<SEC-DOCUMENT>0001571049-16-014328.txt : 20160427
<SEC-HEADER>0001571049-16-014328.hdr.sgml : 20160427
<ACCEPTANCE-DATETIME>20160427122707
ACCESSION NUMBER:		0001571049-16-014328
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160229
FILED AS OF DATE:		20160427
DATE AS OF CHANGE:		20160427
EFFECTIVENESS DATE:		20160427

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Voya Emerging Markets High Dividend Equity Fund
		CENTRAL INDEX KEY:			0001496292
		IRS NUMBER:				272988890
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22438
		FILM NUMBER:		161594279

	BUSINESS ADDRESS:	
		STREET 1:		7337 EAST DOUBLETREE RANCH ROAD
		STREET 2:		STE 100
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85258
		BUSINESS PHONE:		480-477-3000

	MAIL ADDRESS:	
		STREET 1:		7337 EAST DOUBLETREE RANCH ROAD
		STREET 2:		STE 100
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85258

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ING Emerging Markets High Dividend Equity Fund
		DATE OF NAME CHANGE:	20100712
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>nsarb_ihd.fil
<DESCRIPTION>NSAR-B
<TEXT>
<PAGE>      PAGE  1
000 B000000 02/29/2016
000 C000000 0001496292
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 Voya Emerging Markets High Dividend Equity
001 B000000 811-22438
001 C000000 8009920180
002 A000000 7337 E Doubletree Ranch Rd, Suite 100
002 B000000 Scottsdale
002 C000000 AZ
002 D010000 85258
002 D020000 2034
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
008 A000001 Voya Investments, LLC
008 B000001 A
008 C000001 801-48282
008 D010001 Scottsdale
008 D020001 AZ
008 D030001 85258
008 D040001 2034
008 A000002 NNIP Advisors B.V.
008 B000002 S
008 C000002 801-000000
008 D010002 The Hague
008 D050002 The Netherlands
008 D060002 31703781781
008 A000003 Voya Investment Management Co. LLC
008 B000003 S
008 C000003 801-9046
008 D010003 New York
008 D020003 NY
008 D030003 10169
010 A000001 Voya Funds Services. LLC
010 C010001 Scottsdale
010 C020001 AZ
010 C030001 85258
010 C040001 2034
011 A000001 Morgan Stanley & Co. Incorporated
011 B000001 8-15869
011 C010001 New York
011 C020001 NY
<PAGE>      PAGE  2
011 C030001 10036
011 C040001 8293
012 A000001 Computershare Shareowner Services LLC.
012 B000001 85-05006
012 C010001 Jersey City
012 C020001 NJ
012 C030001 07310
012 C040001 1900
013 A000001 KPMG LLP
013 B010001 Boston
013 B020001 MA
013 B030001 02111
014 A000001 Voya Financial Advisors, Inc.
014 B000001 8-00000000
014 A000002 Voya Financials Partners, LLC
014 B000002 8-00000000
014 A000003 Voya Investments Distributor, LLC
014 B000003 8-00000000
014 A000004 Voya America Equities, Inc.
014 B000004 8-00000000
014 A000005 Voya Retirement Advisors, LLC
014 B000005 8-00000000
015 A000001 The Bank of New York
015 B000001 C
015 C010001 New York
015 C020001 NY
015 C030001 10286
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000  151
019 C000000 Voya-funds
020 A000001 UBS
020 B000001 13-2932996
020 C000001      36
020 A000002 Credit Suisse First Boston
020 B000002 13-5659485
020 C000002      24
020 A000003 JP Morgan Chase
020 B000003 36-2669770
020 C000003      24
020 A000004 Credit Agricole
020 B000004 N/A
020 C000004      22
020 A000005 Bank of America Corp.
020 B000005 56-2058405
020 C000005      19
020 A000006 Citigroup, Inc.
020 B000006 11-2418191
020 C000006      14
020 A000007 Deutsche
<PAGE>      PAGE  3
020 B000007 13-2518466
020 C000007      14
020 A000008 Morgan Stanley
020 B000008 94-1671384
020 C000008       9
020 A000009 Macquarie Capital
020 B000009 98-0141094
020 C000009       7
020 A000010 Barclays Capital
020 B000010 13-3551367
020 C000010       4
021  000000       176
022 A000001 Societe Generale
022 B000001 13-5616116
022 C000001       1762
022 D000001       3564
022 A000002 BNP Paribas
022 B000002 13-3235334
022 C000002       1502
022 D000002       3613
022 A000003 Barclays Capital
022 B000003 13-3551367
022 C000003       1120
022 D000003       3066
022 A000004 Bank of New York
022 B000004 13-5160382
022 C000004        597
022 D000004        627
022 A000005 Morgan Stanley
022 B000005 94-1671384
022 C000005          0
022 D000005        406
022 A000006 Beneficial Capital Management Corp.
022 B000006 61-492368
022 C000006          0
022 D000006          0
023 C000000        4981
023 D000000       11276
024  000000 Y
025 A000001 HSBC
025 B000001 13-3551367
025 C000001 E
025 D000001      789
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
<PAGE>      PAGE  4
026 H000000 N
027  000000 N
045  000000 Y
046  000000 N
047  000000 Y
048  000000  1.250
048 A010000         0
048 A020000 0.000
048 B010000         0
048 B020000 0.000
048 C010000         0
048 C020000 0.000
048 D010000         0
048 D020000 0.000
048 E010000         0
048 E020000 0.000
048 F010000         0
048 F020000 0.000
048 G010000         0
048 G020000 0.000
048 H010000         0
048 H020000 0.000
048 I010000         0
048 I020000 0.000
048 J010000         0
048 J020000 0.000
048 K010000         0
048 K020000 0.000
049  000000 N
050  000000 N
051  000000 N
052  000000 N
053 A000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056  000000 Y
<PAGE>      PAGE  5
057  000000 N
058 A000000 N
058 B000000
058 C000000
058 D000000
058 E000000
059  000000 Y
060 A000000 Y
060 B000000 Y
061  000000         0
062 A000000 N
062 B000000   0.0
062 C000000   0.0
062 D000000   0.0
062 E000000   0.0
062 F000000   0.0
062 G000000   0.0
062 H000000   0.0
062 I000000   0.0
062 J000000   0.0
062 K000000   0.0
062 L000000   0.0
062 M000000   0.0
062 N000000   0.0
062 O000000   0.0
062 P000000   0.0
062 Q000000   0.0
062 R000000   0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 Y
067  000000 N
068 A000000 N
068 B000000 Y
069  000000 N
070 A010000 N
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 Y
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
<PAGE>      PAGE  6
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000      55785
071 B000000      67083
071 C000000     188815
071 D000000   30
072 A000000 12
072 B000000         0
072 C000000      6631
072 D000000         0
072 E000000         0
072 F000000      2358
072 G000000        37
072 H000000         0
072 I000000        19
072 J000000       227
072 K000000        50
072 L000000         0
072 M000000         6
072 N000000         0
072 O000000         0
072 P000000         0
072 Q000000         0
072 R000000        66
072 S000000        11
072 T000000         0
072 U000000         0
072 V000000         0
072 W000000        39
<PAGE>      PAGE  7
072 X000000      2813
072 Y000000         0
072 Z000000      3818
072AA000000         0
072BB000000     10074
072CC010000         0
072CC020000     46970
072DD010000      3993
072DD020000         0
072EE000000         0
073 A010000    0.2044
073 A020000    0.0000
073 B000000    0.0000
073 C000000    0.8316
074 A000000        81
074 B000000         0
074 C000000         0
074 D000000       255
074 E000000      8460
074 F000000    141595
074 G000000         0
074 H000000         0
074 I000000      2201
074 J000000         0
074 K000000         0
074 L000000       977
074 M000000         3
074 N000000    153572
074 O000000         0
074 P000000       150
074 Q000000         0
074 R010000         0
074 R020000         0
074 R030000       596
074 R040000       144
074 S000000         0
074 T000000    152682
074 U010000     19540
074 U020000         0
074 V010000      7.81
074 V020000      0.00
074 W000000    0.0000
074 X000000         8
074 Y000000         0
075 A000000         0
075 B000000    191638
076  000000      6.71
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
<PAGE>      PAGE  8
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078  000000 N
080 A000000 Great American
080 B000000 N/A
080 C000000     40000
081 A000000 Y
081 B000000  173
082 A000000 N
082 B000000         0
083 A000000 N
083 B000000         0
084 A000000 N
084 B000000         0
085 A000000 Y
085 B000000 N
086 A010000       0
086 A020000       0
086 B010000       0
086 B020000       0
086 C010000       0
086 C020000       0
086 D010000       0
086 D020000       0
086 E010000       0
086 E020000       0
086 F010000       0
086 F020000       0
087 A010000 COMMON STOCK
087 A020000 45685X104
087 A030000 XIHDX
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 Y
SIGNATURE   Todd Modic
TITLE       CFO

