40-17G 1 f2686d1.htm VOYA FUNDS FIDELITY BOND FILING

Your Great American Insurance PolicySM

301 E. Fourth St., Cincinnati, OH 45202

Fidelity / Crime Division

800-545-4269 | GAIG.com

© 2017 Great American Insurance Company | 0790-C (10/17)

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IMPORTANT NOTICE

FIDELITY CRIME DIVISION CLAIMS

Should this account have a potential claim situation, please contact:

Fidelity & Crime Claims Department

Great American Insurance Group

Five Waterside Crossing

Windsor, CT 06095

(860) 298-7330

(860)688-8188 fax

CrimeClaims@gaig.com

S D M - 6 8 3 (Ed. 08/14)

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FI 75 10 (Ed. 11/16)

| INVESTMENT COMPANY BOND
| GREAT AMERICAN INSURANCE COMPANY
| (A Stock Insurance Company, Herein Called the Underwriter)
DECLARATIONS | Bond No. FS 3147982 09 00
Item 1. Name of Insured (herein called Insured): Voya Family of Funds
| f/k/a ING Family of Funds
Principal Address: | 7337 E. Doubletree Ranch Rd,
| Suite 100
| Scottsdale, AZ 85258

Item 2. Bond Period: from 12:01 a.m. on 03/31/2020 to 03/31/2021 12:01 a.m. the effective date of the termination or cancellation of this Bond, standard time at the Principal Address as to each of said dates.

Item 3. Limit of Liability - Subject to Sections 9, 10 and 12 hereof, |  |  |  |
Amount applicable to |  |  |  |
| Limit of Liability |  | Deductible
Insuring Agreement (A)-Fidelity | $ | 40,000,000 | $ | 0
Insuring Agreement (B)-On Premises | $ | 40,000,000 | $ | 25,000
Insuring Agreement (C)-In Transit | $ | 40,000,000 | $ | 25,000
Insuring Agreement (D)-Forgery or Alteration | $ | 40,000,000 | $ | 25,000
Insuring Agreement (E)-Securities | $ | 40,000,000 | $ | 25,000
Insuring Agreement (F)-Counterfeit Currency | $ | 40,000,000 | $ | 25,000
Insuring Agreement (G)-Stop Payment | $ | 250,000 | $ | 5,000
Insuring Agreement (H)-Uncollectible Items of Deposit | $ | 250,000 | $ | 5,000
Insuring Agreement (I)-Audit Expense | $ | 250,000 | $ | 5,000
Insuring Agreement (J)-Telefacsimile Transmissions | $ | 40,000,000 | $ | 25,000
Insuring Agreement (K)-Unauthorized Signatures | $ | 250,000 | $ | 5,000
Optional Insuring Agreements and Coverages |  |  |  |
Insuring Agreement (L)-Computer Systems | $ | 40,000,000 | $ | 25,000
Insuring Agreement (M)-Automated Phone Systems | $ | 40,000,000 | $ | 25,000
Insuring Agreement (N)-Fraudulent Transfer Instructions | $ | 40,000,000 | $ | 25,000

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If "Not Covered" is inserted above opposite any specified Insuring Agreement or Coverage, such Insuring Agreement or Coverage and any other reference thereto in this Bond shall be deemed to be deleted therefrom.

Item 4. Offices or Premises Covered-Offices acquired or established subsequent to the effective date of this Bond are covered according to the terms of General Agreement A. All the Insured's offices or premises in existence at the time this Bond becomes effective are covered under this Bond except the offices or premises located as follows:

N/A

Item 5. The liability of the Underwriter is subject to the terms of the following Riders attached hereto:

See Form FI8801

Item 6. The Insured by the acceptance of this Bond gives to the Underwriter terminating or cancelling prior Bond(s) or Policy(ies) No.(s)

FS 3147982 08

such termination or cancellation to be effective as of the time this Bond becomes effective.

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FI 75 11 (Ed. 08/15)

INVESTMENT COMPANY BOND

The Underwriter, in consideration o f an agreed premium, and subject to the Declarations made a part hereof, the General Agreements, Conditions and Limitations and other terms o f this Bond, agrees with the Insured, in accordance with Insuring Agreements hereof to which an amount o f insurance is applicable as set f o r t h in Item 3 o f the Declarations and with respect to loss sustained by the Insured at any time but discovered during the Bond period, to indemnify and hold harmless the Insured for:

INSURING AGREEMENTS

FIDELITY

(A)Loss resulting f r o m any dishonest o r fraudu- lent act(s), including Larceny o r Embezzlement committed by an Employee, committed any- where and whether committed alone o r in collusion with others, including loss o f P r o p - erty resulting f r o m such acts o f an Employee, which Property is held by the Insured f o r any purpose o r in any capacity and whether so held gratuitously o r not and whether o r not the Insured is liable therefor.

Dishonest o r fraudulent act(s) as used in this Insuring Agreement shall mean only dishonest o r fraudulent act(s) committed by such E m - ployee with the manifest intent:

(a)to cause the Insured to sustain such loss; and

(b)to obtain financial benefit f o r the E m - ployee, o r f o r any other person o r o r - ganization intended by the Employee to receive such benefit, other than salaries, commissions, fees, bonuses, promotions, awards, profit sharing, pensions o r other employee benefits earned in the normal course o f employment.

ON PREMISES

(B)Loss o f Property (occurring with o r without negligence o r violence) through robbery, b u r - glary, Larceny, theft, holdup, o r other fraudu-

lent means, misplacement, mysterious u n e x - plainable disappearance, damage thereto o r destruction thereof, abstraction o r removal f r o m the possession, custody o r control o f the Insured, and loss o f subscription, c o n v e r - sion, redemption o r deposit privileges through the misplacement o r loss o f Property, while the Property is (or is supposed o r believed by

the Insured to be) lodged o r deposited within any offices o r premises located anywhere, except in an o f f i c e listed in Item 4 o f the Declarations o r amendment thereof o r in the mail o r with a carrier f o r hire other than an armored motor vehicle company, f o r the p u r - pose o f transportation.

Offices and Equipment

(1)Loss o f o r damage to furnishings, f i x - tures, stationary, supplies o r equipment, within any o f the Insured'soffices c o v -

ered under this Bond caused by Larceny o r theft in, o r by burglary, robbery o r hold-up o f such office, o r attempt thereat, o r by vandalism o r malicious m i s - chief; o r

(2)loss through damage to any such o f f i c e by Larceny o r theft in, o r by burglary, r o b - bery o r hold-up o f such o f f i c e o r attempt thereat.

IN TRANSIT

(C)Loss o f Property (occurring with o r without negligence o r violence) through robbery, Lar- ceny, theft, hold-up, misplacement, mysteri- ous unexplainable disappearance, being lost o r otherwise made away with, damage thereto o r destruction thereof, and loss o f subscription, conversion, redemption o r deposit privileges through the misplacement o r loss o f Property, while the Property is in transit anywhere in the custody o f any person o r persons acting as messenger, except while in the mail o r with a carrier f o r hire, other than an armored motor vehicle company, f o r the purpose o f trans- portation, such transit to begin immediately upon receipt o f such Property by the trans- porting person o r persons, and to end imm e- diately upon delivery thereof at destination.

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FORGERY OR ALTERATION

(D)Loss through FORGERY o r ALTERATION of, on o r in any bills o f exchange, checks, drafts, acceptances, certificates o f deposit, p r o m i s - sory notes, o r other written promises, orders o r directions to pay sums certain in money due bills, money orders, warrants, orders upon public treasuries, letters o f credit, w r i t - ten instructions, advices o r applications d i - rected to the Insured, authorizing o r acknowl-

edging the transfer, payment, delivery o r r e - ceipt o f funds o r Property, which instructions o r advices o r applications purport to have been signed o r endorsed by any customer o f the Insured, shareholder o r subscriber to shares, whether certificated o r uncertificated, o f any Investment Company o r by any financial o r banking institution o r stock-broker but which instructions, advices o r applications e i - ther bear the forged signature o r Endorse- ment o r have been altered without the k n o w l - edge and consent o f such customer, shareholder o r subscriber to shares, whether certificated o r uncertificated, o f an Invest- ment Company, financial o r banking institution o r stockbroker, withdrawal orders o r receipts

f o r | the | withdrawal o f | funds | o r Property, | o r
receipts | o r certificates | o f | deposit | f o r P r o p -
erty | and | bearing the name | o f | the | Insured | as

issuer, o r o f another Investment Company f o r which the Insured acts as agent, excluding, however, any loss covered under Insuring

Agreement (F) hereof whether o r | not c o v -
erage f o r Insuring Agreement (F) is | provided
f o r in the Declarations o f this Bond. |

Any check o r draft (a) made payable to a fictitious payee and endorsed in the name o f such fictitious payee o r (b) procured in a transaction with the maker o r drawer thereof o r with one acting as an agent o f such maker o r drawer o r anyone impersonating another and made o r drawn payable to the one so impersonated and endorsed by anyone other than the one impersonated, shall be deemed to be forged as to such Endorsement.

Mechanically reproduced facsimile signatures are treated the same as handwritten signa- tures.

SECURITIES

(E)Loss sustained by the Insured, including loss sustained by reason o f a violation o f the c o n - stitution, by-laws, rules o r regulations o f any

Self Regulatory Organization o f which the I n - sured is a member o r which would have been imposed upon the Insured by the constitution, by-laws, rules o r regulations o f any Self Regulatory Organization i f the Insured had been a member thereof,

(1)through the Insured'shaving, in good faith and in the course o f business, whether f o r its own account o r f o r the account o f others, in any representative, fiduciary, agency o r any other capacity, either g r a - tuitously o r otherwise, purchased o r o t h - erwise acquired, accepted o r received, o r sold o r delivered, o r given any value, e x - tended any credit o r assumed any liability, on the faith of, o r otherwise acted upon, any securities, documents o r other written instruments which prove to have been

(a)counterfeited, o r

(b)forged as to the signature o f any maker, drawer, issuer, endorser, a s - signor, lessee, transfer agent o r regis- trar, acceptor, surety o r guarantor o r as to the signature o f any person signing in any other capacity, o r

(c)raised o r otherwise altered, o r lost, o r stolen, o r

(2)through the Insured'shaving, in good faith

and in the course o f business, | guaranteed
in writing o r witnessed any | signatures

whether f o r valuable consideration o r not and whether o r not such guaranteeing o r witnessing is ultra vires the Insured, upon any transfers, assignments, bills o f sale, powers o f attorney, guarantees, Endorse- ments o r other obligations upon o r in connection with any securities, documents o r other written instruments and which pass o r purport to pass title to such s e - curities, documents o r other written i n - struments; EXCLUDING, losses caused by FORGERY o r ALTERATION of, on o r in those instruments covered under Insuring Agreement (D) hereof.

Securities, documents o r other written instru- ments shall be deemed to mean original (in- cluding original counterparts) negotiable o r non-negotiable agreements which in and o f themselves represent an equitable interest, ownership, o r debt, including an assignment thereof which instruments are in the ordinary

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course | o f business, | transferable by delivery
o f such | agreements | with any necessary En-

dorsement o r assignment.

The w o r d "counterfeited" as used in this I n - suring Agreement shall be deemed to mean any security, document o r other written i n - strument which is intended to deceive and to be taken f o r an original.

Mechanically reproduced facsimile signatures are treated the same as handwritten signa- tures.

| COUNTERFEIT CURRENCY |  |
(F) Loss | through the receipt by the Insured, in
good | faith, o f | any counterfeited | money | o r -
ders | o r altered | paper currencies | o r coin | o f

the United States o f America o r Canada issued o r purporting to have been issued by the United States o f America o r Canada o r issued pursuant to a United States o f America o r Canadian statute f o r use as currency.

STOP PAYMENT

(G)Loss against any and all sums which the I n - sured shall become obligated to pay by reason o f the Liability imposed upon the Insured by law f o r damages:

For having either complied with o r failed to comply with any written notice o f any c u s - tomer, shareholder o r subscriber o f the I n - sured o r any Authorized Representative o f such customer, shareholder o r subscriber to stop payment o f any check o r draft made o r drawn by such customer, shareholder o r s u b - scriber o r any Authorized Representative o f such customer, shareholder o r subscriber, o r

For having refused to pay any check o r draft made o r drawn by any customer, shareholder o r subscriber o f the Insured, o r any A u t h o - rized Representative o f such customer, shareholder o r Subscriber.

UNCOLLECTIBLE ITEMS OF DEPOSIT

(H)Loss resulting f r o m payments o f dividends o r fund shares, o r withdrawals permitted f r o m any customer's,shareholder'so r subscriber's account based upon Uncollectible items o f Deposit o f a customer, shareholder o r s u b - scriber credited by the Insured o r the I n - sured's agent to such customer's, sharehol- der'so r subscriber'sMutual Fund Account: o r

loss resulting f r o m any item o f Deposit p r o - cessed through an Automated Clearing House which is reversed by the customer, sharehol- der o r subscriber and deemed uncollectible by the Insured.

Loss includes dividends and interest accrued not to exceed 15% o f the Uncollectible items which are deposited.

This Insuring Agreement applies to all Mutual Funds with "exchange privileges" i f all Fund(s) in the exchange program are insured by a Great American Insurance Company o f Cin- cinnati, OH f o r Uncollectible Items o f Deposit. Regardless o f the number o f transactions b e - tween Fund(s) the minimum number o f days o f deposit within the Fund(s) before withdrawal as declared in the Fund(s) prospectus shall begin f r o m the date a deposit was first c r e d - ited to any Insured Fund(s).

