Ing Equity Trust N14 Registration statement for investment companies business combination

As filed with the U.S. Securities and Exchange Commission on June 26, 2024

Securities Act File No. [ ]

U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-14

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 

Pre-Effective Amendment No.

Post-Effective Amendment No.

VOYA EQUITY TRUST

(Exact Name of Registrant as Specified in Charter)

7337 East Doubletree Ranch Road, Scottsdale, Suite 100

Scottsdale, Arizona 85258-2034

(Address of Principal Executive Offices) (Zip Code)

1-800-992-0180

(Registrant’s Area Code and Telephone Number)

Huey P. Falgout, Jr., Esq.

Voya Investments, LLC

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258-2034

(Name and Address of Agent for Service)

With copies to:

Elizabeth J. Reza, Esq.

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, Massachusetts 02199-3600

APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING:

As soon as practicable after this Registration Statement becomes effective.

It is proposed that this filing will become effective on July 26, 2024, pursuant to Rule 488

under the Securities Act of 1933, as amended.

No filing fee is required because an indefinite number of shares have previously been registered pursuant to Rule 24f-2 under the

Investment Company Act of 1940, as amended.

Title of Securities Being Registered: Class A, Class C, Class I, Class R6, and Class W shares of beneficial interest in the series of the

registrant designated as Voya Global Income & Growth Fund.

VOYA GLOBAL DIVERSIFIED PAYMENT FUND
VOYA GLOBAL PERSPECTIVES® FUND
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, AZ 85258-2034
1-800-992-0180

July 26, 2024

Dear Shareholder:

On behalf of the Board of Trustees (the “Board”) of Voya Global Diversified Payment Fund (“GDP Fund”) and Voya Global Perspectives® Fund (“Global Perspectives Fund,” together with GDP Fund, each a “Target Fund” and together, the “Target Funds”), we are pleased to invite you to a combined special meeting of shareholders (the “Special Meeting”) of GDP Fund and Global Perspectives Fund. The Special Meeting is scheduled for 1:00 p.m. (MST) on October 10, 2024. The Special Meeting will be held in a virtual meeting format only. You will be able to attend and participate in the Special Meeting online by visiting https://www.viewproxy.com/voya/broadridgevsm where you will be able to listen to the Special Meeting live, submit questions and vote. You will need your unique control number, which is located in the box indicated by the arrow on the front of your proxy ballot. Please see the “How do I attend the virtual Special Meeting?” section of the proxy statement for more details regarding the logistics of the virtual format of the Special Meeting. You will not be able to attend the meeting physically. At the Special Meeting, shareholders of GDP Fund and Global Perspectives Fund will be asked to vote on the proposed reorganizations (each, a “Reorganization” and together, the “Reorganizations”) of GDP Fund and Global Perspectives Fund, as applicable, with and into Voya Global Income & Growth Fund (“Global Income & Growth Fund”) (together with GDP Fund and Global Perspectives Fund, the “Funds”). The Funds are members of the Voya family of funds.

If a Reorganization is approved by shareholders of the applicable Target Fund, shareholders of that Target Fund will become shareholders of Global Income & Growth Fund beginning on the date the Reorganizations occur. The Reorganizations would provide you with an opportunity to participate in a portfolio that seeks to provide total return consisting of capital growth, both realized and unrealized, and current income.

Formal notice of the Special Meeting appears on the next page, followed by a combined proxy statement and prospectus (the “Proxy Statement/Prospectus”). The Reorganizations are discussed in detail in the enclosed Proxy Statement/Prospectus, which you should read carefully. The Board recommends that you vote “FOR” the Reorganizations.

Your vote is important regardless of the number of shares you own. To avoid the added cost of follow-up solicitations and possible adjournments, please read the Proxy Statement/Prospectus and cast your vote. It is important that your vote be received no later than October 9, 2024.

We appreciate your participation and prompt response in this matter and thank you for your continued support.

Sincerely,

Andy Simonoff
President

NOTICE OF SPECIAL MEETING OF SHAREHOLDERS

VOYA GLOBAL DIVERSIFIED PAYMENT FUND
VOYA GLOBAL PERSPECTIVES® FUND
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, AZ 85258-2034
1-800-992-0180

Scheduled for October 10, 2024 at 1:00 p.m. (MST)

To the Shareholders:

NOTICE IS HEREBY GIVEN that a combined special meeting of the shareholders (the “Special Meeting”) of Voya Global Diversified Payment Fund (“GDP Fund”) and Voya Global Perspectives® Fund (“Global Perspectives Fund”) is scheduled for 1:00 p.m. (MST) on October 10, 2024. The Special Meeting will be held in a virtual meeting format only. You can attend and participate in the Special Meeting by registering online at https://viewproxy.com/voya/broadridgevsm where you will be able to listen to the Special Meeting live, submit questions and vote. You will need your unique control number, which is located in the box indicated by the arrow on the front of your proxy card. If you hold your shares through an intermediary, such as a bank or broker, you must register in advance to attend the Special Meeting. To register you must obtain a legal proxy and a new unique control number through your bank/broker in order to register to attend the meeting. See the “How do I attend the virtual Special Meeting?” section of the enclosed combined proxy statement and prospectus (the “Proxy Statement/Prospectus”) for more details regarding the logistics of the Special Meeting, including the ability to submit questions, and technical details and support related to accessing the virtual platform for the Special Meeting. You will not be able to attend the meeting physically.

