<SEC-DOCUMENT>0001571049-15-003290.txt : 20150429
<SEC-HEADER>0001571049-15-003290.hdr.sgml : 20150429
<ACCEPTANCE-DATETIME>20150429123529
ACCESSION NUMBER:		0001571049-15-003290
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20150228
FILED AS OF DATE:		20150429
DATE AS OF CHANGE:		20150429
EFFECTIVENESS DATE:		20150429

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:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05410
		FILM NUMBER:		15811152

	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>NSAR-B
<SEQUENCE>1
<FILENAME>prt.fil
<DESCRIPTION>NSAR-B
<TEXT>
<PAGE>      PAGE  1
000 B000000 02/28/2015
000 C000000 0000826020
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 Voya Prime Rate Trust
001 B000000 811-5410
001 C000000 4804773000
002 A000000 7337 E Doubletree Ranch Rd, Suite 100
002 B000000 Scottsdale
002 C000000 AZ
002 D010000 85258
002 D020000 2034
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
008 A000001 Voya Investments, LLC
008 B000001 A
008 C000001 801-48282
008 D010001 Scottsdale
008 D020001 AZ
008 D030001 85258
008 D040001 2034
008 A000002 Voya Investment Management Co. LLC
008 B000002 S
008 C000002 801-9046
008 D010002 New York
008 D020002 NY
008 D030002 10169
010 A000001 Voya Funds Services, LLC
010 C010001 Scottsdale
010 C020001 AZ
010 C030001 85258
010 C040001 2034
011 A000001 Voya Investments Distributor, LLC
011 B000001 8-48020
011 C010001 Scottsdale
011 C020001 AZ
011 C030001 85258
011 C040001 2034
012 A000001 BNY Mellon Investment Servicing (U.S.) Inc.
012 B000001 84-01761
012 C010001 Wilmington
012 C020001 DE
<PAGE>      PAGE  2
012 C030001 19809
013 A000001 KPMG LLP
013 B010001 BOSTON
013 B020001 MA
013 B030001 02111
014 A000001 Amsterdam Broker de Asigurare S.R.L.
014 B000001 8-00000000
014 A000002 Voya America Equities, Inc.
014 B000002 8-00000000
014 A000003 ING Bank Global Custody N.V.
014 B000003 8-00000000
014 A000004 ING Bank N.V.
014 B000004 8-00000000
014 A000005 ING Bank Slaski S.A.
014 B000005 8-00000000
014 A000006 ING Corretora de Cambio e Titulos S.A.
014 B000006 8-00000000
014 A000007 Voya Financial Advisers, LLC
014 B000007 8-00000000
014 A000008 ING Financial Markets LLC
014 B000008 8-00000000
014 A000009 Voya Financial Partners, Inc.
014 B000009 8-00000000
014 A000010 ING Fund Management B.V.
014 B000010 8-00000000
014 A000011 Voya Investments Distributor, LLC
014 B000011 8-00000000
014 A000012 ING Investment Management (Europe) B.V.
014 B000012 8-00000000
014 A000013 ING Luxembourg S.A.
014 B000013 8-00000000
014 A000014 ING Securities S.A.
014 B000014 8-00000000
014 A000015 PJSC ING Bank Ukraine
014 B000015 8-00000000
014 A000016 Systematized Benefits Administrators, Inc.
014 B000016 8-00000000
014 A000017 Voya Retirement Advisors, LLC
014 B000017 8-00000000
015 A000001 State Street Bank and Trust Company
015 B000001 C
015 C010001 Kanas City
015 C020001 MO
015 C030001 64105
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000  161
019 C000000 Voya-funds
021  000000         0
022 A000001 JP Morgan Chase
<PAGE>      PAGE  3
022 B000001 36-2669770
022 C000001     121229
022 D000001      62080
022 A000002 Bank of America Corp.
022 B000002 56-2058405
022 C000002     102014
022 D000002      51704
022 A000003 Deutsche Bank
022 B000003 13-2518466
022 C000003      87357
022 D000003      64836
022 A000004 Credit Suisse First Boston
022 B000004 13-5659485
022 C000004      89875
022 D000004      56691
022 A000005 Goldman Sachs
022 B000005 13-5108880
022 C000005      65998
022 D000005      62470
022 A000006 Barclays Capital
022 B000006 13-3551367
022 C000006      51678
022 D000006      56333
022 A000007 Morgan Stanley
022 B000007 94-1671384
022 C000007      59791
022 D000007      37613
022 A000008 Citigroup, Inc.
022 B000008 11-2418191
022 C000008      34593
022 D000008      43613
022 A000009 UBS
022 B000009 13-2932996
022 C000009      26632
022 D000009       2515
022 A000010 Wells Fargo
022 B000010 41-0449260
022 C000010       9557
022 D000010      14852
023 C000000      688645
023 D000000      493547
024  000000 N
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
<PAGE>      PAGE  4
027  000000 N
045  000000 Y
046  000000 N
047  000000 Y
048  000000  0.800
048 A010000         0
048 A020000 0.000
048 B010000         0
048 B020000 0.000
048 C010000         0
048 C020000 0.000
048 D010000         0
048 D020000 0.000
048 E010000         0
048 E020000 0.000
048 F010000         0
048 F020000 0.000
048 G010000         0
048 G020000 0.000
048 H010000         0
048 H020000 0.000
048 I010000         0
048 I020000 0.000
048 J010000         0
048 J020000 0.000
048 K010000         0
048 K020000 0.000
049  000000 N
050  000000 N
051  000000 N
052  000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 Y
<PAGE>      PAGE  5
056  000000 Y
057  000000 N
058 A000000 N
059  000000 Y
060 A000000 Y
060 B000000 Y
061  000000       100
062 A000000 Y
062 B000000   0.0
062 C000000   0.0
062 D000000   0.0
062 E000000   0.0
062 F000000   0.0
062 G000000   0.0
062 H000000   0.0
062 I000000   0.0
062 J000000   0.0
062 K000000   0.0
062 L000000   0.0
062 M000000   0.0
062 N000000   0.0
062 O000000   0.0
062 P000000   0.0
062 Q000000 140.4
062 R000000   0.5
063 A000000   0
063 B000000  5.3
064 A000000 N
064 B000000 N
066 A000000 N
067  000000 N
068 A000000 N
068 B000000 N
069  000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
<PAGE>      PAGE  6
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 Y
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000     855950
071 B000000     903094
071 C000000    1253032
071 D000000   68
072 A000000 12
072 B000000     66432
072 C000000       204
072 D000000         0
072 E000000      1100
072 F000000      9964
072 G000000      3114
072 H000000         0
072 I000000        77
072 J000000       589
072 K000000       287
072 L000000         0
072 M000000        30
072 N000000         0
072 O000000         0
072 P000000      4087
072 Q000000         0
072 R000000        85
072 S000000        90
072 T000000         0
072 U000000         0
072 V000000         0
072 W000000       214
072 X000000     18537
072 Y000000        41
072 Z000000     49240
072AA000000      5065
072BB000000         0
<PAGE>      PAGE  7
072CC010000         0
072CC020000     24866
072DD010000     51282
072DD020000         0
072EE000000         0
073 A010000    0.3470
073 A020000    0.0000
073 B000000    0.0000
073 C000000    0.0000
074 A000000      6282
074 B000000         0
074 C000000         0
074 D000000   1230371
074 E000000         0
074 F000000         0
074 G000000         0
074 H000000         0
074 I000000      4058
074 J000000     18299
074 K000000         0
074 L000000      7537
074 M000000       336
074 N000000   1266883
074 O000000     65273
074 P000000       970
074 Q000000         0
074 R010000         0
074 R020000         0
074 R030000         0
074 R040000    324228
074 S000000         0
074 T000000    876412
074 U010000    147788
074 U020000         0
074 V010000      5.93
074 V020000      0.00
074 W000000    0.0000
074 X000000     46316
074 Y000000         0
075 A000000         0
075 B000000   1245524
076  000000      5.49
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
<PAGE>      PAGE  8
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078  000000 N
080 A000000 Great American
080 B000000 N/A
080 C000000     40000
081 A000000 Y
081 B000000  168
082 A000000 N
082 B000000         0
083 A000000 N
083 B000000         0
084 A000000 N
084 B000000         0
085 A000000 Y
085 B000000 N
086 A010000       0
086 A020000       0
086 B010000       0
086 B020000       0
086 C010000       0
086 C020000       0
086 D010000       0
086 D020000       0
086 E010000       0
086 E020000       0
086 F010000       0
086 F020000       0
087 A010000 COMMON STOCK
087 A020000 44977W106
087 A030000 PPR
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE   Todd Modic
TITLE       CFO

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77(B)
<SEQUENCE>2
<FILENAME>t1500937_ex99-77b.htm
<DESCRIPTION>EXHIBIT 99.77(B)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 99.77(b)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Report of Independent Registered Public Accounting
Firm</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">The Shareholders and Board of Trustees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Voya Prime Rate Trust</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: justify">In planning and performing our audit of the
financial statements of Voya Prime Rate Trust (the &ldquo;Fund&rdquo;), as of and for the year ended February 28, 2015, in accordance
with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund&rsquo;s internal control
over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for
the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for
the purpose of expressing an opinion on the effectiveness of the Fund&rsquo;s internal control over financial reporting. Accordingly,
we express no such opinion.</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">Management of the Fund is responsible for establishing
and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs of controls. A company&rsquo;s internal control over
financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&rsquo;s
internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with
authorizations of management and trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use, or disposition of the company&rsquo;s assets that could have a material effect on the financial
statements.</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">Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.</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">A deficiency in internal control over financial
reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement
of the Fund&rsquo;s annual or interim financial statements will not be prevented or detected on a timely basis.</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">Our consideration of the Fund&rsquo;s internal
control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting
Oversight Board (United States). However, we noted no deficiencies in the Fund&rsquo;s internal control over financial reporting
and its operation, including controls over safeguarding securities that we consider to be a material weakness as defined above
as of February 28, 2015.</P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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>
    <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>
    <!-- Field: /Page -->

<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">This report is intended solely for the information
and use of management and the Board of Trustees of Voya Prime Rate Trust and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified parties.</P>

<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>
    <TD STYLE="vertical-align: top; width: 50%"><FONT STYLE="font-size: 10pt">/s/ KPMG LLP</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 50%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Boston, Massachusetts</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">April 27, 2015</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77(Q)(1)
<SEQUENCE>3
<FILENAME>t1500937_ex99-77q1.htm
<DESCRIPTION>EXHIBIT 99.77(Q)(1)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 99.77(q)(1)</B></P>

<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>ITEM 77Q1&ndash; Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; 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"></TD><TD STYLE="width: 0.5in">(e)(1)</TD><TD STYLE="text-align: justify">Investment Management Agreement dated November 18, 2014 between Voya Investments, LLC and Voya
Prime Rate Trust &ndash; Filed herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; 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"></TD><TD STYLE="width: 0.5in">(e)(2)</TD><TD STYLE="text-align: justify">Form of Investment Management Agreement dated November 18, 2014, as amended and restated May 1,
2015 between Voya Investments, LLC and Voya Prime Rate Trust &ndash; Filed herein.</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"></TD><TD STYLE="width: 0.5in">(e)(3)</TD><TD>Sub-Advisory Agreement dated November 18, 2014 between Voya Investments, LLC and Voya Investment Management Co. LLC &ndash;
Filed herein.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77(Q)(E)(1)
<SEQUENCE>4
<FILENAME>t1500937_ex99-77qe1.htm
<DESCRIPTION>EXHIBIT 99.77(Q)(E)(1)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in"><B>Exhibit 99.77(q)(e)(1)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>INVESTMENT
MANAGEMENT AGREEMENT</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Voya
PRIME RATE TRUST</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>AGREEMENT</B>, effective
as of November 18, 2014, between Voya Prime Rate Trust (the &ldquo;Fund&rdquo;), a Massachusetts business trust and Voya Investments,
LLC (the &ldquo;Adviser&rdquo;), a limited liability company organized and existing under the laws of the State of Arizona (the
&ldquo;Agreement&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the Fund
is a closed-end management investment company, registered as such under the Investment Company Act of 1940, as amended (the &ldquo;1940
Act&rdquo;); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the Adviser
is registered as an investment adviser under the Investment Advisers Act of 1940, and is engaged in the business of supplying investment
advice, investment management and administrative services, as an independent contractor; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the Fund
desires to retain the Adviser to render advice and services pursuant to the terms and provisions of this Agreement, and the Adviser
is willing to furnish said advice and services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>,
in consideration of the covenants and the mutual promises hereinafter set forth, the parties hereto, intending to be legally bound
hereby, mutually agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment</U></B>:
The Fund hereby employs the Adviser and the Adviser hereby accepts such employment, to render investment advice and investment
management services with respect to the assets of the Trust, subject to the supervision and direction of the Trustees. The Adviser
shall, as part of its duties hereunder (i) furnish the Fund with advice and recommendations with respect to the investment of the
Trust&rsquo;s assets and the purchase and sale of its portfolio securities, including the taking of such other steps as may be
necessary to implement such advice and recommendations, (ii) furnish the Fund with reports, statements and other data on securities,
economic conditions and other pertinent subjects which the Trust&rsquo;s Board of Trustees may request, (iii) permit its officers
and employees to serve without compensation as Trustees of the Fund if elected to such positions and (iv) in general superintend
and manage the investment of the Trust, subject to the ultimate supervision and direction to the Trust&rsquo;s Board of Trustees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Subject to the approval
of the Trustees of the Fund, the Adviser is authorized to enter into sub-advisory agreements with other registered investment advisers
to serve as investment sub-advisers, whether or not affiliated with the Adviser (each a &ldquo;Sub-Adviser&rdquo;). The Adviser
will continue to have responsibility for all services furnished pursuant to any sub-advisory agreement. The Fund and Adviser understand
and agree that the Adviser may manage the Fund with either a single or multiple sub-advisers, which contemplates that the Adviser
will, among other things: (i) continually evaluate the performance of any Sub-Adviser to the Fund; and (ii) periodically make recommendations
to the Fund&rsquo;s Trustees regarding the results of its evaluation and monitoring functions. The Fund recognizes that, subject
to the approval of the Trustees of the Fund, a Sub-Adviser&rsquo;s services may be terminated or modified and that the Adviser
may appoint a new Sub-Adviser for the Fund.</P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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>
    <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>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Adviser shall use its best judgment and efforts in rendering the advice and services to the Fund as contemplated by this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Adviser shall, for all purposes herein, be deemed to be an independent contractor, and shall, unless otherwise expressly provided
and authorized, have no authority to act for or represent the Fund in any way, or in any way be deemed an agent for the Fund. It
is expressly understood and agreed that the services to be rendered by the Adviser to the Fund under the provisions of this Agreement
are not to be deemed exclusive, and the Adviser shall be free to render similar or different services to others so long as its
ability to render the services provided for in this Agreement shall not be impaired thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Adviser agrees to use its best efforts in the furnishing of such advice and recommendations to the Fund, in the preparation of
reports and information, and in the management of the Fund&rsquo;s assets, all pursuant to this Agreement, and for this purpose
the Adviser shall, at its own expense, maintain such staff and employ or retain such personnel and consult with such other persons
as it shall from time to time determine to be necessary to the performance of its obligations under this Agreement. Without limiting
the generality of the foregoing, the staff and personnel of the Adviser shall be deemed to include persons employed or retained
by the Adviser to furnish statistical, research, and other factual information, advice regarding economic factors and trends, information
with respect to technical and scientific developments, and such other information, advice and assistance as the Adviser may desire
and request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Fund will from time to time furnish to the Adviser detailed statements of the investments and assets of the Fund and information
as to its investment objectives and needs, and will make available to the Adviser such financial reports, proxy statements, legal
and other information relating to its investments as may be in the possession of the Fund or available to it and such other information
as the Adviser may reasonably request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;</B>Whenever
the Adviser has determined that the Fund should tender securities pursuant to a &ldquo;tender offer solicitation,&rdquo; the Adviser
shall designate an affiliate as the &ldquo;tendering dealer&rdquo; so long as it is legally permitted to act in such capacity under
the federal securities laws and rules thereunder and the rules of any securities exchange or association of which such affiliate
may be a member. Such affiliated dealer shall not be obligated to make any additional commitments of capital, expense or personnel
beyond that already committed (other than normal periodic fees or payments necessary to maintain its corporate existence and membership
in the National Association of Securities Dealers, Inc.) as of the date of this Agreement. This Agreement shall not obligate the
Adviser or such affiliate (i) to act pursuant to the foregoing requirement under any circumstances in which they might reasonably
believe that liability might be imposed upon them as a result of so acting, or (ii) to institute legal or other proceedings to
collect fees which may be considered to be due from others to it as a result of such a tender, unless the Fund shall enter into
an agreement with such affiliate to reimburse it for all expenses connected with attempting to collect such fees, including legal
fees and expenses and that portion of the compensation due to their employees which is attributable to the time involved in attempting
to collect such fees.</P>