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B
<SEQUENCE>2
<FILENAME>t1601080_ex99-77b.htm
<DESCRIPTION>EXHIBIT 99.77(B)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.77(b)</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Report of Independent Registered Public
Accounting Firm</B></P>

<P STYLE="font: 11pt Arial Unicode MS; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Shareholders and Board of Trustees</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Voya Emerging Markets High Dividend Equity Fund</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In planning and performing our audit of
the financial statements of the Voya Emerging Markets High Dividend Equity Fund (the &ldquo;Fund&rdquo;), as of and for the year
ended February 29, 2016, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we
considered the Fund&rsquo;s internal control over financial reporting, including controls over safeguarding securities, as a basis
for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund&rsquo;s internal
control over financial reporting. Accordingly, we express no such opinion.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management of the Fund is responsible for
establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control
over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance
of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance
with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial
statements.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A deficiency in internal control over financial
reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement
of the Fund&rsquo;s annual or interim financial statements will not be prevented or detected on a timely basis.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our consideration of the Fund&rsquo;s internal
control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting
Oversight Board (United States). However, we noted no deficiencies in the Fund&rsquo;s internal control over financial reporting
and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above
as of February 29, 2016.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This report is intended solely for the
information and use of management and the Board of Trustees of Voya Emerging Markets High Dividend Equity Fund and the Securities
and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Boston, Massachusetts</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">April 25, 2016</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1
<SEQUENCE>3
<FILENAME>t1601080_ex99-77q1.htm
<DESCRIPTION>EXHIBIT 99.77(Q)(1)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ITEM 77Q1&ndash; Exhibits</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)(1)</TD><TD STYLE="text-align: justify">Sub-Advisory Agreement dated January 8, 2016 between Voya Investments, LLC and NNIP Advisors B.V.
(formerly, ING Investment Management Advisors B.V.) &ndash; Filed herein.</TD></TR></TABLE>

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



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

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1E1
<SEQUENCE>4
<FILENAME>t1601080_ex99-77q1e1.htm
<DESCRIPTION>EXHIBIT 99.77(Q)(1)(E)(1)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">SUB-ADVISORY
AGREEMENT</FONT></P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Voya
EMERGING MARKETS HIGH DIVIDEND EQUITY FUND</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>AGREEMENT</B>, effective
as of January 8, 2016, between Voya Investments, LLC, an Arizona limited liability company (the &ldquo;Manager&rdquo;), and NNIP
Advisors B.V. (<I>formerly</I>, ING Investment Management Advisors B.V.), domiciled in The Hague, The Netherlands (the &ldquo;Sub-Adviser&rdquo;).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, Voya
Emerging Markets High Dividend Equity Fund (the &ldquo;Fund&rdquo;) is registered under the Investment Company Act of 1940, as
amended (the &ldquo;1940 Act&rdquo;), as a closed-end management investment company;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the
Fund is authorized to issue separate series, each series having its own investment objective or objectives, policies, and limitations;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the
Fund may offer shares of additional series in the future;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, pursuant
to an Investment Management Agreement, effective as of November 18, 2014 (the &ldquo;Investment Management Agreement&rdquo;), a
copy of which has been provided to the Sub-Adviser, the Fund has retained the Manager to render advisory and management services
with respect to the Fund; and</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, pursuant
to authority granted to the Manager in the Investment Management Agreement, the Manager wishes to retain the Sub-Adviser to furnish
investment advisory services to the Fund, and the Sub-Adviser is willing to furnish such services to the Fund and the Manager.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>,
in consideration of the premises and the promises and mutual covenants herein contained, it is agreed between the Manager and the
Sub-Adviser as follows:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Appointment</U></B>.
The Manager hereby appoints the Sub-Adviser to act as the investment adviser and manager to the Fund and its series set forth on
<B><I><U>Schedule A</U></I></B> hereto (the &ldquo;Series&rdquo;) for the periods and on the terms set forth in this Agreement.
The Sub-Adviser accepts such appointment and agrees to furnish the services herein set forth for the compensation herein provided.
To the extent that the Sub-Adviser is not the only person providing investment advisory services to a Series, the term &ldquo;Series&rdquo;
shall be interpreted for purposes of this Agreement to only include those assets of the Series over which the Sub-Adviser is directed
by the Manager to provide investment advisory services.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event the Fund
designates one or more series (other than the Series) with respect to which the Manager wishes to retain the Sub-Adviser to render
investment advisory services hereunder, it shall notify the Sub-Adviser in writing. If the Sub-Adviser is willing to render such
services, it shall notify the Manager in writing, whereupon such series shall become a Series hereunder, and be subject to this
Agreement.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sub-Adviser
Duties</U></B>. Subject to the supervision of the Fund&rsquo;s Board of Trustees and the Manager, the Sub-Adviser will provide
a continuous investment program for the Fund&rsquo;s</P>