At the Special Meeting, GDP Fund’s and Global Perspectives Fund’s shareholders will be asked:

For shareholders of GDP Fund, to approve an Agreement and Plan of Reorganization by and between Voya Mutual Funds, on behalf of its series, GDP Fund, and Voya Equity Trust, on behalf of its series, Voya Global Income & Growth Fund (“Global Income & Growth Fund”), providing for the reorganization of GDP Fund with and into Global Income & Growth Fund;

For shareholders of Global Perspectives Fund, to approve an Agreement and Plan of Reorganization by and between Voya Mutual Funds, on behalf of its series, Global Perspectives Fund, and Voya Equity Trust, on behalf of its series, Global Income & Growth Fund, providing for the reorganization (together with the reorganization described in paragraph 1 above, the “Reorganizations”) of Global Perspectives Fund with and into Global Income & Growth Fund; and

For shareholders of both GDP Fund and Global Perspectives Fund, to transact such other business, not currently contemplated, that may properly come before the Special Meeting, or any adjournments or postponements thereof, in the discretion of the proxies or their substitutes.

Please read the enclosed Proxy Statement/Prospectus carefully for information concerning the Reorganizations to be placed before the Special Meeting.

The Board of Trustees of GDP Fund and Global Perspectives Fund recommends that you vote “FOR” the Reorganizations.

Shareholders of record as of the close of business on July 15, 2024 are entitled to notice of, and to vote at, the Special Meeting, and are also entitled to vote at any adjournments or postponements thereof. Your attention is called to the accompanying Proxy Statement/Prospectus. Regardless of whether you plan to attend the Special Meeting, please complete, sign, and return the enclosed Proxy Ballot by October 9, 2024 so that a quorum will be present and a maximum number of shares may be voted. Proxies or voting instructions may be revoked at any time before they are exercised by submitting a revised Proxy Ballot, by giving written notice of revocation to GDP Fund or Global Perspectives Fund, as applicable, or by voting in person (virtually) at the Special Meeting.

By Order of the Board of Trustees

Joanne F. Osberg
Secretary

July 26, 2024

PROXY STATEMENT/PROSPECTUS
July 26, 2024

Combined Special Meeting of Shareholders
of Voya Global Diversified Payment Fund and Voya Global Perspectives® Fund
Scheduled for October 10, 2024 at 1:00 p.m. (MST)

ACQUISITION OF THE ASSETS OF:	BY AND IN EXCHANGE FOR SHARES OF:
Voya Global Diversified Payment Fund (A series of Voya Mutual Funds)	Voya Global Income & Growth Fund (A series of Voya Equity Trust)
Voya Global Perspectives® Fund (A series of Voya Mutual Funds)	Voya Global Income & Growth Fund (A series of Voya Equity Trust)
7337 East Doubletree Ranch Road, Suite 100 Scottsdale, AZ 85258-2034	7337 East Doubletree Ranch Road, Suite 100 Scottsdale, AZ 85258-2034
1-800-992-0180	1-800-992-0180

(each an open-end management investment company)

Important Notice Regarding the Availability of Proxy Materials
for the Combined Special Meeting of Shareholders to be Held on October 10, 2024

This Proxy Statement/Prospectus and Notice of Special Meeting are available at: www.proxyvote.com/voya

The Proxy Statement/Prospectus explains concisely what you should know before voting on the matters described herein or investing in Voya Global Income & Growth Fund. Please read it carefully and keep it for future reference.

THE U.S. SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES, OR DETERMINED THAT THIS PROXY STATEMENT/PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

TO OBTAIN MORE INFORMATION

To obtain more information about Voya Global Diversified Payment Fund (“GDP Fund”), Voya Global Perspectives® Fund (“Global Perspectives Fund”), and Voya Global Income & Growth Fund (“Global Income & Growth Fund” and collectively with GDP Fund and Global Perspectives Fund, the “Funds”), please write, call, or visit our website for a free copy of the current prospectus, statement of additional information, annual/semi-annual shareholder reports, or other information.