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


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Adviser shall bear and pay the costs of rendering the services to be performed by it under this Agreement. The Fund shall bear
and pay for all other expenses of its operation, including, but not limited to, expenses incurred in connection with the issuance,
registration and transfer of its shares; fees of its custodian, transfer and shareholder servicing agent; costs and expenses of
pricing and calculating its daily net asset value and of maintaining its books of account required by the 1940 Act; expenditures
in connection with meetings of the shareholders and directors, except those called solely to accommodate the Adviser; salaries
of officers and fees and expenses of directors or members of any advisory board or committee who are not members of, affiliated
with or interested persons of the Adviser; salaries of personnel involved in placing orders for the execution of the Fund&rsquo;s
portfolio transactions or in maintaining registration of its shares under state securities laws; insurance premiums on property
or personnel of the Fund which inure to its benefit; the cost of preparing and printing reports, proxy statements and registration
statement of the Fund, as may be amended or supplemented from time to time (the &ldquo;Registration Statement&rdquo;) as filed
with the SEC or other communications for distribution to its shareholders; legal, auditing and accounting fees; Board-approved
trade association dues; fees and expenses of registering and maintaining registration of its shares for sale under federal and
applicable state securities laws; and all other charges and costs of its operation plus any extraordinary and non-recurring expenses,
except as herein otherwise prescribed. To the extent the Adviser incurs any costs or performs any services which are an obligation
of the Fund, as set forth herein, the Fund shall promptly reimburse the Adviser for such costs and expenses. To the extent the
services for which the Fund is obligated to pay are performed by the Adviser, the Adviser shall be entitled to recover from the
Fund only to the extent of its costs for such services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Adviser may delegate the performance of certain investment advisory services, as described hereunder, to a Sub-Adviser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;</B>In
the event that the Adviser wishes to select others to render investment management services, the Adviser shall analyze, select
and recommend for consideration and approval by the Fund&rsquo;s Board of Trustees investment advisory firms (however organized)
to provide investment advice to the Fund, and, at the expense of the Adviser, engage (which engagement may also be by the Fund)
any such investment advisory firm to render investment advice and manage the investments of the Fund and the composition the Fund&rsquo;s
portfolio of securities and investments, including cash, and the purchase, retention and disposition thereof, or any offering thereof,
in accordance with the Fund&rsquo;s investment objective or objectives and policies as stated in the Fund&rsquo;s Registration
Statement. The Adviser shall take the following actions in respect of the performance by the Sub-Adviser of its obligations in
respect of the Fund:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;periodically
monitor and evaluate the performance of the Sub-Advisers with respect to the investment objectives and policies of the Fund, including
without limitation, perform periodic detailed analysis and review of the Sub-Adviser&rsquo;s investment performance in respect
of the Fund and in respect of other accounts managed by the Sub-Adviser with similar investment strategies;</P>

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


<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- 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: 0.5in">(b)&nbsp;&nbsp;prepare
and present periodic reports to the Board of Trustees regarding the investment performance of the Sub-Adviser and other information
regarding the Sub-Adviser, at such times and in such forms as the Board of Trustees may reasonably request;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;review
and consider any changes in the personnel of the Sub-Adviser responsible for performing the Sub-Adviser&rsquo;s obligations and
make appropriate reports to the Board of Trustees;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;review
and consider any changes in the ownership or senior management of the Sub-Adviser and make appropriate reports to the Board of
Trustees;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;perform
periodic in-person or telephonic diligence meetings with representatives of the Sub-Adviser;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;supervise
Sub-Advisers with respect to the services that such Sub-Advisers provide under each Sub-Adviser&rsquo;s Sub-Advisory Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;assist
the Board of Trustees and management of the Fund in developing and reviewing information with respect to the initial approval of
the Sub-Adviser Agreement with the Sub-Adviser and annual consideration of the agreement thereafter;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;monitor
the Sub-Advisers for compliance with the investment objective or objectives, policies and restrictions of the Fund, the 1940 Act,
Subchapter M of the Internal Revenue Code, and if applicable, regulations under such provisions, and other applicable law;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;if
appropriate, analyze and recommend for consideration by the Fund&rsquo;s Board of Trustees termination of a contract with a Sub-Adviser
under which the Sub-Adviser provides investment advisory services to Fund;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;identify
potential successors to or replacements of the Sub-Adviser or potential additional Sub-Advisers, perform appropriate due diligence,
and develop and present to the Board of Trustees a recommendation as to any such successor, replacement, or additional Sub-Adviser;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;designate
and compensate from its own resources such personnel as the Adviser may consider necessary or appropriate to the performance of
its services hereunder; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;perform
such other review and reporting functions as the Board of Trustees shall reasonably request consistent with this Agreement and
applicable law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;The
Fund agrees to pay to the Adviser, and the Adviser agrees to accept, as full compensation for all administrative and investment
management services furnished or provided to the Fund and as full reimbursement for all expenses assumed by the Adviser, a management
fee equal to the amount specified for the Fund on <B><I><U>Schedule A</U></I></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;The
management fees shall be accrued daily by the Fund and paid to the Adviser at the end of each calendar month.</P>

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


<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- 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: 0.5in">(c)&nbsp;&nbsp;To
the extent that the gross operating costs and expenses of the Fund (excluding any interest taxes, brokerage commissions, and, with
the prior written approval of any state securities commission requiring same, any extraordinary expenses, such as litigation) exceed
the allowable expense limitations of the state in which shares of the Fund are registered for sale having the most stringent expense
reimbursement provisions, the Adviser shall reimburse the Fund for the amount of such excess.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;The
management fee payable by the Fund hereunder shall be reduced to the extent that an affiliate of the Adviser has actually received
cash payments of tender offer solicitation fees less certain costs and expenses incurred in connection therewith, as referred to
in Paragraph 6 herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>11.&nbsp;</B>The
Adviser agrees that neither it nor any of its officers or employees shall take any short position in the capital stock of the Fund.
This prohibition shall not prevent the purchase of such shares by any of the officers and directors or bona fide employees of the
Adviser or any trust, pension, profit-sharing or other benefit plan for such persons or affiliates thereof, at a price not less
than the net asset value thereof at the time of purchase, as allowed pursuant to rules promulgated under the 1940 Act, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>12.&nbsp;</B>Nothing
herein contained shall be deemed to require the Fund to take any action contrary to the Declaration of Fund or By-Laws of the Fund,
or any applicable statute or regulation, or to relieve or deprive the Trustees of the Fund of its responsibility for and control
of the conduct of the affairs of the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>13.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;In
the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of obligations or duties hereunder on the
part of the Adviser, the Adviser shall not be subject to liability to the Fund, or to any shareholder of the Fund, for any act
or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase,
holding or sale of any security by the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;Notwithstanding
the foregoing, the Adviser agrees to reimburse the Fund for any and all costs, expenses, and counsel and Trustees&rsquo; fees reasonably
incurred by the Fund in the preparation, printing and distribution of proxy statements, amendments to its Registration Statement,
the holding of meetings of its shareholders or Trustees, the conduct of factual investigations, any legal or administrative proceedings
(including any applications for exemptions or determinations by the Securities and Exchange Commission) which the Fund incurs as
a result of action or inaction of the Adviser or any of its shareholders where the action or inaction necessitating such expenditures
(i) is directly or indirectly related to any transactions or proposed transaction in the shares or control of the Adviser or its
affiliates (or litigation related to any pending or proposed future transaction in such shares or control) which shall have been
undertaken without the prior, express approval of the Fund&rsquo;s Trustees, or (ii) is within the sole control of the Adviser
or any of its affiliates or any of their officers, directors, employees or shareholders. The Adviser shall not be obligated pursuant
to the provisions of this subparagraph 12(b), to reimburse the Fund for any expenditures related to the institution of an administrative
proceeding or civil litigation by the Fund or by a Fund shareholder seeking to recover all or a</P>

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


<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- 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">portion of the proceeds derived
by any shareholder of the Adviser or any of its affiliates from the sale of his shares of the Adviser, or similar matters. So long
as this Agreement is in effect, the Adviser shall pay to the Fund the amount due for expenses subject to this subparagraph 12(b)
within thirty (30) days after a bill or statement has been received by the Fund therefor. This provision shall not be deemed to
be a waiver of any claim the Fund may have or may assert against the Adviser or others or costs, expenses, or damages heretofore
incurred by the Fund for costs, expenses, or damages the Fund may hereafter incur which are not reimbursable to it hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;No
provision of this Agreement shall be construed to protect any director or officer of the Fund, or of the Adviser, from liability
in violation of Sections 17(h) and (i) of the 1940 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>14.&nbsp;</B>This
Agreement shall become effective on the date first written above, subject to the condition that the Fund&rsquo;s Trustees, including
a majority of those Trustees who are not interested persons (as such term is defined in the 1940 Act) of the Adviser, and the shareholders
of the Fund, shall have approved this Agreement. Unless terminated as provided herein, the Agreement shall continue in full force
and effect for two years from the effective date of this Agreement, and shall continue from year to year thereafter so long as
such continuation is approved at least annually by (i) the Trustees of the Fund or by the vote of a majority of the outstanding
voting securities of the Fund, and (ii) the vote of a majority of the Trustees of the Fund who are not parties to this Agreement
or interested persons thereof, cast in person at a meeting called for the purpose of voting on such approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>15.&nbsp;</B>This
Agreement may be terminated at any time, without payment of any penalty, by the Trustees of the Fund or by vote of a majority of
the outstanding voting securities of the Fund, upon sixty (60) days written notice to the Adviser, and by the Adviser upon sixty
(60) days written notice to the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>16.&nbsp;</B>This
Agreement shall terminate automatically in the event of any transfer or assignment thereof, as defined in the 1940 Act, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>17.&nbsp;</B>It
is understood that the name &ldquo;Voya Investments, LLC&rdquo; or any trademark, trade name, service mark, or logo, or any variation
of such trademark, service mark, or logo of the Adviser or its affiliates, including but not limited to the mark &ldquo;Voya&trade;&rdquo;
(collectively, the &ldquo;Voya Marks&rdquo;) is the valuable property of the Adviser and its affiliates, and that the Fund and
the Series have the right to use such Voya Marks only so long as this Agreement or any subsequent agreement with the Adviser in
replacement of this Agreement shall continue with respect to such Fund and Series. Upon termination of this Agreement without its
replacement by a subsequent agreement, the Fund (or Series) shall, as soon as is reasonably possible, discontinue all use of the
Voya Marks and, in the case of the Fund, shall promptly amend its Declaration of Trust to change its name (if such name is included
therein).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>18.&nbsp;</B>This
Agreement may not be transferred, assigned, sold or in any manner hypothecated or pledged without the affirmative vote or written
consent of the holders of a majority of the outstanding voting securities of the Fund.</P>