AUDIT EXPENSE

(I) Expense incurred by the Insured f o r that part o f the costs o f audits o r examinations r e - quired by any governmental regulatory a u - thority to be conducted either by such a u - thority o r by an independent accountant by reason o f the discovery o f loss sustained by the Insured through any dishonest o r fradulent act(s), including Larceny o r Embezzlement o f any o f the Employees. The total liability o f the Underwriter f o r such expense by reason o f such acts o f any Employee o r in which such Employee is concerned o r implicated o r with respect to any one audit o r examination is limited to the amount stated opposite Audit Expense in Item 3 o f the Declarations; it being understood, however, that such expense shall be deemed to be a loss sustained by the Insured through any dishonest o r fraudulent act(s), including Larceny o r Embezzlement o f one o r more o f the Employees and the liability under this paragraph shall be in addition to the Limit o f Liability stated in Insuring Agreement

(A)in Item 3 o f the Declarations.

TELEFACSIMILE TRANSMISSIONS

(J)Loss resulting by reason o f the Insured having transferred, paid o r delivered any funds o r Property, established any credit, debited any account, o r given any value relying on any fraudulent instructions sent by a customer o r financial institution by Telefacsimile Transmis- sion directed to the Insured, authorizing o r

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acknowledging the transfer, payment, o r d e - livery o f funds o r property, the establishment o f a credit, debiting o f any account, o r the giving o f value by the Insured, but only i f such telefacsimile instructions:

(1)bear a valid test key exchanged between the Insured and a customer o r another financial institution with authority to use such test key f o r Telefacsimile instruc- tions in the ordinary course o f business, but which test key has been wrongfully obtained by a person who was not a u - thorized to initiate, make, validate o r a u - thenticate a test key arrangement; and

(2)fraudulently purport to have been sent by such customer o r financial institution, but which telefacsimile instructions are trans-

mitted without the knowledge o r consent o f such customer o r financial institution by a person other than such customer o r f i - nancial institution and which bear a forged signature.

"Telefacsimile" means a system o f trans- mitting written documents by electronic signals over telephone lines to equipment maintained by the Insured within its c o m - munication room f o r the purposes o f r e - producing a copy o f said document. It does not mean electronic communication sent by Telex, TWC, o r electronic mail, o r Automated Clearing House.

UNAUTHORIZED SIGNATURES

(K)Loss resulting directly f r o m the Insured having accepted, paid o r cashed any check o r w i t h - drawal order, draft, made o r drawn on a c u s - tomer'saccount which bears the signature o r Endorsement o f one other than a person whose name and signature is on the applica- tion on file with the Insured as a signatory on such account.

It shall be a condition precedent to the I n - sured'sright to recovery under this Insuring Agreement that the Insured shall have on file signatures o f all persons who are a u - thorized signatories on such account.

GENERAL AGREEMENTS

(A)ADDITIONAL OFFICES OR EMPLOYEES- CON- SOLIDATION OR MERGER-NOTICE

(1) If the Insured shall, | while this | Bond is in
force, | establish any | additional | o f f i c e | o r
offices, | such o f f i c e | o r offices shall | be
automatically covered hereunder f r o m the
dates o f their establishment, respectively.
No notice to the Underwriter | o f an | i n -
crease during any premium period in the
number | o f offices o r in the | number | o f
Employees at any o f | the offices covered
hereunder need be given and no additional
premium need be paid f o r the | remainder
o f such premium period. |  |

(2) If an Investment Company, named as I n - sured herein, shall, while this Bond is in force, merge o r consolidate with, o r p u r - chase the assets o f another institution, coverage f o r such acquisition shall apply automatically f r o m the date o f acquisition. The Insured shall notify the Underwriter o f such acquisition within 6 0 days o f said

date, and an additional premium shall be computed only i f such acquisition involves additional offices o r employees.

WARRANTY

(B)No statement made by o r on behalf o f the Insured, whether contained in the application o r otherwise, shall be deemed to be a w a r - ranty o f anything except that it is true to the best o f the knowledge and belief o f the p e r - son making the statement.

COURT COSTS AND ATTORNEYS'FEES (Applicable to all Insuring Agreements o r C o v - erages now o r hereafter forming part o f this Bond)

(C)The Underwriter will indemnify the Insured against court costs and reasonable attorneys' fees incurred and paid by the Insured in d e - fense, whether o r not successful, whether o r not fully litigated on the merits and whether o r not settled o f any suit o r legal proceeding brought against the Insured to enforce the lnsured'sliability o r alleged liability on account

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o f any loss, claim o r damage which, i f estab- lished against the Insured, would constitute a loss sustained by the Insured covered under the terms o f this Bond provided, however, that with respect to Insuring Agreement (A) this indemnity shall apply only in the event that

(1)an Employee admits to being guilty o f any dishonest o r fraudulent act(s), including Larceny o r Embezzlement; o r

(2)an Employee is adjudicated to be guilty o f any dishonest o r fraudulent act(s), including Larceny o r Embezzlement;

(3)in the absence o f (1) o r (2) above an a r - bitration panel agrees, after a review o f an agreed statement o f facts, that an E m - ployee would be found guilty o f d i s - honesty i f such Employee were prosecut- ed.

The Insured shall promptly give notice to the Underwriter o f any such suit o r legal p r o - ceeding and at the request o f the Underwriter shall furnish it with copies o f all pleadings and other papers therein. At the Underwriter's election the Insured shall permit the Under- writer to conduct the defense o f such suit o r legal proceeding, in the Insured's name, through attorneys o f the Underwriter'sselec-

tion. In such event, the Insured shall give all reasonable information and assistance which the Underwriter shall deem necessary to the proper defense o f such suit o r legal p r o - ceeding.

If the Insured's liability o r alleged liability is greater than the amount recoverable under this Bond, o r i f a Deductible Amount is a p - plicable, the liability o f the Underwriter under this General Agreement is limited to that p e r - centage o f litigation expense determined by pro ration o f the Bond limit o f liability to the amount claimed, after the application o f any deductible. This litigation expense will be in addition to the Limit o f Liability f o r the a p - plicable Insuring Agreement.

FORMER EMPLOYEE

(D)Acts o f Employee, as defined in this Bond, are covered under Insuring Agreement (A) only while the Employee is in the Insured'semploy. Should loss involving a f or me r Employee o f the Insured be discovered subsequent to the termination o f employment, coverage would still apply under Insuring Agreement (A) i f the direct proximate cause o f the loss occurred while the f o rme r Employee performed duties within the scope o f his/her employment.

THE FOREGOING INSURING AGREEMENTS AND

GENERAL AGREEMENTS ARE SUBJECT TO

THE FOLLOWING CONDITIONS AND LIMITATIONS:

SECTION 1. DEFINITIONS

The following terms, as used in this Bond, shall have the respective meanings stated in this S e c - tion:

(a)Employee means:

(1)any o f the Insured'sofficers, partners, o r employees, and

(2)any o f the officers o r employees o f any predecessor o f the Insured whose princi- pal assets are acquired by the Insured by consolidation o r merger with, o r purchase o f assets o f capital stock o f such p r e - decessor, and

(3) attorneys retained by the Insured to p e r - f o r m legal services f o r the Insured and the employees o f such attorneys while such attorneys o r the employees o f such a t t o r - neys are performing such services f o r the Insured, and

(4)guest students pursuing their studies o r duties in any o f the Insured'soffices, and

(5)directors o r trustees o f the Insured, the investment advisor, underwriter (distribu- tor), transfer agent, o r shareholder a c - counting record keeper, o r administrator

authorized by written agreement to keep financial and/or other required records, but only while performing acts coming within the scope o f the usual duties o f an o f f i c e r o r employee o r while acting as a member o f any committee duly elected o r

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appointed to examine o r audit o r have custody o f o r access to the Property o f the Insured, and

(6) any individual o r individuals | assigned | to
perform the usual duties | o f | an employee
within the | premises | o f | the | Insured | by
contract, o r by any agency furnishing
temporary | personnel | on | a contingent | o r
part-time basis, and |  |  |  |

(7)each natural person, partnership o r c o r - poration authorized by written agreement with the Insured to perform services as electronic data processor o f checks o r other accounting records o f the Insured, but excluding any such processor who acts as transfer agent o r in any other agency capacity in issuing checks, drafts o r securities f o r the Insured, unless i n - cluded under Sub-section (9) hereof, and

(8) those persons so designated in section

15, Central Handling o f Securities, and

(9)any officer, partner o r Employee o f

(a)an investment advisor,

(b)an underwriter (distributor),

(c)a transfer agent o r shareholder a c - counting record-keeper, o r

(d)an administrator authorized by written agreement to keep financial and/or other required records, f o r an Invest-

ment Company, named as Insured while performing acts coming within the scope o f the usual duties o f an o f f i c e r o r Employee o f any Investment C o m - pany named as Insured herein, o r while acting as a member o f any committee

duly elected o r | appointed to | examine
o r | audit o r have custody o f o r access
to | the Property | o f any such | Invest-

ment Company provided that only E m - ployees o r partners o f a transfer agent, shareholder accounting r e c o r d - keeper o r administrator which is an affiliated person as defined in the I n - vestment Company Act o f 1 940 , o f an Investment Company named as Insured, o r is an affiliated person o f the a d - viser, underwriter o r administrator o f such Investment Company, and which is not a bank, shall be included within the definition o f Employee.

Each employer o f temporary p e r s o n - nel o r processors as set f o r t h in S u b - Sections (6) and (7) o f Section 1 (a) and their partners, officers and e m - ployees shall collectively be deemed to be one person f o r all the purposes o f this Bond, excepting, however, the last paragraph o f Section 13. Brokers, o r other agents under contract o r r e p r e - sentatives o f the same general char - acter shall not be considered Employ- ees.

(b)Property means money (i.e. currency, coin, bank notes, Federal Reserve notes), postage

and revenue stamps, U.S. Savings Stamps, b u l - lion, precious metals o f all kinds and in any f o r m and articles made therefrom, jewelry, watches, necklaces, bracelets, gems, precious and semi-precious stones, Bonds, securities, evidences o f debts, debentures, scrip, c e r t i f - icates, interim receipts, warrants, rights, puts, calls, straddles, spreads, transfers, coupons, drafts, bills o f exchange, acceptances, notes, checks, withdrawal orders, money orders, warehouse receipts, bills o f lading, conditional sales contracts, abstracts o f title, insurance Policies, deeds, mortgages under real estate and/or chattels and upon interests therein, and assignments o f such Policies, mortgages and instruments, and other valuable papers, includ- ing books o f account and other records used by the Insured in the conduct o f its business, and all other instruments similar to o r in the nature o f the foregoing including Electronic Representations o f such Instruments enumer- ated above (but excluding all data processing records) in which the Insured has an interest o r in which the Insured acquired o r should have acquired an interest by reason o f a p r e - decessor'sdeclared financial condition at the time o f the Insured'sconsolidation o r merge with, o r purchase o f the principal assets of, such predecessor o r which are held by the Insured f o r any purpose o r in any capacity and whether so held by the Insured f o r any p u r - pose o r in any capacity and whether so held gratuitously o r not and whether o r not the Insured is liable therefor.

(c)Forgery means the signing o f the name o f another with the intent to deceive; it does not include the signing o f one'sown name with o r without authority, in any capacity, o r f o r any purpose.

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(d)Larceny and Embezzlement as it applies to any named Insured means those acts as set f o r t h

in Section 3 7 o f the Investment Company Act o f 1940.

(e)Items o f Deposit means any one o r more checks and drafts.

SECTION 2. EXCLUSIONS

THIS BOND DOES NOT COVER:

(a)loss effected directly o r indirectly by means o f forgery o r alteration of, on o r in any i n - strument, except when covered by Insuring Agreement (A), (D), (E) o r (F).

(b)loss due to riot o r civil commotion outside the United States o f America and Canada; o r loss due to military, naval o r usurped power, war o r insurrection unless such loss occurs in transit in the circumstances recited in Insuring Agreement (C) and unless, when such transit was initiated, there was no knowledge o f such riot, civil commotion, military, naval o r usurped power, war o r insurrection on the part o f any person acting f o r the Insured in initiating such transit.

(c)loss, in time o f peace o r war, directly o r

indirectly caused by o r resulting f r o m | the e f -
fects o f | nuclear fission o r fusion o r radioac-
tivity; provided, however, that this paragraph
shall not apply to loss resulting f r o m | industrial
uses o f nuclear energy. |  |  |  |  |  |
(d) loss resulting | f r o m any | wrongful act | o r acts
o f | any person who is a member o f the Board
o f | Directors | o f | the Insured | o r | a member | o f
any equivalent body by whatsoever name
known unless such person is also an E m -
ployee o r an elected official, partial owner o r
partner o f the Insured in some other capacity,
nor, in any event, loss resulting | f r o m | the | act
o r | acts | o f any | person | while | acting | in | the
capacity | o f | a | member | o f | such | Board | o r
equivalent body. |  |  |  |  |  |  |

(e)loss resulting f r o m the complete o r partial nonpayment of, o r default upon, any loan o r transaction in the nature of, o r amounting to, a loan made by o r obtained f r o m the Insured o r any o f its partners, directors o r Employees, whether authorized o r unauthorized and whether procured in good faith o r through

trick, artifice, fraud o r false pretenses, unless such loss is covered under Insuring A g r e e - ment (A), (E) o r (F).

(f)loss resulting f r o m any violation by the I n - sured o r by any Employee

(1)o f law regulating (a) the issuance, purchase o r sale o f securities, (b) securities trans- actions upon Security Exchanges o r over the counter market, (c) Investment C o m - panies, o r (d) Investment Advisors, o r

(2)o f any rule o r regulation made pursuant to any such law.

unless such loss, in the absence o f such laws, rules o r regulations, would be covered under Insuring Agreements (A) o r (E).