By Phone:	1-800-992-0180
By Mail:	Voya Investment Management 7337 East Doubletree Ranch Road, Suite 100 Scottsdale, AZ 85258-2034
By Internet:	https://individuals.voya.com/literature

The following documents containing additional information about the Funds, each having been filed with the U.S. Securities and Exchange Commission (the “SEC”), are incorporated by reference into this Proxy Statement/Prospectus:

The Statement of Additional Information dated July 26, 2024 relating to this Proxy Statement/Prospectus (File No. [ ]);

The Prospectus and Statement of Additional Information, as supplemented, dated February 29, 2024 for GDP Fund (File No. 811-07428);

The Prospectus and Statement of Additional Information, as supplemented, dated February 29, 2024 for Global Perspectives Fund (File No. 811-07428);

The Prospectus and Statement of Additional Information, as supplemented, dated September 30, 2023 for Global Income & Growth Fund (formerly, Voya Global Multi-Asset Fund) (File No. 811-08817);

The audited financial statements contained in the annual report of GDP Fund and Global Perspectives Fund dated October 31, 2023 (File No. 811-07428);

The audited financial statements contained in the annual report of Global Income & Growth Fund (formerly, Voya Global Multi-Asset Fund) dated May 31, 2023 (File No. 811-08817); and

The unaudited financial statements contained in the semi-annual report of Global Income & Growth Fund (formerly, Voya Global Multi-Asset Fund) dated November 30, 2023 (File No. 811-08817).

The Funds are subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the “1934 Act”), and the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders, thereunder (the “1940 Act”), and in accordance therewith, file reports and other information including proxy materials with the SEC. Proxy material, reports and other information about the Funds are available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.

Table of Contents

INTRODUCTION	1
What is happening?	1
Why did you send me this booklet?	1
Who is eligible to vote?	1
How do I vote?	1
How do I attend the virtual Special Meeting?	1
When will the Special Meeting be held?	2
SUMMARY OF THE PROPOSED REORGANIZATIONS	3
APPROVAL OF THE REORGANIZATIONS	4
What are the proposed Reorganizations?	4
Why are the Reorganizations being proposed?	4
How do the Investment Objectives compare?	4
How do the Annual Fund Operating Expenses compare?	4
How do the Principal Investment Strategies compare?	8
How do the Principal Risks compare?	11
How do the Fundamental Policies of the Funds compare?	22
How do the purchase, exchange, and redemption policies of the Funds compare?	24
How does the performance of the Funds compare?	25
How does the management of the Funds compare?	29
What are the key differences in the rights of shareholders of the Funds?	30
Additional Information about the Funds	31
Additional Information about the Reorganizations	33
What is the Board’s recommendation?	35
What factors did the Board consider?	35
What is the required vote?	36
What happens if shareholders do not approve a Reorganization?	36
General Information about the Proxy Statement/Prospectus	37
Who is asking for my vote?	37
How is my proxy being solicited?	37
What happens to my proxy once I submit it?	37
Can I revoke my proxy after I submit it?	37
How will my shares be voted?	37
How many shares are outstanding?	38
Can shareholders submit proposals for a future shareholder meeting?	38
Why did my household only receive one copy of this Proxy Statement/Prospectus?	38
APPENDIX A: FORM OF AGREEMENT AND PLAN OF REORGANIZATION	A-1
APPENDIX B: FORM OF AGREEMENT AND PLAN OF REORGANIZATION	B-1
APPENDIX C: ADDITIONAL INFORMATION REGARDING VOYA GLOBAL INCOME & GROWTH FUND	C-1
APPENDIX D: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL AND RECORD OWNERS	D-1

INTRODUCTION

What is happening?

On May 22, 2024, the Boards of Trustees (the “Board”) of Voya Global Diversified Payment Fund (“GDP Fund”), Voya Global Perspectives® Fund (“Global Perspectives Fund,” together with GDP Fund, each a “Target Fund” and together, the “Target Funds”), and Voya Global Income & Growth Fund (“Global Income & Growth Fund,” collectively with GDP Fund and Global Perspectives Fund, the “Funds”) each approved , as applicable, an Agreement and Plan of Reorganization (each, a “Reorganization Agreement” and together, the “Reorganization Agreements”), which provides for the reorganization of each of GDP Fund and Global Perspectives Fund with and into Global Income & Growth Fund (each, a “Reorganization” and together, the “Reorganizations”). Each Reorganization Agreement requires approval by shareholders of the applicable Target Fund, and if approved, is expected to be effective on October 25, 2024, or such other date as the parties may agree (the “Closing Date”).

Why did you send me this booklet?

This booklet includes a combined proxy statement and prospectus (the “Proxy Statement/Prospectus”) and a Proxy Ballot for each of GDP Fund and Global Perspectives Fund. It provides you with information you should review before providing voting instructions on the matters listed in the Notice of Special Meeting.

Because you, as a shareholder of GDP Fund or Global Perspectives Fund, are being asked to approve a Reorganization Agreement that will result in a transaction in which you will ultimately hold shares of Global Income & Growth Fund, this Proxy Statement/Prospectus also serves as a prospectus for Global Income & Growth Fund. Global Income & Growth Fund is an open-end management investment company that seeks to provide total return consisting of capital growth, both realized and unrealized, and current income, as described more fully below.

Who is eligible to vote?

Shareholders of record holding an investment in shares of GDP Fund or Global Perspectives Fund as of the close of business on July 15, 2024 (the “Record Date”) are eligible to vote at the combined special meeting of shareholders (the “Special Meeting”) or any adjournments

or postponements thereof. Should shareholders require additional information regarding the Special Meeting, they may contact the Proxy Solicitor toll-free at 1-855-200-8145. (See “General Information about the Proxy Statement/Prospectus” for more information on the Proxy Solicitor.)