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">portfolio and determine
in its discretion the composition of the assets of the Fund&rsquo;s portfolio, including determination of the purchase, retention,
or sale of the securities, cash, and other investments contained in the portfolio. The Sub-Adviser will provide investment research
and conduct a continuous program of evaluation, investment, sales, and reinvestment of the Fund&rsquo;s assets by determining the
securities and other investments that shall be purchased, entered into, sold, closed, or exchanged for the Fund, when these transactions
should be executed, and what portion of the assets of the Fund should be held in the various securities and other investments in
which it may invest. To the extent permitted by the investment policies of the Fund, the Sub-Adviser shall make decisions for the
Fund as to foreign currency matters and make determinations as to and execute and perform foreign currency exchange contracts on
behalf of the Fund. The Sub-Adviser will provide the services under this Agreement in accordance with&rsquo; the Fund&rsquo;s investment
objective or objectives, policies, and restrictions as stated in the Fund&rsquo;s Registration Statement filed with the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;), as amended, copies of which shall be sent to the Sub-Adviser by the Manager prior
to the commencement of this Agreement and as soon as possible following any such amendment. The Sub-Adviser further agrees as follows:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser will conform with the 1940 Act and all rules and regulations thereunder, all other applicable federal and state laws
and regulations, with any applicable procedures adopted by the Fund&rsquo;s Board of Trustees of which the Sub-Adviser has been
sent a copy, and the provisions of the Registration Statement of the Fund filed under the Securities Act of 1933 (the &ldquo;1933
Act&rdquo;) and the 1940 Act, as supplemented or amended, of which the Sub-Adviser has received a copy, and with the Manager&rsquo;s
portfolio manager operating policies and procedures as in effect on the date hereof, as such policies and procedures may be revised
or amended by the Manager and agreed to by the Sub-Adviser. In carrying out its duties under the Sub-Adviser Agreement, the Sub-Adviser
will comply with the following policies and procedures:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser will manage the Fund so that it meets the income and asset diversification requirements of Section 851 of the Internal
Revenue Code.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser will have no duty to vote any proxy solicited by or with respect to the issuers of securities in which assets of the
Fund are invested in connection with annual and special meetings of equity stockholders, provided however, that the Sub-Adviser
retains responsibility to vote or abstain from voting all proxies with respect to non-equity portfolio securities and all portfolio
securities for matters with regard to bankruptcy or related plans of reorganization, unless the Manager gives the Sub-Adviser written
instructions to the contrary. The Sub-Adviser will immediately forward any proxy it receives on behalf of the Fund solicited by
or with respect to the issuers of securities in which assets of the Fund are invested to the Manager or to any agent of the Manager
designated by the Manager in writing.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">The Sub-Adviser
will make appropriate personnel available for consultation for the purpose of reviewing with representatives of the Manager and/or
the Board of Trustees any proxy solicited by or with respect to the issuers</P>

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


<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">of securities
in which assets of the Fund are invested. Upon request, the Sub-Adviser will submit a written voting recommendation to the Manager
for such proxies. In making such recommendations, the Sub-Adviser shall use its good faith judgment to act in the best interest
of the Fund. The Sub-Adviser shall disclose to the best of its knowledge any conflict of interest with the issuers of securities
that are the subject of such recommendation including whether such issuers are clients or are being solicited as clients of the
Sub-Adviser or of its affiliates.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the purchase and sale of securities for the Fund, the Sub-Adviser will arrange for the transmission to the custodian
and portfolio accounting agent for the Fund on a daily basis, such confirmation, trade tickets, and other documents and information,
including, but not limited to, Cusip, Sedol, or other numbers that identify securities to be purchased or sold on behalf of the
Fund, as may be reasonably necessary to enable the custodian and portfolio accounting agent to perform its administrative and record
keeping responsibilities with respect to the Fund . With respect to portfolio securities to be settled through the Depository Trust
Company, the Sub-Adviser will arrange for the prompt transmission of the confirmation of such trades to the Fund&rsquo;s custodian
and portfolio accounting agent.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser will assist the custodian and portfolio accounting agent for the Fund in determining or confirming, consistent with
the procedures and policies stated in the Registration Statement for the Fund or adopted by the Board of Trustees, the value of
any portfolio securities or other assets of the Fund for which the custodian and portfolio accounting agent seeks assistance from
or identifies for review by the Sub-Adviser. The parties acknowledge that the Sub-Adviser is not a custodian of the Fund&rsquo;s
assets and will not take possession or custody of such assets.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser will provide the Manager, no later than the 10th business day following the end of the Fund&rsquo;s semi-annual period
and fiscal year, a letter to shareholders (to be subject to review and editing by the Manager) containing a discussion of those
factors referred to in Item 27(b)(7) of 1940 Act Form N-1A in respect of both the prior quarter and the fiscal year to date.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser will complete and deliver to the Manager a complete written compliance checklist, in a form provided by the Manager,
for each month by the 10th business day of the following month.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser will complete and deliver to the Manager by the 10th business day of each month a written report on the Fund that contains
the following information as of the immediately previous month&rsquo;s end:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Composition
of the assets of the Fund&rsquo;s portfolio and the impact of key portfolio holdings and sector concentrations on the Fund.</P>

