposed maximum aggregate value of transaction:</TD></TR>                                                                                               <TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(5)</TD><TD>Total fee paid:</TD></TR>                                                              <TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Fee paid previously with preliminary materials:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Check box if any part of the fee is offset as provided by Exchange
Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(1)</TD><TD>Amount Previously Paid:</TD></TR>                                                                      <TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(2)</TD><TD>Form, Schedule or Registration Statement No.:</TD></TR>                                                                                            <TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(3)</TD><TD>Filing Party:</TD></TR>                                                            <TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(4)</TD><TD>Date Filed:</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">Voya Prime Rate
Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(formerly, ING Prime Rate Trust)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">7337 East Doubletree Ranch Road, Suite 100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Scottsdale, Arizona 85258-2034</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(800) 992-0180</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">May 14, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Dear Shareholder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">On behalf of the Board
of Trustees (the &ldquo;Board&rdquo;), we are pleased to invite you to the annual meeting of shareholders (the &ldquo;Annual Meeting&rdquo;)
of Voya Prime Rate Trust (the &ldquo;Fund&rdquo;). The Annual Meeting is scheduled for 1:00 P.M., Local time, on July 2, 2014,
at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">At the Annual Meeting,
shareholders of the Fund will be asked to elect 12 nominees to the Board of Trustees of the Fund (the &ldquo;Proposal&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Formal notice of the Annual
Meeting appears on the next page followed by the proxy statement (the &ldquo;Proxy Statement&rdquo;). The Proposal is discussed
in detail in the enclosed Proxy Statement, which you should read carefully.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">After careful consideration,
the Board recommends that you vote <B>&ldquo;FOR&rdquo; </B>the Proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>Your vote is important
regardless of the number of shares you own. To avoid the added cost of follow-up solicitations and possible adjournments, please
take a few minutes to read the Proxy Statement and cast your vote. It is important that your vote be received no later than July
1, 2014.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">We appreciate your participation
and prompt response in this matter and thank you for your continued support.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Sincerely,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in"><img src="sig.jpg"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Shaun P. Mathews</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>President and Chief Executive Officer</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">NOTICE OF Annual
MEETING OF SHAREHOLDERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">OF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">Voya Prime Rate
Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">7337 East Doubletree Ranch Road, Suite 100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Scottsdale, Arizona 85258-2034</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(800) 992-0180</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Scheduled for July 2, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">To the Shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">NOTICE IS HEREBY GIVEN
that an annual meeting of the shareholders (the &ldquo;Annual Meeting&rdquo;) of Voya Prime Rate Trust (the &ldquo;Fund&rdquo;)
is scheduled for 1:00 P.M., Local time on July 2, 2014 at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">At the Annual Meeting,
shareholders will be asked:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">To elect 12 nominees to the Board of Trustees of the Fund (the &ldquo;Proposal&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">To transact such other business, not currently contemplated, that may properly come before the
Annual Meeting, or any adjournments or postponements thereof, in the discretion of the proxies or their substitutes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Please read the enclosed
proxy statement (the &ldquo;Proxy Statement&rdquo;) carefully for information concerning the Proposal to be placed before the Annual
Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>The Board of Trustees
recommends that you vote &ldquo;FOR&rdquo; the Proposal.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Shareholders of record
as of the close of business on April 4, 2014, are entitled to notice of, and to vote at, the Annual Meeting, and are also entitled
to vote at any adjournments or postponements thereof. Your attention is called to the accompanying Proxy Statement. Regardless
of whether you plan to attend the Annual Meeting, <B>please complete, sign, and return promptly, but in no event later than July
1, 2014, the enclosed Proxy Ballot</B> so that a quorum will be present and a maximum number of shares may be voted. Proxies may
be revoked at any time before they are exercised by submitting a revised Proxy Ballot, by giving written notice of revocation to
the Fund or by voting in person at the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">By Order of the Board of Trustees</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><img src="sig1.jpg"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Huey P. Falgout, Jr.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><I>Secretary</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">May 14, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">PROXY STATEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MAY 14, 2014</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">Voya Prime Rate
Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">7337 East Doubletree Ranch Road, Suite 100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Scottsdale, Arizona 85258-2034</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(800) 992-0180</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Annual Meeting of Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Scheduled for July 2, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Important Notice Regarding the Availability of Proxy Materials <BR>
</B> <B>for the Shareholder Meeting to be Held on July 2, 2014<BR>
</B> This Proxy Statement and Notice of Annual Meeting of Shareholders are<BR>
 available at: www.proxyvote.com/voya</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_042"></A>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-weight: bold; width: 90%"><A HREF="#a_001">Introduction</A></TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: left; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right; width: 8%">1</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_002">Why did you send me this booklet?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_003">What proposals will be considered at the Annual Meeting?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_004">Who is eligible to vote?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_005">How do I vote?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_006">When and where will the Annual Meeting be held?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_007">How can I obtain more information about the Fund?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_008">Who are the affiliated service providers to the Fund?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-weight: bold"><A HREF="#a_009">Proposal One &ndash; Election of the Nominees</A></TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">4</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_010">What is Proposal One?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_011">Who are the Nominees and what are their qualifications?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_012">How long will the Trustees serve on the Board?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_013">What is the required vote?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_014">What is the Board&rsquo;s recommendation?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-weight: bold"><A HREF="#a_015">Further Information about the Trustees and Officers</A></TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">9</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_016">How is the Board structured?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">9</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_017">What are the Trustees paid for their services?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_018">Do the Independent Trustees own shares of the Fund or certain affiliates?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">16</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_019">How often does the Board meet?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_020">Who are the officers of the Fund?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_021">What are the officers paid for their services?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font-weight: bold"><A HREF="#a_022">General Information about the Proxy Statement</A></TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">19</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_023">Who is asking for my vote?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_024">How is my proxy being solicited?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_025">What happens to my proxy once I submit it?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_026">Can I revoke my proxy after I submit it?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_027">How will my shares be voted?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_028">How many shares are outstanding?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_029">Section 16(a) Beneficial Ownership Reporting Compliance</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_030">Shareholder Communications with the Board of Trustees</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_031">What is the deadline to submit a proposal for the 2015 Annual Meeting?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_032">Who are the Fund&rsquo;s independent public accountants?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_033">Why did my household only receive one copy of this Proxy Statement?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">22</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><A HREF="#a_034">Who pays for this proxy solicitation?</A></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-weight: bold"><A HREF="#a_035">Appendix A: Nominees</A></TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">24</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font-weight: bold"><A HREF="#a_036">Appendix B: Trustee Compensation Table</A></TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">27</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-weight: bold"><A HREF="#a_037">Appendix C: Shares Owned by Trustees</A></TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">28</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font-weight: bold"><A HREF="#a_038">Appendix D: Officers</A></TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">29</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-weight: bold"><A HREF="#a_039">Appendix E: Common Shares Outstanding</A></TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">33</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font-weight: bold"><A HREF="#a_040">Appendix F: 5% Beneficial Ownership</A></TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">34</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-weight: bold"><A HREF="#a_041">Appendix G: Fees Paid to the Independent Registered Public Accountants</A></TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">35</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_001"></A>Introduction</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_002"></A>Why did you send me this booklet?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">This booklet includes a
proxy statement (&ldquo;Proxy Statement&rdquo;) and a Proxy Ballot for Voya Prime Rate Trust (the &ldquo;Fund&rdquo;). It provides
you with information you should review before providing voting instructions on the matters listed in the Notice of Annual Meeting
of Shareholders. The words &ldquo;you&rdquo; and &ldquo;shareholder&rdquo; are used in this Proxy Statement to refer to the person
or entity that has voting rights or is being asked to provide voting instructions in connection with the shares.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_003"></A>What proposals will be considered at the Annual Meeting?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">At the annual meeting of
shareholders (the &ldquo;Annual Meeting&rdquo;), shareholders are being asked to approve the election of 12 nominees to the Board
of Trustees for the Fund (the &ldquo;Proposal&rdquo;).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_004"></A>Who is eligible to vote?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Shareholders holding an
investment in shares of the Fund as of the close of business on April 4, 2014 (the &ldquo;Record Date&rdquo;) are eligible to vote
at the Annual Meeting or any adjournments or postponements thereof.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_005"></A>How do I vote?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">You may submit your Proxy
Ballot in one of four ways:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>By Internet.</U> The web address and instructions for voting can be found on the enclosed Proxy
Ballot. You will be required to provide your control number located on the Proxy Ballot.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>By Telephone.</U> The toll-free number for telephone voting can be found on the enclosed Proxy
Ballot. You will be required to provide your control number located on the Proxy Ballot.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>By Mail.</U> Mark the enclosed Proxy Ballot, sign and date it, and return it in the postage-paid
envelope we provided. Joint owners must each sign the Proxy Ballot.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>In Person at the Annual Meeting.</U> You can vote your shares in person at the Annual Meeting.
If you expect to attend the Annual Meeting in person, please call Shareholder Services toll-free at (800) 992-0180.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">To be certain your vote
will be counted, a properly executed Proxy Ballot must be received no later than 5:00 P.M., Local time on July 1, 2014.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_006"></A>When and where will the Annual Meeting be held?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Annual Meeting is scheduled
to be held at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034, on July 2, 2014, at 1:00 P.M., Local
time, and, if the Annual Meeting is adjourned or postponed, any adjournments or postponements of the Annual Meeting will also be
held at the above location. If you expect to attend the Annual Meeting in person, please call Shareholder Services toll-free at
(800) 992-0180.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_007"></A>How can I obtain more information about the Fund?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Should you have any questions
about the Fund, please contact Shareholder Services toll free at (800) 992-0180. This Proxy Statement should be read in conjunction
with the Annual and Semi-Annual Reports. Copies of the Fund&rsquo;s Annual Report for the fiscal year ended February 28, 2014 and
the Semi-Annual Report for the period ended August 31, 2013 were previously mailed to shareholders and are available upon request
without charge on the Internet at http://www.voyainvestments.com/literature or by contacting the Fund at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Voya Prime Rate Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">7337 East Doubletree Ranch Road, Suite 100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Scottsdale, Arizona 85258-2034</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(800) 992-0180</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_008"></A>Who are the affiliated service providers to the Fund?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Voya Investments, LLC,
formerly, ING Investments, LLC, (&ldquo;Voya Investments&rdquo; or the &ldquo;Adviser&rdquo;) serves as the investment adviser
to the Fund and Voya Funds Services, LLC (the &ldquo;Administrator&rdquo;), formerly, ING Funds Services, LLC, serves as
the administrator to the Funds. Voya Investments Distributor, LLC (the &ldquo;Distributor&rdquo;), formerly, ING Investments Distributor,
LLC, serves as distributor to the Fund. The principal offices of the Adviser, Administrator, and Distributor are located at 7337
East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Voya Investment Management
Co. LLC (&ldquo;Voya IM&rdquo;), formerly, ING Investment Management Co. LLC, serves as the sub-adviser to the Fund. The principal
office of Voya IM is located at 230 Park Avenue, New York, NY 10169.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Adviser, Administrator,
the Distributor, and Voya IM are all indirect, wholly-owned subsidiaries of Voya Financial, Inc. Voya Financial, Inc. is a subsidiary
of ING Groep N.V. (&ldquo;ING Groep&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">In October 2009, ING Groep
submitted a restructuring plan (the &ldquo;Restructuring Plan&rdquo;) to the European Commission in order to receive approval for
state aid granted to ING Groep by the Kingdom of the Netherlands in November 2008 and March 2009. To receive approval for this
state aid, ING Groep was required to divest its insurance and investment management businesses, including Voya Financial, Inc.