How do I vote?

You may submit your Proxy Ballot in one of four ways:

•

By Internet. The web address and instructions for voting can be found on the enclosed Proxy Ballot. You will be required to provide your control number located on the Proxy Ballot.

•

By Telephone. The toll-free number for telephone voting can be found on the enclosed Proxy Ballot. You will be required to provide your control number located on the Proxy Ballot.

•

By Mail. Mark the enclosed Proxy Ballot, sign and date it, and return it in the postage-paid envelope we provided. To the extent shares are held jointly, both joint owners must sign the Proxy Ballot.

•

At the Special Meeting Over the Internet. The Special Meeting will be held entirely online. Shareholders of record as of July 15, 2024, will be able to attend and participate in the Special Meeting by registering online at https://viewproxy.com/voya/broadridgevsm. Even if you plan to attend the Special Meeting online, we recommend that you also vote by proxy as described herein so that your vote will be counted if you decide not to attend the Special Meeting. Please see the “How do I attend the virtual Special Meeting?” section below for more details regarding the logistics of the virtual format of the Special Meeting.

To be certain your vote will be counted, a properly executed Proxy Ballot must be received no later than 5:00 p.m. (MST) on October 9, 2024.

How do I attend the virtual Special Meeting?

There is no physical location for the Special Meeting. In order to attend the virtual Special Meeting, please visit https://viewproxy.com/voya/broadridgevsm and follow the instructions as outlined on the website.

Shareholders whose shares are registered directly with GDP Fund or Global Perspectives Fund in the shareholder’s name will be asked to submit their name and control number found on the shareholder’s Proxy Ballot to register to participate in and vote at the Special Meeting. Shareholders whose shares are held by a broker, bank or other nominee must first obtain a “legal proxy” from the applicable nominee/record holder, who will then provide the shareholder with a newly issued control number. We note that obtaining a legal proxy may take several days. Requests for registration should be received no later than October 9, 2024. Once shareholders have obtained a new control number, they must visit https://www.viewproxy.com/voya/broadridgevsm/ to submit their name and newly issued control number in order to register to participate in and vote at the Special Meeting. After shareholders have submitted their registration information, they will receive an email from Broadridge that confirms that their registration request has been received and is under review by Broadridge. Once shareholders’ registration requests have been accepted, they will receive (i) an email containing an event link and dial-in information

to attend the Special Meeting, and (ii) an email with a password to enter at the event link to access the Special Meeting. Shareholders may vote before or during the Special Meeting at www.proxyvote.com. Only shareholders of GDP Fund or Global Perspectives Fund present virtually or by proxy will be able to vote, or otherwise exercise the powers of a shareholder, at the Special Meeting.

The virtual meeting platform is fully supported across browsers (Internet Explorer, Firefox, Chrome, and Safari) and devices (desktops, laptops, tablets, and cell phones) running the most updated version of applicable software and plugins. Shareholders should ensure that they have a strong Wi-Fi connection wherever they intend to participate in the Special Meeting. Shareholders should also give themselves plenty of time to log in and ensure that they can hear audio prior to the start of the Special Meeting.

Access to the Audio Webcast of the Special Meeting. The live audio webcast of the meeting will begin promptly at 1:00 p.m. (MST) on October 10, 2024. Online access to the audio webcast will open approximately thirty minutes prior to the start of the meeting to allow time for you to log in and test the computer audio system. We encourage shareholders to access the meeting prior to the start time.

Log in Instructions. To attend the Special Meeting, Shareholders must register at https://viewproxy.com/voya/broadridgevsm. Shareholders will need the event password which will be provided in their registration confirmation.

Beneficial Owners. If you hold your shares through an intermediary, such as a bank or broker, you must register in advance to attend the Special Meeting. To register you must obtain a legal proxy and a new control number.

When will the Special Meeting be held?

The Special Meeting is scheduled to be held virtually online on October 10, 2024, at 1:00 p.m. (MST).

SUMMARY OF THE PROPOSED REORGANIZATIONS

You should read this entire Proxy Statement/Prospectus, and the applicable Reorganization Agreement, which are included in Appendices A and B. For more information about Global Income & Growth Fund, please consult Appendix C.

On May 22, 2024, the Board approved each Reorganization Agreement. Subject to approval by shareholders of the applicable Target Fund, each Reorganization Agreement provides for:

•

the transfer of all of the assets of GDP Fund or Global Perspectives Fund to Global Income & Growth Fund, as applicable, in exchange for shares of beneficial interest of Global Income & Growth Fund and the assumption by Global Income & Growth Fund of all the liabilities of GDP Fund or Global Perspectives Fund, as applicable;

•

the distribution of shares of Global Income & Growth Fund to the shareholders of GDP Fund or Global Perspectives Fund, as applicable; and

•

the complete liquidation of GDP Fund or Global Perspectives Fund, as applicable.

In considering whether to approve the Reorganizations, you should note that:

•

While the Funds have different investment objectives, each Fund is assigned to the Global Allocation Morningstar category and each Fund provides exposure to both global fixed income and global equity investments.