(g) loss o f Property o r loss o f privileges through the misplacement o r loss o f Property as set f o r t h in Insuring Agreement (C) o r (D) while the Property is in the custody o f any armored motor vehicle company, unless such loss shall be in excess o f the amount recovered o r received by the Insured under (a) the Insured's contract with said armored motor vehicle company, (b) insurance carried by said a r - mored motor vehicle company f o r the benefit o f users o f its service, and (c) all other insur- ance and indemnity in f o r c e in whatsoever f o r m carried by o r f o r the benefit o f users o f said armored motor vehicle company's s e r - vice, and then this Bond shall cover only such excess.

(h)potential income, including but not limited to interest and dividends, not realized by the I n - sured because o f a loss covered under this Bond, except as included under Insuring Agreement (I).

(i) | all damages o f any type f o r which the Insured
| is legally liable, except direct compensatory
| damages arising f r o m a loss covered under
| this Bond.
(j) | loss | through the surrender o f Property away
| f r o m | an o f f i c e o f the Insured as a result o f a

threat

(1) to do bodily harm to any person, except

loss o f | Property in transit in the custody
o f any | person acting as messenger p r o -

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vided that when such transit was initiated there was no knowledge by the Insured o f any such threat, o r

(2)to do damage to the premises o r Property o f the Insured, except when covered u n - der Insuring Agreement (A).

(k)all costs, fees and other expenses incurred by the Insured in establishing the existence o f o r amount o f loss covered under this Bond u n - less such indemnity is provided f o r under I n - suring Agreement (I).

(l)loss resulting f r o m payments made o r w i t h - drawals f r o m the account o f a customer o f the Insured, shareholder o r subscriber to shares involving funds erroneously credited to such account, unless such payments are made to o r withdrawn by such depositor o r r e p r e - sentative o f such person, who is within the

premises o f the drawee bank o f the Insured

o r | within the o f f i c e o f the Insured at the time
o f | such payment o r withdrawal o r unless such

payment is covered under Insuring Agreement

(A).

(m)any loss resulting f r o m Uncollectible Items o f Deposit which are drawn f r o m a financial i n - stitution outside the f i f t y states o f the United States o f America, District o f Columbia, and territories and possessions o f the United States o f America, and Canada.

SECTION 3. ASSIGNMENT OF RIGHTS

This Bond does not a f f o r d coverage in favor o f any Employers o f temporary personnel o r o f processors as set f o r t h in sub-sections (6) and

(7)o f Section 1(a) o f this Bond, as aforesaid, and upon payment to the insured by the Underwriter on account o f any loss through dishonest o r fraudulent act(s) including Larceny o r Embezzle-

ment committed | by any o f the partners, officers
o r employees o f | such Employers, whether acting

alone o r in collusion with others, an assignment o f such o f the Insured'srights and causes o f action as it may have against such Employers by reason o f such acts so committed shall, to the extent o f such payment, be given by the Insured to the Underwriter, and the Insured shall execute all p a - pers necessary to secure to the Underwriter the rights herein provided for.

SECTION 4. LOSS-NOTICE-PROOF-LEGAL PROCEEDINGS

This Bond is f o r the use and benefit only o f the Insured named in the Declarations and the Under- writer shall not be liable hereunder f o r loss s u s - tained by anyone other than the Insured unless the Insured, in its sole discretion and at its option, shall include such loss in the Insured'sp r o o f o f loss. At the earliest practicable moment after d i s - covery o f any loss hereunder the Insured shall give the Underwriter written notice thereof and shall also within six months after such discovery furnish to the Underwriter affirmative p r o o f o f loss with full particulars. If claim is made under this Bond f o r loss o f securities o r shares, the Underwriter shall not be liable unless each o f such securities o r shares is identified in such p r o o f o f loss by a certificate o r Bond number or, where such securities o r shares are uncertificated, by such identification means as agreed to by the

Underwriter. | The | Underwriter | shall have |  | thirty
days after notice and p r o o f o f | loss within | which
to investigate | the | claim, and this shall apply | n o t -

withstanding the loss is made up wholly o r in part o f securities o f which duplicates may be obtained. Legal proceedings f o r recovery o f any loss h e r e - under shall not be brought prior to the expiration

o f sixty | days after | such | p r o o f | o f | loss | is | filed
with the | Underwriter | nor | after | the | expiration o f
t w e n t y - f o u r months f r o m | the discovery | o f | such

loss, except that any action o r proceeding to recover hereunder on account o f any judgment against the Insured in any suit mentioned in Gen- eral Agreement C o r to recover attorneys'fees paid in any such suit, shall be begun within t w e n - t y - f o u r months f r o m the date upon which the judgment in such suit shall become final. If any limitation embodied in this Bond is prohibited by any law controlling the construction hereof, such limitation shall be deemed to be amended so as to be equal to the minimum period o f limitation p e r - mitted by such law.

Discovery occurs when the Insured

(a)becomes aware o f facts, o r

(b)receives written notice o f an actual o r p o t e n - tial claim by a third party which alleges that the Insured is liable under circumstance

which would cause a reasonable person to a s - sume that a loss covered by the Bond has been o r will be incurred even though the exact amount o r details o f loss may not be then known.

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SECTION 5. VALUATION OF PROPERTY | SECTION 7. LOST SECURITIES

The value o f any Property, except books o f a c - counts o r other records used by the Insured in the conduct o f its business, f o r the loss o f which

a claim shall be made hereunder, shall be d e t e r - mined by the average market value o f such P r o p - erty on the business day next preceding the d i s - covery o f such loss; provided, however, that the

value | o f | any Property replaced by the | Insured
prior | to | the payment o f | claim therefor | shall be
the actual market | value | at the time o f | replace-
ment; and further | provided that in case o f a loss

o r misplacement o f interim certificates, warrants, rights, o r other securities, the production which is necessary to the exercise o f subscription, c o n - version, redemption o r deposit privileges, the

value thereof shall be | the market | value | o f | such
privileges | immediately | preceding | the | expiration
thereof i f | said loss o r | misplacement | is | not | d i s -

covered until after their expiration. If no market price is quoted f o r such Property o r f o r such privileges, the value shall be fixed by agreement between the parties o r by arbitration.

In case o f any loss o r damage to Property c o n - sisting o f books o f accounts o r other records used by the Insured in the conduct o f its business, the Underwriter shall be liable under this Bond only i f such books o r records are actually r e p r o - duced and then f o r not more than the cost o f blank books, blank pages o r other materials plus the cost o f labor f o r the actual transcription o r copying o f data which shall have been furnished by the Insured in order to reproduce such books and other records.

SECTION 6. VALUATION OF PREMISES AND FURNISHINGS

In case o f | damage to any o f f i c e o f the Insured,
o r loss o f | o r damage to the furnishings, fixtures,

stationary, supplies, equipment, safes o r vaults therin, the Underwriter shall not be liable f o r more than the actual cash value thereof, o r f o r more than the actual cost o f their replacement o r repair. The Underwriter may, at its election, pay such actual cash value o r make such replacement o r repair. If the Underwriter and the Insured can- not agree upon such cash value o r such cost o r replacement o r repair, such shall be determined by arbitration.

If the Insured shall sustain a loss o f securities the total value o f which is in excess o f the limit stated in Item 3 o f the Declarations o f this Bond, the liability o f the Underwriter shall be limited to payment f o r , o r duplication of, securities having value equal to the limit stated in Item 3 o f the Declarations o f this Bond.

If the Underwriter shall make payment to the I n - sured f o r any loss o f securities, the Insured shall thereupon assign to the Underwriter all o f the Insured'srights, title and interests in and to said securities.

With respect to securities the value o f which do not exceed the Deductible Amount (at the time o f the discovery o f the loss) and f o r which the Underwriter may at its sole discretion and option and at the request o f the Insured issue a Lost Instrument Bond o r Bonds to e f f e c t replacement thereof, the Insured will pay the usual premium charged therefor and will indemnify the Under- writer against all loss o r expense that the Under-

writer may sustain because o f | the | issuance o f
such Lost Instrument Bond o r Bonds. |
With respect to securities the value o f which
exceeds the Deductible Amount (at | the time o f
discovery o f the loss) and f o r | which | the Under-
writer may issue o r arrange f o r | the issuance o f a
Lost Instrument Bond o r Bonds to e f f e c t replace-

ment thereof, the Insured agrees that it will pay as premium therefor a proportion o f the usual p r e - mium charged therefor, said proportion being equal to the percentage that the Deductible Amount bears to the value o f the securities upon

discovery o f | the loss, and that it will indemnify
the issuer o f | said Lost Instrument Bond o r Bonds

against all loss and expense that is not r e c o v e r - able f r o m the Underwriter under the terms and conditions o f this INVESTMENT COMPANY BOND subject to the Limit o f Liability hereunder.

SECTION 8. SALVAGE

In case o f recovery, whether made by the Insured o r by the Underwriter, on account o f any loss in excess o f the Limit o f Liability hereunder plus the Deductible Amount applicable to such loss f r o m any source other than suretyship, insurance, r e - insurance, security o r indemnity taken by o r f o r the benefit o f the Underwriter, the net amount o f such recovery, less the actual costs and expenses o f making same, shall be applied to reimburse the

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Insured in full f o r the excess portion o f such loss, and the remainder, i f any, shall be paid first in reimbursement o f the Underwriter and t h e r e - after in reimbursement o f the Insured f o r that part o f such loss within the Deductible Amount. The Insured shall execute all necessary papers to secure to the Underwriter the rights provided f o r herein.

SECTION 9. NON-REDUCTION AND NON- ACCUMULATION OF LIABILITY AND TOTAL LIABILITY

At all times prior to termination hereof this Bond

shall continue | in f o r c e | f o r the limit stated in the
applicable sections o f | Item 3 | o f the Declarations
o f | this Bond | notwithstanding | any previous loss
f o r | which the | Underwriter may have paid o r be

liable to pay hereunder; PROVIDED, however, that regardless o f the number o f years this Bond shall continue in f o r c e and the number o f premiums which shall be payable o r paid, the liability o f the Underwriter under this Bond with respect to all loss resulting f o r m

(a) any one act o f burglary, robbery o r hold-up, o r attempt thereat, in which no Partner o r Employee is concerned o r implicated shall be deemed to be one loss, o r

(b) any one unintentional o r negligent act on the part o f any one person resulting in damage to o r destruction o r misplacement o f Property, shall be deemed to be one loss, o r

(c) all wrongful acts, other than those specified in

(a) above, o f any one person shall be deemed to be one loss, o r

(d)all wrongful acts, other than those specified in

(a)above, o f one o r more persons (which dishonest act(s) o r act(s) o f Larceny o r E m - bezzlement include, but are not limited to, the failure o f an Employee to report such acts o f others) whose dishonest act o r acts intention- ally o r unintentionally, knowingly o r unknowin- gly, directly o r indirectly, aid o r aids in any way, o r permits the continuation of, the d i s - honest act o r acts o f any other person o r persons shall be deemed to be one loss with the act o r acts o f the persons aided, o r

(e)any one casualty o r event other than those specified in (a), (b), (c) o r (d) preceding, shall be deemed to be one loss, and shall be limited to the applicable Limit o f Liability stated in Item 3

o f | the Declarations o f this | Bond irrespective
o f | the total amount o f such | loss o r losses and

shall not be cumulative in amounts f r o m year to year o r f r o m period to period.

Sub-section (c) is not applicable to any situation to which the language o f sub-section (d) applies.

SECTION 10. LIMIT OF LIABILITY

With respect to any loss set f o r t h in the PRO- VIDED clause o f Section 9 o f this Bond which is recoverable o r recovered in whole o r in part under any other Bonds o r Policies issued by the Underwriter to the Insured o r to any predecessor in interest o f the Insured and terminated o r can- celled o r allowed to expire and in which the p e - riod f o r discovery has not expired at the time any such loss thereunder is discovered, the total l i - ability o f the Underwriter under this Bond and under other Bonds o r Policies shall not exceed, in the aggregate, the amount carried hereunder on such loss o r the amount available to the Insured under such other Bonds, o r Policies, as limited by the terms and conditions thereof, f o r any such loss i f the latter amount be the larger.

SECTION 11. OTHER INSURANCE

If the Insured shall hold, as indemnity against any loss covered hereunder, any valid and enforceable insurance o r suretyship, the Underwriter shall be liable hereunder only f o r such amount o f such loss which is in excess o f the amount o f such other insurance o r suretyship, not exceeding, however, the Limit o f Liability o f this Bond a p - plicable to such loss.

SECTION 12. DEDUCTIBLE

The Underwriter shall not be liable under any o f the Insuring Agreements o f this Bond on account o f loss as specified, respectively, in sub-sections (a), (b), (c), (d) and (e) o f Section 9, Non-Reduction And Nonaccumulation O f Liability And Total Liabil- ity, unless the amount o f such loss, after deduct- ing the net amount o f all reimbursement and/or recovery obtained o r made by the insured, other than f r o m any Bond o r Policy o f insurance issued by an insurance company and covering such loss, o r by the Underwriter on account thereof prior to payment by the Underwriter o f such loss, shall exceed the Deductible Amount set f o r t h in Item 3 o f the Declarations hereof (herein called Deduct-

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ible Amount) and then f o r such excess only, but in no event f o r more than the applicable Limit o f Liability stated in Item 3 o f the Declarations.

The Insured will bear, in addition to the Deductible Amount, premiums on Lost Instrument Bonds as set f o r t h in Section 7.

There shall be no deductible applicable to any loss under Insuring Agreement A sustained by any I n - vestment Company named as Insured herein.