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


<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in"><B>19.&nbsp;</B>If
any provision of this Agreement shall be held or made invalid by a court decision, statute, rule, or otherwise, the remainder of
this Agreement shall not be affected thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>20.&nbsp;</B>The
term &ldquo;majority of the outstanding voting securities&rdquo; of the Fund shall have the meaning as set forth in the 1940 Act,
as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>21.&nbsp;</B>This
Agreement shall be governed by the laws of the State of New York, provided that nothing herein shall be construed in a manner inconsistent
with the 1940 Act, the Investment Advisors Act of 1940, or any rules or orders of the SEC thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">(REMAINDER OF THIS PAGE INTENTIONALLY
LEFT BLANK)</P>

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


<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- 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-indent: 0.5in"><B>IN WITNESS WHEREOF</B>, the parties hereto
have caused this instrument to be executed as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&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="font-weight: bold; color: #4F81BD"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; color: #4F81BD"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; color: Black"><B>Voya
    PRIME RATE TRUST</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-weight: bold; color: #4F81BD">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; color: #4F81BD">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-weight: bold; color: #4F81BD">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">B</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">y:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; width: 23%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Kimberly A. Anderson</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 22%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">K</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">imberly A. Anderson</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Senior Vice President</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>Voya INVESTMENTS, LLC</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">B</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">y:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Todd Modic</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Todd Modic</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Senior Vice President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- Field: /Page -->

<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>SCHEDULE A</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>with respect to the</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"><FONT STYLE="text-transform: uppercase"><B>INVESTMENT
MANAGEMENT AGREEMENT</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>between</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"><FONT STYLE="text-transform: uppercase"><B>Voya
PRIME RATE TRUST</B></FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase">Voya
INVESTMENTS, LLC</FONT></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="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 49%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Series</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 49%; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Annual
                                         Investment Management Fee</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">(as a
        percentage of Managed Assets*)</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Voya Prime Rate Trust</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.80%</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">* &ldquo;Managed Assets&rdquo; shall mean the Fund&rsquo;s average
daily gross asset value, minus the sum of the Fund&rsquo;s accrued and unpaid dividends on any outstanding preferred shares and
accrued liabilities (other than liabilities for the principal amount of any borrowings incurred, commercial paper or notes issued
by the Fund and the liquidation preference of any outstanding preferred shares.</P>

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


<!-- Field: Page; Sequence: 9; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77(Q)(E)(2)
<SEQUENCE>5
<FILENAME>t1500937_ex99-77qe2.htm
<DESCRIPTION>EXHIBIT99.77(Q)(E)(2)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 99.77(q)(e)(2)</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">FORM OF</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">MANAGEMENT AGREEMENT</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; text-align: justify; text-indent: 0.25in"><B>THIS INVESTMENT
MANAGEMENT AGREEMENT,</B> made as of November 18, 2014, as amended and restated on May 1, 2015, is by and [Name of Trust] (the
&ldquo;[Fund/Trust]&rdquo;), a [State/Form of organization], and [Name of Investment Adviser] (the &ldquo;Manager&rdquo;), a [State/Form
of organization] (the &ldquo;Agreement&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>W I T N E S S E T H:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>WHEREAS,</B> the [Fund/Trust]
is a closed-end management investment company, registered as such under the Investment Company Act of 1940, as amended (the &ldquo;1940
Act&rdquo;); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>WHEREAS,</B> the Manager
is registered as an investment adviser under the Investment Advisers Act of 1940, and is engaged in the business of supplying investment
advice, investment management and administrative services, as an independent contractor; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>WHEREAS,</B> the [Fund/Trust]
desires to retain the Manager to render advice and services pursuant to the terms and provisions of this Agreement, and the Manager
is willing to furnish said advice and services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>NOW, THEREFORE,</B>
in consideration of the covenants and the mutual promises hereinafter set forth, the parties hereto, intending to be legally bound
hereby, mutually agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"> <B>1.&nbsp;</B> <B><U>Employment of Manager</U>.</B></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>With respect to Voya
Emerging Markets High Dividend Equity Fund, Voya Infrastructure, Industrials and Materials Fund, and Voya International High Dividend
Equity Income Fund only:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Fund hereby employs
the Manager, and the Manager hereby accepts such employment, to render investment advice and investment services (&ldquo;Advisory
Services&rdquo;) with respect to the assets of the Fund, and all administrative services reasonably necessary as of January 1,
2015 for the ordinary operation of the Fund (&ldquo;Administrative Services&rdquo;), subject to the supervision and direction of
the Board of Trustees of the Fund (the &ldquo;Trustees&rdquo;), <B><I>provided, however,</I></B> that the Advisory Services and
Administrative Services shall not include the services identified on <B><I><U>Schedule A</U> </I></B>and, therefore, such services
shall be deemed to be outside the scope of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Manager shall, except
as otherwise provided for herein, render or make available all services needed for the management of the investment operations
of the Fund, and shall, as part of its duties hereunder: (i) furnish the Fund with advice and recommendations with respect to the
investment of the Fund&rsquo;s assets and the purchase and sale of its portfolio securities, including the taking of such other
steps as may be necessary to implement such advice and</P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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>
    <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>
    <!-- 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">recommendations; (ii) furnish
the Fund with reports, statements and other data on securities, economic conditions and other pertinent subjects which the Trustees
may request; (iii) furnish such office space and personnel as is needed by the Fund; and (iv) in general superintend and manage
the investments of the Fund, subject to the ultimate supervision and direction of the Trustees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Subject to the approval
of the Trustees of the Fund, the Manager is authorized to enter into sub-advisory agreements with other registered investment advisers
to serve as investment sub-advisers, whether or not affiliated with the Manager (each a &ldquo;Sub-Adviser&rdquo;). The Manager
will continue to have responsibility for all services furnished pursuant to any sub-advisory agreement. The Fund and Manager understand
and agree that the Manager may manage the Fund with one or more Sub-Advisers, which contemplates that the Manager will, among other
things: (i)&nbsp;continually evaluate the performance of any Sub-Adviser to the Fund; and (ii) periodically make recommendations
to the Fund&rsquo;s Trustees regarding the results of its evaluation and monitoring functions. The Fund recognizes that, subject
to the approval of the Trustees of the Fund, a Sub-Adviser&rsquo;s services may be terminated or modified and that the Manager
may appoint a new Sub-Adviser for the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>With respect to Voya
Asia Pacific High Dividend Equity Income Fund, Voya Global Advantage and Premium Opportunity Fund, Voya Global Equity Dividend
and Premium Opportunity Fund, and Voya Natural Resources Equity Income Fund only:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Fund hereby employs
the Manager and the Manager hereby accepts such employment, to render investment advice and investment services with respect to
the assets of the Fund (&ldquo;Advisory Services&rdquo;), and all administrative services reasonably necessary as of January 1,
2015 for the ordinary operation of the Fund (&ldquo;Administrative Services&rdquo;), subject to the supervision and direction of
the Board of Trustees of the Fund (the &ldquo;Trustees&rdquo;), <B><I>provided, however,</I></B> that the Advisory Services and
Administrative Services shall not include the services identified on <B><I><U>Schedule A</U> </I></B>and, therefore, such services
shall be deemed to be outside the scope of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Manager shall, except
as otherwise provided for herein, render or make available all services needed for the management of the investment operations
of the Fund, and shall, as part of its duties hereunder: (i) furnish the Fund with advice and recommendations with respect to the
investment of the Fund&rsquo;s assets and the purchase and sale of its portfolio securities, including the taking of such other
steps as may be necessary to implement such advice and recommendations; (ii) furnish the Fund with reports, statements and other
data on securities, economic conditions and other pertinent subjects which the Trustees may request; (iii) furnish such office
space and personnel as is needed by the Fund; and (iv) in general superintend and manage the investments of the Fund, subject to
the ultimate supervision and direction of the Trustees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Subject to the approval
of the Trustees of the Fund, the Manager is authorized to enter into sub-advisory agreements with other registered investment advisers
to serve as investment sub-advisers, whether or not affiliated with the Adviser (each a &ldquo;Sub-Adviser&rdquo;). The Manager
will continue to have responsibility for all services furnished pursuant to any sub-advisory agreement. The Fund and Manager understand
and agree that the Manager may manage the Fund with one</P>

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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>
    <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>
    <!-- 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">or more sub-advisers, which
contemplates that the Manager will, among other things: (i) continually evaluate the performance of any Sub-Adviser to the Fund;
and (ii) periodically make recommendations to the Fund&rsquo;s Trustees regarding the results of its evaluation and monitoring
functions. The Fund recognizes that, subject to the approval of the Trustees of the Fund, a Sub-Adviser&rsquo;s services may be
terminated or modified and that the Manager may appoint a new Sub-Adviser for the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>With respect to Voya
Prime Rate Trust only:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Trust hereby employs
the Manager and the Manager hereby accepts such employment, to render investment advice and investment management services with
respect to the assets of the Trust (&ldquo;Advisory Services&rdquo;), and all administrative services reasonably necessary as of
January 1, 2015 for the ordinary operation of the Trust (&ldquo;Administrative Services&rdquo;), subject to the supervision and
direction of the Board of Trustees of the Trust (the &ldquo;Trustees&rdquo;), <B><I>provided, however,</I></B> that the Advisory
Services and Administrative Services shall not include the services identified on <B><I><U>Schedule A</U> </I></B>and, therefore,
such services shall be deemed to be outside the scope of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Manager shall, as
part of its duties hereunder (i) furnish the Trust with advice and recommendations with respect to the investment of the Trust&rsquo;s
assets and the purchase and sale of its portfolio securities, including the taking of such other steps as may be necessary to implement
such advice and recommendations, (ii) furnish the Trust with reports, statements and other data on securities, economic conditions
and other pertinent subjects which the Trust&rsquo;s Board of Trustees may request, (iii) permit its officers and employees to
serve without compensation as Trustees of the Trust if elected to such positions and (iv) in general superintend and manage the
investment of the Trust, subject to the ultimate supervision and direction to the Trust&rsquo;s Board of Trustees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Subject to the approval
of the Trustees of the Trust, the Manager is authorized to enter into sub-advisory agreements with other registered investment
advisers to serve as investment sub-advisers, whether or not affiliated with the Manager (each a &ldquo;Sub-Adviser&rdquo;). The
Manager will continue to have responsibility for all services furnished pursuant to any sub-advisory agreement. The Trust and the
Manager understand and agree that the Manager may manage the Trust with one or more Sub-Advisers, which contemplates that the Manager
will, among other things: (i)&nbsp;continually evaluate the performance of any Sub-Adviser to the Trust; and (ii) periodically
make recommendations to the Trust&rsquo;s Trustees regarding the results of its evaluation and monitoring functions. The Trust
recognizes that, subject to the approval of the Trustees of the Trust, a Sub-Adviser&rsquo;s services may be terminated or modified and that the Manager may appoint a new Sub-Adviser for the
Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>2.</B>&nbsp;&nbsp;<B><U>Best
Judgment</U>. </B>The Manager shall use its best judgment and efforts in rendering the advice and services to the [Fund/Trust],
including the Advisory Services and the Administrative Services, as contemplated by this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>3.&nbsp;&nbsp;<U>Exclusivity</U>.
</B>The Manager shall, for all purposes herein, be deemed to be an independent contractor, and shall, unless otherwise expressly
provided and authorized, have no authority to</P>

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


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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>
    <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>
    <!-- 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">act for or represent the
[Fund/Trust] in any way, or in any way be deemed an agent for the [Fund/Trust]. It is expressly understood and agreed that the
Advisory Services and Administrative Services to be rendered by the Manager to the [Fund/Trust] under the provisions of this Agreement
are not to be deemed exclusive, and the Manager shall be free to render similar or different services to others so long as its
ability to render the services provided for in this Agreement shall not be impaired thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>4.</B>&nbsp;&nbsp;<B><U>Best
Efforts</U>. </B>The Manager agrees to use its best efforts in the furnishing of such advice and recommendations to the [Fund/Trust],
in the preparation of reports and information, in the management of the [Fund/Trust]&rsquo;s assets, and in the provision of Advisory
Services and Administrative Services, all pursuant to this Agreement, and for this purpose the Manager shall, at its own expense,
maintain such staff and employ or retain such personnel and consult with such other persons as it shall from time to time determine
to be necessary to the performance of its obligations under this Agreement. Without limiting the generality of the foregoing, the
staff and personnel of the Manager shall be deemed to include persons employed or retained by the Manager to furnish statistical,
research, and other factual information, advice regarding economic factors and trends, information with respect to technical and
scientific developments, and such other information, advice and assistance as the Manager may desire and request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>5.&nbsp;&nbsp;<U>Statements
and Reports</U>. </B>The [Fund/Trust] will from time to time furnish to the Manager detailed statements of the investments and
assets of the [Fund/Trust] and information as to its investment objectives and needs, and will make available to the Manager such
financial reports, proxy statements, legal and other information relating to its investments as may be in the possession of the
[Fund/Trust] or available to it and such other information as the Manager may reasonably request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>6.&nbsp;&nbsp;<U>Tender Offers</U>.
</B>Whenever the Manager has determined that the [Fund/Trust] should tender securities pursuant to a &ldquo;tender offer solicitation,&rdquo;
the Manager shall designate an affiliate as the &ldquo;tendering dealer&rdquo; so long as it is legally permitted to act in such
capacity under the federal securities laws and rules thereunder and the rules of any securities exchange or association of which
such affiliate may be a member. Such affiliated dealer shall not be obligated to make any additional commitments of capital, expense
or personnel beyond that already committed (other than normal periodic fees or payments necessary to maintain its corporate existence
and membership in the National Association of Securities Dealers, Inc.) as of the date of this Agreement. This Agreement shall
not obligate the Manager or such affiliate (i) to act pursuant to the foregoing requirement under any circumstances in which they
might reasonably believe that liability might be imposed upon them as a result of so acting, or (ii) to institute legal or other
proceedings to collect fees which may be considered to be due from others to it as a result of such a tender, unless the [Fund/Trust]
shall enter into an agreement with such affiliate to reimburse it for all expenses connected with attempting to collect such fees,
including legal fees and expenses and that portion of the compensation due to their employees which is attributable to the time
involved in attempting to collect such fees.</P>