(formerly, ING U.S., Inc.), before the end of 2013. In November 2012, the Restructuring Plan was amended to permit ING Groep additional
time to complete the divestment. Pursuant to the amended Restructuring Plan, ING Groep must divest at least 25% of Voya Financial,
Inc. by the end of 2013, more than 50% by the end of 2014, and the remaining interest by the end of 2016 (such divestment, the
&ldquo;Separation Plan&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">In May 2013, Voya Financial,
Inc. conducted an initial public offering of its common stock (the &ldquo;IPO&rdquo;). In October 2013, ING Groep divested additional
shares in a secondary offering of common stock of Voya Financial, Inc. In March 2014, ING Groep divested additional shares, reducing
its ownership</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">interest in Voya Financial,
Inc. below 50%. Voya Financial, Inc. did not receive any proceeds from these offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">ING Groep has stated that
it intends to sell its remaining interest in Voya Financial, Inc. over time. While the base case for the
remainder of the Separation Plan is the divestment of ING Groep&rsquo;s remaining interest in one or more broadly distributed offerings,
all options remain open and it is possible that ING Groep&rsquo;s divestment of its remaining interest in Voya Financial, Inc.
may take place by means of a sale to a single buyer or group of buyers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">It is anticipated that
one or more of the transactions contemplated by the Separation Plan would result in the automatic termination of the existing
investment advisory and sub-advisory agreements under which the Adviser and sub-adviser provide services to the Fund. In order
to ensure that the existing investment advisory and sub-advisory services can continue uninterrupted, the Board approved new advisory
and sub-advisory agreements for the Fund, as applicable, in connection with the IPO. Shareholders of the Fund approved the new
investment advisory and sub-advisory agreements prompted by the IPO, as well as any future advisory and sub-advisory agreements
prompted by the Separation Plan that are approved by the Board and whose terms are not materially different from the current agreements.
This means that shareholders may not have another opportunity to vote on a new agreement with the Adviser or an affiliated sub-adviser
even if they undergo a change of control, as long as no single person or group of persons acting together gains &ldquo;control&rdquo;
(as defined in the 1940 Act) of Voya Financial, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Separation Plan, whether
implemented through public offerings or other means, may be disruptive to the businesses of Voya Financial, Inc. and its subsidiaries,
including the Adviser and affiliated entities that provide services to the Fund, and may cause, among other things, interruption
of business operations or services, diversion of management&rsquo;s attention from day-to-day operations, reduced access to capital,
and loss of key employees or customers. The completion of the Separation Plan is expected to result in the Adviser&rsquo;s loss
of access to the resources of ING Groep, which could adversely affect its business. Since a portion of the shares of Voya Financial,
as a standalone entity, are publicly held, it is subject to the reporting requirements of the Securities Exchange Act of 1934 as
well as other U.S. government and state regulations, and subject to the risk of changing regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Separation Plan may
be implemented in phases. During the time that ING Groep retains a significant interest in Voya Financial, Inc., circumstances
affecting ING Groep, including restrictions or requirements imposed on ING Groep by European and other authorities, may also affect
Voya Financial, Inc. A failure to complete the Separation Plan could create uncertainty about the nature of the relationship
between Voya Financial, Inc. and ING Groep, and could adversely affect Voya Financial, Inc. and the Adviser and its affiliates.
Currently, the Adviser and its affiliates do not anticipate that the Separation Plan will have a material adverse impact on their
operations or the Fund and its operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_009"></A>Proposal One
&ndash; Election of the Nominees</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_010"></A>What is Proposal One?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Board has nominated
12 individuals (the &ldquo;Nominees&rdquo;) for election as Trustees of the Fund. Shareholders are being asked to elect the Nominees
as Trustees, each to serve until their death, resignation, or retirement or until his or her successor is duly elected and qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Nominees include each
of the current Trustees of the Board, 11 of whom are not &ldquo;interested persons&rdquo; of the Fund, as defined in the Investment
Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;). Such persons are commonly referred to as &ldquo;Independent Trustees.&rdquo;
The remaining Nominee is considered an interested person. Each Nominee has consented to serve as a Trustee and to being named in
this Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Please read the section
entitled &ldquo;Further Information about the Trustees and Officers&rdquo; before voting on the Proposal.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_011"></A>Who are the Nominees and what are their qualifications?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Set forth below is pertinent
information about each Nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in"><U>Independent Nominees</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>Colleen D. Baldwin</B>
has been a Trustee of the Fund 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 Board&rsquo;s Domestic Equity Funds Investment Review Committee (&ldquo;DE IRC&rdquo;) since
January 23, 2014 and, prior to that, as Chairperson of the Nominating and Governance Committee since 2009. Ms. Baldwin is currently
an Independent Board Director of DSM/Dentaquest and is a member of its Audit and Finance/Investment Review Committees. Ms. Baldwin
has been 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
&amp; Company (1987-1994). Ms. Baldwin began her career in 1981 at AT&amp;T/Bell Labs as a systems analyst. Ms. Baldwin holds a
B.S. from Fordham University and an M.B.A. degree from Pace University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>John V. Boyer</B> has
been a Trustee of the Fund and a board member of other investment companies in the Voya family of funds since 2005. He also has
served as Chairperson of the Board since January 22, 2014 and prior to that, as Chairperson of the Board&rsquo;s International/Balanced/Fixed
Income Funds Investment Review Committee (&ldquo;I/B/F IRC&rdquo;) since 2006. Since 2008, Mr. Boyer has been President of the
Bechtler Arts Foundation for which, among his other duties, Mr. Boyer oversees all fiduciary aspects of the Foundation and assists
in the oversight of the Foundation&rsquo;s endowment fund. Previously, he served as President and Chief Executive Officer of the
Franklin and Eleanor Roosevelt</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Institute (2006-2007) and
as Executive Director of The Mark Twain House &amp; 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. degree from Princeton University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>Patricia W. Chadwick</B>
has been a Trustee of the Fund and a board member of other investment companies in the Voya family of funds since 2006. She also
has served as Chairperson of the Board&rsquo;s I/B/F IRC since January 23, 2014 and, prior to that, as Chairperson of the Board&rsquo;s
DE IRC since 2007. 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), Wisconsin
Energy Corp. (since 2006), 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>Albert E. DePrince,
Jr.</B> has been a Trustee of the Fund since May 21, 2013 and a board member of other investment companies in the Voya family of
funds since 1998. Dr. DePrince has been a professor of Economics and Finance at Middle Tennessee State University since 1991. Prior
to joining the faculty at Middle Tennessee State University, Dr. DePrince served in various business positions, including 12 years
at Marine Midland Bank in New York City, where he held the positions of Chief Economist and Senior Vice President, and nine years
as an economist with the Federal Reserve Bank of New York. Dr. DePrince holds a B.A. in Economics from Bucknell University, an
M.A. in Economics from the University of Michigan, and a Ph.D. in Economics from New York University. Dr. DePrince also served
as Director at the Business and Economic Research Center at Middle Tennessee State University from 1999 to 2002 and has published
numerous scholarly papers and journal articles in the areas of financial markets, financial institutions, mutual fund performance,
and monetary policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>Peter S. Drotch</B>
has been a Trustee of the Fund and a board member of other investment companies in the Voya family of funds since 2007. Prior to
his retirement in 2000, he was a partner at the accounting firm of PricewaterhouseCoopers LLP, where he was the leader of the firm&rsquo;s
U.S. Investment Management practice group and a member of its global leadership team and where he acquired extensive experience
with respect to audits and other financial matters relating to registered investment companies. Since his retirement, he also has
served on the boards of registered investment companies in other fund complexes (the State Street Research Funds and BlackRock
Funds) from 2005 to 2007 and as a consultant with respect to investment company regulatory compliance matters. Mr. Drotch is also
a</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Director of First Marblehead
Corporation (student loans) and Tufts Health Plan (health insurance), a Director of the University of Connecticut Foundation, Inc.,
and a member of the General Counsel of the Investment Company Institute&rsquo;s Independent Directors Council. Mr. Drotch holds
a B.S. from the University of Connecticut and is a retired Certified Public Accountant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>J. Michael Earley</B>
has been a Trustee of the Fund and a board member of other investment companies in the Voya family of funds since 2002. He also
has served as Chairperson of the Board&rsquo;s Audit Committee since 2003. Mr. Earley retired in 2008 as President and Chief Executive
Officer of Bankers Trust Company, N.A. (Des Moines, Iowa), where he had worked since 1992. He also has served on the boards of
directors of that company (1992-2009) and as a board member of certain predecessor mutual funds of the Voya family of funds (1997-2002).
Mr. Earley has a B.B.A. and a J.D. from the University of Iowa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>Russell H. Jones</B>
has been a Trustee of the Fund since May 21, 2013 and a board member of other investment companies in the Voya family of funds
since December 2007. He has also served as Chairperson of the Board&rsquo;s Compliance Committee since January 23, 2014. From 1973
until his retirement in 2008, Mr. Jones served in various positions at Kaman Corporation, an aerospace and industrial distribution
manufacturer, including Senior Vice President, Chief Investment Officer and Treasurer, Principal Investor Relations Officer, Principal
Public Relations Officer, and Corporate Parent Treasurer. Mr. Jones served as an Independent Director and Chair of the Contracts
Committee for CIGNA Mutual Funds from 1995 until 2005. Mr. Jones also served as President of the Hartford Area Business Economists
from 1986 until 1987. Mr. Jones holds a B.A. from the University of Connecticut and an M.A. from the Hartford Seminary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>Patrick W. Kenny</B>
has been a Trustee of the Fund and a board member of other investment companies in the Voya family of funds since 2005. He also
has served as the Chairperson of the Board&rsquo;s Nominating and Governance Committee since January 23, 2014 and, prior to that,
Chairperson of the Board&rsquo;s Compliance Committee since 2006. He previously served as President and Chief Executive Officer
(2001-2009) of the International Insurance Society (insurance trade association), Executive Vice President (1998-2001) of Frontier
Insurance Group (property and casualty insurance company), Senior Vice President (1995-1998) of SS&amp;C Technologies (software
and technology company), Chief Financial Officer (1988-1994) of Aetna Life &amp; Casualty Company (multi-line insurance company),
and as Partner (until 1988) of KPMG (accounting firm). Mr. Kenny currently serves (since 2004) on the board of directors of Assured
Guaranty Ltd. (provider of financial guaranty insurance) and previously served on the boards of Odyssey Re Holdings Corporation
(multi-line reinsurance company) (2006-2009) and of certain predecessor mutual funds of the Voya family of funds (2002-2005). Mr.