•

Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”) serves as the investment adviser to each Fund. Voya Investment Management Co. LLC (“Voya IM”) serves as the sub-adviser to each Fund.

•

Each Fund is distributed by Voya Investments Distributor, LLC (the “Distributor”).

•

The shareholders of GDP Fund and Global Perspectives Fund are expected, in the view of the Investment Adviser, to benefit from a product better poised to achieve and maintain scale over the long term as shareholders of Global Income & Growth Fund.

•

The Reorganizations will not affect a shareholder’s right to purchase or redeem shares of the Funds. In addition, the Reorganizations will not affect how shareholders purchase or sell their shares. If one or both of the Reorganizations are effected, Global Income & Growth Fund expects to distribute all of its realized gains prior to the Reorganizations.

•

Each Reorganization is intended to qualify for U.S. federal income tax purposes as a tax-free reorganization pursuant to Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”); accordingly, pursuant to this treatment, neither GDP Fund nor Global Perspectives Fund nor their shareholders, nor Global Income & Growth Fund nor its shareholders are expected to recognize any gain or loss for U.S. federal income tax purposes from the Reorganizations.

If a Reorganization is approved by shareholders of the applicable Target Fund, each owner of Class A, Class C, Class I, Class R6, and Class W shares of GDP Fund or Global Perspectives Fund, as applicable, would become a shareholder of the corresponding share class of Global Income & Growth Fund, and Class R shareholders of the applicable Target Fund would receive Class A shares of Global Income & Growth Fund. Each Reorganization is expected to be effective on the Closing Date. Each shareholder of GDP Fund or Global Perspectives Fund, as applicable, will hold, immediately after the close of the applicable Reorganization (the “Closing”), shares of Global Income & Growth Fund having an aggregate net asset value equal to the aggregate net asset value of the shares of GDP Fund or Global Perspectives Fund, as applicable, held by that shareholder as of the close of business on the Closing Date.

APPROVAL OF THE REORGANIZATIONS

What are the proposed Reorganizations?

Shareholders of each of GDP Fund and Global Perspectives Fund are being asked to approve a Reorganization Agreement, providing for the reorganization of GDP Fund or Global Perspectives Fund, as applicable, with and into Global Income & Growth Fund. If the applicable Reorganization Agreement is approved, shareholders of GDP Fund or Global Perspectives Fund, as applicable, will become shareholders of Global Income & Growth Fund as of the Closing.

Why are the Reorganizations being proposed?

The Investment Adviser proposed the Reorganizations of GDP Fund and Global Perspectives Fund into Global Income & Growth Fund to, in its view, better position shareholders for long-term success and potentially pave the way for future additional scale benefits. Consequently, at the May 22, 2024 meeting of the Board, the Investment Adviser proposed, and the Board approved, the Reorganizations of GDP Fund and Global Perspectives Fund into Global Income & Growth Fund. In support of its proposal, the Investment Adviser noted that, in its view, following each Reorganization, the shareholders of each of GDP Fund and Global Perspectives Fund would have the potential to benefit from a product better poised to achieve and maintain scale over the long term.

How do the Investment Objectives compare?

Each Fund’s investment objective is described in the chart below.

	GDP Fund	Global Perspectives Fund	Global Income & Growth Fund
Investment Objective	The Fund's primary investment objective is to meet the managed payment policy of the Fund while seeking to preserve the investors' capital over the long term. The Fund's secondary investment objective is to seek the potential for long-term capital appreciation.	The Fund seeks total return.	The Fund seeks to provide total return consisting of capital growth, both realized and unrealized, and current income.

Each Fund’s investment objective is non-fundamental and may be changed by a vote of the Board, without shareholder approval. A Fund will provide 60 days’ prior written notice of any change in a non-fundamental investment objective.

How do the Annual Fund Operating Expenses compare?

The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Funds. Pro forma fees and expenses, which are the estimated fees and expenses of Global Income & Growth Fund after giving effect to each Reorganization, assume the Reorganizations occurred on October 31, 2023 for GDP Fund and Global Perspectives Fund, and May 31, 2023 for Global Income & Growth Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. More information about these and other discounts is available from your financial intermediary and in the discussion in the Sales Charges section of each Fund's Prospectus, in Appendix A to each Fund's Prospectus, or the Purchase, Exchange, and Redemption of Shares section of each Fund's Statement of Additional Information.

Shareholder Fees
Fees paid directly from your investment

Shareholders of GDP Fund, Global Perspectives Fund, and Global Income & Growth Fund are subject to the same sales charges (load), as indicated in the table below. Class R shareholders of GDP Fund and Global Perspectives Fund who receive Class A shares of Global Income & Growth Fund in connection with the Reorganizations will not be subject to the different shareholder eligibility requirements for Class A shares of Global Income & Growth Fund. Additionally, the contingent deferred sales charge (“CDSC”) assessed on certain redemptions of Class A shares will be waived for former Class R shareholders on future redemptions.