SECTION 13. TERMINATION

The Underwriter may terminate this Bond as an entirety by furnishing written notice specifying the termination date which cannot be prior to 9 0 days after the receipt o f such written notice by each Investment Company named as Insured and the Securities and Exchange Commission, W a s h - ington, D.C. The Insured may terminate this Bond as an entirety by furnishing written notice to the Underwriter. When the Insured cancels, the I n - sured shall furnish written notice to the Securities and Exchange Commission, Washington, D.C. prior to 9 0 days before the effective date o f the t e r - mination. The Underwriter shall notify all other Investment Companies named as Insured o f the receipt o f such termination notice and the t e r - mination cannot be effective prior to 9 0 days after receipt o f written notice by all other Invest- ment Companies. Premiums are earned until the termination date as set f o r t h herein.

This Bond will terminate as to any one Insured, (other than a registered management investment company), immediately upon taking over o f such Insured by a receiver o r other liquidator o r by State o r Federal officials, o r immediately upon the filing o f a petition under any State o r Federal statute relative to bankruptcy o r reorganization o f the Insured, o r assignment f o r the benefit o f creditors o f the Insured, o r immediately upon such Insured ceasing to exist, whether through merger into another entity, o r by disposition o f all o f its assets.

This Bond will terminate as to any registered management investment company upon the e x - piration o f 9 0 days after written notice has been given to the Securities and Exchange Commission, Washington, D.C.

The Underwriter shall refund the unearned p r e - mium computed as short rates in accordance with the standard short rate cancellation tables i f t e r -

minated by the Insured o r pro rata i f terminated f o r any other reason.

This Bond shall terminate

(a)as to any Employee as soon as any partner, o f f i c e r o r supervisory Employee o f the I n -

sured, who is not in collusion with such E m - ployee, shall learn o f any dishonest o r fraudu- lent act(s), including Larceny o r Embezzlement on the part o f such Employee without p r e j u - dice to the loss o f any Property then in transit in the custody o f such Employee and upon the expiration o f ninety (90) days after written notice has been given to the Securities and Exchange Commission, Washington, D.C. (See Section 16(d)) and to the Insured Investment Company, o r

(b)as to any Employee 9 0 days after receipt by each Insured and by the Securities and E x - change Commission o f a written notice f r o m the Underwriter o f its desire to terminate this Bond as to such Employee, o r

(c)as to any person, who is a partner, o f f i c e r o r employee o f any Electronic Data Processor covered under this Bond, f r o m and after the time that the Insured o r any partner o r o f f i c e r thereof not in collusion with such person shall have knowledge o f information that such p e r - son has committed any dishonest o r fraudu- lent act(s), including Larceny o r Embezzlement in the service o f the Insured o r otherwise, whether such act be committed before o r after the time this Bond is effective.

SECTION 14. RIGHTS AFTER TERMINATION OR CANCELLATION

At any time prior to the termination o r cancella- tion o f this Bond as an entirety, whether by the Insured o r the Underwriter, the Insured may give to the Underwriter notice that it desires under this Bond an additional period o f 1 2 months within which to discover loss sustained by the Insured prior to the effective date o f such termination o r cancellation and shall pay an additional premium therefor.

Upon receipt o f such notice f r o m the Insured, the Underwriter shall give its written consent thereto: provided, however, that such additional period o f time shall terminate immediately;

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(a)on the effective date o f any other insurance obtained by the Insured, its successor in busi- ness o r any other party, replacing in whole o r in part the insurance afforded by this Bond, whether o r not such other insurance provides coverage f o r loss sustained prior to its e f - fective date, o r

(b)upon takeover o f the Insured's business by any State o r Federal official o r agency, o r by any receiver o r liquidator, acting o r appointed f o r this purpose without the necessity o f the Underwriter giving notice o f such termination. In the event that such additional period o f time is terminated, as provided above, the Under- writer shall refund any unearned premium.

The right to purchase such additional period f o r the discovery o f loss may not be exercised by any State o r Federal official o r agency, o r by any receiver o r liquidator, acting o r appointed to take over the Insured'sbusiness f o r the operation o r f o r the liquidation thereof o r f o r any other p u r - pose.

SECTION 15. CENTRAL HANDLING OF

SECURITIES

Securities included in the systems f o r the central handling o f securities established and maintained by Depository Trust Company, Midwest Deposi- tory Trust Company, Pacific Securities Depository Trust Company, and Philadelphia Depository Trust Company, hereinafter called Corporations, to the extent o f the Insured'sinterest therein as e f f e c - tive by the making o f appropriate entries on the books and records o f such Corporations shall be deemed to be Property.

The words "Employee" and "Employees" shall be deemed to include the officers, partners, clerks and other employees o f the New York Stock Exchange, Boston Stock Exchange, Midwest Stock Exchange, Pacific Stock Exchange and Philadelphia Stock Exchange, hereinafter called Exchanges, and o f the above named Corporations, and o f any nominee in whose name is registered any security included within the systems f o r the central handling o f securities established and maintained by such Corporations, and any e m - ployee o f any recognized service company, while such officers, partners, clerks and other employ- ees and employees o f service companies p e r - f o r m services f o r such Corporations in the o p - eration o f such systems. For the purpose o f the above definition a recognized service company

shall be any company providing clerks o r other personnel to said Exchanges o r Corporation on a contract basis.

The Underwriter shall not be liable on account o f any loss(es) in connection with the central handling o f securities within the systems established and maintained by such Corporations, unless such loss(es) shall be in excess o f the amount(s) r e c o v - erable o r recovered under any Bond o r Policy i f insurance indemnifying such Corporations, against such loss(es), and then the Underwriter shall be liable hereunder only f o r the Insured'sshare o f such excess loss(es), but in no event f o r more than the Limit o f Liability applicable hereunder.

For the purpose o f determining the Insured's share o f excess loss(es) it shall be deemed that the Insured has an interest in any certificate r e - presenting any security included within such s y s - tems equivalent to the interest the Insured then has in all certificates representing the same s e c u - rity included within such systems and that such Corporation shall use their best judgment in a p - portioning the amount(s) recoverable o r r e c o v - ered under any Bond o r Policy o f insurance i n - demnifying such Corporations against such loss(es) in connection with the central handling o f securities within such systems among all those having an interest as recorded by appropriate e n - tries in the books and records o f such Corpora- tions in Property involved in such loss(es) on the basis that each such interest shall share in the amount(s) so recoverable o r recovered in the r a - tio that the value o f each such interest bears to the total value o f all such interests and that the Insured'sshare o f such excess loss(es) shall be the amount o f the Insured'sinterest in such P r o p - erty in excess o f the amount(s) so apportioned to the Insured by such Corporations.

This Bond does not a f f o r d coverage in favor o f such Corporations o r Exchanges o r any nominee in whose name is registered any security included within the systems f o r the central handling o f securities established and maintained by such Corporations, and upon payment to the Insured by the Underwriter on account o f any loss(es) within the systems, an assignment o f such o f the I n - sured'srights and causes o f action as it may have against such Corporations o r Exchanges shall to the extent o f such payment, be given by the Insured to the Underwriter, and the Insured shall execute all papers necessary to secure to the Underwriter the rights provided f o r herein.

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SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED

If more than one corporation, co-partnership o r person o r any combination o f them be included as the Insured herein:

(a) the total liability o f the Underwriter hereunder

f o r | loss o r losses sustained | by any one o r
more o r all o f | them shall not exceed the limit
f o r | which the | Underwriter | would be liable
hereunder i f all such loss were sustained by
any one o f them. |

(b) the one first named herein shall be deemed

authorized to make, | adjust and receive | and
enforce payment o f | all claims hereunder | and

shall be deemed to be the agent o f the others f o r such purposes and f o r the giving o r r e - ceiving o f any notice required o r permitted to be given by the terms hereof, provided that the Underwriter shall furnish each named I n - vestment Company with a copy o f the Bond and with any amendment thereto, together with a copy o f each formal filing o f the s e t - tlement o f each such claim prior to the e x - ecution o f such settlement,

(c)the Underwriter shall not be responsible f o r the proper application o f any payment made hereunder to said first named Insured,

(d)knowledge possessed o r discovery made by any partner, o f f i c e r o r supervisory Employee o f any Insured shall f o r the purpose o f S e c - tion 4 and Section 1 3 o f this Bond constitute knowledge o r discovery by all the Insured, and

(e)i f the first named Insured ceases f o r any r e a - son to be covered under this Bond, then the Insured next named shall thereafter be c o n - sidered as the first named Insured f o r the purposes o f this Bond.

SECTION 17. NOTICE AND CHANGE OF CONTROL

Upon the Insured's obtaining knowledge o f a transfer o f its outstanding voting securities which results in a change in control (as set f o r t h in Section 2(a) (9) o f the Investment Company Act o f

1940) o f the Insured, the Insured shall within t h i r - ty (30) days o f such knowledge give written n o - tice to the Underwriter setting forth:

(a)the names o f the transferors and transferees (or the names o f the beneficial owners i f the voting securities are requested in another name), and

(b) the total number o f voting securities owned by the transferors and the transferees (or the beneficial owners), both immediately before and after the transfer, and

(c)the total number o f outstanding voting securi- ties.

As used in this section, control means the po w e r to exercise a controlling influence over the man- agement o r Policies o f the Insured.

Failure to give the required notice shall result in termination o f coverage o f this Bond, effective upon the date o f stock transfer f o r any loss in which any transferee is concerned o r implicated.

Such notice is not required to be given in the case o f an Insured which is an Investment C o m - pany.

SECTION 18. CHANGE OR MODIFICATION

This Bond o r any instrument amending o r e f f e c - ting same may not be changed o r modified orally. No changes in o r modification thereof shall be effective unless made by written Endorsement issued to f o r m a part hereof over the signature o f the Underwriter's Authorized Representative. When a Bond covers only one Investment C o m - pany no change o r modification which would a d - versely affect the rights o f the Investment C o m - pany shall be effective prior to 6 0 days after written notification has been furnished to the S e - curities and Exchange Commission, Washington, D.C. by the Insured o r by the Underwriter. If more than one Investment Company is named as the Insured herein, the Underwriter shall give written notice to each Investment Company and to the Securities and Exchange Commission, Washington, D.C. not less than 6 0 days prior to the effective date o f any change o r modification which would adversely affect the rights o f such Investment Company.

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FI 88 01 (Ed. 10 11)

FORMS AND RIDERS SCHEDULE

It is hereby understood and agreed the following forms and riders are attached to and are a part of this bond:

|  | Date Added * |  | Rider No.
|  | or |
Form No. / Edition | Date Deleted | Form Description | (if applicable)
FI7510 | 11-16 |  | Investment Company Bond Dec Page |
FI7511 | 08-15 |  | Investment Company Bond Insuring Agreements |
SRF9808 | 08-95 |  | Rider - Joint Insured List | 1
SRF9808 | 08-95 |  | Rider - Extended Computer Systems Rider | 2
SRF9808 | 08-95 |  | Rider - Newly Created Investment Companies | 3
SRF9808 | 08-95 |  | Rider - Loss Reporting Threshold | 4
SRF9808 | 08-95 |  | Rider - Counterfeit Currency Revision | 5
SRF9808 | 08-95 |  | Rider - Amended Definition of Employee | 6
SRF9808 | 08-95 |  | Rider - Amended Section 13 - Termination | 7
SRF9808 | 08-95 |  | Rider - Amended Fidelity | 8
SRF9808 | 08-95 |  | Rider - Amended Section 4, Loss-Notice-Proof-Legal | 9
|  |  | Proceedings |
SRF9808 | 08-95 |  | Rider - Automated Phone System - full limits | 10
FI7506 | 08-15 |  | Insuring Agreement (L) Computer Systems | 11
FI7516 | 11-16 |  | Insuring Agreement (N) Fraudulent Transfer Instructions | 12
FI7345 | 08-15 |  | Confidential Information And Data Breach Clarifying Rider | 13
FI7340 | 08-15 |  | Economic And Trade Sanctions Clause |
FI7341 | 04-17 |  | In-Witness Clause |

* If not at inception

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RIDER NO. 1

To be attached to and form part of Investment Company Bond

No. FS 3147982 09 00

In favor of Voya Family of Funds f/k/a ING Family of Funds

Joint Insured List

1. At the request of the Insured, the Underwriter adds to the list of Insured under the attached bond the following:

Voya Asia Pacific High Dividend Equity Income Fund, a series fund consisting of: Voya Asia Pacific High Dividend Equity Income Fund

Voya Balanced Portfolio, Inc., a series fund consisting of:

Voya Balanced Portfolio

Voya Corporate Leaders Trust Fund, a series fund consisting of:

Voya Corporate Leaders Trust Fund Series B

Voya Emerging Voya Markets High Dividend Equity Fund, a series fund consisting of: Voya Emerging Markets High Dividend Equity Fund

Voya Equity Trust, a series fund consisting of:

Voya Large Cap Value Fund

Voya Large-Cap Growth Fund

Voya MidCap Opportunities Fund

Voya Multi-Manager Mid Cap Value Fund

Voya Real Estate Fund

Voya SmallCap Opportunities Fund

Voya SMID Cap Growth Fund

Voya U.S. High Dividend Low Volatility Fund

Voya Corporate Leaders 100 Fund

Voya Funds Trust

Voya GNMA Income Fund

Voya High Yield Bond Fund

Voya Intermediate Bond Fund

Voya Short Term Bond Fund

Voya Strategic Income Opportunities Fund

Voya Floating Rate Fund

Voya Global Advantage and Premium Opportunity Fund,a series fund consisting of: Voya Global Advantage and Premium Opportunity Fund

Voya Global Equity Dividend and Premium Opportunity, a series fund consisting of: Voya Global Equity Dividend and Premium Opportunity Fund

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Voya Government Money Market Portfolio, a series fund consisting of: Voya Government Money Market Portfolio