Kenny holds a B.B.A. from the University of Notre Dame and an M.A. degree from the University of Missouri and is a Certified Public
Accountant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>Joseph E. Obermeyer</B>
has been a Trustee of the Fund since May 21, 2013 and a board member of other investment companies in the Voya family of funds
since 2003. He has also served as the Chairperson of the Board&rsquo;s Joint</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Investment Review Committee
(&ldquo;Joint IRC&rdquo;) since January 23, 2014. Mr. Obermeyer is the founder and President of Obermeyer &amp; Associates, Inc.,
a provider of financial and economic consulting services since 1999. Prior to founding Obermeyer &amp; 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 &amp; Lybrand LLP from 1993 until 1995, as a Manager at Price
Waterhouse from 1988 until 1993, a Second Vice President from 1985 until 1988 at Smith Barney, and as a consultant with Arthur
Andersen &amp; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>Sheryl K. Pressler</B>
has been a Trustee of the Fund and a board member of other investment companies in the Voya family of funds since 2006. She also
has served as Chairperson of both the Board&rsquo;s Contracts Committee and Contracts Sub-Committee since 2007 and January 23,
2014, respectively. 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&rsquo; Retirement System (state pension fund), Director of Stillwater Mining Company (May 2002 &ndash; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>Roger B. Vincent</B>
has been a Trustee of the Fund and a board member of other investment companies in the Voya family of funds since 2002. He also
previously served as Chairman of the Board of Trustees from 2007 &ndash; January 21, 2014 and, prior to that, as Chairperson of
the Contracts Committee and the DE IRC. Mr. Vincent retired in 2011 as President of Springwell Corporation (a corporate finance
firm), where he had worked since 1989. He is a Director of UGI Corporation and UGI Utilities, Inc. (since 2006). He previously
worked for 20 years at Bankers Trust Company where he was a Managing Director and a member of the bank&rsquo;s senior executive
partnership. He also previously served as a Director of AmeriGas Partners, L.P. (1998-2006), Tatham Offshore, Inc. (1996-2000),
and Petrolane, Inc. (1993-1995), and as a board member of certain predecessor funds of the Voya family of funds (1993-2002). Mr.
Vincent is a member of the board of the Mutual Fund Directors Forum and a past Director of the National Association of Corporate
Directors. Mr. Vincent holds a B.S. from Yale University and an M.B.A from Harvard University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in"><U>Interested Nominees</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>Shaun P. Mathews</B>
has been a Trustee of the Fund and a board member of other investment companies in the Voya family of funds since 2007. He also
is President and Chief Executive Officer of Voya Investments, LLC (2006 to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">present). Mr. Mathews previously
served as President of ING Mutual Funds and Investment Products (2004-2006) and several other senior management positions in various
aspects of the financial services business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">For additional information
on the Nominees, please see <B>Appendix A</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">No Nominee is a party adverse
to the Fund or any of its affiliates in any material pending legal proceeding, nor does any the Nominee have an interest materially
adverse to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">If any or all of the Nominees
become unavailable due to events not now known or anticipated, the persons named as proxies will vote for such other nominee or
nominees as the current Trustees may recommend or the Board may reduce the number of Trustees as provided for in the Fund&rsquo;s
charter documents.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_012"></A>How long will the Trustees serve on the Board?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">If elected, each Nominee
would serve as a Trustee until the next meeting of shareholders, if any, called for the purpose of electing Trustees or until their
death, resignation, or retirement or until a successor is duly elected and qualified. The Independent Trustees have adopted a policy
requiring each Independent Trustee to retire, without further action on the part of the Independent Trustee or the Board as of
the close of business on December 31 of the calendar year in which such Independent Trustee attains the age of 73 (the &ldquo;Retirement
Date&rdquo;); provided, however, by vote of a majority of the other Independent Trustees, the Retirement Date for an Independent
Trustee may be extended to a later date if, as a result of such retirement, the Trust would be required to hold a meeting of shareholders
to appoint a successor or otherwise comply with applicable law, in which case the Independent Trustee shall continue to be a member
of the Board until the date of the shareholder meeting or until such time as the shareholder meeting is no longer required (as
determined by vote of a majority of the other Independent Trustees). Pursuant to this retirement policy, Dr. DePrince would be
expected to retire effective December 31, 2014.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_013"></A>What is the required vote?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Shareholders of the Fund
will vote collectively as a single class on the election of each Nominee. The election of each Nominee must be approved by a plurality
of the votes cast at the Annual Meeting at which a quorum is present. Shareholders who vote for the Proposal will vote for each
Nominee. Those shareholders who wish to withhold their vote on any specific nominee may do so on the Proxy Ballot. Shareholders
do not have appraisal rights in connection with the Proposal.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_014"></A>What is the Board&rsquo;s recommendation?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">After consideration of
the above factors and other information it considered relevant, the Board, including all of the Independent Trustees, unanimously
approved the nomination of each of the Nominees. The Board is recommending that the shareholders vote &ldquo;<B>FOR</B>&rdquo;
each of the Nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_015"></A>Further Information
about the Trustees and Officers</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_016"></A>How is the Board structured?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Fund is governed by
the Fund&rsquo;s Board, which oversees the Fund&rsquo;s business and affairs. The Board delegates the day-to-day management of
the Fund to the Fund&rsquo;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 Fund do so pursuant to contracts that have been approved by the Board.
The Trustees are experienced executives who, among other duties, oversee the Fund&rsquo;s activities, review contractual arrangements
with companies that provide services to the Fund, and review the Fund&rsquo;s investment performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in"><U>The Board Leadership Structure and Related Matters</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Effective May 21, 2013,
the membership of the Boards of Directors/Trustees overseeing the funds in the Voya family of funds were consolidated (the &ldquo;Consolidation&rdquo;)
so that the same members serve on each board in the Voya family of funds. The Board is now comprised of twelve (12) members, eleven
(11) of whom are Independent Trustees. Prior to May 21, 2013, the Board was composed of ten (10) members, eight (8) of whom were
Independent Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Fund is one of 24 registered
investment companies (with a combined total of approximately 164 separate series) in the Voya family of funds and all of the Trustees
serve as members of, as applicable, each investment company&rsquo;s/trust&rsquo;s Board of Directors or Board of Trustees. The
Board employs substantially the same leadership structure with respect to each of these investment companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">One of the Independent
Trustees, currently John V. Boyer, serves as the Chairman of the Board of the Fund. The responsibilities of the Chairman of the
Board include: coordinating with management in the preparation of agendas for Board meetings; presiding at Board meetings; between
Board meetings, serving as a primary liaison with other Trustees, Officers of the Trust, management personnel, and legal counsel
to the Independent Trustees; and such other duties as the Board periodically may determine. Mr. Boyer does not hold a position
with any firm that is a sponsor of the Fund. The designation of an individual as the Independent Chairman 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Board performs many
of its oversight and other activities through the committee structure described below in the &ldquo;Board Committees&rdquo; section.
Each Committee operates pursuant to a written Charter approved by the Board. The Board currently conducts regular meetings eight
(8) times a year. Six (6) of these regular meetings consist of sessions held over a two-day period and two (2) of these meetings
consist 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">action prior to the next
regular meetings. The Independent Trustees have engaged independent legal counsel to assist them in performing their oversight
responsibilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Board believes that
its comittee structure is an effective means of empowering the Trustees to perform their fiduciary and other duties. For example,
the Board&rsquo;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&rsquo;s operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in"><U>Board Committees</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>Audit Committee.</B>
The Board has established an Audit Committee whose functions include, among other things: (i) meeting with the independent registered
public accounting firm of the Fund to review the scope of the Fund&rsquo;s audit, the Fund financial statements and accounting
controls; and (ii) meeting with management concerning these matters, internal audit activities, and other matters. The Audit Committee
currently consists of six (6) Independent Trustees. The following Trustees currently serve as members of the Audit Committee: Ms.
Baldwin and Messrs. Drotch, Earley, Kenny, Obermeyer, and Vincent. Mr. Earley currently serves as Chairperson of the Audit Committee.
Ms. Baldwin and Messrs. Drotch, Earley, Kenny, Obermeyer, and Vincent have each been designated as Audit Committee Financial Experts
under the Sarbanes-Oxley Act. The Audit Committee currently meets regularly 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 February 28, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Audit Committee and
Compliance Committee sometimes meet jointly to consider matters that are reviewed by both Committees. The Committees held three
(3) such additional joint meetings during the fiscal year ended February 28, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>Compliance Committee.</B>
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 Fund; (ii) serving as a committee, and in such capacity, to receive, retain,
and act upon 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 (&ldquo;CCO&rdquo;) of the Fund; (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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Compliance Committee and
the Board; (vi) making recommendations regarding the role, performance and oversight of the CCO; (vii) overseeing the implementation
of the Voya funds&rsquo; 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; (viii) overseeing management&rsquo;s administration of proxy
voting; and (ix) overseeing the effectiveness of brokerage usage by the Fund&rsquo;s adviser or sub-adviser, as applicable, and
compliance with regulations regarding the allocation of brokerage for services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Compliance Committee
currently consists of five (5) Independent Trustees: Dr. DePrince, Mses. Chadwick and Pressler, and Messrs. Boyer and Jones. Mr.