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


<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confirmation
of the Fund&rsquo;s current investment objective and Sub-Adviser&rsquo;s projected plan to realize the Fund&rsquo;s investment
objectives.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser will use reasonable efforts to make available to the Fund and the Manager, upon request, any of the Fund&rsquo;s investment
records and ledgers maintained by the Sub-Adviser (which shall not include the records and ledgers maintained by the custodian
or portfolio accounting agent for the Fund) as are necessary to assist the Fund and the Manager to comply with requirements of
the 1940 Act and the Investment Advisers Act of 1940 (the &ldquo;Advisers Act&rdquo;), as well as other applicable laws. The Sub-Adviser
will use reasonable efforts to furnish to regulatory authorities having the requisite authority any information or reports in the
possession of the Sub-Adviser in connection with such services in respect to the Fund which may be requested in order to ascertain
whether the operations of the Fund are being conducted in a manner consistent with applicable laws and regulations. The Manager
will use reasonable efforts to make available to the Sub-Adviser information it may reasonably request and that is necessary to
enable the Sub-Adviser to meet any regulatory or reporting requirement.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser will provide reports to the Fund&rsquo;s Board of Trustees for consideration at meetings of the Board of Trustees on
the investment program for the Fund and the issuers and securities represented in the Fund&rsquo;s portfolio, and will furnish
the Fund&rsquo;s Board of Trustees with respect to the Fund such periodic and special reports as the Board of Trustees and the
Manager may reasonably request.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With respect to any investments, including but not limited to repurchase and reverse repurchase agreements, derivatives contracts,
futures contracts and options on futures contracts (&ldquo;futures&rdquo;), which are permitted to be made by the Sub-Adviser in
accordance with this Agreement and the investment objectives of the Fund as outlined in the prospectus, the Manager hereby authorizes
and directs the Sub-Adviser to do and perform every act and thing whatsoever necessary or incidental in performing its duties and
obligations under this Agreement including, but not limited to, executing as agent on behalf of the Fund or series of Funds, as
the case may be, brokerage agreements and other documents to establish, operate and conduct all brokerage or other trading accounts,
and executing as agent on behalf of the Fund or series of Funds, as the case may be, such agreements and other documentation as
may be required for the purchase or sale, assignment, transfer and ownership of any permitted investment, including limited partnership
agreements, repurchase agreements and derivative master agreements (including but not limited to the ISDA Master Agreements, Credit
Support Annexes, Collateral Account Control Agreements, Master Confirmation Agreements, Confirmations), including any schedules
and annexes to such agreements, releases, consents, elections and confirmations. The Sub-Adviser acknowledges that it is obligated
to negotiate terms and conditions that conform to the 1940 Act and all rules and regulations thereunder and are in the best interest
of the Fund and its shareholders with respect to such documents. The Manager acknowledges and understands that it will be bound
by any such trading accounts established, and agreements and other documentation executed, by the Sub-Adviser for such investment
purposes.</P>

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


<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Broker-Dealer
Selection</U></B>. The Sub-Adviser is authorized to make decisions to buy and sell securities and other investments for the Fund&rsquo;s
portfolio, broker-dealer selection, and negotiation of brokerage commission rates in effecting a security transaction. The Sub-Adviser&rsquo;s
primary consideration in effecting a security transaction will be to obtain the best execution for the Fund, taking into account
the factors specified in the prospectus and/or statement of additional information for the Fund, and determined in consultation
with the Manager, which include price (including the applicable brokerage commission or dollar spread), the size of the order,
the nature of the market for the security, the timing of the transaction, the reputation, the experience and financial stability
of the broker-dealer involved, the quality of the service, the difficulty of execution, and the execution capabilities and operational
facilities of the firm involved, and the firm&rsquo;s risk in positioning a block of securities. Accordingly, the price to the
Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified,
in the judgment of the Sub-Adviser in the exercise of its fiduciary obligations to the Fund, by other aspects of the portfolio
execution services offered. Subject to such policies as the Fund&rsquo;s Board of Trustees or Manager may determine and consistent
with Section 28(e) of the Securities Exchange Act of 1934, the Sub-Adviser shall not be deemed to have acted unlawfully or to have
breached any duty created by this Agreement or otherwise solely by reason of its having caused the Fund to pay a broker-dealer
for effecting a portfolio investment transaction in excess of the amount of commission another broker-dealer would have charged
for effecting that transaction, if the Sub-Adviser determines in good faith that such amount of commission was reasonable in relation
to the value of the brokerage and research services provided by such broker-dealer, viewed in terms of either that particular transaction
or the Sub-Adviser&rsquo;s or the Manager&rsquo;s overall responsibilities with respect to the Fund and to their respective other
clients as to which they exercise investment discretion. The Sub-Adviser may select broker-dealers that participate in commission
recapture programs that benefit the Fund, subject to the Sub-Adviser&rsquo;s duty to obtain best execution. To the extent consistent
with these standards, the Sub-Adviser is further authorized to allocate the orders placed by it on behalf of the Fund to the Sub-Adviser
if it is registered as a broker-dealer with the SEC, to an affiliated broker-dealer, or to such brokers and dealers who also provide
research or statistical material, or other services to the Fund, the Sub-Adviser, or an affiliate of the Sub-Adviser. Such allocation
shall be in such amounts and proportions as the Sub-Adviser shall determine consistent with the above standards, and the Sub-Adviser
will report on said allocation regularly to the Fund&rsquo;s Board of Trustees indicating the broker-dealers to which such allocations
have been made and the basis therefor.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disclosure
about Sub-Adviser</U></B>. The Sub-Adviser has reviewed the most recent Post-Effective Amendment to the Registration Statement
for the Fund filed with the SEC that contains disclosure about the Sub-Adviser, and represents and warrants that, with respect
to the disclosure about the Sub-Adviser or information relating, directly or indirectly, to the Sub-Adviser, such Registration
Statement contains, as of the date hereof, no untrue statement of any material fact and does not omit any statement of a material
fact which was required to be stated therein or necessary to make the statements contained therein, in light of the circumstances
under which they were made, not misleading. The Sub-Adviser further represents and warrants that it is a duly registered investment
adviser under the Advisers Act and will maintain such registration so long as this Agreement remains in effect. The Sub-Adviser
will provide the Manager with a copy of the Sub-Adviser&rsquo;s Form ADV, Part II at the time the Form ADV is filed with the SEC.</P>