Voya Infrastructure, Industrials and Materials Fund,a series fund consisting of: Voya Infrastructure, Industrials and Materials Fund

Voya Intermediate Bond Portfolio, a series fund consisting of:

Voya Intermediate Bond Portfolio

Voya International High Dividend Equity Income Fund, a series fund consisting of: Voya International High Dividend Equity Income Fund

Voya Investors Trust, a series fund consisting of:

Voya Balanced Income Portfolio

Voya Global Perspectives Portfolio

Voya Government Liquid Assets Portfolio

Voya High Yield Portfolio

Voya Large Cap Growth Portfolio

Voya Large Cap Value Portfolio

Voya Limited Maturity Bond Portfolio

Voya Retirement Conservative Portfolio

Voya Retirement Growth Portfolio

Voya Retirement Moderate Growth Portfolio

Voya Retirement Moderate Portfolio

Voya U.S. Stock Index Portfolio

VY BlackRock Inflation Protected Bond Portfolio

VY Clarion Global Real Estate Portfolio

VY Clarion Real Estate Portfolio

VY Franklin Income Portfolio

VY Invesco Growth and Income Portfolio

VY JPMorgan Emerging Markets Equity Portfolio

VY JPMorgan Small Cap Core Equity Portfolio

VY Morgan Stanley Global Franchise Portfolio

VY T. Rowe Price Capital Appreciation Portfolio

VY T. Rowe Price Equity Income Portfolio

VY T. Rowe Price International Stock Portfolio

VY Templeton Global Growth Portfolio

Voya Mutual Funds, a series fund consisting of:

Voya CBRE Global Infrastructure Fund

Voya CBRE Long/Short Fund

Voya Diversified Emerging Markets Debt Fund

Voya Global Bond Fund

Voya Global Corporate Leaders 100 Fund

Voya Global Equity Dividend Fund

Voya Global Equity Fund

Voya Global High Dividend Low Volatility Fund

Voya Global Perspectives Fund

Voya Global Real Estate Fund

Voya International High Dividend Low Volatility Fund

Voya Multi-Manager Emerging Markets Equity Fund

Voya Multi-Manager International Equity Fund

Voya Multi-Manager International Factors Fund

Voya Multi-Manager International Small Cap Fund

Voya Russia Fund

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Voya International Real Estate Fund

Voya Global Diversified Payment Fund

Voya Natural Resources Equity Income Fund, a series fund consisting of:

Voya Natural Resources Equity Income Fund

Voya Partners, Inc., a series fund consisting of:

Voya Prime Rate Trust

Voya Global Bond Portfolio

Voya Index Solution 2020 Portfolio

Voya Index Solution 2025 Portfolio

Voya Index Solution 2030 Portfolio

Voya Index Solution 2035 Portfolio

Voya Index Solution 2040 Portfolio

Voya Index Solution 2045 Portfolio

Voya Index Solution 2050 Portfolio

Voya Index Solution 2055 Portfolio

Voya Index Solution 2060 Portfolio

Voya Index Solution Income Portfolio

Voya Solution 2020 Portfolio

Voya Solution 2025 Portfolio

Voya Solution 2030 Portfolio

Voya Solution 2035 Portfolio

Voya Solution 2040 Portfolio

Voya Solution 2045 Portfolio

Voya Solution 2050 Portfolio

Voya Solution 2055 Portfolio

Voya Solution 2060 Portfolio

Voya Solution Aggressive Portfolio

Voya Solution Balanced Portfolio

Voya Solution Conservative Portfolio

Voya Solution Income Portfolio

Voya Solution Moderately Aggressive Portfolio

Voya Solution Moderately Conservative Portfolio

VY American Century Small-Mid Cap Value Portfolio

VY Baron Growth Portfolio

VY Columbia Contrarian Core Portfolio

VY Columbia Small Cap Value II Portfolio

VY Invesco Comstock Portfolio

VY Invesco Equity and Income Portfolio

VY JPMorgan Mid Cap Value Portfolio

VY Oppenheimer Global Portfolio

VY Pioneer High Yield Portfolio

VY T. Rowe Price Diversified Mid Cap Growth Portfolio

VY T. Rowe Price Growth Equity Portfolio

VY Invesco Oppenheimer Global Portfolio

Voya Prime Rate Trust, a series fund consisting of:

VY Templeton Foreign Equity Fund

Voya Senior Income Fund, a series fund consisting of:

Voya Senior Income Fund

Voya Separate Portfolios Trust, a series fund consisting of:

Voya Emerging Markets Corporate Debt Fund

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Voya Emerging Markets Hard Currency Debt Fund

Voya Emerging Markets Local Currency Debt Fund

Voya Investment Grade Credit Fund

Voya Securitized Credit Fund

Voya Target In-Retirement Fund

Voya Target Retirement 2020 Fund

Voya Target Retirement 2025 Fund

Voya Target Retirement 2030 Fund

Voya Target Retirement 2035 Fund

Voya Target Retirement 2040 Fund

Voya Target Retirement 2045 Fund

Voya Target Retirement 2050 Fund

Voya Target Retirement 2055 Fund

Voya Target Retirement 2060 Fund

Voya Series Fund, Inc., a series fund consisting of:

Voya Corporate Leaders 100 Fund

Voya Global Multi-Asset Fund

Voya Global Target Payment Fund

Voya Government Money Market Fund

Voya Mid Cap Research Enhanced Index Fund

Voya Small Company Fund

Voya Strategic Allocation Portfolios, Inc., a series fund consisting of: Voya Strategic Allocation Conservative Portfolio

Voya Strategic Allocation Growth Portfolio

Voya Strategic Allocation Moderate Portfolio

Voya Variable Funds, a series fund consisting of:

Voya Growth and Income Portfolio

Voya Variable Insurance Trust

VY Goldman Sachs Bond Portfolio

Voya Variable Portfolios, Inc., a series fund consisting of:

Voya Australia Index Portfolio

Voya Emerging Markets Index Portfolio

Voya Euro STOXX 50 Index Portfolio

Voya FTSE 100 Index Portfolio

Voya Global Equity Portfolio

Voya Hang Seng Index Portfolio

Voya Index Plus LargeCap Portfolio

Voya Index Plus MidCap Portfolio

Voya Index Plus SmallCap Portfolio

Voya International Index Portfolio

Voya Japan TOPIX Index Portfolio

Voya Russell Large Cap Growth Index Portfolio

Voya Russell Large Cap Index Portfolio

Voya Russell Large Cap Value Index Portfolio

Voya Russell Mid Cap Growth Index Portfolio

Voya Russell Mid Cap Index Portfolio

Voya Russell Small Cap Index Portfolio

Voya Small Company Portfolio

Voya U.S. Bond Index Portfolio

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Voya Variable Products Trust, a series fund consisting of:

Voya MidCap Opportunities Portfolio

Voya SmallCap Opportunities Portfolio

2. Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, provisions, agreements or limitations of this policy other than as above stated.

3..This rider shall become effective as of 12:01 a.m. on 03/31/2020 standard time.

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RIDER NO. 2

To be attached to and form part of Investment Company Bond

No. FS 3147982 09 00

In favor of Voya Family of Funds f/k/a ING Family of Funds

Extended Computer Systems Rider

1. Electronic Data, Electronic Media, Electronic Instruction

(1) Loss resulting directly from:

(a)the fraudulent modification of Electronic Data, Electronic Media or Electronic Instruction being stored within or being run within any system covered under this rider,

(b)robbery, burglary, larceny or theft of Electronic Data, Electronic Media or Electronic instructions,

(c)the acts of a hacker causing damage or destruction of Electronic Data, Electronic Media or Electronic Instruction owned by the Insured or for which the Insured is legally liable, while stored within a Computer System covered under this rider, or

(d)The damage or destruction of Electronic Data, electronic Media or Electronic Instruction owned by the Insured or for which the Insured is legally liable while stored within a Computer System covered under Computer Systems Fraud Insuring Agreement (G), provided such damage or destruction

was caused by a computer program or similar instruction which was written or altered to intentionally incorporate a hidden instruction designed to damage or destroy Electronic Data, Electronic Media, or Electronic instruction in the Computer System in which the computer program or instruction so written or so altered is used.

2. Electronic Communication

Loss resulting directly from the Insured having transferred, paid or delivered any funds or property, established any credit, debited any account or given any value on the faith of any electronic communications directed to the Insured, which were transmitted or appear to have been transmitted through:

(a)an Electronic Communication System,

(b)an Automated clearing house or custodian, or

(c)a Telex, TWX, or similar means of communication,

directly into the Insured's Computer System or Communication Terminal, and fraudulently purport to have been sent by a customer, automated clearing house, custodian, or financial institution, but which communications were either not sent by said customer, automated clearing house, custodian, or financial institution, or were fraudulently modified during physical transit of Electronic Media to the Insured or during electronic transmission to the Insured's Computer System or Communication Terminal.

3. Electronic Transmission

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Loss resulting directly from a customer of the Insured, any automated clearing house, custodian, or financial institution having transferred, paid or delivered any funds or property, established any credit, debited any account or given any value on the faith of any electronic communications, purporting to have been directed by the Insured to such customer, automated clearing house, custodian, or financial institution initiating, authorizing, or acknowledging, the transfer, payment, delivery or receipt of funds or property, which communications were transmitted through:

(a)an Electronic Communication System,

(b)an automated clearing house or custodian, or

(c)a Telex, TWX, or similar means of communication,

directly into a Computer System or Communication Terminal of said customer, automated clearing house, custodian, or financial institution, and fraudulently purport to have been directed by the Insured, but which communications were either not sent by the Insured, or were fraudulently modified during physical transit of Electronic Media from the Insured or during electronic transmission from the Insured Computer System or Communication Terminal, and for which loss the Insured is held to be legally liable.

2. In addition to the Conditions and Limitations in the bond, the following, applicable to the Extended Computer Systems Rider, are added:

DEFINITIONS

A. Communication Terminal means a teletype, teleprinter or video display terminal, or similar device capable of sending or receiving information electronically. Communication Terminal does not mean a telephone.

B. Electronic Communication System means electronic communication operations by Fedwire, Clearing House Interbank Payment System (CHIPS), society of Worldwide International Financial Telecommunication (SWIFT), similar automated interbank communication systems, and Internet access facilities.

C. Electronic Data means facts or information converted to a form usable in Computer Systems and which is stored on Electronic Media for use by computer programs.

D. Electronic Instruction means computer programs converted to a form usable in a Computer System to act upon Electronic Data.

E. Electronic Media means the magnetic tape, magnetic disk, optical disk, or any other bulk media on which data is recorded.

EXCLUSIONS

This bond does not cover:

A. loss resulting directly or indirectly from forged, altered or fraudulent negotiable instruments, securities, documents or written instruments used as source documentation in the preparation of Electronic Data:

B. loss of negotiable instruments, securities, documents or written instruments except as converted to Electronic Data and then only in that converted form;

C. loss resulting from mechanical failure, faulty construction, error in design, latent defect, wear or tear, gradual deterioration, electrical disturbance, Electronic Media failure or breakdown or any malfunction or error in programming or error or omission in processing;

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D. loss resulting directly or indirectly from the input of Electronic Data at an authorized electronic terminal of an Electronic Funds Transfer System or a Customer Communication System by a person who had authorized access from a customer to that customer's authentication mechanism;

E.liability assumed by the Insured by agreement under any contract, unless such liability would have attached to the Insured even in the absence of such agreement; or

F. loss resulting directly or indirectly from:

1. written instruction unless covered under this rider; or

2. instruction by voice over the telephone, unless covered under this rider.

SERIES OF LOSSES

All losses or series of losses involving the fraudulent acts of one individual, or involving fraudulent acts in which one individual is implicated, whether or not that individual is specifically identified, shall be treated as a Single Loss and subject to the Single Loss Limit of Liability. A series of losses involving unidentified individuals but arising from the same method of operation shall be deemed to involve the same individual and in that event shall be treated as a Single Loss and subject to the Single Loss Limit of Liability.

VALUATION

Electronic Data, Electronic Media, or Electronic Instruction

In case of loss of, or damage to, Electronic Data, Electronic Media or Electronic Instruction used by the Insured in its business, the Underwriter shall be liable under this bond only if such items are actually reproduced from other Electronic Data, Electronic Media or Electronic Instruction of the same kind or quality and then for not more than the cost of the Blank media and/or the cost of labor for the actual transcription or copying of data which shall have been furnished by the insured in order to reproduce such Electronic Data, Electronic Media or Electronic Instruction subject to the applicable Single Loss Limit of Liability.

However, if such Electronic Data cannot be reproduced and said Electronic Data represents Securities or financial instruments having a value, then the loss will be valued as indicated in the Property other than Money, Securities or Records paragraphs of Section 6.

The title and any headings in this rider are solely for convenience and form no part of the terms and conditions of coverage.

All other terms, conditions and limitations of this bond shall remain unchanged.

3. This rider shall become effective as of 12:01 a.m. on 03/31/2020 standard time.

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RIDER NO. 3

To be attached to and form part of Investment Company Bond

No. FS 3147982 09 00

In favor of Voya Family of Funds f/k/a ING Family of Funds

Newly Created Investment Companies

1. Item 1. of the Declarations shall include any existing Investment Company or portfolios which are not listed under Rider No. 1 of the attached Bond. It shall also include any Newly Created Investment Company or portfolio provided that the Insured shall submit to the Underwriter following the end of the Bond Period, a list of all Newly Created portfolios and Copies of any prospectuses and statements of additional information relating to such Newly Created Investment Companies or portfolios unless said prospectus and statements of additional information have been previously submitted.