Jones currently serves as Chairperson of the Compliance Committee. The Compliance Committee currently meets regularly 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 five (5) meetings during the fiscal year ended February 28, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Audit Committee and
Compliance Committee sometimes meet jointly to consider matters that are reviewed by both Committees. The Committees held three
(3) such additional joint meetings during the fiscal year ended February 28, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>Contracts Committee.</B>
The Board has established a Contracts Committee for the purpose of overseeing the annual renewal process relating to investment
advisory and sub-advisory agreements and, at the discretion of the Board, other 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 meetings by the Trustees; and (vii) otherwise providing assistance in connection with Board decisions
to renew, reject, or modify agreements or plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">As of January 23, 2014,
the Contracts Committee currently consists of all eleven (11) of the Independent Trustees of the Board: Dr. DePrince, Mses. Baldwin,
Chadwick, and Pressler, and Messrs. Boyer, Drotch, Earley, Jones, Kenny, Obermeyer, and Vincent. Ms. Pressler currently serves
as Chairperson of the Contracts Committee. Prior to January 23, 2014, the Contract Committee (the &ldquo;Prior Contracts Committee&rdquo;)
was made up of eight (8) Independent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Trustees and met regularly
seven (7) times per calendar year and held special meetings by telephone or in person to discuss specific matters that may require
action prior to the next regular meeting. The Prior Contracts Committee held six (6) meetings during the fiscal year ended February
28, 2014. It is expected that the Contracts Committee will meet regularly seven (7) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Board has established
a Contracts Sub-Committee for the purpose of initially reviewing substantially all of the matters to be considered by the Contracts
Committee. The Contracts Sub-Committee currently consists of seven (7) Independent Trustees. The following Trustees serve as members
of the Contracts Sub-Committee: Dr. DePrince, Mses. Baldwin, Chadwick, and Pressler, and Messrs. Boyer, Obermeyer, and Vincent.
Ms. Pressler currently serves as Chairperson of the Contracts Sub-Committee. The Contracts Sub-Committee was newly established
on January 23, 2014 did not meet during the fiscal year ended February 28, 2014. It is expected that the Contracts Sub-Committee
will meet regularly seven (7) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>Investment Review Committees.</B>
The Board has established, for all of the funds under its direction, the following three Investment Review Committees: (i) the
Joint IRC; (ii) DE IRC; and (iii) the I/B/F IRC. Each of the Investment Review Committees perform 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;
and (ii) making recommendations to the Board with respect to investment management activities performed by the 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. The Fund is currently monitored by the Joint IRC. Each committee is described
below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Joint IRC currently
consists of eleven (11) Independent Trustees and one (1) Trustee who is an &ldquo;interested person&rdquo; of the funds in the
Voya family of funds, as defined in 1940 Act (&ldquo;Interested Trustee&rdquo;). The following Trustees serve as members of the
Joint IRC: Dr. DePrince, Mses. Baldwin, Chadwick, and Pressler, and Messrs. Boyer, Drotch, Earley, Jones, Kenny, Mathews, Obermeyer,
and Vincent. Mr. Obermeyer currently serves as Chairperson of the Joint IRC. The Joint IRC was newly established on January 23,
2014 and did not meet during the fiscal year ended February 28, 2014. Prior to January 23, 2014, the Board held joint meetings
of the I/B/F IRC and the DE IRC. It is expected that the Joint IRC will meet regularly six (6) times per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The DE IRC currently consists
of six (6) Independent Trustees. The following Trustees serve as members of the DE IRC: Ms. Baldwin and Messrs. Boyer, Drotch,
Jones, Obermeyer, and Vincent. Ms. Baldwin currently serves as Chairperson of the DE IRC. The DE IRC, which currently meets regularly
six (6) times per year, held six (6) meetings during the fiscal year ended February 28, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The I/B/F IRC currently
consists of five (5) Independent Trustees and one (1) Interested Trustee. The following Trustees serve as members of the I/B/F
IRC: Dr. DePrince, Mses. Chadwick and Pressler and Messrs. Earley, Kenny, and Mathews. Ms. Chadwick currently serves as Chairperson
of the I/B/F IRC. The I/B/F IRC, which currently meets regularly six (6) times per year, held six (6) meetings during the fiscal
year ended February 28, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The DE IRC and the I/B/F
IRC held six (6) additional joint meetings during the fiscal year ended February 28, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>Nominating and Governance
Committee.</B> 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&rsquo;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 &ldquo;best practices&rdquo; 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&rsquo;s annual self-evaluation process; (viii) developing (with assistance from management)
an annual meeting calendar for the Board and its committees; and (ix) overseeing actions to facilitate attendance by Independent
Trustees at relevant educational seminars and similar programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">In evaluating potential
candidates to fill Independent Trustee vacancies on the Board, the Nominating and Governance Committee will consider a variety
of factors, but it has not at this time set any specific minimum qualifications that must be met. Specific qualifications of candidates
for Board membership will be based on the needs of the Board at the time of nomination. The Nominating 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 Trustee&rsquo;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 nominations as Trustee: such person&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">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 Fund&rsquo;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 Fund with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Nominating and Governance
Committee currently consists of five (5) Independent Trustees. The following Trustees serve as members of the Nominating and Governance
Committee: Ms. Baldwin and Messrs. Boyer, Drotch, Jones, and Kenny. Mr. Kenny currently serves as Chairperson of the Nominating
and Governance Committee. The Nominating and Governance Committee typically meets three (3) times per year and on an as-needed
basis. The Nominating and Governance Committee held five (5) meetings during the fiscal year ended February 28, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in"><U>The Board&rsquo;s Risk Oversight Role</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The day-to-day management
of various risks relating to the administration and operation of the Fund 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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">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; and (ix) the risk
of conflicts of interest affecting ING affiliates in managing the Fund. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Board oversees risk
management activities in part through receipt and review by the Board or its committees of regular and special reports,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">presentations and other information
from Officers of the Trust, including the CCOs for the Trust and its investment adviser and the Trust&rsquo;s Chief Investment
Risk Officer (&ldquo;CIRO&rdquo;), 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; (ii) the
Investment Review Committees 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 (&ldquo;IRD&rdquo;)
that provides an independent 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&rsquo;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.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_017"></A>What are the Trustees paid for their services?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Each Trustee is reimbursed
for 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 current
fee schedule consists of an annual retainer, compensation for Board and Committee Chairpersons, and additional compensation for
attendance at regularly scheduled meetings. The Board may, from time to time, designate other meetings as subject to compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Effective January 1, 2014,
the Fund pays each Independent Trustee a <I>pro rata</I> share based on the assets of the Fund, as described below, of: (i) an
annual retainer of $230,000; (ii) Mr. Boyer, as Chairperson of the Board, receives an additional annual retainer of $100,000; (iii)
Mses. Baldwin, Chadwick, and Pressler and Messrs. Earley, Jones, Kenny, Obermeyer as Chairpersons of Committees of the Board, each
receives an additional annual retainer of $30,000, $30,000, $65,000, $25,000, $25,000, $25,000, 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 an attendance fee in the amount of $5,000 for in-person meetings and $2,500 for special telephonic
meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Prior to January 1, 2014,
the Fund paid each Independent Trustee a pro rata share based on the assets of the Fund, as described below, of: (i) an annual
retainer of $200,000; (ii) Mr. Vincent, as Chairperson of the Board, received an additional annual retainer of $80,000; (iii) Mses.
Baldwin, Chadwick, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Pressler and Messrs. Earley,
Boyer, and Kenny as Chairpersons of Committees of the Board, each received an additional annual retainer of $25,000, $30,000, $65,000,
$25,000, $30,000, and $25,000, 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 could from time to time designate 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The <I>pro rata</I> share
paid by the Fund is based on the Fund&rsquo;s average net assets as a percentage of the average net assets of all the funds managed
by the adviser or its affiliates for which the Trustee serve in common as Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Certain future payment
arrangements were in place prior to the Consolidation. More particularly, each Independent Trustee, with the exception of Dr. DePrince
and Messrs. Jones and Obermeyer, who was a Trustee on or before May 9, 2007, and 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 (&ldquo;Future Payment&rdquo;)
if such Trustee: (i) retires in accordance with the Board&rsquo;s retirement policy; (ii) dies; or (iii) becomes disabled. The
Future Payment shall be made promptly to, as applicable, the Trustee or the Trustee&rsquo;s estate, in an amount equal to two 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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>Appendix B</B> details
the compensation paid to the Trustees by the Fund and by all funds in the Voya family of funds.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_018"></A>Do the Independent Trustees own shares of the Fund or certain
affiliates?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">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 (&ldquo;Ownership Policy&rdquo;). For this purpose, beneficial
ownership of shares of a Voya fund include, in addition to direct ownership of Voya fund shares, ownership of a variable annuity
contract or a variable life insurance policy whose proceeds are invested in a Voya fund within the Voya family of funds, as well
as deferred compensation payments under the Board&rsquo;s deferred compensation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Under this Ownership Policy,
the initial value of investments in the Voya family of funds that are beneficially owned by a Trustee must equal at least $100,000.