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


<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U></B>.
During the term of this Agreement, the Sub-Adviser will pay all expenses incurred by it and its staff and for their activities
in connection with its portfolio management duties under this Agreement. The Manager or the Fund shall be responsible for all the
expenses of the Fund&rsquo;s operations. Notwithstanding the terms of this Section 5, if the Fund is required, under applicable
law, to supplement the Registration Statement because of a change requested by the Sub-Adviser, the Sub-Adviser will reimburse
the Fund and/or the Manager for the cost of preparing, printing and distributing such supplement, unless the Sub-Adviser is requesting
the change in order to comply with an applicable law, rule or regulation.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation</U></B>.
For the services provided to the Fund, the Manager will pay the Sub-Adviser an annual fee equal to the amount specified for the
Fund on <B><I><U>Schedule A</U></I></B> hereto, payable monthly in arrears.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fee will be appropriately
prorated to reflect any portion of a calendar month that this Agreement is not in effect among the parties. In accordance with
the provisions of the Investment Management Agreement, the Manager is solely responsible for the payment of fees to the Sub-Adviser,
and the Sub-Adviser agrees to seek payment of its fees solely from the Manager; provided, however, that if the Fund fails to pay
the Manager all or a portion of the Investment Management fee under said Investment Management Agreement when due, and the amount
that was paid is insufficient to cover the Sub-Adviser&rsquo;s fee under this Agreement for the period in question, then the Sub-Adviser
may enforce against the Fund any rights it may have as a third-party beneficiary under the Investment Management Agreement and
the Manager will take all steps appropriate under the circumstances to collect the amount due from the Fund.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expense
Sharing</U></B>. The Sub-Adviser hereby agrees to reimburse the Manager for the following costs incurred in connection with the
Fund: all expenses or costs not ultimately borne by the Fund incurred in connection with creating and organizing the Fund; registering
its shares for initial public offering; listing its shares on the New York Stock Exchange; preparing for and conducting the &ldquo;road
shows&rdquo; to obtain indications of interest (such costs shall not include travel and entertainment expenses incurred in connection
with the &ldquo;road shows&rdquo;); producing, printing and delivering marketing materials and the &ldquo;red herring&rdquo; prospectus
for the Fund; compensating registered representatives of Voya Investments Distributor, LLC for sales of Fund shares; compensating
the members of the underwriting syndicate for the Fund&rsquo;s closing; and the Fund&rsquo;s initial public offering, including
the exercise of the underwriter&rsquo;s over-allotment option (collectively, the &ldquo;Covered Expenses&rdquo;). The Sub-Adviser
shall reimburse the Manager for 46% of Covered Expenses. The Manager shall provide to the Sub-Adviser reasonable proof of the amount
incurred and that it is a Covered Expense and the Sub-Adviser shall provide reimbursement promptly after receipt of such proof.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Marketing
Materials</U></B>.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the term of this Agreement, the Sub-Adviser agrees to furnish the Manager at its principal office for prior review and approval
by the Manager all written and/or printed materials, including but not limited to, PowerPoint<SUP>&reg;</SUP> or slide presentations,
news releases, advertisements, brochures, fact sheets and other promotional, informational or marketing materials (the &ldquo;Marketing
Materials&rdquo;) for public dissemination, that are produced or are for use or reference by the Sub-Adviser, its</P>

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


<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">affiliates
or other designees provided at Sub-Adviser&rsquo;s direction, in connection with the Fund, and Sub-Adviser shall not use any such
materials if the Manager reasonably objects in writing within five business days (or such other period as may be mutually agreed)
after receipt thereof. The Manager&rsquo;s right to object to such Marketing Materials is limited to the positions of such materials
that expressly relate to the Manager and its affiliates, the Fund or the Sub-Adviser&rsquo;s services regarding the Fund. Marketing
Materials may be furnished to the Manager by first class or overnight mail, facsimile transmission equipment, electronic delivery
or hand delivery.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the term of this Agreement, the Manager agrees to furnish the Sub-Adviser at its principal office all prospectuses, proxy statements,
reports to shareholders, or Marketing Materials prepared for distribution to shareholders of the Fund, or the public that refer
to the Sub-Adviser in any way, prior to the use thereof, and the Manager shall not use any such materials if the Sub-Adviser reasonably
objects in writing within five business days (or such other period as may be mutually agreed) after receipt thereof. The Sub-Adviser&rsquo;s
right to object to such materials is limited to the portions of such materials that expressly relate to the Sub-Adviser, its services
and its clients. The Manager agrees to use its reasonable best efforts to ensure that materials prepared by its employees or agents
or its affiliates that refer to the Sub-Adviser or its clients in any way are consistent with those materials previously approved
by the Sub-Adviser as referenced in the first sentence of this paragraph. Marketing Materials may be furnished to the Sub-Adviser
by first class or overnight mail, facsimile transmission equipment, electronic delivery or hand delivery.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance</U></B>.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser agrees to use reasonable compliance techniques as the Manager or the Board of Trustees may adopt, including any written
or electronic compliance procedures that are reasonably designed to comply with applicable regulatory requirements.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser agrees that it shall notify the Manager and the Fund as soon as reasonably possible (1) in the event that the SEC has
censured the Sub-Adviser; placed limitations upon its activities, functions or operations; suspended or revoked its registration
as an investment adviser; or has commenced proceedings or an investigation that may result in any of these actions, or (2) upon
having a reasonable basis for believing that the Fund has ceased to qualify or might not qualify as a regulated investment company
under Subchapter M of the Internal Revenue Code. The Sub-Adviser further agrees to notify the Manager and the Fund as soon as reasonably
possible of any material fact known to the Sub-Adviser respecting or relating to the Sub-Adviser that is not contained in the Registration
Statement or prospectus for the Fund, or any amendment or supplement thereto, or if any statement contained therein that becomes
untrue in any material respect.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager agrees that it shall notify the Sub-Adviser as soon as reasonably possible (1) in the event that the SEC has censured the
Manager or the Fund; placed limitations upon either of their activities, functions, or operations; suspended or</P>

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


<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">revoked the
Manager&rsquo;s registration as an investment adviser; or has commenced proceedings or an investigation that may result in any
of these actions, or (2) upon having a reasonable basis for believing that the Fund has ceased to qualify or might not qualify
as a regulated investment company under Subchapter M of the Internal Revenue Code.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>10.&nbsp;&nbsp;&nbsp;<U>Books
and Records</U></B>. The Fund and the Manager shall have access at all reasonable times and on reasonable notice to all records
maintained by the Sub-Adviser. The Sub-Adviser agrees that it will surrender upon reasonable request to the Manager copies of records
in its possession relating to the Fund or the services rendered by the Sub-Adviser relating to the Fund, provided that the Sub-Adviser
shall keep the originals of such records to the extent necessary for the Sub-Adviser to comply with applicable laws, including
Rule 31a-3 under the 1940 Act. The Sub-Adviser further agrees to preserve such records for such time periods as may be prescribed
by Rule 31a-2 under the 1940 Act, provided that before disposing of any such records, Sub-Adviser will advise the Adviser and deliver
the same to Manager if so requested.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>11.&nbsp;&nbsp;&nbsp;<U>Cooperation;
Confidentiality</U></B>. Each party to this Agreement agrees to cooperate with the other party and with all appropriate governmental
authorities having the requisite jurisdiction (including, but not limited to, the SEC) in connection with any investigation or
inquiry relating to this Agreement or the Fund.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the foregoing,
the Sub-Adviser shall treat as confidential all information pertaining to the Fund and actions of the Fund, the Manager and the
Sub-Adviser, and the Manager shall treat as confidential and use only in connection with the Fund all information furnished to
the Fund or the Manager by the Sub-Adviser, in connection with its duties under the Agreement, except that the aforesaid information
need not be treated as confidential if required to be disclosed under applicable law, if generally available to the public through
means other than by disclosure by the Sub-Adviser or the Manager, or if available from a source other than the Manager, Sub-Adviser
or the Fund.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>12.&nbsp;&nbsp;&nbsp;<U>Non-Exclusivity</U></B>.
The services of the Sub-Adviser to the Fund are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment
advisory or other services to others (including other investment companies) and to engage in other activities.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>13.&nbsp;&nbsp;&nbsp;<U>Prohibited
Conduct</U></B>. The Sub-Adviser may not consult with any other sub-adviser of the Fund concerning transactions in securities or
other assets for any investment portfolio of the Fund, except that such consultations are permitted between the current and successor
sub-advisers of the Fund in order to effect an orderly transition of sub-advisory duties so long as such consultations are not
concerning transactions prohibited by Section 17(a) of the 1940 Act.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>14.&nbsp;&nbsp;&nbsp;<U>Representations
Respecting Sub-Adviser</U></B>. The Manager agrees that neither the Manager, nor affiliated persons of the Manager, shall give
any information or make any representations or statements in connection with the sale of shares of the Fund concerning the Sub-Adviser
or the Fund other than the information or representations contained in the Registration Statement, prospectus, or statement of
additional information for the Fund&rsquo;s shares, as they may be amended or supplemented from time to time, or in reports or
proxy statements for the Fund, or in sales literature or other promotional material approved in advance by the Sub-Adviser, except
with the prior permission of the Sub-Adviser.</P>