Following the end of the Bond Period, any Newly Created Investment Company or portfolio created during the Period, will continue to be an Insured only if the Underwriter notified as set forth in the paragraph and the information required herein is provided to the Underwriter, and the Underwriter acknowledges the addition of such Newly Created Investment Company or portfolio to the Bond by a Rider of this Bond.

2. It is further agreed that the following definition is added to Section 1. DEFINITIONS.

(g)Newly Created Investment Company or portfolio shall mean any Investment Company or portfolio for which registration with the SEC has been declared.

3. It is agreed that General Agreements A of the Investment

Company Blanket Bond Form - Additional Offices or Employees- Consolidation or Merger - Notice - is amended by adding the following subsection:

(3) Automatic Increase in Limits for Investment Companies

If an increase in bonding limits is required pursuant to Rule 17g-1 of the Investment Company Act of 1940 ("the Act"), due to:

(i)The creation of a new Investment Company, other than by consolidation or merger with, or purchase or acquisition of assets or liabilities of, another institution; or

(ii)An increase in asset size of current Investment Companies covered under this Bond then the minimum required increase in limits shall take place automatically

without payment of additional premium for the remainder of the Bond Period.

4. This rider shall become effective as of 12:01 a.m. on 03/31/2020 standard time.

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RIDER NO. 4

To be attached to and form part of Investment Company Bond

No. FS 3147982 09 00

In favor of Voya Family of Funds f/k/a ING Family of Funds

Loss Reporting Threshold

The second paragraph of Section 12 - 'DEDUCTIBLE AMOUNT' - is deleted in its entirety and replaced by the following:

1."The Insured shall, in the time and in the manner prescribed in this Bond, give the Underwriter notice of any loss which is in excess of $12,500. Such loss shall be of the kind covered by the terms of this bond, whether or not the Underwriter is liable therefore. Upon the request of the Underwriter, the Insured shall file a brief statement with the Underwriter giving the particulars concerning such loss."

2. Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, provisions, agreements or limitations of the above mentioned bond, other than as stated herein.

3. This rider shall become effective as of 12:01 a.m. on 03/31/2020 standard time.

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RIDER NO. 5

To be attached to and form part of Investment Company Bond

No. FS 3147982 09 00

In favor of Voya Family of Funds f/k/a ING Family of Funds

Insuring Agreement (F), Counterfeit Currency is deleted in its entirety and replaced by the following:

COUNTERFEIT CURRENCY

(F) Loss resulting directly from the receipt by the Insured, in good faith of any counterfeit money.

2. Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, provisions, agreements or limitations of the above mentioned bond, other than as stated herein.

3. This rider shall become effective as of 12:01 a.m. on 03/31/2020 standard time.

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RIDER NO. 6

To be attached to and form part of Investment Company Bond

No. FS 3147982 09 00

In favor of Voya Family of Funds f/k/a ING Family of Funds

Amended Definition of Employee

1. Section 1, Definitions, (a) Employee, is Amended by adding the following: after Item 9:

(10)Ex-Employees up to 60 days after termination, except if terminated for reasons of fraud or dishonesty 2. This Rider shall become effective as of 12:01 a.m. on 03/31/2020 standard time.

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RIDER NO. 7

To be attached to and form part of Investment Company Bond

No. FS 3147982 09 00

In favor of Voya Family of Funds f/k/a ING Family of Funds

Amended Section 13 - Termination

1. Paragraph 1 of Section 13. Termination, is amended by adding the following after the words "D.C." on Line 5 and on Line 9" " State of Arkansas, and Midwest Stock Exchange"

2. This rider shall become effective as of 12:01 a.m. on 03/31/2020 standard time.

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RIDER NO. 8

To be attached to and form part of Investment Company Bond

No. FS 3147982 09 00

In favor of Voya Family of Funds f/k/a ING Family of Funds

Amended Fidelity

A) Delete Paragraph 2 of Insuring Agreement A, and replace with the following:

"Such dishonest or fraudulent acts must be committed by the Employee with the manifest intent:

(a)to cause the Insured to sustain such loss, or

(b)to obtain financial benefit for the Employee or another person or entity.

Notwithstanding the foregoing, it is agreed that with regard to Loans and/or Trading this bond covers only loss resulting directly from dishonest or fraudulent acts committed by an Employee with the manifest intent to cause the Insured to sustain such loss and which results in a financial benefit for the Employee. However, where the proceeds of a dishonest or fraudulent act committed by an Employee arising from Loans and/or Trading are actually received by persons with whom the Employee was acting in collusion, but said Employee fails to derive a financial benefit therefrom, such a loss will nevertheless be covered hereunder as if the Employee had obtained such benefit provided the Insured establishes that the Employee intended to participate therein.

The term "Trading" as used in this Insuring Agreement shall be deemed to mean buying or selling or other dealings in securities, commodities, futures, options, foreign or federal funds, currencies, foreign exchange and the like.

The term "Loan" as used in this Insuring Agreement shall be deemed to mean all extensions of credit by the Insured and all transactions creating a creditor relationship in favor of the Insured and all transactions by which the Insured assumes an existing creditor relationship."

B) It is agreed that the following paragraph is added after the second paragraph of Insuring Agreement (A) Fidelity:

"Loss resulting directly from the malicious destruction of or the malicious damage of Property, Electronic Data or Electronic Data Processing Media committed by an Employee, whether committed alone or in collusion with others, which acts are committed with the manifest intent to cause the Insured to sustain a loss.".

This rider shall become effective as of 12:01 a.m. on 03/31/2020 standard time.

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RIDER NO. 9

To be attached to and form part of Investment Company Bond

No. FS 3147982 09 00

In favor of Voya Family of Funds f/k/a ING Family of Funds

Amended Section 4, Loss-Notice-Proof-Legal Proceedings

1. Section 4. Loss-Notice-Proof - Legal Proceedings, is amended by the following:

(a)Paragraph 1, Sentence 2, Line 3, the word "Insured" is replaced by the words"by the Risk Management Department , Office of the General Counsel, or Senior Vice President or above of the Insured".

(b)Paragraph 2, Line 1, the word "Insured" is replaced by the words "by the Risk Management Department , Office of the General Counsel, or Senior Vice President or above of the Insured".

2. This rider shall become effective as of 12:01 a.m. on 03/31/2020 standard time.

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RIDER NO. 10

To be attached to and form part of Investment Company Bond

No. FS 3147982 09 00

In favor of Voya Family of Funds f/k/a ING Family of Funds

The attached bond is amended by adding an additional Insuring Agreement as follows:

AUTOMATED PHONE SYSTEMS

1. Loss caused by an Automated Phone System ("APS") Transaction, where the request for such APS Transaction is unauthorized or fraudulent and is made with the manifest intent to deceive; provided, that the entity which receives such request generally maintains and follows during the bond Period all APS Designated Procedures with respect to APS Transaction. The unintentional isolated failure of such entity to maintain and follow a particular APS Designated Procedure in a particular APS Designated Procedure in a particular instance shall not preclude coverage under this Insuring Agreement, subject to the exclusions herein and in the Bond.

1. Definitions. The following terms used in this Insuring Agreement shall have the following meanings:

a."APS Transaction" means any APS Redemption, APS Exchange or APS Election.

b."APS Redemption" means any redemption of shares issued by an Investment Company which is requested over the telephone by means of information transmitted by an individual caller through use of a telephone keypad.

c."APS Election" means any election concerning dividend options available to Fund shareholders which is made over the telephone by means of information transmitted by an individual caller through use of a telephone keypad.

d."APS Exchange" means any exchange of shares in a registered account of one Fund into shares in an identically registered account of another Fund in the same complex pursuant to exchange privileges of the two Funds, which exchange is requested over the telephone by means of information transmitted by an individual caller through use of a telephone keypad.

e."APS Designated Procedures" means all of the following procedures:

(1)Election in Application: No APS Redemption shall be executed unless the shareholder to whose account such an APS Redemption relates has previously elected by Official Designation to permit such APS Redemption.

(2)Logging: All APS Transaction requests shall be logged or otherwise recorded, so as to

preserve all of the information transmitted by an individual caller through use of telephone keypad in the course of such a request, and the records shall be retained for at least six months.

(a)Information contained in the records shall be capable of being retrieved through the following methods: audio tape and or transactions stored on computer disks

(b)Information contained in the records shall be capable of being retrieved and produced

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within a reasonable time after retrieval of specific information is requested, at a success rate of no less than 85 percent.

(3)Identity Test: The identity of the caller in any request for an APS Transaction shall be tested before executing that APS Transaction by requiring the entry by the caller of a confidential personal identification number ("PIN")

(a)Limited Attempts to Enter PIN: IF the caller fails to enter a correct PIN within three attempts, the caller must not be allowed additional attempts during the same (telephone call/twenty-four hour day) to enter the PIN. The caller may either be instructed to redial a customer service representative or may be immediately connected to such a representative.

(4)Written Confirmation: A written confirmation of any APS Transaction shall be mailed to the shareholder(s) to whose account such APS Transaction relates, at the original record address, by the end of the Insured's next regular processing cycle, but in no event later than five business days following such APS Transaction.

(5)Access to APS Equipment: Access to the equipment which permits the entity receiving the APS Transaction request to process and effect the transaction shall be limited in the following manner:

All Associates designated by Voya within the BNY Mellon call center.

2. Exclusions: It is further understood and agreed that this extension shall not cover: a. Any loss covered under Insuring Agreement A. "Fidelity", of this Bond;

(1)The redemption of shares, where the proceeds of such redemption are made payable to other-than

(i)the shareholder of record, or

(ii)a person officially Designated to receive redemption proceeds, or

(iii)a bank account officially Designated to receive redemption proceeds or

(2)The redemption of shares, where the proceeds of such redemption are paid by check mailed to any address, unless such address has either been

(I)designated by voice over the telephone or in writing without a signature guarantee, in either case at least thirty(30) days prior to such redemption, or

(ii)officially Designated, or

(iii)verified by any other procedures which may be stated below in this Rider, or

(3)The redemption of shares, where the proceeds of such redemption are paid by wire transfer to other than the shareholder's officially Designated bank account, or

(4)the Intentional failure to adhere to one or more APS Designated Procedures.

2. Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, limitations, conditions, or provisions of the attached bond other than above stated.

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3. This rider shall become effective as of 12:01 a.m. on 03/31/2020 standard time.

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FI 75 06 (Ed. 08/15)

RIDER NO. 11

INSURING AGREEMENT (L) COMPUTER SYSTEMS

To be attached to and form part of INVESTMENT COMPANY BOND,

Bond No. FS 3147982 09 00

In favor of Voya Family of Funds f/k/a ING Family of Funds

It is agreed that:

1. The attached bond is hereby amended by adding to it an additional Insuring Agreement as follows:

INSURING AGREEMENT (L) - COMPUTER SYSTEMS

Loss resulting directly from a fraudulent

(1)entry of data into, or

(2)change of data elements or programs within a Computer System; provided that fraudulent entry or change causes

(a)Property to be transferred paid or delivered,

(b)an account of the Insured, or of its customer, to be added, deleted, debited or credited, or

(c)an unauthorized account or a fictitious account to be debited or credited;

(3)voice instructions or advices having been transmitted to the Insured or its agent(s) by telephone; and provided further, the fraudulent entry or change is made or caused by an individual acting with the manifest intent to:

(a)cause the Insured or its agent(s) to sustain a loss, and

(b)obtain financial benefit for that individual or for other persons intended by that individual to receive a financial benefit,

(c)and further provided such voice instructions or advices:

(i)were made by a person who purported to represent an individual authorized to make such voice instructions or advices; and

(ii)were electronically recorded by the Insured or its agent(s).

(4)It shall be a condition to recovery under the Computer Systems Rider that the Insured or its agent(s) shall to the best of their ability electronically record all voice instructions or advices received over the telephone. The Insured or its agent(s) warrant that they shall make their best efforts to maintain the electronic recording system on a continuous basis. Nothing, however, in this Rider shall bar the Insured from recovery where no recording is

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available because of mechanical failure of the device used in making such recording, or because of failure of the media used to record a conversation from any cause, or error or omission of any Employee(s) or agent(s) of the Insured.

SCHEDULE OF SYSTEMS

Any System Utilized by the Insured

2. As used in this Rider, Computer System means:

(a)computers with related peripheral components, including storage components, wherever located,

(b)systems and applications software,

(c)terminal devices,

(d)related communication networks or customer communication systems, and

(e)related Electronic Funds Transfer Systems,

by which data are electronically collected, transmitted, processed, stored, and retrieved.

3. In addition to the Exclusions in the attached bond, the following Exclusions are applicable to this Insuring Agreement:

(a)loss resulting directly or indirectly from the theft of confidential information, material or data: and

(b)loss resulting directly or indirectly from entries or changes made by an individual authorized to have access to a Computer System who acts in good faith on instructions, unless such instructions are given to that individual by a software contractor (or by a partner, officer or employee thereof) authorized by the Insured to design, develop, prepare, supply service, write or implement programs for the Insured's Computer System.

4. The following portions of the attached bond are not applicable to this Rider:

(a)the initial paragraph of the bond preceding the Insuring Agreements which reads "...at any time but discovered during the Bond Period."

(b)Conditions and Limitations - Section 9. Non-Reduction and Non-Accumulation of Liability and Total Liability

(c)Conditions and Limitations - Section 10. Limit of Liability

5. The coverage afforded by this Rider applies only to loss discovered by the Insured during the period this Rider is in force.

6. All loss or series of losses involving the fraudulent activity of one individual, or involving fraudulent activity in which one individual is implicated, whether or not that individual is specifically identified, shall be treated as one loss. A series of losses involving unidentified individuals but arising from the same method of operation may be deemed by the Underwriter to involve the same individual and in that event shall be treated as one loss.