Class	Maximum sales charge (load) as a % of offering price imposed on purchases	Maximum deferred sales charge (load) as a % of purchase or sales price, whichever is less
A	5.75	None1
C	None	1.00
I	None	None
R	None	None
R6	None	None
W	None	None

A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.

Annual Fund Operating Expenses

Expenses you pay each year as a % of the value of your investment

		GDP Fund	Global Perspectives Fund	Global Income & Growth Fund1
Class A
Management Fees	%	0.24	0.22	0.75
Distribution and/or Shareholder Services (12b-1) Fees	%	0.25	0.25	0.25
Other Expenses	%	0.13	0.25	0.35
Acquired Fund Fees and Expenses		0.51	0.66	None
Total Annual Fund Operating Expenses	%	1.132	1.382	1.352
Waivers and Reimbursements	%	None3	(0.15)4	(0.25)5
Total Annual Fund Operating Expenses after Waivers and Reimbursements	%	1.13	1.23	1.10
Class C
Management Fees	%	0.24	0.22	0.75
Distribution and/or Shareholder Services (12b-1) Fees	%	1.00	1.00	1.00
Other Expenses	%	0.13	0.25	0.35
Acquired Fund Fees and Expenses		0.51	0.66	None
Total Annual Fund Operating Expenses	%	1.882	2.132	2.102
Waivers and Reimbursements	%	None3	(0.15)4	(0.25)5
Total Annual Fund Operating Expenses after Waivers and Reimbursements	%	1.88	1.98	1.85
Class I
Management Fees	%	0.24	0.22	0.75
Distribution and/or Shareholder Services (12b-1) Fees	%	None	None	None
Other Expenses	%	0.12	0.18	0.30
Acquired Fund Fees and Expenses		0.51	0.66	None
Total Annual Fund Operating Expenses	%	0.872	1.062	1.052
Waivers and Reimbursements	%	(0.02)3	(0.08)4	(0.20)5
Total Annual Fund Operating Expenses after Waivers and Reimbursements	%	0.85	0.98	0.85
Class R6
Management Fees	%	0.24	0.22	N/A
Distribution and/or Shareholder Services (12b-1) Fees	%	0.50	0.50	N/A
Other Expenses	%	0.13	0.25	N/A
Acquired Fund Fees and Expenses		0.51	0.66	N/A
Total Annual Fund Operating Expenses	%	1.382	1.632	N/A
Waivers and Reimbursements	%	None3	(0.15)4	N/A
Total Annual Fund Operating Expenses after Waivers and Reimbursements	%	1.38	1.48	N/A
Class R6
Management Fees	%	0.24	N/A	0.75
Distribution and/or Shareholder Services (12b-1) Fees	%	None	N/A	None
Other Expenses	%	0.11	N/A	0.22
Acquired Fund Fees and Expenses		0.51	N/A	None
Total Annual Fund Operating Expenses	%	0.862	N/A	0.972
Waivers and Reimbursements	%	(0.01)3	N/A	(0.12)5
Total Annual Fund Operating Expenses after Waivers and Reimbursements	%	0.85	N/A	0.85
Class W
Management Fees	%	0.24	0.22	0.75

		GDP Fund	Global Perspectives Fund	Global Income & Growth Fund1
Distribution and/or Shareholder Services (12b-1) Fees	%	None	None	None
Other Expenses	%	0.13	0.25	0.35
Acquired Fund Fees and Expenses		0.51	0.66	None
Total Annual Fund Operating Expenses	%	0.882	1.132	1.102
Waivers and Reimbursements	%	None3	(0.15)4	(0.25)5
Total Annual Fund Operating Expenses after Waivers and Reimbursements	%	0.88	0.98	0.85

Expense information has been restated to reflect current contractual rates.

Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

The Investment Adviser is contractually obligated to limit expenses to 1.16%, 1.91%, 0.85%, 1.41%, 0.85%, and 0.91% for Class A, Class C, Class I, Class R, Class R6, and Class W shares, respectively, through March 1, 2026. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. This limitation is subject to possible recoupment by the Investment Adviser within 36 months of the waiver or reimbursement. The amount of the recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time of the waiver or reimbursement; or (ii) the expense limitation in effect at the time of recoupment. Termination or modification of this obligation requires approval by the Board. Any amounts previously waived or reimbursed by a Target Fund pursuant to this obligation are not subject to recoupment by the Investment Adviser following the applicable Reorganization.

The Investment Adviser is contractually obligated to limit expenses to 1.23%, 1.98%, 0.98%, 1.48%, and 0.98% for Class A, Class C, Class I, Class R, and Class W shares, respectively, through March 1, 2026. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. This limitation is subject to possible recoupment by the Investment Adviser within 36 months of the waiver or reimbursement. The amount of the recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time of the waiver or reimbursement; or (ii) the expense limitation in effect at the time of recoupment. Termination or modification of this obligation requires approval by the Board. Any amounts previously waived or reimbursed by a Target Fund pursuant to this obligation are not subject to recoupment by the Investment Adviser following the applicable Reorganization.