A new Trustee shall satisfy the foregoing requirements within a reasonable amount of time, not to exceed three years, of becoming
a Trustee. A decline in the value of any fund investments will not cause a Trustee to have to make any additional investments under
this Ownership Policy. As of December 31, 2013, all Independent Trustees were in compliance with the Ownership Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Investment in funds of
the Voya family of funds by the Trustees pursuant to this Ownership Policy are subject to: (i) policies, applied by the funds of
the Voya family of funds to other similar investors that are designed to prevent inappropriate market timing trading practices;
and (ii) to any provisions of the Code of Ethics for the Voya family of funds that otherwise applies to the Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">As of April 4, 2014, none
of the Independent Trustees or their immediate family members owned any shares of the adviser or principal underwriter or of any
entity controlling, controlled by or under common control with the investment adviser or principal underwriter of the Fund (not
including registered investment companies).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>Appendix C </B>provides
the dollar value of all shares of the Fund and of all funds in the Voya family of funds held directly or indirectly by each Independent
Trustee as of a recent date.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_019"></A>How often does the Board meet?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Board currently conducts
regular meetings eight (8) times a year. Six of these regular meetings consist of sessions held over a two-day period and two of
these meetings consist 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 their next regular meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">For fiscal years ended,
February 28, 2013 and February 28, 2014, all Trustees except Messrs. Drotch and Mathews attended no fewer than 75% of the total
meetings held by the Board or any Committees of which he or she is a member. Mr. Drotch attended 70% of the meetings of the Board
for the fiscal year ended February 28, 2014. Mr. Mathews is a member of the I/B/F IRC and attended fewer than 75% of meetings held
by this Committee during the fiscal years ended February 28, 2013 and February 28, 2014. During those I/B/F IRC meetings Mr. Mathews
did not attend, he was instead in attendance at other Committee meetings of the Board.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_020"></A>Who are the officers of the Fund?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Fund&rsquo;s officers
are elected by the Board and hold office until they resign, are removed, or are otherwise disqualified to serve. The officers of
the Fund,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">together with such person&rsquo;s
position with the Fund and principal occupation for the last five years, are listed in <B>Appendix D</B>.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_021"></A>What are the officers paid for their services?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Fund does not pay its
officers for the services they provide to the Fund. Instead, the officers, who are also officers or employees of Voya Investments,
LLC (&ldquo;Voya Investments&rdquo; or &ldquo;Adviser&rdquo;) or its affiliates, are compensated by Voya Investments or its affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_022"></A>General Information
about the Proxy Statement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_023"></A>Who is asking for my vote?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Board is soliciting
your vote for the Annual Meeting of the Fund&rsquo;s shareholders.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_024"></A>How is my proxy being solicited?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Solicitation of proxies
is being made primarily by the mailing of the Notice of Annual Meeting of Shareholders, the Proxy Statement, and the Proxy Ballot
on or about May 14, 2014. In addition to the solicitation of proxies by mail, employees of Voya Investments, and its affiliates,
without additional compensation, may solicit proxies in person or by telephone, telegraph, facsimile, or oral communications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">If a shareholder wishes
to participate in the Annual Meeting, the shareholder may submit the Proxy Ballot originally sent with the Proxy Statement, attend
in person, or vote online by logging on to www.proxyvote.com/voya and following the online directions. Should shareholders require
additional information regarding the proxy or require replacement of the proxy, they may contact Shareholder Services toll-free
at (800) 992-0180.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_025"></A>What happens to my proxy once I submit it?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Board has named Huey
P. Falgout,&nbsp;Jr., Secretary, Theresa K. Kelety, Assistant Secretary, and Todd Modic, Assistant Secretary, or one or more substitutes
designated by them, as proxies who are authorized to vote Fund shares as directed by shareholders.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_026"></A>Can I revoke my proxy after I submit it?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">A shareholder may revoke
the accompanying proxy at any time prior to its use by filing with the Fund a written revocation or a duly executed proxy bearing
a later date. In addition, any shareholder who attends the Annual Meeting in person may vote by ballot at the Annual Meeting, thereby
canceling any proxy previously given.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_027"></A>How will my shares be voted?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">If you follow the voting
instructions, your proxies will vote your shares as you have directed. If you submitted your Proxy Ballot but did not vote on the
proposals, your proxies will vote on the proposals as recommended by the Board. If any other matter is properly presented, your
proxies will vote in their discretion in accordance with their best judgment, including on any proposal to adjourn the meeting.
At the time this Proxy Statement was printed, the Board knew of no matter that needed to be acted upon at the Annual Meeting other
than the proposals discussed in this Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in"><U>Quorum and Tabulation</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Each shareholder of the
Fund is entitled to one vote for each share held as to any matter on which such shareholder is entitled to vote and for each fractional</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">share that is owned, the
shareholder shall be entitled to a proportionate fractional vote. A majority of shares entitled to vote shall constitute a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in"><U>Adjournments</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">If a quorum is not present
at the Annual Meeting, if there are insufficient votes to approve the proposal, or for any other reason deemed appropriate by your
proxies, your proxies may propose one or more adjournments of the Annual Meeting to permit additional time for the solicitation
of proxies, in accordance with the Fund&rsquo;s organizational documents and applicable law. Solicitation of votes may continue
to be made without any obligation to provide any additional notice of the adjournment. The persons named as proxies will vote in
favor of such adjournments&nbsp;in their discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in"><U>Broker Non-Votes and Abstentions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">If a shareholder abstains
from voting as to any matter, or if a broker returns a &ldquo;non-vote&rdquo; proxy, indicating a lack of authority to vote on
a matter, then the shares represented by such abstention or non-vote will be treated as shares that are present at the Annual Meeting
for purposes of determining the existence of a quorum. However, abstentions and broker non-votes will be disregarded in determining
the &ldquo;votes cast&rdquo; on a proposal.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_028"></A>How many shares are outstanding?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>Appendix E</B> sets
forth the number of shares of the Fund issued and outstanding as of the Record Date. Shares have no preemptive or subscription
rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">To the knowledge of Voya
Investments, as of the Record Date, no current Trustee owns 1% or more of the outstanding shares of the Fund, and the officers
and Trustees own, as a group, less than 1% of the shares of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>Appendix F</B> hereto
lists the persons that, as of the Record Date owned beneficially or of record 5% or more of the outstanding shares of the Fund.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_029"></A>Section 16(a) Beneficial Ownership Reporting Compliance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Section 16(a) of the Securities
Exchange Act of 1934, as amended, and Section 30(h) of the 1940 Act, as applied to the Fund, require the Fund&rsquo;s officers,
Trustees, investment adviser, affiliates of the investment adviser, and persons who beneficially own more than 10% of a registered
class of the Fund&rsquo;s outstanding securities (&ldquo;Reporting Persons&rdquo;), to file reports of ownership of the Fund&rsquo;s
securities and changes in such ownership with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) and the New York
Stock Exchange. Such persons are required by the SEC regulations to furnish the Fund with copies of all such filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Based solely on its review
of the copies of such forms received by it and written representations from certain Reporting Persons, the Fund believes that during
the fiscal years ended February 28, 2013 and February 28, 2014, its Reporting Persons complied with all applicable filing requirements.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_030"></A>Shareholder Communications with the Board of Trustees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Shareholders may send other
communications to the Board, a Committee thereof, or an individual Trustee. Such communications should be sent to the Fund&rsquo;s
Secretary at the address on the front of this Proxy Statement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_031"></A>What is the deadline to submit a proposal for the 2015 Annual
Meeting?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">It is anticipated that
the next annual meeting of the Fund will be held in July 2015, but the exact date, time, and location of such meeting have yet
to be determined. Any proposals of shareholders that are intended to be presented at the Fund&rsquo;s next annual meeting must
be in writing and received at the Fund&rsquo;s principal executive offices no later than January 14, 2014, in order for the proposal
to be considered for inclusion in the Fund&rsquo;s proxy statement for that meeting. The submission of a proposal does not guarantee
its inclusion in the Fund&rsquo;s proxy statement or presentation at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">In addition, pursuant to
relevant SEC proxy rules, a company may use discretionary voting authority to vote on matters coming before an annual meeting of
shareholders if the company does not have notice of the matter at least 45&nbsp;days before the date corresponding to the date
on which the company first mailed its proxy materials for the prior year&rsquo;s annual meeting of stockholders or the date specified
by an overriding advance notice provision in the company&rsquo;s bylaws. As the Fund&rsquo;s bylaws do not contain such an advance
notice provision, for the Fund&rsquo;s 2015 Annual Meeting of shareholders, shareholders must submit to the Fund written notice
of a shareholder proposal on or before March 30, 2014.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_032"></A>Who are the Fund&rsquo;s independent public accountants?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The accounting firm of
KPMG LLP (&ldquo;KPMG&rdquo;) currently serves as the independent auditor for the Fund. The Board has selected KPMG as the independent
auditor to examine and report on the financial statements of the Fund for the fiscal years ending February 28, 2013 and February
28, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">As part of its oversight
of the Fund&rsquo;s financial statements, in April 2013, the Audit Committee met to review and discuss with the Adviser and KPMG
the Fund&rsquo;s financial statements for the fiscal year ended February 28, 2013. In April 2014, the Audit Committee similarly
reviewed and discussed with the Adviser and KPMG the Fund&rsquo;s financial statements for the fiscal year ended February 28, 2014.
At both meetings, the Audit Committee discussed with KPMG the matters required to be discussed by Public Company Accounting Oversight
Board (&ldquo;PCAOB&rdquo;) Auditing Standard No. 16, Communications with Audit Committees. The Audit Committee received and reviewed
the written disclosures from KPMG pursuant to PCAOB Rule 3526 and discussed KPMG&rsquo;s independence with KPMG. The Audit Committee
has reviewed the audit fees of KPMG and has also reviewed non-audit services to assure compliance with the Fund&rsquo;s and the
Audit Committee&rsquo;s policies restricting KPMG from performing services that might impair their independence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Based on the reviews and
discussion referred to above, the Audit Committee recommended to the Board that the financial statements as of and for the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">fiscal years ended February
28, 2013 and February 28, 2014, be included in the Fund&rsquo;s Annual Reports to shareholders. The Audit Committee also recommended
the selection of KPMG to serve as independent auditor for the fiscal years ending February 28, 2014 and February 28, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The fees paid to KPMG for
professional audit services during the Fund&rsquo;s most recent fiscal years ended February 28, 2013 and February 28, 2014, amounts
billed for other services rendered by KPMG to the Fund, and t<FONT STYLE="background-color: white">he aggregate non-audit fees
billed by KPMG for services rendered to the Fund, the Adviser, and any entity controlling, controlled by, or under common control
with the Adviser that provides ongoing services to the Fund for the fiscal years ended February 28, 2013 and February 28, 2014
are described in <B>Appendix G</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><FONT STYLE="background-color: white">All
of the services provided by the Fund&rsquo;s independent public accountants were approved by the Audit Committee pursuant to pre-approval
policies and procedures adopted by the Audit Committee. Pursuant to such policies and procedures, t</FONT>he Audit Committee approves:
(i) all audit and non-audit services to be rendered to the Fund by KPMG; and (ii) all non-audit services impacting the operations
and financial reporting of the Fund provided by KPMG to the Adviser or any affiliate thereof that provides ongoing services to
the Fund (collectively, &ldquo;Covered Services&rdquo;). The Audit Committee has adopted pre-approval procedures authorizing one
or more members of the Audit Committee to approve from time to time, on behalf of the Audit Committee, all Covered Services to
be provided by KPMG which are not otherwise approved at a meeting of the Audit Committee, provided that such delegate reports to
the full Audit Committee at its next regularly scheduled meeting. The pre-approval procedures do not include delegation of the
Audit Committee&rsquo;s responsibilities to management. Pre-approval has not been waived with respect to any of the services described
above since the date on which the Audit Committee adopted its current pre-approval procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Audit Committee of
the Board has considered and will periodically consider whether KPMG&rsquo;s receipt of non-audit fees from the Fund, the Adviser
and all entities controlling, controlled by, or under common control with the Adviser that provide services to the Fund is compatible
with maintaining the independence of KPMG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">KPMG has advised the Fund
that neither KPMG nor any of its partners has any direct or material indirect financial interest in the Fund. Representatives of
KPMG are not expected to be at the Annual Meeting but have been given the opportunity to make a statement if they wish, and will
be available telephonically should any matter arise requiring their participation.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_033"></A>Why did my household only receive one copy of this Proxy Statement?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Only one copy of this Proxy
Statement may be mailed to each household, even if more than one person in the household is the Fund shareholder of record, unless
the Fund has received contrary instructions from one or more of the household&rsquo;s shareholders. If a shareholder needs an additional