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


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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>
    <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>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.25in"><B>7.&nbsp;&nbsp;<U>Expenses</U>.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(a)&nbsp;The Manager
shall bear and pay the costs of rendering the services to be performed by it under this Agreement described on <B><I><U>Schedule
B</U></I></B> attached hereto, as it may be revised from time to time to account for changes in the vendors paid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(b)&nbsp;The [Fund/Trust]
shall be responsible for all of the expenses of its operations, including, without limitation, the management fee payable hereunder
and extraordinary expenses, such as litigation expenses.</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: justify; text-indent: 0.25in">(c)&nbsp;To the extent the
Manager incurs any costs or performs any services which are an obligation of the [Fund/Trust], as set forth in this Agreement,
the [Fund/Trust] shall promptly reimburse the Manager for such costs and expenses. To the extent the services for which the [Fund/Trust]
is obligated to pay are performed by the Manager, the Manager shall be entitled to recover from the [Fund/Trust] only to the extent
of its costs for such services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>8.</B>&nbsp;&nbsp;<B><U>Delegation</U>.
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(a)&nbsp;The Manager may
delegate the performance of certain Advisory Services, as described hereunder, to a Sub-Adviser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(b)&nbsp;The Administrative
Services provided hereunder may be furnished by any directors, officers or employees of the Manager or of affiliates of the Manager.
The Manager may, at the expense of the Manager, retain the services of a third party as its delegate, under the Manager's supervision,
to provide in its stead any Administrative Service. Any such delegation of Advisory Services to a Sub-Adviser, or of Administrative
Services to a third party, shall be subject to the approval of the [Fund/Trust]&rsquo;s Board of Trustees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(c)&nbsp;The Manager shall
remain liable to the [Fund/Trust] for any Administrative Service delegated to a third party pursuant to this Section 8 to the same
extent as if the Manager provided the services itself.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>9.</B>&nbsp;&nbsp;<B><U>Oversight
of Sub-Advisers</U>. </B>In the event that the Manager wishes to select others to render Advisory Services, the Manager shall analyze,
select and recommend for consideration and approval by the [Fund/Trust]&rsquo;s Board of Trustees investment advisory firms (however
organized) to provide investment advice to the [Fund/Trust], and, at the expense of the Manager, engage (which engagement may also
be by the [Fund/Trust]) any such investment advisory firm to render investment advice and manage the investments of the [Fund/Trust]
and the composition the [Fund/Trust]&rsquo;s portfolio of securities and investments, including cash, and the purchase, retention
and disposition thereof, or any offering thereof, in accordance with the [Fund/Trust]&rsquo;s investment objective or objectives
and policies as stated in the [Fund/Trust]&rsquo;s registration statement, as may be supplemented or amended from time to time
(the &ldquo;Registration Statement&rdquo;). The Manager shall take the following actions in respect of the performance by the Sub-Adviser
of its obligations in respect of the [Fund/Trust]:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(a)&nbsp;Periodically monitor
and evaluate the performance of the Sub-Advisers with respect to the investment objectives and policies of the [Fund/Trust], including
without limitation, perform periodic detailed analysis and review of the Sub-Adviser&rsquo;s investment performance in respect
of</P>

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


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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>
    <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>
    <!-- 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 [Fund/Trust] and in respect
of other accounts managed by the Sub-Adviser with similar investment strategies;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(b)&nbsp;Prepare and present
periodic reports to the Board of Trustees regarding the investment performance of the Sub-Adviser and other information regarding
the Sub-Adviser, at such times and in such forms as the Board of Trustees may reasonably request;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(c)&nbsp;Review and consider
any changes in the personnel of the Sub-Adviser responsible for performing the Sub-Adviser&rsquo;s obligations and make appropriate
reports to the Board of Trustees;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(d)&nbsp;Review and consider
any changes in the ownership or senior management of the Sub-Adviser and make appropriate reports to the Board of Trustees;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(e)&nbsp;Perform periodic
in-person or telephonic diligence meetings with representatives of the Sub-Adviser;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(f)&nbsp;&nbsp;Supervise Sub-Advisers
with respect to the services that such Sub-Advisers provide under each Sub-Adviser&rsquo;s Sub-Advisory Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(g)&nbsp;Assist the Board
of Trustees and management of the [Fund/Trust] in developing and reviewing information with respect to the initial approval of
the Sub-Adviser Agreement with the Sub-Adviser and annual consideration of the agreement thereafter;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(h)&nbsp;Monitor the Sub-Advisers
for compliance with the investment objective or objectives, policies and restrictions of the [Fund/Trust], the 1940 Act, Subchapter
M of the Internal Revenue Code, and if applicable, regulations under such provisions, and other applicable law;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(i)&nbsp;&nbsp;If appropriate,
analyze and recommend for consideration by the [Fund/Trust]&rsquo;s Board of Trustees termination of a contract with a Sub-Adviser
under which the Sub-Adviser provides investment advisory services to the [Fund/Trust];</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(j)&nbsp;&nbsp;Identify potential
successors to or replacements of the Sub-Adviser or potential additional Sub-Advisers, perform appropriate due diligence, and develop
and present to the Board of Trustees a recommendation as to any such successor, replacement, or additional Sub-Adviser;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(k)&nbsp;Designate and compensate
from its own resources such personnel as the Manager may consider necessary or appropriate to the performance of its services hereunder;
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(l)&nbsp;&nbsp;Perform such other
review and reporting functions as the Board of Trustees shall reasonably request consistent with this Agreement and applicable
law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(a)&nbsp;&nbsp;The [Fund/Trust]
agrees to pay to the Manager, and the Manager agrees to accept, as full compensation for all Administrative Services and Advisory
Services furnished or provided to the</P>

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


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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>
    <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>
    <!-- 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">[Fund/Trust] and as full
reimbursement for all expenses assumed by the Manager, a management fee equal to the amount specified for the [Fund/Trust] on <B><I><U>Schedule
C</U></I></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(b)&nbsp;&nbsp;The management
fees shall be accrued daily by the [Fund/Trust] and paid to the Manager at the end of each calendar month.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(c)&nbsp;&nbsp;To the extent that
the gross operating costs and expenses of the [Fund/Trust] (excluding any interest taxes, brokerage commissions, and, with the
prior written approval of any state securities commission requiring same, any extraordinary expenses, such as litigation) exceed
the allowable expense limitations of the state in which shares of the [Fund/Trust] are registered for sale having the most stringent
expense reimbursement provisions, the Manager shall reimburse the [Fund/Trust] for the amount of such excess.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(d)&nbsp;&nbsp;The management
fee payable by the [Fund/Trust] hereunder shall be reduced to the extent that an affiliate of the Manager has actually received
cash payments of tender offer solicitation fees less certain costs and expenses incurred in connection therewith, as referred to
in Section 6 herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>11.&nbsp;&nbsp;<U>Prohibition
on Short Positions</U>. </B>The Manager agrees that neither it nor any of its officers or employees shall take any short position
in the capital stock of the [Fund/Trust]. This prohibition shall not prevent the purchase of such shares by any of the officers
and directors or bona fide employees of the Manager or any trust, pension, profit-sharing or other benefit plan for such persons
or affiliates thereof, at a price not less than the net asset value thereof at the time of purchase, as allowed pursuant to rules
promulgated under the 1940 Act, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>12.&nbsp;&nbsp;<U>Actions in
Contravention of Organizational Documents</U>. </B>Nothing herein contained shall be deemed to require the [Fund/Trust] to take
any action contrary to the Declaration of Trust or By-Laws of the [Fund/Trust], or any applicable statute or regulation, or to
relieve or deprive the Trustees of the [Fund/Trust] of its responsibility for and control of the conduct of the affairs of the
[Fund/Trust].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>13.&nbsp;&nbsp;<U>Liability
of the Manager</U>. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Liability with respect to the Provision of Advisory Services.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;In the absence of
willful misfeasance, bad faith, gross negligence, or reckless disregard of obligations or duties hereunder on the part of the Manager,
the Manager shall not be subject to liability to the [Fund/Trust], or to any shareholder of the [Fund/Trust], for any act or omission
in the course of, or connected with, rendering Advisory Services hereunder or for any losses that may be sustained in the purchase,
holding or sale of any security by the [Fund/Trust].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(ii)&nbsp;Notwithstanding
the foregoing, the Manager agrees to reimburse the [Fund/Trust] for any and all costs, expenses, and counsel and Trustees&rsquo;
fees reasonably incurred by the [Fund/Trust] in the preparation, printing and distribution of proxy statements, [amendments to
its Registration Statement,] the holding of meetings of its shareholders or Trustees, the conduct of factual investigations, any
legal or administrative proceedings (including any applications for</P>

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


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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>
    <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>
    <!-- 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">exemptions or determinations
by the Securities and Exchange Commission) which the [Fund/Trust] incurs as a result of action or inaction of the Manager or any
of its shareholders where the action or inaction necessitating such expenditures: (1) is directly or indirectly related to any
transactions or proposed transaction in the shares or control of the Manager or its affiliates (or litigation related to any pending
or proposed future transaction in such shares or control) which shall have been undertaken without the prior, express approval
of the [Fund/Trust]&rsquo;s Trustees, or (2) is within the sole control of the Manager or any of its affiliates or any of their
officers, directors, employees or shareholders. The Manager shall not be obligated pursuant to the provisions of this subsection
13(a)(ii), to reimburse the [Fund/Trust] for any expenditures related to the institution of an administrative proceeding or civil
litigation by the [Fund/Trust] or by a [Fund/Trust] shareholder seeking to recover all or a portion of the proceeds derived by
any shareholder of the Manager or any of its affiliates from the sale of his shares of the Manager, or similar matters. So long
as this Agreement is in effect, the Manager shall pay to the [Fund/Trust] the amount due for expenses subject to this subsection
13(a)(ii) within thirty (30) days after a bill or statement has been received by the [Fund/Trust] therefor. This provision shall
not be deemed to be a waiver of any claim the [Fund/Trust] may have or may assert against the Manager or others or costs, expenses,
or damages heretofore incurred by the [Fund/Trust] for costs, expenses, or damages the [Fund/Trust] may hereafter incur which are
not reimbursable to it hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No provision
of this Agreement shall be construed to protect any director or officer of the [Fund/Trust], or of the Manager, from liability
in violation of Sections 17(h) and (i) of the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>Liability with respect to the Provision of Administrative Services.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In providing the Administrative
Services, the Manager may rely on information reasonably believed by it to be accurate and reliable. Except as may otherwise be
required by the 1940 Act or the rules thereunder, neither the Manager nor its stockholders, officers, directors/trustees employees,
or agents shall be subject to any liability for, or any damages, expenses, or losses incurred in connection with, any act or omission
connected with or arising out of any Administrative Services rendered under this Agreement, except by reason of willful misfeasance,
bad faith, or negligence in the performance of the Manager's duties, or by reason of reckless disregard of the Manager's obligations
and duties under this Agreement. The liability incurred by the Manager pursuant to this Section 13(b) with respect to a [Fund/Trust]
in any year shall be limited to the revenues of the Manager derived from the [Fund/Trust] in that fiscal year of the [Fund/Trust].
The Manager shall look solely to the [Fund/Trust]&rsquo;s property for satisfaction of claims of any nature against the [Fund/Trust]
or a director, officer, employee or agent of the [Fund/Trust] individually arising in connection with the affairs of the [Fund/Trust].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;[Fund/Trust] Disclosures. </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 0 0 4.5pt; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager
shall be responsible for preparing the [Fund/Trust]&rsquo;s registration statements and supplements to the [Fund/Trust]&rsquo;s
prospectuses and statements of additional information (&ldquo;Disclosure Documents&rdquo;), and for filing or arranging for the
filing of such</P>