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


<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>15.&nbsp;&nbsp;&nbsp;<U>Control</U></B>.
Notwithstanding any other provision of the Agreement, it is understood and agreed that the Fund shall at all times retain the ultimate
responsibility for and control of all functions performed pursuant to this Agreement and has reserved the right to reasonably direct
in accordance with this Agreement any action hereunder taken on its behalf by the Sub-Adviser.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>16.&nbsp;&nbsp;&nbsp;<U>Liability</U></B>.
The management services provided by the Sub-Adviser are wholly for the account and risk of the Fund. Other than in the cases where
such damage arises out of willful misfeasance, bad faith, or negligence in the performance of duties on the part of the Sub-Adviser,
or by reason of its reckless disregard of obligations and duties under this Agreement, the Sub-Adviser is not responsible for any
damage that the Fund, the Manager or any other party may suffer at any time, including damage resulting from reductions in value
or losses and damage as a result of shortcomings of natural persons and legal entities that are not a party to this Agreement,
other than employees or agents of the Sub-Adviser.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No party shall be liable
for any losses caused by force majeure, riot, war or natural events due to other occurrences for which the party cannot be held
responsible (e.g. administrative act of domestic or foreign high authorities).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>17.&nbsp;&nbsp;&nbsp;<U>Indemnification</U></B>.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager agrees to indemnify and hold harmless the Sub-Adviser, any affiliated person of the Sub-Adviser, and each person, if any,
who, within the meaning of Section 15 of the 1933 Act controls (&ldquo;controlling person&rdquo;) the Sub-Adviser (all of such
persons being referred to as &ldquo;Sub-Adviser Indemnified Persons&rdquo;) against any and all losses, claims, damages, liabilities,
or litigation (including legal and other expenses) to which a Sub-Adviser Indemnified Person may become subject under the 1933
Act, the 1940 Act, the Advisers Act, under any other statute, at common law or otherwise, arising out of the Sub-Adviser&rsquo;s
activities pursuant to this Agreement, arising out of the Manager&rsquo;s responsibilities to the Fund which (1) may be based upon
the Manager&rsquo;s negligence, willful misfeasance, or bad faith in the performance of its duties (which could include a negligent
action or a negligent omission to act), or by reason of the Manager&rsquo;s reckless disregard of its obligations and duties under
this Agreement or (2) may be based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement or prospectus covering shares of the Fund, or any amendment thereof or any supplement thereto, or the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading,
unless such statement or omission was made in reliance upon information furnished to the Manager or the Fund or to any affiliated
person of the Manager by a Sub-Adviser Indemnified Person; provided however, that in no case shall the indemnity in favor of the
Sub-Adviser Indemnified Person be deemed to protect such person against any liability to which any such person would otherwise
be subject by reason of willful misfeasance, bad faith, or negligence in the performance of its duties, or by reason of its reckless
disregard of obligations and duties under this Agreement.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
Section 16 of this Agreement, the Sub-Adviser agrees to indemnify and hold harmless the Manager, any affiliated person of the Manager,
and any controlling person of the Manager (all of such persons being referred to as &ldquo;Manager</P>

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


<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Indemnified
Persons&rdquo;) against any and all losses, claims, damages, liabilities, or litigation (including legal and other expenses) to
which a Manager Indemnified Person may become subject under the 1933 Act, 1940 Act, the Advisers Act, under any other statute,
at common law or otherwise, arising out of the Sub-Adviser&rsquo;s responsibilities as Sub-Adviser of the Fund which (1) may be
based upon the Sub-Adviser&rsquo;s negligence, willful misfeasance, or bad faith in the performance of its duties (which could
include a negligent action or a negligent omission to act), or by reason of the Sub-Adviser&rsquo;s reckless disregard of its obligations
and duties under this Agreement, or (2) may be based upon any untrue statement or alleged untrue statement of a material fact contained
in the Registration Statement or prospectus covering the shares of the Fund, or any amendment or supplement thereto, or the omission
or alleged omission to state therein a material fact known or which should have been known to the Sub-Adviser and was required
to be stated therein or necessary to make the statements therein not misleading, unless such a statement or omission was made in
reliance upon information furnished to the Sub-Adviser or any affiliated person of the Sub-Adviser by the Manager Indemnified Persons;
provided, however, that in no case shall the indemnity in favor of a Manager Indemnified Person be deemed to protect such person
against any liability to which any such person would otherwise be subject by reason of willful misfeasance, bad faith, negligence
in the performance of its duties, or by reason of its reckless disregard of its obligations and duties under this Agreement.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager shall not be liable under Paragraph (a) of this Section 17 with respect to any claim made against a Sub-Adviser Indemnified
Person unless such Sub-Adviser Indemnified Person shall have notified the Manager in writing within a reasonable time after the
summons or other first legal process giving information of the nature of the claim shall have been served upon such Sub-Adviser
Indemnified Person (or after such Sub-Adviser Indemnified Person shall have received notice of such service on any designated agent),
but failure to notify the Manager of any such claim shall not relieve the Manager from any liability which it may have to the Sub-Adviser
Indemnified Person against whom such action is brought except to the extent the Manager is prejudiced by the failure or delay in
giving such notice. In case any such action is brought against the Sub-Adviser Indemnified Person, the Manager will be entitled
to participate, at its own expense, in the defense thereof or, after notice to the Sub-Adviser Indemnified Person, to assume the
defense thereof, with counsel satisfactory to the Sub-Adviser Indemnified Person. If the Manager assumes the defense of any such
action and the selection of counsel by the Manager to represent the Manager and the Sub-Adviser Indemnified Person would result
in a conflict of interests and therefore, would not, in the reasonable judgment of the Sub-Adviser Indemnified Person, adequately
represent the interests of the Sub-Adviser Indemnified Person, the Manager will, at its own expense, assume the defense with counsel
to the Manager and, also at its own expense, with separate counsel to the Sub-Adviser Indemnified Person, which counsel shall be
satisfactory to the Manager and to the Sub-Adviser Indemnified Person. The Sub-Adviser Indemnified Person shall bear the fees and
expenses of any additional counsel retained by it, and the Manager shall not be liable to the Sub-Adviser Indemnified Person under
this Agreement for any legal or other expenses subsequently incurred by the Sub-Adviser Indemnified Person independently in connection
with the defense thereof other than reasonable costs of investigation. The Manager shall not have the right to compromise on</P>