copy of this Proxy Statement, please contact Shareholder Services at (800) 992-0180. If in the future, any shareholder does not
wish to combine or wishes to recombine</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">the mailing of a proxy statement
with household members, please inform the Fund in writing at 7337 East Doubletree Ranch Road, Suite&nbsp;100, Scottsdale, Arizona,
85258-2034 or via telephone at (800) 992-0180.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_034"></A>Who pays for this proxy solicitation?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The Fund will pay the expenses
incurred in connection with the Notice of Annual Meeting of Shareholders, Proxy Statement, and the Annual Meeting, including printing,
mailing, vote tabulation, legal, and out of pocket expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"><B>In order that the presence
of a quorum at the Annual Meeting may be assured, prompt execution and return of the enclosed Proxy Ballot is requested. A self-addressed
postage paid envelope is enclosed for your convenience. You also may vote via telephone or via the Internet. Please follow the
voting instructions as outlined on your Proxy Ballot.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><img src="sig1.jpg"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Huey P. Falgout, Jr.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Secretary</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">May 14, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">7337 East Doubletree Ranch Road, Suite 100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Scottsdale, Arizona 85258-2034</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_035"></A>Appendix A:
Nominees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The following table sets
forth information concerning the Nominees of the Fund. The address for each Nominee is 7337 East Doubletree Ranch Road, Suite 100,
Scottsdale, Arizona 85258-2034.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; width: 14%"><FONT STYLE="font-size: 8pt"><B>Name&nbsp;and&nbsp;Age</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; width: 8%"><FONT STYLE="font-size: 8pt"><B>Positions</B><BR>
    <B>Held&nbsp;with</B><BR>
    <B>the&nbsp;Fund</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; width: 8%"><FONT STYLE="font-size: 8pt"><B>Term&nbsp;of&nbsp;Office&nbsp;</B><BR>
    <B>and&nbsp;Length&nbsp;of&nbsp;</B><BR>
    <B>Time&nbsp;Served<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; width: 29%"><FONT STYLE="font-size: 8pt"><B>Principal&nbsp;Occupations&nbsp;During&nbsp;</B><BR>
    <B>the&nbsp;Past&nbsp;5&nbsp;Years</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; width: 7%"><FONT STYLE="font-size: 8pt"><B>Number&nbsp;of&nbsp;Funds&nbsp;in&nbsp;</B><BR>
    <B>Fund&nbsp;Complex</B><BR>
    <B>Overseen&nbsp;by&nbsp;Trustee<SUP>2</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; width: 29%"><FONT STYLE="font-size: 8pt"><B>Other&nbsp;Board&nbsp;Positions&nbsp;Held&nbsp;by</B><BR>
    <B>Trustee</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="11"><FONT STYLE="font-size: 10pt"><B>Independent Trustees</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Colleen D. Baldwin</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 53</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">10/2007-<BR>
Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">President, Glantuam Partners, LLC, a business consulting firm (01/ 2009-Present).</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">164</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">DSM/Dentaquest, Boston MA (02/2014-Present).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">John V. Boyer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 60</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chairperson</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Trustee</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1/2014-<BR>
Present</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1/2005-<BR>
Present</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008-Present).</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">164</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">None.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Patricia W. Chadwick</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 65</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">1/2006-<BR>
Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (01/2000-Present).</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">164</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Wisconsin Energy Corporation (06/2006-Present) and The Royce Funds (35 funds) (12/2009-Present).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Albert E. DePrince, Jr.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 73</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">05/2013-<BR>
Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Professor of Economics and Finance, Middle Tennessee State University (08/1991-Present).</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">164</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">None.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Peter S. Drotch</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 72</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">10/2007-<BR>
Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Retired.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">164</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">First Marblehead Corporation (09/2003-Present).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 29; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_042">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 14%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Name&nbsp;and&nbsp;Age</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 8%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Positions</B><BR>
    <B>Held&nbsp;with</B><BR>
    <B>the&nbsp;Fund</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 8%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Term&nbsp;of&nbsp;Office&nbsp;</B><BR>
    <B>and&nbsp;Length&nbsp;of&nbsp;</B><BR>
    <B>Time&nbsp;Served<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 29%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Principal&nbsp;Occupations&nbsp;During&nbsp;</B><BR>
    <B>the&nbsp;Past&nbsp;5&nbsp;Years</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 7%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Number&nbsp;of&nbsp;Funds&nbsp;in&nbsp;</B><BR>
    <B>Fund&nbsp;Complex</B><BR>
    <B>Overseen&nbsp;by&nbsp;Trustee<SUP>2</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 29%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Other&nbsp;Board&nbsp;Positions&nbsp;Held&nbsp;by</B><BR>
    <B>Trustee</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">J. Michael Earley</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 69</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">2/2002-<BR>
Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Retired.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">164</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">None.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Russell H. Jones</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 70</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">05/2013-<BR>
Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Retired.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">164</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">None.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Patrick W. Kenny</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 71</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Retired. Formerly, President and Chief Executive Officer, International Insurance Society (06/2001-06/2009).</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">164</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Assured Guaranty Ltd. (04/2004-Present).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Joseph E. Obermeyer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 56</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">05/2013-<BR>
Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">President, Obermeyer &amp; Associates, Inc., a provider of financial and economic consulting services (11/1999-Present).</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">164</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">None.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sheryl K. Pressler</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 63</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Consultant (May 2001-Present). </FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">164</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">None.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Roger B. Vincent</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 68</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Retired. Formerly, President, Springwell Corporation, a corporate finance firm (03/1989-08/2011).</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">164</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">UGI Corporation (02/2006-Present); and UGI Utilities, Inc. (02/2006-Present).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 14%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Name&nbsp;and&nbsp;Age</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 8%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Positions</B><BR>
    <B>Held&nbsp;with</B><BR>
    <B>the&nbsp;Fund</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 8%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Term&nbsp;of&nbsp;Office&nbsp;</B><BR>
    <B>and&nbsp;Length&nbsp;of&nbsp;</B><BR>
    <B>Time&nbsp;Served<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 29%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Principal&nbsp;Occupations&nbsp;During&nbsp;</B><BR>
    <B>the&nbsp;Past&nbsp;5&nbsp;Years</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 7%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Number&nbsp;of&nbsp;Funds&nbsp;in&nbsp;</B><BR>
    <B>Fund&nbsp;Complex</B><BR>
    <B>Overseen&nbsp;by&nbsp;Trustee<SUP>2</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 29%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Other&nbsp;Board&nbsp;Positions&nbsp;Held&nbsp;by</B><BR>
    <B>Trustee</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="11"><FONT STYLE="font-size: 10pt"><B>Trustee who is an &ldquo;Interested Person&rdquo;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shaun P. Mathews<SUP>3</SUP></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 58</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">President and Chief Executive Officer, Voya Investments, LLC (11/2006-Present).</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Voya Capital Corporation, LLC (formerly known as ING Capital Corporation, LLC) and Voya Investments Distributor, LLC (12/2005-Present); Voya Funds Services, LLC, Voya Investments, LLC and Voya Investment Management, LLC (03/2006-Present); and Voya Investment Trust Co. (formerly known as ING Investment Trust Co.) (04/2009-Present).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">The tenure of each Independent Trustee is subject to the Board&rsquo;s retirement policy which
states that each duly elected or appointed Independent Trustee shall retire from and cease to be 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 73. A majority
vote of the Board&rsquo;s 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 purposes of appointing a
successor to the Independent Trustee or otherwise comply 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).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">For the purposes of this table, &ldquo;Voya family of funds&rdquo; means the following investment
companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; 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 Infrastructure, Industrial and Materials Fund; Voya Intermediate Bond Portfolio; Voya International
High Dividend Equity Income Fund; Voya Investors Trust; Voya Money Market Portfolio; Voya Mutual Funds; Voya Partners, Inc.; Voya
Prime Rate Trust; Voya Natural Resources Equity Income Fund; Voya Senior Income Fund; Voya Separate Portfolios Trust; Voya Series
Fund, Inc.; 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 complex is as of March 31, 2014.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Mr. Mathews is deemed to be an &ldquo;interested person&rdquo; of the Funds as defined in the 1940
Act because of his current affiliation with any of the Funds, Voya Financial, Inc. or any of Voya Financial, Inc.&rsquo;s affiliates.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_036"></A>Appendix B:
Trustee Compensation Table</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The following tables have
been provided to the Fund by the Adviser and its affiliates and sets forth information regarding the compensation paid to the Independent
Trustees for the Fund&rsquo;s fiscal years ended February 28, 2013 and February 28, 2014 for service on the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Name&nbsp;of&nbsp;Trustee</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; border-bottom: Black 1pt solid; text-align: center"><B>Aggregate&nbsp;Compensation</B><BR>
    <B>from&nbsp;the&nbsp;Fund</B><BR> <B>(fiscal&nbsp;year&nbsp;ended&nbsp;February<BR> 28,&nbsp;2014)</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total&nbsp;Compensation&nbsp;from<BR> Trust&nbsp;and&nbsp;Fund&nbsp;and<BR> Complex&nbsp;Paid&nbsp;to&nbsp;Trustees</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 50%; text-align: left"><FONT STYLE="font-size: 10pt">Colleen D. Baldwin<SUP>1</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 22%; text-align: right">2,823</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 22%; text-align: right">312,500</TD><TD STYLE="width: 1%; text-align: left"><SUP>2</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">John V. Boyer<SUP>1</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,848</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">317,500</TD><TD STYLE="text-align: left"><SUP>2</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Patricia W. Chadwick</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,843</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">317,500</TD><TD STYLE="text-align: left"><SUP>2</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Albert E. DePrince, Jr.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,524</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">242,731</TD><TD STYLE="text-align: left"><SUP>3</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Peter S. Drotch</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,393</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">265,000</TD><TD STYLE="text-align: left"><SUP>2</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">J. Michael Earley</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,778</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">310,000</TD><TD STYLE="text-align: left"><SUP>2</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Martin J. Gavin<SUP>1,4</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">753</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,943</TD><TD STYLE="text-align: left"><SUP>3</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Russell H. Jones<SUP>1</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,524</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">229,078</TD><TD STYLE="text-align: left"><SUP>3</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Patrick W. Kenny<SUP>1</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,813</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">312,500</TD><TD STYLE="text-align: left"><SUP>2</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Joseph E. Obermeyer<SUP>1</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,524</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">238,830</TD><TD STYLE="text-align: left"><SUP>3</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Sheryl K. Pressler</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,161</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352,500</TD><TD STYLE="text-align: left"><SUP>2</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Roger B. Vincent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,297</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">367,500</TD><TD STYLE="text-align: left"><SUP>2</SUP></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">During the fiscal year ended February 28, 2014, Ms. Baldwin and Messrs. Boyer, Gavin, Kenny, Jones,
and Obermeyer deferred $100,000, $20,000, $50,513, $76,208, $35,000, and $21,391, respectively, of their compensation from the
Voya family of funds.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Represents compensation from: (1) for the period from May 21, 2013 to February 28, 2014, 169 funds
(total funds in the Voya family of funds as of February 28, 2014) and (2) for the period from March 1, 2013 to May 20, 2013, 145
funds (overseen by the Board member prior to the Consolidation).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Represents compensation from: (1) for the period from May 21, 2013 to February 28, 2014, 169 funds
(total funds in the Voya family of funds as of February 28, 2014) and (2) for the period from March 1, 2013 to May 20, 2013, 34