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


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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>
    <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>
    <!-- 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 0 0 4.5pt; text-align: justify">Disclosure Documents with the Securities
and Exchange Commission (&ldquo;SEC&rdquo;) and other federal and state regulatory authorities as may be required by applicable
law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything in Section 13 or elsewhere in this Agreement, the Manager shall exercise reasonable care consistent with a fiduciary duty
in fulfilling its responsibilities under Section 13(c)(i) of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of
a claim, litigation, liability, or a regulatory action or investigation (collectively, a &ldquo;Disclosure Claim&rdquo;) that arises
out of or is based upon the disclosure in a Disclosure Document for the [Fund/Trust] (including, but not limited to, a claim arising
from an untrue statement or alleged untrue statement in a registration statement for the [Fund/Trust] or an omission or alleged
omission of a material fact required to be stated therein or necessary to make statements made in a registration statement not
misleading), the Manager shall indemnify and hold harmless the [Fund/Trust] and each individual who, during the term of this Agreement,
serves or had served as a Trustee of the [Fund/Trust] who is not an &ldquo;interested person&rdquo; of the [Fund/Trust], as such
term is defined in the 1940 Act (an &ldquo;Independent Trustee&rdquo;), if such Disclosure Claim arises from the Manager&rsquo;s
failure or alleged failure to exercise reasonable care consistent with a fiduciary duty in the preparation or filing of the [Fund/Trust]&rsquo;s
Disclosure Documents for the loss, costs, or damages, including amounts paid in settlement with the written consent of the Manager,
which consent shall not be unreasonably withheld, and including reasonable legal and other expenses, that arise from such Disclosure
Claim.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to
the indemnification provided in Section 13(c)(iii) of this Agreement, the Manager agrees to indemnify and hold harmless the Independent
Trustees for the costs of defense of a Disclosure Claim, including reasonable attorney&rsquo;s fees, regardless of whether such
Disclosure Claim arises from the Manager&rsquo;s failure or alleged failure to exercise reasonable care consistent with a fiduciary
duty in the preparation of the [Fund/Trust]&rsquo;s Disclosure Documents, subject to the Manager&rsquo;s right to assume the defense
of such Disclosure Claim pursuant to Section 13(c)(ix) of this Agreement.</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; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties expressly acknowledge
that this Section 13(c) confers rights and remedies upon the [Fund/Trust] and each Independent Trustee, including the right to
enforce the indemnification provided for in Sections 13(c)(iii) and 13(c)(iv) of this Agreement. The obligation of the Manager
to provide indemnification to the [Fund/Trust] and the Independent Trustees, as set forth in this Section 13(c), shall remain in
effect after the termination of this Agreement.</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; text-indent: 0.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indemnification of the [Fund/Trust]
provided for in Section 13(c)(iii) of this Agreement shall apply only to the extent that any loss to the [Fund/Trust] is not covered
by insurance held by the [Fund/Trust], and shall not apply if: (A) the disclosure giving rise to the Disclosure Claim was provided
by or on behalf of an Independent Trustee for inclusion in the [Fund/Trust]&rsquo;s Disclosure Documents; or (B) indemnification
is not allowed under applicable law.</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; text-indent: 0.5in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indemnification of an Independent
Trustee provided in Sections 13(c)(iii) and 13(c)(iv) of this Agreement shall apply only to the extent that any loss to the Independent</P>

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


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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>
    <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>
    <!-- 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">Trustee<B><I> </I></B>is not covered by insurance
held by the [Fund/Trust] <B><I> </I></B> or the Independent Trustee<B><I> </I></B>, and shall not apply if: (A) losses are actually
indemnified by the [Fund/Trust], consistent with the [Fund/Trust]&rsquo;s organizational documents; (B) the disclosure giving rise
to the Disclosure Claim was provided by or on behalf of an Independent Trustee for inclusion in the [Fund/Trust]&rsquo;s Disclosure
Documents; (C) losses are the result of willful misfeasance, bad faith, gross negligence or reckless disregard on the part of an
Independent Trustee; or (D) indemnification is not allowed under applicable law.</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; text-indent: 0.5in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager shall not be liable
for indemnification of an Independent Trustee under this Section 13(c) unless the Independent Trustee<B><I> </I></B>has notified
the Manager in writing within a reasonable time after the summons or other first legal process giving information of the nature
of the Disclosure Claim is served upon such Independent Trustee (or after such Independent Trustee shall have received notice of
such service on any designated agent); provided, however, that notification of the Manager is not required if the Manager had actual
knowledge about the nature of the Disclosure Claim. In the event of a request for indemnification from an Independent Trustee,
the Manager shall pay advances to the fullest extent permissible under the 1940 Act and applicable state law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a request for indemnification
from the [Fund/Trust] or an Independent Trustee (&ldquo;Indemnified Party&rdquo;), the Manager shall be entitled, upon notice to
the Indemnified Party, to assume the defense of any Disclosure Claim against the Indemnified Party, with counsel satisfactory to
the Manager and the Indemnified Party.</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; text-indent: 0.5in">(x)&nbsp;&nbsp;&nbsp;Sections 13(a) and
13(b) shall not apply to a claim for indemnification under this Section 13(c).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>14.</B>&nbsp;&nbsp;<B><U>Term
and Continuation</U>. </B>This Agreement shall become effective on the date first written above, subject to the condition that
the [Fund/Trust]&rsquo;s Trustees, including a majority of those Trustees who are not interested persons (as such term is defined
in the 1940 Act) of the Manager, and the shareholders of the [Fund/Trust], shall have approved this Agreement. Unless terminated
as provided herein, the Agreement shall continue in full force and effect through <B><U>November 17, 2016</U></B>, and shall continue
from year to year thereafter so long as such continuation is approved at least annually by (i) the Trustees of the [Fund/Trust]
or by the vote of a majority of the outstanding voting securities of the [Fund/Trust], and (ii) the vote of a majority of the Trustees
of the [Fund/Trust] who are not parties to this Agreement or interested persons thereof, cast in person at a meeting called for
the purpose of voting on such approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>15.&nbsp;&nbsp;<U>Termination</U>.
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;This Agreement may
be terminated at any time, without payment of any penalty, by the Trustees of the [Fund/Trust] or by vote of a majority of the
outstanding voting securities of the [Fund/Trust], upon sixty (60) days written notice to the Manager, and by the Manager upon
sixty (60) days written notice to the [Fund/Trust].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;This Agreement shall
terminate automatically in the event of any transfer or assignment thereof, as defined in the 1940 Act, as amended.</P>

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


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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>
    <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>
    <!-- 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: 0.25in"><B>16.&nbsp;&nbsp;<U>Assignment</U>.&nbsp;&nbsp;</B>This
Agreement may not be transferred, assigned, sold or in any manner hypothecated or pledged without the affirmative vote or written
consent of the holders of a majority of the outstanding voting securities of the [Fund/Trust].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>18.</B>&nbsp;&nbsp;<B><U>Use
of Name</U>. </B>It is understood that the name &ldquo;[Name of Manager]&rdquo; or any trademark, trade name, service mark, or
logo, or any variation of such trademark, service mark, or logo of the Manager or its affiliates, including but not limited to
the mark &ldquo;Voya&trade;&rdquo; (collectively, the &ldquo;Voya Marks&rdquo;) is the valuable property of the Manager and its
affiliates, and that the [Fund/Trust] has the right to use such Voya Marks only so long as this Agreement or any subsequent agreement
with the Manager in replacement of this Agreement shall continue with respect to such [Fund/Trust]. Upon termination of this Agreement
without its replacement by a subsequent agreement, the [Fund/Trust] shall, as soon as is reasonably possible, discontinue all use
of the Voya Marks and shall promptly amend its [Fund/Trust Instrument] to change its name (if such Voya Marks are included therein).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>19.&nbsp;&nbsp;<U>Applicable
Law</U>.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;If any provision
of this Agreement shall be held or made invalid by a court decision, statute, rule, or otherwise, the remainder of this Agreement
shall not be affected thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;The term &ldquo;majority
of the outstanding voting securities&rdquo; of the [Fund/Trust] shall have the meaning as set forth in the 1940 Act, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;This Agreement shall
be governed by the laws of the State of [New York/Delaware], provided that nothing herein shall be construed in a manner inconsistent
with the 1940 Act, the Investment Advisors Act of 1940, or any rules or orders of the SEC thereunder.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><I>For [Fund/Trust]s that are Massachusetts
business trusts:</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><B>20. Limitation of Liability for Claims.</B>&nbsp;
The Manager is hereby expressly put on notice of the limitation of liability as set forth in the [Fund/Trust]&rsquo;s Declaration
of Trust (the &ldquo;Declaration&rdquo;) and agrees that the obligations assumed by the [Fund/Trust] pursuant to this Agreement
shall be limited in all cases to the [Fund/Trust] and its assets, and the Manager shall not seek satisfaction of any such obligation
from the shareholders of the Trust or from any trustee, officer, employee or agent of the [Fund/Trust].<B>&nbsp; </B></P>

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


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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>
    <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>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>IN WITNESS WHEREOF,</B> the parties hereto
have caused this instrument to be executed by their officers designated below as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 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: 50%; text-align: left; font-variant: small-caps; font-weight: bold; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify; font-variant: small-caps; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&lt;Manager&gt;</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-variant: small-caps; font-weight: bold; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-variant: small-caps; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-variant: small-caps; font-weight: bold; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-variant: small-caps; font-weight: bold; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&lt;Trust &gt;</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-variant: small-caps; font-weight: bold; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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>
    <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>
    <!-- Field: /Page -->

<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: center"><B>SCHEDULE A</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>with respect to the</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>[Name of Closed-End Fund]<I> </I>and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>[Name of Manager]</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As set forth in Section 1 of this Agreement, the direct provision
of the following services shall be deemed to be outside the scope of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Underwriting or distribution services of the sort provided by the underwriter or distributor to a [Fund/Trust]</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: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Distribution or shareholder services provided to a [Fund/Trust] pursuant to a plan, whether or not adopted under Rule 12b-1
promulgated under the 1940 Act</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: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Custody services such as those currently provided by The Bank of New York Mellon and State Street Bank</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: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>Fund accounting services of the sort currently provided by The Bank of New York Mellon and State Street Bank, inclusive of
pricing services utilized by the fund accounting agents</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: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>Transfer agency and recordkeeping services provided by various brokers/dealers and other intermediaries</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: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>Transfer agency services such as those currently provided by The Bank of New York Mellon and Computershare Limited</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: 0.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD>Printing and postage for shareholder reports, prospectuses and statements of additional information such as is currently provided
by Merrill Corporation, Universal Wilde, RR Donnelley &amp; Sons Company and Broadridge Financial Solutions, Inc.</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: 0.25in"></TD><TD STYLE="width: 0.25in">8.</TD><TD>External counsel and legal services such as those currently provided to the [Fund/Trust] or to the Independent Trustees by
Ropes &amp; Gray&nbsp;LLP and K&amp;L Gates LLP</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: 0.25in"></TD><TD STYLE="width: 0.25in">9.</TD><TD>Audits and semi-annual reviews of financial statements, prospectuses and Form&nbsp;N-14 filings such as those currently provided
by KPMG LLP</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: 0.25in"></TD><TD STYLE="width: 0.25in">10.</TD><TD>Tax consulting services, review of tax compliance and other tax services such as those currently provided by KPMG LLP</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: 0.25in"></TD><TD STYLE="width: 0.25in">11.</TD><TD>Fair value pricing services such as those currently provided by Interactive Data Corporation</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: 0.25in"></TD><TD STYLE="width: 0.25in">12.</TD><TD>Proxy tabulation and solicitation services related to shareholder meetings for a [Fund/Trust], such as those currently provided
by Broadridge Financial Solutions, Inc. and/or Computershare Limited</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: 0.25in"></TD><TD STYLE="width: 0.25in">13.</TD><TD>Identifying and tracking services for wash sales activity such as those currently provided by Gainskeeper (Wolters Kluwer Financial
Services, Inc.)</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: 0.25in"></TD><TD STYLE="width: 0.25in">14.</TD><TD>Brokerage services</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 13; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- Field: /Page -->

<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: 0.25in"></TD><TD STYLE="width: 0.25in">15.</TD><TD>Attribution and risk analysis services provided in support of the Chief Investment Risk Officer such as those currently provided
by the Bank of New York-Wilshire Atlas/Axiom Attribution and Risk Analysis System</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: 0.25in"></TD><TD STYLE="width: 0.25in">16.</TD><TD>Recordkeeping services related to the Trustee deferred compensation plan such as those currently provided by Pen-Cal Administrators</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: 0.25in"></TD><TD STYLE="width: 0.25in">17.</TD><TD>Call center services related to phone representatives that service existing [Fund/Trust] shareholders of record such as those
currently provided by The Bank of New York Mellon Services</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: 0.25in"></TD><TD STYLE="width: 0.25in">18.</TD><TD>Consultants hired at the request of the Board of Trustees to advise them</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: 0.25in"></TD><TD STYLE="width: 0.25in">19.</TD><TD>Administrative Services that are not reasonably necessary for the ordinary operation of each [Fund/Trust] as of January 1,
2015, but that may be required in the future.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- 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: center"><FONT STYLE="text-transform: uppercase"><B>schedule
B</B></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>with respect to the</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>MANAGEMENT AGREEMENT</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>between</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>[Name of Closed-End Fund]</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>And</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>[Name of Manager]</B></P>

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

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

<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: bottom">
    <TD STYLE="width: 5%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>#</B></FONT></P></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>EXPENSE</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM</B></FONT></FONT></TD>
    <TD NOWRAP STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>CURRENT</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>VENDORS</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>DESCRIPTION</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>%
    Borne</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;by Manager</B></FONT></FONT></TD>
    <TD STYLE="width: 28%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>ALLOCATION
    NOTE</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Allocated Expenses</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">General Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">KPMG LLP (17f-2 Audit Fees)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affiliated sub-custodian account test work</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">50%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fund Accounting/</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Financial Reporting Services</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Morgan Stanley GICS</FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Direct License</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Industry Classification for</FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">equity securities for financial reporting purposes</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">50%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Voya funds' portion is limited to a maximum of $40,000.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fund Accounting/</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Financial Reporting Services</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RIMES Technologies Corporation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aggregated benchmark data (returns).&nbsp;&nbsp;Data is used in Voya funds' annual and semi-annual reports and prospectuses.</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">60%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proxy Voting Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Institutional Shareholder Services&nbsp;&nbsp;(ISS, Inc.) </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proxy Advisory Services and Voting Agent Service</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">50%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proxy Voting Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Farient</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proxy Analysis</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">50%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finance Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bloomberg / Morningstar / NYSE / Strategic Insight / Institutional Investor / Etc.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Market Data Service Providers (Non-CIRO usage)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">95%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Allocation to the Voya funds is based on Board usage/subscriptions.&nbsp;&nbsp;Only actual Board usage costs are allocated to the Voya funds. </FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Industry Association Dues</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment Company Institute </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">General membership fees</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">90%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Voya funds&rsquo; portion is limited to a maximum of the fee paid by the Voya funds for Mutual Funds Directors Forum membership.</FONT></TD></TR>
</TABLE>