The Investment Adviser is contractually obligated to limit expenses to 1.10%, 1.85%, 0.85%, 0.85%, and 0.85% for Class A, Class C, Class I, Class R6, and Class W shares, respectively, through October 1, 2026. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. This limitation is subject to possible recoupment by the Investment Adviser within 36 months of the waiver or reimbursement. The amount of the recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time of the waiver or reimbursement; or (ii) the expense limitation in effect at the time of recoupment. Termination or modification of this obligation requires approval by the Board.

Class R shareholders of the applicable Target Fund would receive Class A shares of Global Income & Growth Fund in the Reorganizations.

Pro Forma Annual Fund Operating Expenses

Expenses you pay each year as a % of the value of your investment

		Global Income & Growth Fund Pro Forma if only GDP Fund Reorganization is Approved	Global Income & Growth Fund Pro Forma if only Global Perspectives Fund Reorganization is Approved	Global Income & Growth Fund Pro Forma if both Reorganizations are approved
Class A1
Management Fees	%	0.75	0.75	0.75
Distribution and/or Shareholder Services (12b-1) Fees	%	0.25	0.25	0.25
Other Expenses	%	0.28	0.31	0.25
Total Annual Fund Operating Expenses	%	1.28	1.31	1.25
Waivers and Reimbursements	%	(0.18)2	(0.21)2	(0.15)2
Total Annual Fund Operating Expenses after Waivers and Reimbursements	%	1.10	1.10	1.10
Class C
Management Fees	%	0.75	0.75	0.75
Distribution and/or Shareholder Services (12b-1) Fees	%	1.00	1.00	1.00
Other Expenses	%	0.28	0.31	0.25
Total Annual Fund Operating Expenses	%	2.03	2.06	2.00
Waivers and Reimbursements	%	(0.18)2	(0.21)2	(0.15)2
Total Annual Fund Operating Expenses after Waivers and Reimbursements	%	1.85	1.85	1.85
Class I

		Global Income & Growth Fund Pro Forma if only GDP Fund Reorganization is Approved	Global Income & Growth Fund Pro Forma if only Global Perspectives Fund Reorganization is Approved	Global Income & Growth Fund Pro Forma if both Reorganizations are approved
Management Fees	%	0.75	0.75	0.75
Distribution and/or Shareholder Services (12b-1) Fees	%	None	None	None
Other Expenses	%	0.21	0.27	0.19
Total Annual Fund Operating Expenses	%	0.96	1.02	0.94
Waivers and Reimbursements	%	(0.11)2	(0.17)2	(0.09)2
Total Annual Fund Operating Expenses after Waivers and Reimbursements	%	0.85	0.85	0.85
Class R6
Management Fees	%	0.75	0.75	0.75
Distribution and/or Shareholder Services (12b-1) Fees	%	None	None	None
Other Expenses	%	0.18	0.20	0.17
Total Annual Fund Operating Expenses	%	0.93	0.95	0.92
Waivers and Reimbursements	%	(0.08)2	(0.10)2	(0.07)2
Total Annual Fund Operating Expenses after Waivers and Reimbursements	%	0.85	0.85	0.85
Class W
Management Fees	%	0.75	0.75	0.75
Distribution and/or Shareholder Services (12b-1) Fees	%	None	None	None
Other Expenses	%	0.28	0.31	0.25
Total Annual Fund Operating Expenses	%	1.03	1.06	1.00
Waivers and Reimbursements	%	(0.18)2	(0.21)2	(0.15)2
Total Annual Fund Operating Expenses after Waivers and Reimbursements	%	0.85	0.85	0.85

Class R shareholders of the applicable Target Fund would receive Class A shares of Global Income & Growth Fund in the Reorganizations.

Expense Example

These Examples are intended to help you compare the cost of investing in shares of a Fund with the costs of investing in other mutual funds. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples assume that you invest $10,000 in a Fund for the time periods indicated. The Examples also assume that your investment had a 5% return each year and that the applicable Fund’s operating expenses remain the same. The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

			GDP Fund				Global Perspectives Fund				Global Income & Growth Fund
Class			1 Yr	3 Yrs	5 Yrs	10 Yrs	1 Yr	3 Yrs	5 Yrs	10 Yrs	1 Yr	3 Yrs	5 Yrs	10 Yrs
Class A	Sold or Held	$	684	913	1,161	1,871	693	973	1,273	2,125	681	955	1,249	2,085
Class C	Sold	$	291	591	1,016	2,201	301	653	1,130	2,450	288	634	1,106	2,411
Class C	Held	$	191	591	1,016	2,201	201	653	1,130	2,450	188	634	1,106	2,411
Class I	Sold or Held	$	87	276	480	1,071	100	329	577	1,287	87	314	560	1,265
Class R1	Sold or Held	$	140	437	755	1,657	151	500	872	1,920	N/A	N/A	N/A	N/A
Class R6	Sold or Held	$	87	273	476	1,060	N/A	N/A	N/A	N/A	87	297	525	1,179
Class W	Sold or Held	$	90	281	488	1,084	100	344	608	1,361	87	325	582	1,318

Class R shareholders of the applicable Target Fund would receive Class A shares of Global Income & Growth Fund in the Reorganizations.