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


<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">or settle the
litigation without the prior written consent of the Sub-Adviser Indemnified Person if the compromise or settlement results, or
may result in a finding of wrongdoing on the part of the Sub-Adviser Indemnified Person.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser shall not be liable under Paragraph (b) of this Section 17 with respect to any claim made against a Manager Indemnified
Person unless such Manager Indemnified Person shall have notified the Sub-Adviser in writing within a reasonable time after the
summons or other first legal process giving information of the nature of the claim shall have been served upon such Manager Indemnified
Person (or after such Manager Indemnified Person shall have received notice of such service on any designated agent), but failure
to notify the Sub-Adviser of any such claim shall not relieve the Sub-Adviser from any liability which it may have to the Manager
Indemnified Person against whom such action is brought except to the extent the Sub-Adviser is prejudiced by the failure or delay
in giving such notice. In case any such action is brought against the Manager Indemnified Person, the Sub-Adviser will be entitled
to participate, at its own expense, in the defense thereof or, after notice to the Manager Indemnified Person, to assume the defense
thereof, with counsel satisfactory to the Manager Indemnified Person. If the Sub- Adviser assumes the defense of any such action
and the selection of counsel by the Sub-Adviser to represent both the Sub-Adviser and the Manager Indemnified Person would result
in a conflict of interests and therefore, would not, in the reasonable judgment of the Manager Indemnified Person, adequately represent
the interests of the Manager Indemnified Person, the Sub-Adviser will, at its own expense, assume the defense with counsel to the
Sub-Adviser and, also at its own expense, with separate counsel to the Manager Indemnified Person, which counsel shall be satisfactory
to the Sub-Adviser and to the Manager Indemnified Person. The Manager Indemnified Person shall bear the fees and expenses of any
additional counsel retained by it, and the Sub-Adviser shall not be liable to the Manager Indemnified Person under this Agreement
for any legal or other expenses subsequently incurred by the Manager Indemnified Person independently in connection with the defense
thereof other than reasonable costs of investigation. The Sub-Adviser shall not have the right to compromise on or settle the litigation
without the prior written consent of the Manager Indemnified Person if the compromise or settlement results, or may result in a
finding of wrongdoing on the part of the Manager Indemnified Person.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>18.&nbsp;&nbsp;&nbsp;<U>Duration
and Termination</U></B>.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall become effective on the date first indicated above, subject to the condition that the Fund&rsquo;s Board of Trustees,
including a majority of those Trustees who are not interested persons (as such term is defined in the 1940 Act) of the Manager
or the Sub-Adviser, and the shareholders of the Fund, shall have approved this Agreement. This Agreement shall remain in full force
and effect for two years from the effective date of this Agreement subject to termination pursuant to this Agreement or termination
otherwise by law, and continue on an annual basis thereafter with respect to the Fund covered by this Agreement; provided that
such annual continuance is specifically approved each year by (a) the Board of Trustees of the Fund, or by the vote of a majority
of the outstanding voting securities (as defined in the 1940 Act) of the Fund, and (b) the vote of a majority of those Trustees
who are not parties to this</P>

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


<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Agreement or
interested persons (as such term is defined in the 1940 Act) of any such party to this Agreement cast in person at a meeting called
for the purpose of voting on such approval. However, any approval of this Agreement by the holders of a majority of the outstanding
shares (as defined in the 1940 Act) of the Fund shall be effective to continue this Agreement with respect to the Fund notwithstanding
(a) that this Agreement has not been approved by the holders of a majority of the outstanding shares of any other Fund, or (b)
that this Agreement has not been approved by the vote of a majority of the outstanding shares of the Fund, unless such approval
shall be required by any other applicable law or otherwise.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Notwithstanding
the foregoing, this Agreement may be terminated with respect to the Fund covered by this Agreement: (a) by the Manager at any time,
upon sixty (60) days&rsquo; written notice to the Sub-Adviser and the Fund, (b) at any time without payment of any penalty by the
Fund, by the Fund&rsquo;s Board of Trustees or a majority of the outstanding voting securities of the Fund, upon sixty (60) days&rsquo;
written notice to the Manager and the Sub-Adviser, or (c) by the Sub-Adviser without payment of any penalty, upon thirty (30) days&rsquo;
written notice to the Fund and the Manager. After termination of this Agreement, the Manager and the Sub-Adviser will consult together
on the proper completion of the services and transfer of the Sub-Adviser&rsquo;s functions to the Manager or a third party; provided,
however, that the Sub-Adviser may terminate this Agreement at any time without penalty, effective upon written notice to the Manager
and the Fund, in the event either the Sub-Adviser (acting in good faith) or the Manager ceases to be registered as an investment
adviser under the Advisers Act or otherwise becomes legally incapable of providing investment management services pursuant to its
respective contract with the Fund, or in the event the Manager or the Fund becomes bankrupt or otherwise incapable of carrying
out its obligations under this Agreement, or in the event that the Sub-Adviser does not receive compensation for its services from
the Manager or the Fund as required by the terms of this Agreement.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">In the event
of termination for any reason, all available records of the Fund for which the Agreement is terminated shall be returned to the
Manager or the Fund, free from any claim or retention of rights in such record by the Sub-Adviser, although the Sub-Adviser may,
at its own expense, make and retain a copy of such records. This Agreement shall automatically terminate in the event of its assignment
(as such term is described in the 1940 Act). In the event this Agreement is terminated or is not approved in the manner described
above, the Sections or Paragraphs numbered 10, 11, 14, 15, 16 and 17 of this Agreement shall remain in effect, as well as any applicable
provision of this Section numbered 18 and, to the extent that only amounts are owed to the Sub-Adviser as compensation for services
rendered while the agreement was in effect, Section&nbsp;6.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices.
Any notice must be in writing and shall be sufficiently given (1) when delivered in person, (2) when dispatched by telegram or
electronic facsimile transfer (confirmed in writing by postage prepaid first class air mail simultaneously dispatched), (3) when
sent by internationally recognized overnight courier service (with receipt confirmed by such overnight courier service), or (4)
when sent by registered or</P>