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


<!-- Field: Page; Sequence: 15; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- 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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>#</B></FONT></P></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>EXPENSE</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM</B></FONT></FONT></TD>
    <TD NOWRAP STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>CURRENT</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>VENDORS</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>DESCRIPTION</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>%
    Borne</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;by Manager</B></FONT></FONT></TD>
    <TD STYLE="width: 28%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>ALLOCATION
    NOTE</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Allocated Expenses, continued</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 5%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Investment Risk Officer<SUP>1</SUP></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Investment Risk Officer (CIRO)</FONT></TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Costs associated with the CIRO function</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">40%</FONT></TD>
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Overhead<SUP>2</SUP> items are allocable to the Manager.&nbsp;&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Compliance Officer<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Office of the Chief Compliance Officer (CCO)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CCO Function</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Overhead<SUP>2</SUP> items are allocable to the Manager.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Voya Expenses</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">General Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Confluence</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Software application to assist in monitoring the budgets and the accruals of expenses of mutual funds.</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&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">&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">&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">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">General Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bonaire</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Electronic system for calculation of fund fees and payments to sub-advisers.&nbsp;&nbsp;Annual license cost.</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fund Compliance</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Albridge</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Electronic system for Fund Compliance - monthly compliance checklist process.&nbsp;&nbsp;Annual license cost.</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fund Compliance</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bank of New York</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Money Market Stress Testing</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proxy Voting Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Institutional
Shareholder Services &nbsp;(ISS, Inc.)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Securities Class Action Service &ndash; (SCAS)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>




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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-left: 27.35pt; margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></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: 27.35pt"><SUP>1</SUP></TD><TD>CIRO and CCO costs are considered &ldquo;extraordinary expenses&rdquo; and are therefore excluded from expenses that are subject
to the [Fund/Trust]&rsquo;s Expense Limitation Agreements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt">&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: 27.35pt"><SUP>2</SUP></TD><TD>Overhead includes the costs associated with the following items; technology (except for Market Data Services and any IT Software
expenses that are for the sole use of the CIRO or CCO); facilities; equipment; printing; and postage.</TD></TR></TABLE>



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


<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- Field: /Page -->

<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: bottom">
    <TD STYLE="width: 5%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>#</B></FONT></P></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>EXPENSE</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM</B></FONT></FONT></TD>
    <TD NOWRAP STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>CURRENT</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>VENDORS</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>DESCRIPTION</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>%
    Borne</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;by Manager</B></FONT></FONT></TD>
    <TD STYLE="width: 28%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>ALLOCATION
    NOTE</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 5%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proxy Voting Services</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Institutional
Shareholder Services &nbsp;(ISS, Inc.)</FONT></TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">US
&amp; Global Custom Voting Agent Services / Vote Disclosure Services</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Voya Expenses, continued</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Operational Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Eagle Pace</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fund Data Warehouse - Annual License Agreement</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Product Management/</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Development Services</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Bank of New York- Wilshire Atlas/Axiom Attribution and Risk Analysis System - Voya Use</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Attribution Analysis</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dechert LLP (External&nbsp;&nbsp;Legal Fees)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">External counsel and legal services provided to Voya regarding Advisory/ Administrative Matters</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Voya Funds Services, LLC (Internal Legal Fees)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal services for Management and the Voya funds performed by Internal Legal Staff</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Diligent Boardbooks</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Online Board Document Management System for Board Meeting Materials</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARC System</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Content Management System for Registration Statement Production</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Abel Noser</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trade Cost Analysis</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Board IQ / Ignites</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Industry Publications</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Advisory Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Manager or Sub-Adviser</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>


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


<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- Field: /Page -->

<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>SCHEDULE C</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>with respect to the</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"><FONT STYLE="text-transform: uppercase"><B>MANAGEMENT
AGREEMENT</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>between</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"><FONT STYLE="text-transform: uppercase"><B>Voya
PRIME RATE TRUST</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>and</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"><FONT STYLE="text-transform: uppercase"><B>Voya
INVESTMENTS, LLC</B></FONT></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="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 8pt">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 49%; text-decoration: underline; text-align: center; font-size: 8pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B STYLE="font-size: 8pt"><U STYLE="font-size: 8pt; text-decoration: none">Series</U></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; text-align: center; font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B STYLE="font-size: 8pt">&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 49%; font-size: 8pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B STYLE="font-size: 8pt"><U STYLE="font-size: 8pt; text-decoration: none">Annual Management Fee</U></B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(as a percentage of Managed Assets*)</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Voya Prime Rate Trust</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.05%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-indent: -9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">* &ldquo;Managed Assets&rdquo; shall mean the Fund&rsquo;s average
daily gross asset value, minus the sum of the Fund&rsquo;s accrued and unpaid dividends on any outstanding preferred shares and
accrued liabilities (other than liabilities for the principal amount of any borrowings incurred, commercial paper or notes issued
by the Fund and the liquidation preference of any outstanding preferred shares.</P>

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


<!-- Field: Page; Sequence: 18; Options: NewSection Last; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77(Q)(E)(3)
<SEQUENCE>6
<FILENAME>t1500937_ex99-77qe3.htm
<DESCRIPTION>EXHIBIT 99.77(Q)(E)(3)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in"><B>Exhibit 99.77(q)(e)(3)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>SUB-ADVISORY
AGREEMENT</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Voya
PRIME RATE TRUST</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>AGREEMENT</B>, effective
as of November 18, 2014, between Voya Investments, LLC, an Arizona limited liability company (the &ldquo;Manager&rdquo;), and Voya
Investment Management Co. LLC, a Delaware limited liability company (the &ldquo;Sub-Adviser&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, Voya Prime
Rate Trust (the &ldquo;Fund&rdquo;) is registered under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;),
as a closed-end, management investment company; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the Fund
is authorized to issue separate series, each series having its own investment objective or objectives, policies, and limitations;
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, pursuant
to an Investment Management Agreement, effective as of November 18, 2014 (the &ldquo;Investment Management Agreement&rdquo;), a
copy of which has been provided to the Sub-Adviser, the Fund has retained the Manager to render advisory and management services
with respect to certain of the Fund&rsquo;s series; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, pursuant
to authority granted to the Manager in the Investment Management Agreement, the Manager wishes to retain the Sub-Adviser to furnish
investment advisory services the Fund, and the Sub-Adviser is willing to furnish such services to the Fund and the Manager.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>,
in consideration of the premises and the promises and mutual covenants herein contained, it is agreed between the Manager and the
Sub-Adviser as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Appointment</U></B>.
The Manager hereby appoints the Sub-Adviser to act as the investment adviser and manager to the Fund for the periods and on the
terms set forth in this Agreement. The Sub-Adviser accepts such appointment and agrees to furnish the services herein set forth
for the compensation herein provided. To the extent that the Sub-Adviser is not the only person providing investment advisory services
to the Fund, the term &ldquo;Fund&rdquo; shall be interpreted for purposes of this Agreement to include those assets of the Fund
over which the Sub-Adviser is directed by the Manager to provide investment advisory services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>2.&nbsp;&nbsp;&nbsp;<U>Sub-Adviser
Duties</U></B>. Subject to the supervision of the Fund&lsquo;s Board of Trustees and the Manager, the Sub-Adviser will provide
a continuous investment program for the Fund&rsquo;s portfolio and determine in its discretion the composition of the assets of
the Fund&rsquo;s portfolio, including determination of the purchase, retention, or sale of the securities, cash, and other investments
contained in the portfolio. The Sub-Adviser will provide investment research and conduct a continuous program of evaluation, investment,
sales, and reinvestment of the Fund&rsquo;s assets by determining the securities and other investments that shall be purchased,
entered into, sold, closed, or exchanged for the Fund, when these transactions should be executed, and what portion of the assets
of the Fund should be held in the various securities and other investments in which it may invest. To the extent permitted by the
investment policies of the Fund, the Sub-Adviser shall make decisions for the Fund as to foreign currency matters and make determinations
as to and execute and perform foreign currency exchange contracts on behalf of</P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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>
    <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>
    <!-- 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 Fund. The Sub-Adviser
will provide the services under this Agreement in accordance with the Fund&rsquo;s investment objective or objectives, policies,
and restrictions as stated in the Fund&rsquo;s Registration Statement filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;),
as amended, copies of which shall be sent to the Sub-Adviser by the Manager prior to the commencement of this Agreement and promptly
following any such amendment. The Sub-Adviser further agrees as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser will conform with the 1940 Act and all rules and regulations thereunder, all other applicable federal and state laws
and regulations, with any applicable procedures adopted by the Fund's Board of Trustees of which the Sub-Adviser has been sent
a copy, and the provisions of the Registration Statement of the Fund filed under the Securities Act of 1933 (the &ldquo;1933 Act&rdquo;)
and the 1940 Act, as supplemented or amended, of which the Sub-Adviser has received a copy, and with the Manager&rsquo;s portfolio
manager operating policies and procedures as in effect on the date hereof, as such policies and procedures may be revised or amended
by the Manager and agreed to by the Sub-Adviser. In carrying out its duties under the Sub-Adviser Agreement, the Sub-Adviser will
comply with the following policies and procedures:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser will manage the Fund so that it meets the income and asset diversification requirements of Section 851 of the Internal
Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), and, if applicable, manage the Fund so that no action or omission on
the part of the Sub-Adviser shall cause the Fund to fail to comply with the diversification requirements of Section 817(h) of the
Code, and the regulations issued thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser will have no duty to vote any proxy solicited by or with respect to the issuers of securities in which assets of the
Fund are invested in connection with annual and special meetings of equity stockholders, provided however, that the Sub-Adviser
retains responsibility to vote or abstain from voting all solicitations with respect to non-equity portfolio securities and all
portfolio securities for matters with regard to bankruptcy or related plans of reorganization unless the Manager gives the Sub-Adviser
written instructions to the contrary. The Sub-Adviser will immediately forward any proxy it receives on behalf of the Fund solicited
by or with respect to the issuers of securities in which assets of the Fund are invested to the Manager or to any agent of the
Manager designated by the Manager in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">The Sub-Adviser
will make appropriate personnel reasonably available for consultation for the purpose of reviewing with representatives of the
Manager and/or the Board any proxy solicited by or with respect to the issuers of securities in which assets of the Fund are invested.
Upon request, the Sub-Adviser will submit a written voting recommendation to the Manager for such proxies. In making such recommendations,
the Sub-Adviser shall use its good faith judgment to act in the best interests of the Fund. The Sub-Adviser shall disclose to the
best of its knowledge any conflict of interest with the issuers of securities that are the subject of such recommendation including
whether such issuers are clients or are being solicited as clients of the Sub-Adviser or of its affiliates.</P>

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


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- 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 0 0 1in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the purchase and sale of securities for the Fund, the Sub-Adviser will arrange for the transmission to the custodian
and portfolio accounting agent for the Fund on a daily basis, such confirmation, trade tickets, and other documents and information,
including, but not limited to, Cusip, Sedol, or other numbers that identify securities to be purchased or sold on behalf of the
Fund, as may be reasonably necessary to enable the custodian and portfolio accounting agent to perform its administrative and recordkeeping
responsibilities with respect to the Fund. With respect to portfolio securities to be settled through the Depository Fund Company,
the Sub-Adviser will arrange for the prompt transmission of the confirmation of such trades to the Fund&rsquo;s custodian and portfolio
accounting agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser will assist the custodian and portfolio accounting agent for the Fund in determining or confirming, consistent with
the procedures and policies stated in the Registration Statement for the Fund or adopted by the Board of Trustees, the value of
any portfolio securities or other assets of the Fund for which the custodian and portfolio accounting agent seeks assistance from
or identifies for review by the Sub-Adviser. The parties acknowledge that the Sub-Adviser is not a custodian of the Fund&rsquo;s
assets and will not take possession or custody of such assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser will provide the Manager, no later than the 10th business day following the end of the Fund&rsquo;s semi-annual period
and fiscal year, a letter to shareholders (to be subject to review and editing by the Manager) containing a discussion of those
factors referred to in Item 27(b)(7) of 1940 Act Form N-1A in respect of both the prior quarter and the fiscal year to date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser will complete and deliver to the Manager a written compliance checklist in a form provided by the Manager for each
month by the 10th business day of the following month.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser will make available to the Fund and the Manager, promptly upon request, any of the Fund&lsquo;s investment records
and ledgers maintained by the Sub-Adviser (which shall not include the records and ledgers maintained by the custodian or portfolio
accounting agent for the Fund) as are necessary to assist the Fund and the Manager to comply with requirements of the 1940 Act
and the Investment Advisers Act of 1940 (the &ldquo;Advisers Act&rdquo;), as well as other applicable laws. The Sub-Adviser will
furnish to regulatory authorities having the requisite authority any information or reports in connection with such services in
respect to the Fund which may be requested in order to ascertain whether the operations of the Fund are being conducted in a manner
consistent with applicable laws and regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser will provide reports to the Fund&rsquo;s Board of Trustees for consideration at meetings of the Board of Trustees on
the investment program for the Fund and the issuers and securities represented in the Fund&rsquo;s portfolio, and will furnish
the Fund&rsquo;s Board of Trustees with respect to the Fund such periodic and special reports as the Trustees and the Manager may
reasonably request.</P>