funds (overseen by the Board member prior to the Consolidation).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">Mr. Gavin resigned as a Trustee, effective September 12, 2013.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Name&nbsp;of&nbsp;Trustee</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Aggregate&nbsp;Compensation</B></FONT><BR>
    <FONT STYLE="font-size: 8pt"><B>from&nbsp;the&nbsp;Fund</B></FONT><BR>
    <FONT STYLE="font-size: 8pt"><B>(fiscal&nbsp;year&nbsp;ended&nbsp;February<BR>
    28,&nbsp;2013)</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total&nbsp;Compensation&nbsp;from</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Trust&nbsp;and&nbsp;Fund&nbsp;and</B></FONT><BR><FONT STYLE="font-size: 8pt"> <B>Complex&nbsp;Paid&nbsp;to&nbsp;Trustees<SUP>1</SUP></B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 50%; text-align: left">Colleen D. Baldwin</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 22%; text-align: right">3,468</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 22%; text-align: right">314,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">John V. Boyer<SUP>2</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,550</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">321,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Patricia W. Chadwick</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,550</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">321,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Peter S. Drotch</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,192</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">289,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">J. Michael Earley</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,468</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">314,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Patrick W. Kenny<SUP>2</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,495</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">316,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Sheryl K. Pressler</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,937</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">356,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Roger B. Vincent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,103</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">371,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Represents compensation from 145 funds (total funds in the Voya family of funds as of February
28, 2013).</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">During the fiscal year ended February 28, 2013, Messrs. Boyer and Kenny deferred $20,000 and $79,125
respectively, of their compensation from the Voya family of funds.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_037"></A>Appendix C:
Shares Owned by Trustees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The following table sets
forth information regarding the dollar range of equity securities of the Fund and other funds in the Voya family of funds beneficially
owned by each Trustee as of December 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Name of Trustee</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Dollar&nbsp;Range<BR>
    of&nbsp;Equity<BR> Securities&nbsp;in<BR> the&nbsp;Fund</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Aggregate&nbsp;Dollar&nbsp;Range&nbsp;of&nbsp;Equity&nbsp;<BR>
    Securities&nbsp;in&nbsp;all&nbsp;Registered&nbsp;Investment&nbsp;<BR> Companies&nbsp;Overseen&nbsp;by&nbsp;Trustee&nbsp;in&nbsp;<BR>
    Family&nbsp;of&nbsp;Investment&nbsp;Companies</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: left">Independent Trustees</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 55%; text-align: left">Colleen D. Baldwin</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center"><FONT STYLE="font-size: 10pt">Over $100,000<SUP>1</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">John V. Boyer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Over $100,000</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">$50,000 - $100,000<SUP>1</SUP></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Patricia W. Chadwick</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Over $100,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Albert E. DePrince, Jr.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Over $100,000<SUP>1</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Peter S. Drotch</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Over $100,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">J. Michael Earley</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Over $100,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Russell H. Jones</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Over $100,000<SUP>1</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">Patrick W. Kenny</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Over $100,000</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Over $100,000<SUP>1</SUP></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Joseph E. Obermeyer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Over $100,000<SUP>1</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Sheryl K. Pressler</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Over $100,000<SUP>1</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">Roger B. Vincent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Over $100,000</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Over $100,000<SUP>1</SUP></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: left">Trustee who is an &ldquo;Interested Person&rdquo;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">Shaun P. Mathews</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Over $100,000</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Over $100,000<SUP>1</SUP></P></TD></TR>
</TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Held in a 401(k)/deferred compensation account.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_038"></A>Appendix D:
Officers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">Information for each Officer
of the Fund is set forth in the table below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; width: 11%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Name&nbsp;and&nbsp;</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Age</B></FONT></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; width: 19%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Positions</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Held&nbsp;with&nbsp;the&nbsp;</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Funds</B></FONT></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; width: 19%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Term&nbsp;of&nbsp;Office&nbsp;</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>and&nbsp;Length&nbsp;of&nbsp;</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Time&nbsp;Served<SUP>1</SUP></B></FONT></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; width: 48%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Principal&nbsp;Occupation&nbsp;During&nbsp;the&nbsp;Last&nbsp;</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Five&nbsp;Years</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shaun P. Mathews</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 58</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">President and Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11/2006-Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">President and Chief Executive Officer, Voya Investments, LLC (11/2006-Present). </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael J. Roland</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 55</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Executive Vice President </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">02/2002-Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Managing Director and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (04/2012-Present). Formerly, Chief Compliance Officer of Directed Services LLC, and Voya Investments, LLC (03/2011-12/2013); Executive Vice President and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC<SUP> </SUP>(01/2007-04/2012); and Chief Compliance Officer, Voya Family of Funds (03/2011-02/2012). </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="height: 69pt; vertical-align: top">
    <TD STYLE="height: 69pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stanley D. Vyner</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 64</P></TD>
    <TD STYLE="height: 69pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="height: 69pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Vice President</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Investment Risk Officer</P></TD>
    <TD STYLE="height: 69pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="height: 69pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">08/2003-Present</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">09/2009-Present</P></TD>
    <TD STYLE="height: 69pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="height: 69pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Executive Vice President, Voya Investments, LLC (07/2000-Present) and Chief Investment Risk Officer, Voya Investments, LLC (01/2003-Present).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kevin M. Gleason</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 47</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Compliance Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">02/2012 - Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Senior Vice President, Voya Investments, LLC (02/2012-Present). Formerly, Assistant General Counsel and Assistant Secretary, The Northwestern Mutual Life Insurance Company (06/2004-01/2012).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Todd Modic</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 46</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Senior Vice President, Chief/Principal Financial Officer &amp; Assistant Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">03/2005-Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Senior Vice President, Voya Fund Services, LLC (03/2005-Present). </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Daniel A. Norman</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 56</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Senior Vice President</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Treasurer</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">04/1995-Present</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">06/1997-Present</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Managing Director and Group Head, Voya Investment Management Co. LLC (02/12-Present). Formerly, Senior Vice President and Group Head, Voya Investment Management Co. LLC (01/2000-01/2012).</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 11%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Name&nbsp;and&nbsp;</B><BR>
    <B>Age</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 19%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Positions</B><BR>
    <B>Held&nbsp;with&nbsp;the&nbsp;</B><BR>
    <B>Funds</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 19%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Term&nbsp;of&nbsp;Office&nbsp;</B><BR>
    <B>and&nbsp;Length&nbsp;of&nbsp;</B><BR>
    <B>Time&nbsp;Served<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 48%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Principal&nbsp;Occupation&nbsp;During&nbsp;the&nbsp;Last&nbsp;</B><BR>
    <B>Five&nbsp;Years</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">William H. Rivoir III</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 63</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Senior Vice President &amp; Assistant Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">2/2001-Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Senior Vice President, Voya Investment Management Co. LLC (01/2004-Present).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Kimberly A. Anderson</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 49</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Senior Vice President</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">11/2003-Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Senior Vice President, Voya Investments, LLC (10/2003- Present).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Jeffrey A. Bakalar</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 54</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Senior Vice President</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">11/1999-Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Senior Vice President, Voya Investment Management Co. LLC (01/2000).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Julius Drelick III</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 47</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Senior Vice President</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">07/2012-Present </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Senior Vice President-Fund Compliance, Voya Funds Services, LLC (06/2012-Present); and Chief Compliance Officer of Directed Services LLC, and Voya Investments, LLC (01/2014-Present). Formerly, Vice President-Platform Product Management and Project Management, Voya Investments, LLC (04/2007-06/2012). </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Robert Terris</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 43</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Senior Vice President</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">05/2006-Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Senior Vice President, Head of Division Operations, Voya Funds Services, LLC (01/2006-Present). </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Elliot A. Rosen</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 60</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Senior Vice President</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">05/2002-Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Senior Vice President, Voya Investment Management Co. LLC (02/1999-Present).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fred Bedoya</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 41</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">09/2012-Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President, Voya Funds Services, LLC (03/2012-Present). Formerly, Assistant Vice President-Director, Voya Funds Services, LLC (03/2003-03/2012).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Maria M. Anderson</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 55</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">09/2004-Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President, Voya Funds Services, LLC (09/2004-Present). </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 11%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Name&nbsp;and&nbsp;</B><BR>
    <B>Age</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 19%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Positions</B><BR>
    <B>Held&nbsp;with&nbsp;the&nbsp;</B><BR>
    <B>Funds</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 19%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Term&nbsp;of&nbsp;Office&nbsp;</B><BR>
    <B>and&nbsp;Length&nbsp;of&nbsp;</B><BR>
    <B>Time&nbsp;Served<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 48%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Principal&nbsp;Occupation&nbsp;During&nbsp;the&nbsp;Last&nbsp;</B><BR>
    <B>Five&nbsp;Years</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Lauren D. Bensinger</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 60</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">02/2003-Present</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President, Voya Investments, LLC and Voya Funds Services, LLC (02/1996-Present); Director of Compliance, Voya Investments, LLC (10/2004-Present); and Vice President and Money Laundering Reporting Officer, Voya Investments Distributor, LLC (04/2010-Present). Formerly, Chief Compliance Officer, Voya Investments Distributor, LLC (08/1995-04/2010). </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Robyn L. Ichilov</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 46</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">05/1999-Present </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President, Voya Funds Services, LLC (11/1995-Present) and Voya Investments, LLC<SUP> </SUP>(08/1997-Present). Formerly, Treasurer, Voya Family of Funds (11/1999-02/2012).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Jason Kadavy</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 38</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">09/2012-Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President, Voya Funds Services, LLC (07/2007-Present). </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Kimberly K. Springer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 57</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">03/2006-Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President-Platform Product Management and Product Management, Voya Investments, LLC (07/2012-Present); Vice President, Voya Family of Funds (03/2010-Present); and Vice President, Voya Funds Services, LLC (03/2006-Present). Formerly, Managing Paralegal, Registration Statements (06/2003-07/2012).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Craig Wheeler</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 45</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">May 2013 - Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President-Director of Tax, Voya Funds Services, LLC (03/2013-Present). Formerly, Assistant Vice President-Director of Tax, Voya Funds Services, LLC (03/2008-02/2013). </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -0.9pt">&nbsp;</TD>