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


<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">certified mail,
to the other party at the address of such party set forth below or at such other address as such party may from time to time specify
in writing to the other party.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>If to the Fund:</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Voya Emerging Markets High Dividend Equity
Fund</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7337 East Doubletree Ranch Road</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Suite 100</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Scottsdale, Arizona 85258-2034 USA</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Attention: Huey P. Falgout, Jr.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>If to the Manager:</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Voya Investments, LLC</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7337 East Doubletree Ranch Road</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Suite 100</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Scottsdale, Arizona 85258-2034 USA</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Attention: Michael J. Roland</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>If to the Sub-Adviser:</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NNIP Advisors B.V.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Schenkkade 65</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2595 AS The Hague, The Netherlands</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Attention: Head of International Clients</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>19.&nbsp;&nbsp;&nbsp;<U>Amendments</U></B>.
No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed
by the party against which enforcement of the change, waiver, discharge or termination is sought, and no amendment of this Agreement
shall be effective until approved as required by applicable law.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>20.&nbsp;&nbsp;&nbsp;<U>Use
of Names</U></B>.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is understood that the name &ldquo;Voya Investments, LLC.&rdquo; or any trademark, trade name, service mark, or logo, or any variation
of such trademark, service mark, or logo of the Manager or its affiliates, including but not limited to the mark &ldquo;Voya&trade;&rdquo;
(collectively, the &ldquo;Voya Marks&rdquo;) is the valuable property of the Manager and/or its affiliates, and that the Sub-Adviser
has the right to use such Voya Marks only with the prior written consent of the Manager and only so long as the Sub-Adviser is
a sub-adviser to the Fund/Series. In the event that the Sub-Adviser is no longer the Sub-Adviser to the Fund and/or the Series,
or upon the termination of the Investment Management Agreement between the Fund and the Manager without its replacement with another
agreement, or the earlier request of the Manager, the Sub-Adviser shall, as soon as is reasonably possible, discontinue all use
of the Voya Marks.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is understood that the name &ldquo;NNIP Advisors B.V.,&rdquo; or any trademark, trade name, service mark, or logo, or any variation
of such trademark, trade name, service mark, or logo of the Sub-Adviser or its affiliates (collectively, the &ldquo;NNIP Marks&rdquo;)
are the</P>

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


<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">valuable property
of the Sub-Adviser and its affiliates and that the Fund and/or the Series have the right to use such NNIP Marks in the names of
the Series and in offering materials of the Fund only with the approval of the Sub-Adviser and only for so long as the Sub-Adviser
is a sub-adviser to the Fund and/or the Series. In the event that the Sub-Adviser is no longer the Sub-Adviser to the Fund and/or
the Series, or upon the termination of the Investment Management Agreement between the Fund and the Manager without its replacement
with another agreement, or the earlier request of the Sub-Adviser, the Manager shall, as soon as is reasonably possible, discontinue
all use of the NNIP Marks.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>21.&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U></B>.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be governed by the laws of the State of New York, provided that nothing herein shall be construed in a manner inconsistent
with the 1940 Act, the Advisers Act or rules or orders of the SEC thereunder, and without regard for the conflicts of laws principle
thereof. The term &ldquo;affiliate&rdquo; or &ldquo;affiliated person&rdquo; as used in this Agreement shall mean &ldquo;affiliated
person&rdquo; as defined in Section 2(a)(3) of the 1940 Act.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager and the Sub-Adviser acknowledge that the Fund enjoys the rights of a third-party beneficiary under this Agreement, and
the Manager acknowledges that the Sub-Adviser enjoys the rights of a third party beneficiary under the Investment Management Agreement.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
captions of this Agreement are included for convenience only and in no way define or limit any of the provisions hereof or otherwise
affect their construction or effect.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent permitted under Section 18 of this Agreement, this Agreement may only be assigned by any party with the prior written
consent of the other parties.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of
this Agreement shall not be affected thereby, and to this extent, the provisions of this Agreement shall be deemed to be severable.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
herein shall be construed as constituting the Sub-Adviser as an agent or co-partner of the Manager, or constituting the Manager
as an agent or co-partner of the Sub-Adviser.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may be executed in counterparts.</P>

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


<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
the parties hereto have caused this instrument to be executed as of the day and year first above written.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; text-transform: uppercase; color: #000000">Voya
    INVESTMENTS, LLC</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 37%; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; font-weight: bold"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; text-transform: uppercase; color: #000000">B</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">y:</FONT></TD>
    <TD STYLE="text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000"><U>/s/
    Todd Modic</U></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">Todd Modic</FONT></TD>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">Senior Vice President</FONT></TD>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000"><B>NNIP ADVISORS
    B.V.</B></FONT></TD>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">By:</FONT></TD>
    <TD STYLE="text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000"><U>/s/
    Ivar Roeleven</U></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">Name:</FONT></TD>
    <TD STYLE="text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000"><U>Ivar
    Roeleven</U></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; font-family: Cambria, Times, Serif; color: #243F60"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; text-decoration: none; font-family: Cambria, Times, Serif; color: rgb(36,63,96); font-style: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: normal; font-family: Cambria, Times, Serif; color: #243F60"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; font-family: Cambria, Times, Serif; color: #243F60"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; font-family: Cambria, Times, Serif; color: #243F60"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; font-family: Cambria, Times, Serif; color: #243F60"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; font-family: Cambria, Times, Serif; color: #243F60"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; font-family: Cambria, Times, Serif; color: #243F60"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">By:</FONT></TD>
    <TD STYLE="text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000"><U>/s/
    J.W.F. Stotes</U></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">Name:</FONT><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000"><U>J.W.F.
    Stotes</U></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; font-family: Cambria, Times, Serif; color: #243F60"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; text-decoration: none; font-family: Cambria, Times, Serif; color: rgb(36,63,96); font-style: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: normal; font-family: Cambria, Times, Serif; color: #243F60"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: normal; font-family: Cambria, Times, Serif; color: #243F60"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: #000000">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE A</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>with respect to the</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>SUB-ADVISORY
AGREEMENT</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>between</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Voya
INVESTMENTS, LLC</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>and</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>NNIP
ADVISORS B.V.</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Franklin Gothic Book; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 45%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B><U>Fund</U></B></FONT></TD>
    <TD NOWRAP STYLE="width: 55%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Annual Sub-Adviser Fee</U></B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(as a percentage of average daily</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Managed Assets* allocated
        to the Sub-Adviser)</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Voya Emerging Markets High Dividend Equity Fund</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">0.575%</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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


<!-- Field: Page; Sequence: 17; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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