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


<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- 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 0 0 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to any investments, including, but not limited to, repurchase and reverse repurchase agreements, derivatives contracts,
futures contracts, International Swaps and Derivatives Association, Inc. Master Agreements, and options on futures contracts (&ldquo;futures&rdquo;),
which are permitted to be made by the Sub-Adviser in accordance with this Agreement and the investment objectives and strategies
of the Series as outlined in the Registration Statement for the Fund, the Manager hereby authorizes and directs the Sub-Adviser
to do and perform every act and thing whatsoever necessary or incidental in performing its duties and obligations under this Agreement
including, but not limited to, executing as agent, on behalf of each Series, brokerage agreements and other documents to establish,
operate and conduct all brokerage or other trading accounts, and executing as agent, on behalf of each Series, such agreements
and other documentation as may be required for the purchase or sale, assignment, transfer and ownership of any permitted investment,
including limited partnership agreements, repurchase and derivative master agreements, including any schedules and annexes to such
agreements, releases, consents, elections and confirmations. The Manager acknowledges and understands that it will be bound by
any such trading accounts established, and agreements and other documentation executed, by the Sub-Adviser for such investment
purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>3.&nbsp;&nbsp;&nbsp;<U>Broker-Dealer
Selection</U></B>. The Sub-Adviser is authorized to make decisions to buy and sell securities and other investments the Fund&rsquo;s
portfolio, broker-dealer selection, and negotiation of brokerage commission rates in effecting a security transaction. The Sub-Adviser's
primary consideration in effecting a security transaction will be to obtain the best execution for the Fund, taking into account
the factors specified in the prospectus and/or statement of additional information for the Fund, and determined in consultation
with the Adviser, which include price (including the applicable brokerage commission or dollar spread), the size of the order,
the nature of the market for the security, the timing of the transaction, the reputation, the experience and financial stability
of the broker-dealer involved, the quality of the service, the difficulty of execution, and the execution capabilities and operational
facilities of the firm involved, and the firm's risk in positioning a block of securities. Accordingly, the price to the Fund in
any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified,
in the judgment of the Sub-Adviser in the exercise of its fiduciary obligations to the Fund, by other aspects of the portfolio
execution services offered. Subject to such policies as the Fund&rsquo;s Board of Trustees or Manager may determine and consistent
with Section 28(e) of the Securities Exchange Act of 1934, the Sub-Adviser shall not be deemed to have acted unlawfully or to have
breached any duty created by this Agreement or otherwise solely by reason of its having caused the Fund to pay a broker-dealer
for effecting a portfolio investment transaction in excess of the amount of commission another broker-dealer would have charged
for effecting that transaction, if the Sub-Adviser determines in good faith that such amount of commission was reasonable in relation
to the value of the brokerage and research services provided by such broker-dealer, viewed in terms of either that particular transaction
or the Sub-Adviser's or the Manager's overall responsibilities with respect to the Fund and to their respective other clients as
to which they exercise investment discretion. The Sub-Adviser will consult with the Manager to the end that portfolio transactions
on behalf of the Fund are directed to broker-dealers on the basis of criteria reasonably considered appropriate by the Manager.
To the extent consistent with these standards, the Sub-Adviser is further authorized to allocate the orders placed by it on behalf
of the Fund to the Sub-Adviser if it is registered as a broker-dealer with the SEC, to an affiliated broker-dealer, or to such
brokers and dealers who</P>

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


<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- 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">also provide research or
statistical material, or other services to the Fund, the Sub-Adviser, or an affiliate of the Sub-Adviser. Such allocation shall
be in such amounts and proportions as the Sub-Adviser shall determine consistent with the above standards, and the Sub-Adviser
will report on said allocation regularly to the Fund's Board of Trustees indicating the broker-dealers to which such allocations
have been made and the basis therefor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>4.&nbsp;&nbsp;&nbsp;<U>Disclosure
about Sub-Adviser</U></B>. The Sub-Adviser has reviewed the most recent Post-Effective Amendment to the Registration Statement
for the Fund filed with the SEC that contains disclosure about the Sub-Adviser, and represents and warrants that, with respect
to the disclosure about the Sub-Adviser or information relating, directly or indirectly, to the Sub-Adviser, such Registration
Statement contains, as of the date hereof, no untrue statement of any material fact and does not omit any statement of a material
fact which was required to be stated therein or necessary to make the statements contained therein, in light of the circumstances
under which they were made, not misleading. The Sub-Adviser further represents and warrants that it is a duly registered investment
adviser under the Advisers Act and will maintain such registration so long as this Agreement remains in effect. The Sub-Adviser
will provide the Manager with a copy of the Sub-Adviser's Form ADV, Part II at the time the Form ADV is filed with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>5.&nbsp;&nbsp;&nbsp;<U>Expenses</U></B>.
During the term of this Agreement, the Sub-Adviser will pay all expenses incurred by it and its staff and for their activities
in connection with its portfolio management duties under this Agreement. The Manager or the Fund shall be responsible for all the
expenses of the Fund's operations. In addition, if the Fund is required, under applicable law, to supplement the Registration Statement
because of a change requested by the Sub-Adviser, the Sub-Adviser will reimburse the Fund and/or the Manager for the cost of preparing,
printing and distributing such supplement, unless the Sub-Adviser is requesting the change in order to comply with an applicable
law, rule or regulation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>6.&nbsp;&nbsp;&nbsp;<U>Compensation</U></B>.
For the services provided to the Fund, the Manager will pay the Sub-Adviser an annual fee equal to the amount specified for the
Fund, payable monthly in arrears. The fee will be appropriately prorated to reflect any portion of a calendar month that this Agreement
is not in effect among the parties. In accordance with the provisions of the Investment Management Agreement, the Manager is solely
responsible for the payment of fees to the Sub-Adviser, and the Sub-Adviser agrees to seek payment of its fees solely from the
Manager; provided, however, that if the Fund fails to pay the Manager all or a portion of the Investment Management fee under said
Investment Management Agreement when due, and the amount that was paid is insufficient to cover the Sub-Adviser's fee under this
Agreement for the period in question, then the Sub-Adviser may enforce against the Fund any rights it may have as a third-party
beneficiary under the Investment Management Agreement and the Manager will take all steps appropriate under the circumstances to
collect the amount due from the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>8.&nbsp;&nbsp;&nbsp;<U>Marketing
Materials</U></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the term of this Agreement, the Sub-Adviser agrees to furnish the Manager at its principal office for prior review and approval
by the Manager all written and/or printed materials, including but not limited to, PowerPoint</FONT><FONT STYLE="font-family: Symbol">&Ograve;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
or slide presentations, news releases, advertisements, brochures, fact sheets and other promotional, informational or marketing
materials (the &ldquo;Marketing Materials&rdquo;) for internal use or </FONT></P>

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


<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- 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 0 0 0.5in; text-align: justify; text-indent: 0in">public dissemination,
that are produced or are for use or reference by the Sub-Adviser, its affiliates or other designees, broker-dealers or the public
in connection with the Fund and Sub-Adviser shall not use any such materials if the Manager reasonably objects in writing within
five business days (or such other period as may be mutually agreed) after receipt thereof. Marketing Materials may be furnished
to the Manager by first class or overnight mail, facsimile transmission equipment, electronic delivery or hand delivery.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the term of this Agreement, the Manager agrees to furnish the Sub-Adviser at its principal office all prospectuses, proxy statements,
reports to shareholders, or Marketing Materials prepared for distribution to shareholders of the Fund, or the public that refer
to the Sub-Adviser in any way, prior to the use thereof, and the Manager shall not use any such materials if the Sub-Adviser reasonably
objects in writing within five business days (or such other period as may be mutually agreed) after receipt thereof. The Sub-Adviser&rsquo;s
right to object to such materials is limited to the portions of such materials that expressly relate to the Sub-Adviser, its services
and its clients. The Manager agrees to use its reasonable best efforts to ensure that materials prepared by its employees or agents
or its affiliates that refer to the Sub-Adviser or its clients in any way are consistent with those materials previously approved
by the Sub-Adviser as referenced in the first sentence of this paragraph. Marketing Materials may be furnished to the Sub-Adviser
by first class or overnight mail, facsimile transmission equipment, electronic delivery or hand delivery.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>9.&nbsp;&nbsp;&nbsp;<U>Compliance</U></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser agrees to use reasonable compliance techniques as the Manager or the Board of Trustees may adopt, including any written
compliance procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser agrees that it shall promptly notify the Manager and the Fund: (1) in the event that the SEC has censured the Sub-Adviser;
placed limitations upon its activities, functions or operations; suspended or revoked its registration as an investment adviser;
or has commenced proceedings or an investigation that may result in any of these actions; or (2) upon having a reasonable basis
for believing that the Fund has ceased to qualify or might not qualify as a regulated investment company under Subchapter M of
the Internal Revenue Code. The Sub-Adviser further agrees to notify the Manager and the Fund promptly of any material fact known
to the Sub-Adviser respecting or relating to the Sub-Adviser that is not contained in the Registration Statement or prospectus
for the Fund (which describes the Fund), or any amendment or supplement thereto, or if any statement contained therein that becomes
untrue in any material respect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager agrees that it shall promptly notify the Sub-Adviser: (1) in the event that the SEC has censured the Manager or the Fund;
placed limitations upon either of their activities, functions, or operations; suspended or revoked the Manager's registration as
an investment adviser; or has commenced proceedings or an investigation that may result in any of these actions; or (2) upon having
a reasonable basis for believing that the Fund has ceased to qualify or might not qualify as a regulated investment company under
Subchapter M of the Internal Revenue Code.</P>

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


<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- Field: /Page -->

<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: justify; text-indent: 0.5in"><B>10.&nbsp;<U>Books
and Records</U></B>. The Sub-Adviser hereby agrees that all records which it maintains for the Fund may be the property of the
Fund and further agrees to surrender promptly to the Fund any of such records upon the Fund's or the Manager's request in compliance
with the requirements of Rule 31a-3 under the 1940 Act, although the Sub-Adviser may, at its own expense, make and retain a copy
of such records. The Sub-Adviser further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records
required to be maintained by Rule 31a-l under the 1940 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>11.&nbsp;<U>Cooperation;
Confidentiality</U></B>. Each party to this Agreement agrees to cooperate with the other party and with all appropriate governmental
authorities having the requisite jurisdiction (including, but not limited to, the SEC) in connection with any investigation or
inquiry relating to this Agreement or the Fund. Subject to the foregoing, the Sub-Adviser shall treat as confidential all information
pertaining to the Fund and actions of the Fund, the Manager and the Sub-Adviser, and the Manager shall treat as confidential and
use only in connection with the Fund all information furnished to the Fund or the Manager by the Sub-Adviser, in connection with
its duties under the Agreement except that the aforesaid information need not be treated as confidential if required to be disclosed
under applicable law, if generally available to the public through means other than by disclosure by the Sub-Adviser or the Manager,
or if available from a source other than the Manager, Sub-Adviser or this Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>12.&nbsp;<U>Non-Exclusivity</U></B>.
The services of the Sub-Adviser to the Fund are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment
advisory or other services to others (including other investment companies) and to engage in other activities, provided, however,
that the Sub-Adviser may not consult with any other sub-adviser of the Fund concerning transactions in securities or other assets
for any investment portfolio of the Fund,, except that such consultations are permitted between the current and successor sub-advisers
of the Fund in order to effect an orderly transition of sub-advisory duties so long as such consultations are not concerning transactions
prohibited by Section 17(a) of the 1940 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>13.&nbsp;<U>Representations
Respecting Sub-Adviser</U></B>. The Manager agrees that neither the Manager, nor affiliated persons of the Manager, shall give
any information or make any representations or statements in connection with the sale of shares of the Fund concerning the Sub-Adviser
or the Fund other than the information or representations contained in the Registration Statement, prospectus, or statement of
additional information for the Fund's shares, as they may be amended or supplemented from time to time, or in reports or proxy
statements for the Fund, or in sales literature or other promotional material approved in advance by the Sub-Adviser, except with
the prior permission of the Sub-Adviser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>14.&nbsp;<U>Control</U></B>.
Notwithstanding any other provision of the Agreement, it is understood and agreed that the Fund shall at all times retain the ultimate
responsibility for and control of all functions performed pursuant to this Agreement and has reserved the right to reasonably direct
any action hereunder taken on its behalf by the Sub-Adviser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>15.&nbsp;<U>Liability</U></B>.
Except as may otherwise be required by the 1940 Act or the rules thereunder or other applicable law, the Manager agrees that the
Sub-Adviser, any affiliated person of the Sub-Adviser, and each person, if any, who, within the meaning of Section 15 of the 1933
Act controls the Sub-Adviser: (1) shall bear no responsibility and shall not be subject to any liability for any act or omission
respecting the Fund; and (2) shall not be liable for, or subject to</P>

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


<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- 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">any damages, expenses, or
losses in connection with, any act or omission connected with or arising out of any services rendered under this Agreement, except
by reason of willful misfeasance, bad faith, or gross negligence in the performance of the Sub-Adviser's duties, or by reason of
reckless disregard of the Sub-Adviser's obligations and duties under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>16.&nbsp;<U>Indemnification</U></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager agrees to indemnify and hold harmless the Sub-Adviser, any affiliated person of the Sub-Adviser, and each person, if any,
who, within the meaning of Section 15 of the 1933 Act controls (&ldquo;controlling person&rdquo;) the Sub-Adviser (all of such
persons being referred to as &ldquo;Sub-Adviser Indemnified Persons&rdquo;) against any and all losses, claims, damages, liabilities,
or litigation (including legal and other expenses) to which a Sub-Adviser Indemnified Person may become subject under the 1933
Act, the 1940 Act, the Advisers Act, under any other statute, at common law or otherwise, arising out of the Manager&rsquo;s responsibilities
to the Fund which: (1) may be based upon the Manager&rsquo;s negligence, willful misfeasance, or bad faith in the performance of
its duties (which could include a negligent action or a negligent omission to act), or by reason of the Manager&rsquo;s reckless
disregard of its obligations and duties under this Agreement; or (2) may be based upon any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement or prospectus covering shares of the Fund, or any amendment thereof
or any supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon information
furnished to the Manager or the Fund or to any affiliated person of the Manager by a Sub-Adviser Indemnified Person; provided however,
that in no case shall the indemnity in favor of the Sub-Adviser Indemnified Person be deemed to protect such person against any
liability to which any such person would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence
in the performance of its duties, or by reason of its reckless disregard of obligations and duties under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
Section 15 of this Agreement, the Sub-Adviser agrees to indemnify and hold harmless the Manager, any affiliated person of the Manager,
and any controlling person of the Manager (all of such persons being referred to as &ldquo;Manager Indemnified Persons&rdquo;)
against any and all losses, claims, damages, liabilities, or litigation (including legal and other expenses) to which a Manager
Indemnified Person may become subject under the 1933 Act, 1940 Act, the Advisers Act, under any other statute, at common law or
otherwise, arising out of the Sub-Adviser&rsquo;s responsibilities as Sub-Adviser of the Fund which: (1) may be based upon the
Sub-Adviser&rsquo;s negligence, willful misfeasance, or bad faith in the performance of its duties (which could include a negligent
action or a negligent omission to act), or by reason of the Sub-Adviser&rsquo;s reckless disregard of its obligations and duties
under this Agreement; or (2) may be based upon any untrue statement or alleged untrue statement of a material fact contained in
the Registration Statement or prospectus covering the shares of the Fund, or any amendment or supplement thereto, or the omission
or alleged omission to state therein a material fact known or which should have been known to the Sub-Adviser and was required
to be</P>