7. The Limit of Liability for the coverage provided by this Rider shall be $ 40,000,000.

8. The Underwriter shall be liable hereunder for the amount by which one loss shall be in excess of $ 25,000. (herein called the Deductible Amount) but not in excess of the Limit of Liability stated above.

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9. If any loss is covered under this Insuring Agreement and any other Insuring Agreement or Coverage, the maximum amount payable for such loss shall not exceed the largest amount available under any one Insuring Agreement or Coverage.

10. Coverage under this Rider shall terminate upon termination or cancellation of the bond to which this Rider is attached. Coverage under this Rider may also be terminated or cancelled without canceling the bond as an entirety:

(a)90 days after receipt by the Insured of written notice from the Underwriter of its desire to terminate or cancel coverage under this Rider, or

(b)immediately upon receipt by the Underwriter of a written request from the Insured to terminate or cancel coverage under this Rider.

The Underwriter shall refund to the Insured the unearned premium for this coverage under this Rider. The refund shall be computed at short rates if this Rider is terminated or cancelled or reduces by notice from, or at the insistence of the Insured.

11. Conditions and Limitations - Section 4. Loss-Notice-Proof-Legal Proceedings is amended by adding the following sentence:

Proof of loss resulting from Voice Instructions or advices covered under this bond shall include Electronic Recording of such Voice Instructions of advices.

12. Notwithstanding the foregoing, however, coverage afforded by this Rider is not designed to provide protection against loss covered under a separate Electronic and Computer Crime Policy by whatever title assigned or by whatever Underwriter written. Any loss which is covered under such separate policy is excluded from coverage under this bond; and the Insured agrees to make claim for such loss under its separate policy.

13. Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, provisions, agreements, or limitations of the above mentioned bond other than as stated herein.

14. This Rider shall become effective as of 12:01 a.m. on 03/31/2020 standard time.

FI 75 06 (Ed. 08/15) | (Page 3 of 3)

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FI 75 16 (Ed. 11/16)

RIDER NO. 12

INSURING AGREEMENT (N) FRAUDULENT TRANSFER INSTRUCTIONS

To be attached to and form part of the INVESTMENT COMPANY BOND

Bond No. FS 3147982 09 00

in favor of Voya Family of Funds f/k/a ING Family of Funds

1. It is agreed that the following Insuring Agreement is added to the above Bond:

Loss resulting directly from the Insured having, in good faith, transferred Money on deposit in a Customer's account, or a Customer's Certificated Securities, in reliance upon a fraudulent Instruction transmitted to the Insured via electronic mail; provided, however that

(1)The fraudulent instruction purports, and reasonably appears, to have originated from:

(a)such Customer,

(b)an Employee acting on instructions of such Customer; or

(c)another financial institution acting on behalf of such Customer with authority to make such instructions; and

(2)The sender of the fraudulent instruction verified the instruction with the password, PIN, or other security code of such Customer; and

(3)The sender was not, in fact, such Customer, was not authorized to act on behalf of such Customer, and was not an Employee of the Insured; and

(4)The instruction was received by an Employee of the Insured specifically authorized by the Insured to receive and act upon such instructions; and

(5)For any transfer exceeding the amount set forth in item 7 of this Rider, the Insured verified the instruction via a call back to a predetermined telephone number set forth in the Insured's written agreement with such Customer or other verification procedure approved in writing by the Underwriter; and

(6)The Insured preserved a contemporaneous record of the call back, if any, and of the instruction which verifies use of the authorized password, PIN or other security code of the Customer.

2. As used in this Rider, Customer means a natural person or entity which has a written agreement with the Insured authorizing the Insured to transfer Money on deposit in an account or Certificated Securities in reliance upon instructions transmitted to the Insured via the means utilized to transmit the fraudulent instruction.

3. It shall be a condition precedent to coverage under this Insuring Agreement that the Insured assert any available claims, offsets or defenses against such Customer, any financial institution or any other party to the transaction.

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4. The following additional Exclusions are added to the Bond applicable only to this Insuring Agreement:

(a)loss resulting directly or indirectly from the fraudulent instruction if the sender, or anyone acting in collusion with the sender, ever had authorized access to such Customer's password, PIN or other security code; and

(b)loss resulting directly or indirectly from the fraudulent alteration of an instruction to initiate an automated clearing house (ACH) entry, or group of ACH entries, transmitted as an electronic message, or as an attachment to an electronic message, sent via the Internet, unless:

(1)each ACH entry was individually verified via the call back procedure without regard to the amount of the entry; or

(2)the instruction was formatted, encoded or encrypted so that any alteration in the ACH entry or group of ACH entries would be apparent to the Insured.

5. For purposes of this Insuring Agreement, all loss or losses involving one natural person or entity, or one group of natural persons or entities acting together, shall be a Single Loss without regard to the number of transfers or the number of instructions involved. A series of losses involving unidentified natural persons or entities but arising from the same method of operation shall be deemed to involve the same natural person or entity and shall be treated as Single Loss.

6. The Limit of Liability and Deductible amount applicable to loss under this Insuring Agreement is as stated in the Declarations of the attached bond.

7. The amount of any single transfer for which verification via a call back will be required is : $ 5,000.

8. Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, provisions, agreements, or limitations of the above mentioned bond other than as stated herein.

9. This rider shall become effective as of 12:01 a.m. on 03/31/2020 standard time.

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FI 73 45 (Ed. 08/15)

RIDER NO. 13

CONFIDENTIAL INFORMATION AND DATA BREACH CLARIFYING RIDER

To be attached to and form part of Investment Company Bond

Bond No. FS 3147982 09 00

In favor of Voya Family of Funds f/k/a ING Family of Funds

It is agreed that:

1. CONDITIONS AND LIMITATIONS, Section 2. Exclusions is amended to include:

Confidential Information:

Loss resulting from:

a)Theft, disappearance, destruction or disclosure of the confidential or personal information of the Insured or another person or entity for which the Insured is legally liable including, but not limited to patents, trade secrets, personal information, processing methods, customer lists, financial information, credit card information, intellectual property, health information, or any other type of non-public information.

For purposes of coverage that may be attached to the Bond by Rider which pertains to Computer Systems, confidential information cannot be properly transferred. A loss otherwise covered under the Computer Systems Rider (if attached) shall not be excluded by the fact that confidential information was used to gain access to your computer system or to the computer system of your financial institution in order to cause the fraudulent transfer.

b)The use of another person's or entity's confidential or personal information including but not limited to, financial information, credit card information, health information or any other type of non-public information.

Data Breach Costs:

Loss resulting from fees, costs, fines, penalties and other expenses which are related to the access or disclosure of another person's or entity's confidential information, and the obligations of the Insured to comply with federal and state privacy laws and Payment Card Industry Data Security Standards (if applicable) arising from a data security breach, including, but not limited to, expenses related to notifying affected individuals when the affected individuals' financial information, credit card information, health information or other type of non-public information was stolen, accessed, downloaded or misappropriated while in the care, custody or control of the Insured.

2. Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions and limitations, or provisions of the attached bond other than as above stated.

3. This Rider shall become effective as of 12:01 a.m. on 03/31/2020 standard time.

FI 73 45 (Ed. 08/15) | (Page 1 of 1)

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FI 7 3 4 0 (Ed. 08/15)

THIS RIDER CHANGES YOUR BOND. PLEASE READ IT CAREFULLY.

ECONOMIC AND TRADE SANCTIONS CLAUSE

This insurance does not apply to the extent that trade o r economic sanctions o r other laws o r regulations prohibit us f r o m providing insurance.

FI 7 3 4 0 (Ed. 08/15)

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FI 73 41 (Ed. 04/17)

In Witness Clause

In Witness Whereof, we have caused this Financial Institution Bond to be executed and attested, and, if required by state law, this Financial Institution Bond shall not be valid unless countersigned by our authorized representative.

PRESIDENT | SECRETARY

Copyright Great American Insurance Co., 2009

FI 73 41 (Ed. 04/17)

AMENDED SCHEDULE A

with respect to the

ALLOCATION AGREEMENT – FIDELITY BOND

VOYA ASIA PACIFIC HIGH | VOYA GLOBAL ADVANTAGE AND
DIVIDEND EQUITY INCOME FUND | PREMIUM OPPORTUNITY FUND
VOYA BALANCED PORTFOLIO, INC. | VOYA GLOBAL EQUITY DIVIDEND
Voya Balanced Portfolio | AND PREMIUM OPPORTUNITY
| FUND
VOYA CORPORATE LEADERS® |
TRUST FUND | VOYA GOVERNMENT MONEY
Voya Corporate Leaders® Trust Fund Series | MARKET PORTFOLIO
B |
| VOYA INFRASTRUCTURE,
VOYA EMERGING MARKETS HIGH | INDUSTRIALS AND MATERIALS
DIVIDEND EQUITY FUND | FUND
VOYA EQUITY TRUST | VOYA INTERMEDIATE BOND
Voya Corporate Leaders® 100 Fund | PORTFOLIO
Voya Global Multi-Asset Fund |
Voya Large-Cap Growth Fund | VOYA INTERNATIONAL HIGH
Voya Large Cap Value Fund | DIVIDEND EQUITY INCOME FUND
Voya Mid Cap Research Enhanced Index |
Fund | VOYA INVESTORS TRUST
Voya MidCap Opportunities Fund | Voya Balanced Income Portfolio
Voya Multi-Manager Mid Cap Value Fund | Voya Global Perspectives® Portfolio
Voya SmallCap Opportunities Fund | Voya Government Liquid Assets Portfolio1
Voya Small Company Fund | Voya High Yield Portfolio1
Voya U.S. High Dividend Low Volatility | Voya Large Cap Growth Portfolio
Fund | Voya Large Cap Value Portfolio
| Voya Limited Maturity Bond Portfolio1
VOYA FUNDS TRUST | Voya Retirement Conservative Portfolio
Voya Floating Rate Fund | Voya Retirement Growth Portfolio
Voya GNMA Income Fund | Voya Retirement Moderate Growth
Voya Government Money Market Fund | Portfolio
Voya High Yield Bond Fund | Voya Retirement Moderate Portfolio
Voya Intermediate Bond Fund | Voya U.S. Stock Index Portfolio1
Voya Short Term Bond Fund | VY® BlackRock Inflation Protected Bond
Voya Strategic Income Opportunities Fund | Portfolio

1 Under the terms of the Management Agreement between Voya Investors Trust and Voya Investments, LLC, the Fund is subject to a unified fee arrangement. Accordingly, the portion of Fees allocated to the Fund under this Allocation Agreement will be borne directly by Voya Investments, LLC as provided in the Management Agreement.

1

M:\Funds\Legal Admin\Contracts\Allocation\Word\AllABBA-(Fidelity Bond)-Sched-2003F.docx

VOYA INVESTORS TRUST (continued) | VOYA PARTNERS, INC.
VY® Clarion Global Real Estate Portfolio | Voya Global Bond Portfolio
VY® Clarion Real Estate Portfolio | Voya Index Solution 2020 Portfolio
VY® Invesco Growth and Income Portfolio1 | Voya Index Solution 2025 Portfolio
VY® JPMorgan Emerging Markets Equity | Voya Index Solution 2030 Portfolio
Portfolio1 | Voya Index Solution 2035 Portfolio
VY® JPMorgan Small Cap Core Equity | Voya Index Solution 2040 Portfolio
Portfolio1 | Voya Index Solution 2045 Portfolio
VY Morgan Stanley Global Franchise | Voya Index Solution 2050 Portfolio
Portfolio1 | Voya Index Solution 2055 Portfolio
VY® T. Rowe Price Capital Appreciation | Voya Index Solution 2060 Portfolio
Portfolio1 | Voya Index Solution Income Portfolio
VY® T. Rowe Price Equity Income | Voya International High Dividend Low
Portfolio1 | Volatility Portfolio
VY® T. Rowe Price International Stock | Voya Solution 2020 Portfolio
Portfolio | Voya Solution 2025 Portfolio
| Voya Solution 2030 Portfolio
VOYA MUTUAL FUNDS | Voya Solution 2035 Portfolio
Voya Diversified Emerging Markets Debt | Voya Solution 2040 Portfolio
Fund | Voya Solution 2045 Portfolio
Voya Global Bond Fund | Voya Solution 2050 Portfolio
Voya Global Diversified Payment Fund | Voya Solution 2055 Portfolio
Voya Global Equity Dividend Fund | Voya Solution 2060 Portfolio
Voya Global High Dividend Low Volatility | Voya Solution Aggressive Portfolio
Fund | Voya Solution Balanced Portfolio
Voya Global Perspectives® Fund | Voya Solution Conservative Portfolio
Voya International High Dividend Low | Voya Solution Income Portfolio
Volatility Fund | Voya Solution Moderately Aggressive
Voya Multi-Manager Emerging Markets | Portfolio
Equity Fund | Voya Solution Moderately Conservative
Voya Multi-Manager International Equity | Portfolio
Fund | VY® American Century Small-Mid Cap
Voya Multi-Manager International Factors | Value Portfolio
Fund | VY® Baron Growth Portfolio
Voya Multi-Manager International Small | VY® Columbia Contrarian Core Portfolio
Cap Fund | VY® Columbia Small Cap Value II Portfolio
Voya Russia Fund | VY® Invesco Comstock Portfolio
| VY® Invesco Equity and Income Portfolio
VOYA NATURAL RESOURCES | VY® Invesco Oppenheimer Global Portfolio
EQUITY INCOME FUND | VY® JPMorgan Mid Cap Value Portfolio
| VY® T. Rowe Price Diversified Mid Cap
________________________ | Growth Portfolio
| VY® T. Rowe Price Growth Equity Portfolio

1 Under the terms of the Management Agreement between Voya Investors Trust and Voya Investments, LLC, the Fund is subject to a unified fee arrangement. Accordingly, the portion of Fees allocated to the Fund under this Allocation Agreement will be borne directly by Voya Investments, LLC as provided in the Management Agreement.