    <TD STYLE="text-indent: -0.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Huey P. Falgout, Jr.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 50</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">August 2003-Present</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="text-indent: -0.9pt">&nbsp;</TD>
    <TD STYLE="text-indent: -0.9pt"><FONT STYLE="font-size: 10pt">Senior Vice President and Chief Counsel, Voya Family of Funds (March 2010-Present). Formerly, Chief Counsel, ING Americas, U.S. Legal Services (10/2003-03/2010). </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Paul Caldarelli</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 62</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Assistant Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">June 2010-Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President and Senior Counsel, Voya Family of Funds (03/2010-Present). Formerly, Senior Counsel, ING Americas, U.S. Legal Services (04/2008-03/2010).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; width: 11%"><FONT STYLE="font-size: 8pt"><B>Name&nbsp;and&nbsp;<BR>
    Age</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; width: 19%"><FONT STYLE="font-size: 8pt"><B>Positions<BR>
    Held&nbsp;with&nbsp;the&nbsp;<BR>
    Funds</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; width: 19%"><FONT STYLE="font-size: 8pt"><B>Term&nbsp;of&nbsp;Office&nbsp;<BR>
    and&nbsp;Length&nbsp;of&nbsp;<BR>
    Time&nbsp;Served<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid; width: 48%"><FONT STYLE="font-size: 8pt"><B>Principal&nbsp;Occupation&nbsp;During&nbsp;the&nbsp;Last&nbsp;<BR>
    Five&nbsp;Years</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Theresa K. Kelety</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 51</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Assistant Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">August 2003-Present</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President and Senior Counsel, Voya Family of Funds (03/2010-Present). Formerly, Senior Counsel, ING Americas, U.S. Legal Services (04/2008-03/2010).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">The officers hold office until the next annual meeting of the Trustees and until their successors
have been elected and qualified.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_039"></A>Appendix E:
Common Shares Outstanding</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The following table sets
for the Common Shares outstanding for the Fund as of the Record Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Fund</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Number&nbsp;of&nbsp;Common&nbsp;Shares&nbsp;Outstanding</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 65%; text-align: left">Voya Prime Rate Trust</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 32%; text-align: right">147,787,694</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_040"></A>Appendix F:
5% Beneficial Ownership</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Name&nbsp;and&nbsp;Address&nbsp;of</B><BR>
    <B>Shareholder<SUP>1</SUP></B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Percentage&nbsp;of&nbsp;Fund</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 80%; text-align: left">Cede &amp; Co <BR>PO Box 20 <BR>Bowling Green Station <BR>New York, NY 10274</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 17%; text-align: right">95.08</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">This entity is the shareholder of record and may be deemed to be the beneficial owner of the shares
listed for certain purposes under the securities laws, although in certain instances it may not have an economic interest in these
shares and would, therefore, ordinarily disclaim any beneficial ownership therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_041"></A>Appendix G:
Fees Paid to the Independent Registered Public Accountants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The following table shows
fees paid to KPMG for professional audit services during the Fund&rsquo;s most recent fiscal years ended February 28, 2014 and
February 28, 2013, as well as fees billed for other services rendered by KPMG to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Audit&nbsp;Fees<SUP>1</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Audit-Related&nbsp;Fees<SUP>2</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Tax&nbsp;Fees<SUP>3</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>All&nbsp;Other&nbsp;Fees<SUP>4</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2013</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2013</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2013</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2013</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">70,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">65,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">4,925</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">12,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">7,399</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">6,356</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Audit fees consist of fees billed for professional services rendered for the audit of the Fund&rsquo;s
year-end financial statements and services that are normally provided by KPMG in connection with statutory and regulatory filings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Audit-related fees consist principally of fees billed for assurance and related services that are
reasonably related to the performance of the audit or review of the Fund&rsquo;s consolidated financial statements and are not
reported under &ldquo;Audit Fees.&rdquo; These services include attest services that are not required by statute or regulations
and consultations concerning financial accounting and reporting standards.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Tax fees consist of fees billed for professional services for tax compliance. These services include
assistance regarding federal, state, and local tax compliance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">All other fees would include fees for products and services other than the services reported above,
including those related to the review and issuance of consents on various SEC filings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">The following tables presents:
(i) the aggregate non-audit fees (<I>i.e.</I>, fees for audit-related, tax, and other services) billed to each Registrant by the
independent registered public accounting firm for each Registrant's fiscal years ended February 28, 2014 and February 28, 2013;
and (ii) the aggregate non-audit fees billed to the investment adviser, or any of its affiliates, by the independent registered
public accounting firm for the same time periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Aggregate
    Non-Audit Fees</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Registrant/Investment Adviser</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2013</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left">Voya Prime Rate Trust</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">12,264</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">18,356</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Voya Investments, LLC<SUP>1</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">345,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">461,250</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Includes fees paid by the Adviser and any affiliates of the Adviser that are subsidiaries of Voya
Financial, Inc.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">VOYA CCE-PRX-0514</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">EVERY SHAREHOLDER&rsquo;S
VOTE IS IMPORTANT</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="font-size: 12pt">EASY</FONT><FONT STYLE="font-size: 10pt"> </FONT><FONT STYLE="font-size: 12pt">VOTING OPTIONS:</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 58%; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt; font-weight: normal"><img src="logo1.jpg"></FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>VOTE ON THE INTERNET</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Log on to:</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>www.proxy-direct.com</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>or scan the QR code</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Follow the on-screen instructions</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>available 24 hours</I></B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt; font-weight: normal"><img src="logo2.jpg"></FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>VOTE BY PHONE</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Call 1-800-337-3503</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Follow the recorded instructions</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>available 24 hours</I></B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt; font-weight: normal"><img src="logo3.jpg"></FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>VOTE BY MAIL</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Vote, sign and date this Proxy </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Card and return in the </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>postage-paid envelope</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt; font-weight: normal"><img src="logo4.jpg"></FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>VOTE IN PERSON</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Attend Shareholder Meeting</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>7337 East Doubletree Ranch Road,</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Suite 100</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Scottsdale, Arizona</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>on July 2, 2014</B></P></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">Please detach
at perforation before mailing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="height: 48pt; vertical-align: top">
    <TD STYLE="width: 10%; height: 48pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PROXY</B></FONT></TD>
    <TD STYLE="width: 80%; height: 48pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>VOYA PRIME RATE TRUST</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(formerly, ING Prime Rate Trust)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ANNUAL MEETING OF SHAREHOLDERS</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TO BE HELD ON JULY 2, 2014</B></P></TD>
    <TD STYLE="width: 10%; height: 48pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PROXY</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>THIS PROXY IS SOLICITED ON BEHALF OF THE
BOARD OF TRUSTEES.</B> The undersigned hereby appoints Huey P. Falgout, Jr., Theresa K. Kelety, or Todd Modic, in any capacity,
with full power of substitution as proxy or proxies of the undersigned, to vote all shares of Voya Prime Rate Trust (the &ldquo;Fund&rdquo;)
which the undersigned is entitled to vote at the Annual Meeting of Shareholders of the Fund to be held July 2, 2014 at 1:00 p.m.
(Local time), at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034, and any adjournment(s) or postponement(s)
thereof. The undersigned hereby acknowledges receipt of the Notice of the Annual Meeting and the accompanying Proxy Statement/Prospectus,
the terms of each of which are incorporated by reference, and revokes any proxy heretofore given with respect to such Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>If this Proxy is executed but no instructions
are given, the votes entitled to be cast by the undersigned will be cast &ldquo;FOR&rdquo; the nominees for trustee (Proposal 1).</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
     <TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
     <TD COLSPAN="3"><P STYLE="margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>VOTE VIA THE INTERNET: www.proxy-direct.com</B></FONT></P>


</TD></TR>
<TR>
     <TD><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
     <TD COLSPAN="3"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>VOTE VIA THE TELEPHONE: 1-800-337-3503</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D8D8D8">&nbsp;</TD>
    <TD STYLE="width: 4%; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Note</B>: Please sign exactly as your name(s)
    appear(s) on this Proxy. &nbsp;Joint owners should each sign personally.&nbsp;&nbsp;When signing as attorney, executor, administrator,
    trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the
    signature.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Signature and Title, if applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Signature (if held jointly)</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Date</FONT></TD>
    <TD STYLE="width: 20%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">PRT_25571_042814</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PLEASE SIGN, DATE AND RETURN THE PROXY PROMPTLY
USING THE ENCLOSED ENVELOPE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">EVERY SHAREHOLDER&rsquo;S
VOTE IS IMPORTANT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Important Notice Regarding the Availability
of Proxy Materials for the </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Shareholders Meeting to Be Held on July 2,
2014.</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The Proxy Statement/Prospectus and Notice
of Annual Meeting are available at:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>www.proxyvote.com/voya</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">IF YOU VOTE ON THE INTERNET OR BY TELEPHONE,</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">YOU NEED NOT RETURN THIS PROXY CARD</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">Please detach
at perforation before mailing.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal">In their discretion, the proxy
holders are authorized to vote upon the matters set forth in the Notice of Meeting and Proxy Statement dated May 14, 2014 and upon
all other such matters as may properly come before the meeting or any adjournment thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE &ldquo;FOR&rdquo;
THE PROPOSAL.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK. Example: <FONT STYLE="font-family: Wingdings 2">&cent;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To elect 12 nominees to the Board of Trustees of the Fund.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>FOR</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>WITHHOLD</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>FOR ALL</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 22%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 21%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 22%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>ALL</B></FONT></TD>
    <TD STYLE="width: 8%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>ALL</B></FONT></TD>
    <TD STYLE="width: 9%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>EXCEPT</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">01. Colleen D. Baldwin</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">04. Albert E. DePrince, Jr.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">07. Russell H. Jones</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">10. Sheryl K. Pressler</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">02. John V. Boyer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">05. Peter S. Drotch</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">08. Patrick W. Kenny</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">11. Roger B. Vincent</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">03. Patricia W. Chadwick</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">06. J. Michael Earley</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">09. Joseph E. Obermeyer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">12. Shaun P. Mathews</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B><U>INSTRUCTIONS:</U></B>&nbsp;&nbsp;To withhold authority to vote for any individual nominee(s), mark the box &ldquo;FOR ALL EXCEPT&rdquo; and write the nominee&rsquo;s number on the line provided below.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To transact such other business as may properly come before the Annual Meeting.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PLEASE SIGN AND DATE ON THE REVERSE SIDE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">PRT_25571_042814</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<DOCUMENT>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