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


<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- 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 0 0 0.5in; text-align: justify; text-indent: 0in">stated therein
or necessary to make the statements therein not misleading, if such a statement or omission was made in reliance upon information
furnished to the Manager, the Fund, or any affiliated person of the Manager or Fund by the Sub-Adviser or any affiliated person
of the Sub-Adviser; provided, however, that in no case shall the indemnity in favor of a Manager Indemnified Person be deemed to
protect such person against any liability to which any such person would otherwise be subject by reason of willful misfeasance,
bad faith, gross negligence in the performance of its duties, or by reason of its reckless disregard of its obligations and duties
under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager shall not be liable under Paragraph (a) of this Section 16 with respect to any claim made against a Sub-Adviser Indemnified
Person unless such Sub-Adviser Indemnified Person shall have notified the Manager in writing within a reasonable time after the
summons or other first legal process giving information of the nature of the claim shall have been served upon such Sub-Adviser
Indemnified Person (or after such Sub-Adviser Indemnified Person shall have received notice of such service on any designated agent),
but failure to notify the Manager of any such claim shall not relieve the Manager from any liability which it may have to the Sub-Adviser
Indemnified Person against whom such action is brought except to the extent the Manager is prejudiced by the failure or delay in
giving such notice. In case any such action is brought against the Sub-Adviser Indemnified Person, the Manager will be entitled
to participate, at its own expense, in the defense thereof or, after notice to the Sub-Adviser Indemnified Person, to assume the
defense thereof, with counsel satisfactory to the Sub-Adviser Indemnified Person. If the Manager assumes the defense of any such
action and the selection of counsel by the Manager to represent the Manager and the Sub-Adviser Indemnified Person would result
in a conflict of interests and therefore, would not, in the reasonable judgment of the Sub-Adviser Indemnified Person, adequately
represent the interests of the Sub-Adviser Indemnified Person, the Manager will, at its own expense, assume the defense with counsel
to the Manager and, also at its own expense, with separate counsel to the Sub-Adviser Indemnified Person, which counsel shall be
satisfactory to the Manager and to the Sub-Adviser Indemnified Person. The Sub-Adviser Indemnified Person shall bear the fees and
expenses of any additional counsel retained by it, and the Manager shall not be liable to the Sub-Adviser Indemnified Person under
this Agreement for any legal or other expenses subsequently incurred by the Sub-Adviser Indemnified Person independently in connection
with the defense thereof other than reasonable costs of investigation. The Manager shall not have the right to compromise on or
settle the litigation without the prior written consent of the Sub-Adviser Indemnified Person if the compromise or settlement results,
or may result in a finding of wrongdoing on the part of the Sub-Adviser Indemnified Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser shall not be liable under Paragraph (b) of this Section 16 with respect to any claim made against a Manager Indemnified
Person unless such Manager Indemnified Person shall have notified the Sub-Adviser in writing within a reasonable time after the
summons or other first legal process giving information of the nature of the claim shall have been served upon such Manager Indemnified
Person (or after such Manager Indemnified Person shall have received notice of such service on any designated agent), but failure
to notify the Sub-Adviser of any such claim shall not relieve the Sub-Adviser from any liability which it may have to the Manager
Indemnified</P>

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


<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- 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 0 0 0.5in; text-align: justify; text-indent: 0in">Person against
whom such action is brought except to the extent the Sub-Adviser is prejudiced by the failure or delay in giving such notice. In
case any such action is brought against the Manager Indemnified Person, the Sub-Adviser will be entitled to participate, at its
own expense, in the defense thereof or, after notice to the Manager Indemnified Person, to assume the defense thereof, with counsel
satisfactory to the Manager Indemnified Person. If the Sub-Adviser assumes the defense of any such action and the selection of
counsel by the Sub-Adviser to represent both the Sub-Adviser and the Manager Indemnified Person would result in a conflict of interests
and therefore, would not, in the reasonable judgment of the Manager Indemnified Person, adequately represent the interests of the
Manager Indemnified Person, the Sub-Adviser will, at its own expense, assume the defense with counsel to the Sub-Adviser and, also
at its own expense, with separate counsel to the Manager Indemnified Person, which counsel shall be satisfactory to the Sub-Adviser
and to the Manager Indemnified Person. The Manager Indemnified Person shall bear the fees and expenses of any additional counsel
retained by it, and the Sub-Adviser shall not be liable to the Manager Indemnified Person under this Agreement for any legal or
other expenses subsequently incurred by the Manager Indemnified Person independently in connection with the defense thereof other
than reasonable costs of investigation. The Sub-Adviser shall not have the right to compromise on or settle the litigation without
the prior written consent of the Manager Indemnified Person if the compromise or settlement results, or may result in a finding
of wrongdoing on the part of the Manager Indemnified Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>17.&nbsp;<U>Duration
and Termination</U></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall become effective on the date first indicated above, subject to the condition that the Fund&rsquo;s Board of Trustees,
including a majority of those Trustees who are not interested persons (as such term is defined in the 1940 Act) of the Manager
or the Sub-Adviser, and the shareholders of the Fund, shall have approved this Agreement. Unless terminated as provided herein,
this Agreement shall remain in full force and effect for two years from the effective date of this Agreement and continue on an
annual basis thereafter with respect to the Fund covered by this Agreement; provided that such annual continuance is specifically
approved each year by: (1) the Board of Trustees of the Fund, or by the vote of a majority of the outstanding voting securities
(as defined in the 1940 Act) of the Fund; and (2) the vote of a majority of those Trustees who are not parties to this Agreement
or interested persons (as such term is defined in the 1940 Act) of any such party to this Agreement cast in person at a meeting
called for the purpose of voting on such approval. However, any approval of this Agreement by the holders of a majority of the
outstanding shares (as defined in the 1940 Act) of the Fund shall be effective to continue this Agreement with respect to the Fund
notwithstanding: (1) that this Agreement has not been approved by the holders of a majority of the outstanding shares of any other
series of the Fund; or (2) that this Agreement has not been approved by the vote of a majority of the outstanding shares of the
Fund, unless such approval shall be required by any other applicable law or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">Notwithstanding
the foregoing, this Agreement may be terminated with respect to the Fund covered by this Agreement: (1) by the Manager at any time,
upon sixty days&rsquo; written notice to the Sub-Adviser and the Fund; (2) at any time without payment of any</P>

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


<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- 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 0 0 0.5in; text-align: justify; text-indent: 0in">penalty by the
Fund, by the Fund&rsquo;s Board of Trustees or a majority of the outstanding voting securities of the Fund, upon sixty days&rsquo;
written notice to the Manager and the Sub-Adviser; or (3) by the Sub-Adviser upon three months&rsquo; written notice unless the
Fund or the Manager requests additional time to find a replacement for the Sub-Adviser, in which case the Sub-Adviser shall allow
the additional time requested by the Fund or Manager not to exceed three additional months beyond the initial three-month notice
period; provided, however, that the Sub-Adviser may terminate this Agreement at any time without penalty, effective upon written
notice to the Manager and the Fund, in the event either the Sub-Adviser (acting in good faith) or the Manager ceases to be registered
as an investment adviser under the Advisers Act or otherwise becomes legally incapable of providing investment management services
pursuant to its respective contract with the Fund, or in the event the Manager becomes bankrupt or otherwise incapable of carrying
out its obligations under this Agreement, or in the event that the Sub-Adviser does not receive compensation for its services from
the Manager or the Fund as required by the terms of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">In the event
of termination for any reason, all records of the Fund shall promptly be returned to the Manager or the Fund, free from any claim
or retention of rights in such record by the Sub-Adviser, although the Sub-Adviser may, at its own expense, make and retain a copy
of such records. This Agreement shall automatically terminate in the event of its assignment (as such term is described in the
1940 Act). In the event this Agreement is terminated or is not approved in the manner described above, the Sections or Paragraphs
numbered 10, 11, 13, 14, 15, and 16 of this Agreement shall remain in effect, as well as any applicable provision of this Section
numbered 18 and, to the extent that only amounts are owed to the Sub-Adviser as compensation for services rendered while the Agreement
was in effect, Section 6.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices.
Any notice must be in writing and shall be sufficiently given: (1) when delivered in person; (2) when dispatched by telegram or
electronic facsimile transfer (confirmed in writing by postage prepaid first class air mail simultaneously dispatched); (3) when
sent by internationally recognized overnight courier service (with receipt confirmed by such overnight courier service); or (4)
when sent by registered or certified mail, to the other party at the address of such party set forth below or at such other address
as such party may from time to time specify in writing to the other party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><I>If to the
Fund:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">Voya Prime Rate Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">7337 East Doubletree Ranch Road, Suite
100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">Scottsdale, AZ 85258-2034</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">Attention: Kimberly A. Anderson</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><I>If to the
Sub-Adviser:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">Voya Investment Management Co. LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">One Orange Way, C1-N</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">Windsor, CT 06095</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">Attention: Carolyn Augur Birbara,
Legal Department</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">With a copy to:</P>

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


<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- 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 0 0 1.5in; text-align: justify">Voya Investment Management Co. LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">230 Park Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">New York, NY 10169</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">Attention: Gerald Lins</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><I>If to the
Manager:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">Voya Investments, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">7337 East Doubletree Ranch Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">Suite 100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">Scottsdale, AZ 85258</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">Attention: Michael J. Roland</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>18.&nbsp;<U>Amendments</U></B>.
No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed
by the party against which enforcement of the change, waiver, discharge or termination is sought, and no amendment of this Agreement
shall be effective until approved as required by applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>19.&nbsp;<U>Miscellaneous</U></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be governed by the laws of the State of New York, provided that nothing herein shall be construed in a manner inconsistent
with the 1940 Act, the Advisers Act or rules or orders of the SEC thereunder, and without regard for the conflicts of laws principle
thereof. The term &ldquo;affiliate&rdquo; or &ldquo;affiliated person&rdquo; as used in this Agreement shall mean &ldquo;affiliated
person&rdquo; as defined in Section 2(a)(3) of the 1940 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager and the Sub-Adviser acknowledge that the Fund enjoys the rights of a third-party beneficiary under this Agreement, and
the Manager acknowledges that the Sub-Adviser enjoys the rights of a third party beneficiary under the Investment Management Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
captions of this Agreement are included for convenience only and in no way define or limit any of the provisions hereof or otherwise
affect their construction or effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent permitted under Section 17 of this Agreement, this Agreement may only be assigned by any party with the prior written
consent of the other parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of
this Agreement shall not be affected thereby, and to this extent, the provisions of this Agreement shall be deemed to be severable.</P>

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


<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- 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 0 0 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
herein shall be construed as constituting the Sub-Adviser as an agent or co-partner of the Manager, or constituting the Manager
as an agent or co-partner of the Sub-Adviser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may be executed in counterparts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">(REMAINDER OF THIS PAGE INTENTIONALLY
LEFT BLANK)</P>

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


<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- 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-indent: 0.5in"><B>IN WITNESS WHEREOF</B>, the parties hereto
have caused this instrument to be executed as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&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>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>Voya INVESTMENTS, LLC</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">B</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">y:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; width: 22%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Todd Modic</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 21%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Todd Modic</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Senior Vice President</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>Voya INVESTMENT MANAGEMENT CO. LLC</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">B</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">y:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Christopher Kurtz</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">N</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ame:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Christopher Kurtz</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">VP Finance</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <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>
    <!-- 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: center"><B>SCHEDULE A</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>with respect to the</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"><FONT STYLE="text-transform: uppercase"><B>SUB-ADVISORY
AGREEMENT</B></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>between</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"><FONT STYLE="text-transform: uppercase"><B>Voya
INVESTMENTS, LLC</B></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>and</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"><FONT STYLE="text-transform: uppercase"><B>Voya
INVESTMENT MANAGEMENT CO. LLC</B></FONT></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="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 50%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Series</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 49%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Annual&nbsp;Sub-Advisory&nbsp;Fee</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(as&nbsp;a&nbsp;percentage&nbsp;of&nbsp;average&nbsp;daily</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Managed&nbsp;Assets*&nbsp;allocated&nbsp;to&nbsp;the&nbsp;Sub-Adviser)</B></FONT></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">Voya Prime Rate Trust</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.3600%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></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: 0pt"></TD><TD STYLE="width: 0pt">*</TD><TD>Managed Assets are defined as the Fund&rsquo;s average daily gross asset value, minus the sum of the Fund&rsquo;s accrued and
unpaid dividends on any outstanding preferred shares and accrued liabilities (other than liabilities for the principal amount of
any borrowings incurred, commercial paper or notes issued by the Fund, and the liquidation preference of any outstanding preferred
shares).</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 15; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