2

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VOYA PRIME RATE TRUST | VOYA VARIABLE FUNDS
| Voya Growth and Income Portfolio
VOYA SENIOR INCOME FUND |
| VOYA VARIABLE INSURANCE
VOYA SEPARATE PORTFOLIOS | TRUST
TRUST | VY® BrandywineGLOBAL – Bond
Voya Emerging Markets Corporate Debt | Portfolio
Fund |
Voya Emerging Markets Hard Currency | VOYA VARIABLE PORTFOLIOS, INC.
Debt Fund | Voya Emerging Markets Index Portfolio
Voya Emerging Markets Local Currency | Voya Euro STOXX 50® Index Portfolio
Debt Fund | Voya FTSE 100 Index® Portfolio
Voya Investment Grade Credit Fund | Voya Global Equity Portfolio
Voya Securitized Credit Fund | Voya Hang Seng Index Portfolio
Voya Target In-Retirement Fund | Voya Index Plus LargeCap Portfolio
Voya Target Retirement 2020 Fund | Voya Index Plus MidCap Portfolio
Voya Target Retirement 2025 Fund | Voya Index Plus SmallCap Portfolio
Voya Target Retirement 2030 Fund | Voya International Index Portfolio
Voya Target Retirement 2035 Fund | Voya Japan TOPIX Index® Portfolio
Voya Target Retirement 2040 Fund | Voya Russell™ Large Cap Growth Index
Voya Target Retirement 2045 Fund | Portfolio
Voya Target Retirement 2050 Fund | Voya Russell™ Large Cap Index Portfolio
Voya Target Retirement 2055 Fund | Voya Russell™ Large Cap Value Index
Voya Target Retirement 2060 Fund | Portfolio
| Voya Russell™ Mid Cap Growth Index
VOYA STRATEGIC ALLOCATION | Portfolio
PORTFOLIOS, INC. | Voya Russell™ Mid Cap Index Portfolio
Voya Strategic Allocation Conservative | Voya Russell™ Small Cap Index Portfolio
Portfolio | Voya Small Company Portfolio
Voya Strategic Allocation Growth Portfolio | Voya U.S. Bond Index Portfolio
Voya Strategic Allocation Moderate |
Portfolio | VOYA VARIABLE PRODUCTS TRUST
| Voya MidCap Opportunities Portfolio
| Voya SmallCap Opportunities Portfolio

3

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Post-Published/Revised 03/13/2020

APPROVAL OF INVESTMENT COMPANY BLANKET BOND

INSURANCE POLICY RENEWAL

PROPOSED RESOLUTIONS

RESOLVED, that it is the determination of the Boards of Directors/Trustees (the "Board"), including a majority of those Directors/Trustees who are not "interested persons" of the Voya funds (the "Funds") as defined by the Investment Company Act of 1940, as amended (the "1940 Act") (the "Non-Interested Directors/Trustees"), that the Investment Company Blanket Bond insurance (the "17g-1 Bond") written by Great American Insurance Company (the "Insurance Company") insuring each and all of the Funds for covered acts and omissions of their respective officers and Directors/Trustees and the officers and employees of Voya Investments, LLC and their affiliates (collectively, "Covered Persons"), in accordance with the requirements of Rule 17g-1 promulgated by the Securities and Exchange Commission under Section 17(g) of the 1940 Act, is reasonable in form and amount;

FURTHER RESOLVED, that the 17g-1 Bond, as described in the memorandum contained in the Meeting materials, be, and hereby is, continued through March 31, 2021, for and on behalf of each of the Funds, with such changes as the officers may deem necessary as a result of negotiations with the Insurance Company, provided such changes are in accord with the requirements of

Rule 17g-1;

FURTHER RESOLVED, that the Board, including a majority of the Non- Interested Directors/Trustees, hereby approves the continued payment by the Funds of a pro-rata share of the premium for the 17g-1 Bond, as allocated among the Covered Persons in accordance with the Allocation Agreement;

FURTHER RESOLVED, that pursuant to Rule 17g-1 under the 1940 Act, the Secretary and the Assistant Secretaries of the Funds are hereby designated as agents for the Funds to make the filings and give the notices required by subparagraph (g) of said Rule;

FURTHER RESOLVED, that the Directors/Trustees or the officers of the Funds are hereby authorized to take all such further action and execute and deliver all such further instruments and documents in the name of and on behalf of the Funds as in their judgment shall be necessary or desirable to accomplish the purpose of these resolutions; and

M:\Funds\Legal Admin\Board\Meetings-Voya\2020\20-0319 Quarterly\2-Committee Reports\N & G\Reso(s)\APPR Ins Coverage-BB Policy - Board.docx

FURTHER RESOLVED, that the officers of the Funds, be, and they hereby are, authorized and directed to take whatever action is necessary or desirable to amend the Allocation Agreements among the Funds and the insured parties under the 17g-1 Bond pursuant to the terms and conditions included therein from time to time to provide coverage for additional entities that are authorized pursuant to these resolutions to be covered under the 17g-1 Bond.

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| March 19, 2020 | Fidelity / Crime Division
| Ms. Victoria Chin | 65 Broadway, Floor 11
| New York, NY 10006
| Crystal IBC LLC
| www.CrimeInsurance.com
| Financial Square, 32 Old Slip
| 2125134022
| New York, NY 10005
| Re: | Voya Family of Funds f/k/a ING Family of Funds |
|  | Financial Institution - Investment Company Bond Binder & Invoice Letter |

Dear Victoria,

Thank you for the order! Per your instructions, coverage is bound per the terms and conditions set forth below. Please consider this letter as our invoice.

FINANCIAL INSTITUTION - INVESTMENT COMPANY BOND

NAMED INSURED: | Voya Family of Funds |
| f/k/a ING Family of Funds |
ADDRESS: | 7337 E. Doubletree Ranch Rd, |
| Suite 100 |
| Scottsdale, AZ 85258 |
BOND NUMBER: | FS 314-79-82-09-00 |
EFFECTIVE DATES: | 12:01 A.M. on March 31, 2020 to 12:01 A.M. on March 31, 2021
ISSUING COMPANY: | Great American Insurance Company |
| A.M. Best Rated "A+" (Superior) Class XV as of August 17, 2018
| Standard & Poor's Rated "A+" (Strong) as of March 14, 2019
| Admitted in all 50 States & Canada |
POLICY FORM: | Standard Great American Investment Company Bond |
| Discovery Form |
INSURING AGREEMENT |  | SINGLE LOSS LIMIT | DEDUCTIBLE AMOUNT
A - Fidelity |  | $ 40,000,000 | $ 0
B - On Premises |  | $ 40,000,000 | $ 25,000
C - In Transit |  | $ 40,000,000 | $ 25,000
D - Forgery or Alteration |  | $ 40,000,000 | $ 25,000
E - Securities |  | $ 40,000,000 | $ 25,000
F - Counterfeit Currency |  | $ 40,000,000 | $ 25,000
G - Stop Payment |  | $ 250,000 | $ 5,000
H - Uncollectable Items of Deposit |  | $ 250,000 | $ 5,000
I - Audit Expense |  | $ 250,000 | $ 5,000
J - Telefacsimile Transmissions |  | $ 40,000,000 | $ 25,000

www.CrimeInsurance.com | Page 1 of 3 | www.GreatAmericanInsuranceGroup.com

INSURING AGREEMENT | SINGLE LOSS LIMIT | DEDUCTIBLE AMOUNT
K - Unauthorized Signatures | $ 250,000 | $ 5,000
L - Computer Systems | $ 40,000,000 | $ 25,000
M - Automated Phone Systems | $ 40,000,000 | $ 25,000
N - Fraudulent Transfer Instructions | $ 40,000,000 | $ 25,000

TOTAL PREMIUM: |  | $ 80,922 |
COMMISSION PAYABLE: | 16 % | (Commission Payable on Total Premium)
NET PREMIUM DUE: |  | $ 67,974.48 | (Due Within 45 Days of the Effective Date)
FORMS: |  |  |
SEQ | FORM # | DESCRIPTION |
1 | 790FIC | Great American Insurance Fidelity & Crime Policy Cover
2 | SDM683 | Important Notice Fidelity Crime Division Claims
3 | FI7510 | Investment Company Bond Dec Page
4 | FI7511 | Investment Company Bond Insuring Agreements
5 | FI8801 | Forms and Riders Schedule |
6 | SRF9808 | Rider - Joint Insured List |
7 | SRF9808 | Rider - Extended Computer Systems Rider
8 | SRF9808 | Rider - Newly Created Investment Companies
9 | SRF9808 | Rider - Loss Reporting Threshold
10 | SRF9808 | Rider - Counterfeit Currency Revision
11 | SRF9808 | Rider - Amended Definition of Employee
12 | SRF9808 | Rider - Amended Section 13 - Termination
13 | SRF9808 | Rider - Amended Fidelity |
14 | SRF9808 | Rider - Amended Section 4, Loss-Notice-Proof-Legal Proceedings
15 | SRF9808 | Rider - Automated Phone System - full limits
16 | FI7506 | Insuring Agreement (L) Computer Systems
17 | FI7516 | Insuring Agreement (N) Fraudulent Transfer Instructions
18 | FI7345 | Confidential Information And Data Breach Clarifying Rider
19 | FI7340 | Economic And Trade Sanctions Clause
20 | FI7341 | In-Witness Clause |

SUBJECTIVITIES:

No subjectivities are required. File is current.

PAYMENT OF PREMIUM:

ALL PAYMENTS MUST BE SENT TO GREAT AMERICAN INSURANCE GROUP.

www.CrimeInsurance.com | Page 2 of 3 | www.GreatAmericanInsuranceGroup.com

If you are using first class mail:

Great American Insurance Group

3561 Solutions Center

Chicago, IL 60677-3005

If you are using overnight mail:

PNC Bank c/o Great American Insurance Group Lockbox Number 773561

350 East Devon Avenue Itasca, IL 60143

Thank you again for the order. Please feel free to contact me with any questions or concerns.

Best Regards,

Matt Brown Director 2125134022 mbrown11@GAIG.COM

Attachments

The foregoing binder for coverage is issued under the condition that there has been no material change in the risk the Company has assumed in issuing the binder. The Insured shall promptly provide to the Company any information of which the Insured becomes aware of that has not previously been disclosed to the Company, and which relates to any proposed Insured's claim history or risk exposure, or which could change the Company's underwriting evaluation of the Insured. In the event that the Insured should fail to disclose this information to the Company prior to the inception date of the Policy, the Company, at its sole discretion, shall have the right to rescind the Policy upon learning of this information.

www.CrimeInsurance.com | Page 3 of 3 | www.GreatAmericanInsuranceGroup.com

| Invoice # | 1313982 | Page 1 of 1
| ACCOUNT NUMBER |  | DATE
| VOYAINV-03 |  | 3/19/2020
| BALANCE DUE ON |  | AGENCY CODE
San Francisco-Crystal | 4/30/2020 |  | 855
Crystal IBC LLC 7787 | AMOUNT PAID |  | AMOUNT DUE
|  | $80,922.00
PO Box 21874 |  |
New York, NY 10087-1874 |  |  |
(415) 946-7500 |  |  |

Voya Investment Management

7337 East Doubletree Ranch Road

Scottsdale, AZ 85258

Client: | Voya Investment Management |  | Policy: | Investment Company Bond |
Policy Number: | 31479820900 |  |  |  | Effective: | 3/31/2020 | to | 3/31/2021 |  |
Insurance Carrier: | Great American Insurance Company |  |  |  |  |  |
Item # | Trans Eff Date |  | Due Date | Trans | Description |  |  | Amount | . |
5163000 | 3/31/2020 | 4/30/2020 | RENB | RENEWAL BUSINESS PREMIUM - RMIC BOND |  | $80,922.00 |
|  |  |  |  | Total Invoice Balance: |  | $80,922.00 |  |

Crystal IBC LLC 7787

PO Box 21874

New York, NY 10087-1874

JPMorgan Chase – Lockbox Processing

Attn: Crystal IBC LLC 7787/Lockbox 21874

4 Chase Metrotech Center

7th Floor East

Brooklyn, NY 11245

Alliant/Crystal Insurance

Routing Number (ACH Payment):322271627

Account Number:352137787

Routing Number (Wire Payment):021000021

SWIFT Code:CHASUS33

Reference Description: (Client Code & Invoice#)

All back up correspondence should be mailed to accountsreceivable@alliant.com

IMPORTANT NOTICE: The Nonadmitted & Reinsurance reform act (NRRA) went into effect July 21, 2011. Accordingly, surplus lines tax rates and regulations are subject to change which could result in an increase or decrease of the total surplus lines taxes and/or fees owed on this placement. If a change is required, we will promptly notify you. Any additional taxes and/or fees due must be promptly remitted to Alliant Insurance Services, Inc.

IMPORTANT NOTICE: The Foreign Account Tax Compliance Act (FATCA) requires the notification of certain financial accounts to the United States Internal Revenue Service. Alliant does not provide tax advice. Please contact your tax consultant for your obligations regarding FATCA.

Alliant embraces a policy of transparency with respect to its compensation from insurance transactions. Details on our compensation policy, including the types of income Alliant may earn on a placement, are available at www.alliant.com. For a copy of our policy or for inquiries regarding compensation issues pertaining to your account contact: Alliant Insurance Services, Inc., Attn: General Counsel, 701 B St., 6th Floor, San Diego, CA 92101.