			Global Income & Growth Fund Pro Forma if only GDP Fund Reorganization is Approved				Global Income & Growth Fund Pro Forma if only Global Perspectives Fund Reorganization is Approved				Global Income & Growth Fund Pro Forma if both Reorganizations are Approved
Class			1 Yr	3 Yrs	5 Yrs	10 Yrs	1 Yr	3 Yrs	5 Yrs	10 Yrs	1 Yr	3 Yrs	5 Yrs	10 Yrs
Class A1	Sold or Held	$	681	941	1,221	2,016	681	947	1,233	2,046	681	935	1,208	1,987
Class C	Sold	$	288	619	1,077	2,344	288	625	1,089	2,373	288	613	1,064	2,315
Class C	Held	$	188	619	1,077	2,344	188	625	1,089	2,373	188	613	1,064	2,315
Class I	Sold or Held	$	87	295	520	1,168	87	308	547	1,232	87	291	511	1,146
Class R6	Sold or Held	$	87	288	507	1,136	87	293	516	1,157	87	286	502	1,125
Class W	Sold or Held	$	87	310	551	1,243	87	316	564	1,275	87	303	538	1,211

Class R shareholders of the applicable Target Fund would receive Class A shares of Global Income & Growth Fund in the Reorganizations.

The Example does not reflect sales charges (loads) on reinvested dividends (and other distributions). If these sales charges (loads) were included, your costs would be higher.

Portfolio Turnover

Each Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Example, affect a Fund’s performance.

During the most recent fiscal year ended October 31, 2023, GDP Fund’s portfolio turnover rate was 34% of the average value of its portfolio and Global Perspectives Fund’s portfolio turnover rate was 113% of the average value of its portfolio. During the fiscal year ended May 31, 2023, Global Income & Growth Fund’s portfolio turnover rate was 38% of the average value of its portfolio.

How do the Principal Investment Strategies compare?

Each Fund’s principal investment strategies are described in more detail in the table below. Each of the principal investment strategies include global exposure to both equity securities and fixed income instruments, and each Fund is assigned to the Global Allocation Morningstar category. A key difference in the Funds’ principal investments strategies is that Global Income & Growth Fund obtains its exposure principally through individual securities, while GDP Fund and Global Perspectives Fund principally use underlying funds to execute their strategies. Another key difference is that Global Income & Growth Fund invests more heavily in fixed income instruments than GDP Fund and Global Perspectives Fund.

	GDP Fund	Global Perspectives Fund	Global Income & Growth Fund
Investment Strategies	The Fund seeks to achieve its investment objectives by combining a managed payment policy (the “Managed Payment Policy”) with a strategic allocation to a diversified portfolio of other funds (collectively, the “Underlying Funds”) invested in: global equity; debt, which may include floating rate loans and emerging markets debt; and real estate securities and real estate investment trusts (“REITS”). The Underlying Funds may or may not be affiliated with the Investment Adviser. The Underlying Funds will invest in the securities of issuers in a number of different countries, one of which may be the U.S. The Fund normally invests at least 65% of its assets in Underlying Funds affiliated with the Investment Adviser; the sub-adviser (the “Sub-Adviser”) may, in its discretion, invest up to 35% of the Fund’s assets in Underlying Funds that are not affiliated with the Investment Adviser, including exchange-traded funds (“ETFs”), to make tactical allocations and/or to gain exposure to equity securities, debt instruments or alternative	Under normal market conditions, the sub-adviser (the “Sub-Adviser”) invests the assets of the Fund in a combination of other funds (collectively, the “Underlying Funds”) that, in turn, invest directly in securities (such as stocks and bonds). The Underlying Funds will typically invest in the securities of issuers in a number of different countries, one of which may be the U.S. Generally, and subject to the below, approximately 60% of the Fund's net assets will be allocated to Underlying Funds that predominantly invest in equity securities, and approximately 40% of the Fund's net assets will be allocated to Underlying Funds that predominantly invest in debt instruments, including U.S. government securities and money market instruments (the “Target Allocation”). The percentage weight of the Fund's assets invested in Underlying Funds that predominantly invest in equity securities will change over time and may be decreased to approximately 30% and the percentage weight of the Fund's assets invested in Underlying Funds that predominantly invest in debt instruments	Under normal circumstances, the Fund invests directly or indirectly (including through derivatives) at least 80% of its net assets (plus borrowings for investment purposes) in investments that the sub-adviser (the “Sub-Adviser”) believes have potential for income, growth, or both. For purposes of this 80% policy, income-producing investments include any investments or instruments that pay dividends and/or interest, whether in cash or in kind; that generate premiums; that are issued at a discount; or that otherwise generate or result in income for the Fund. Growth means investments that are expected to generate capital appreciation in excess of the initial investment. The Fund invests its assets (expressed as a percentage of its net assets) across asset classes approximately as follows (the “Target Allocation”): 33% in high-yield securities (excluding convertible securities), 33% in convertible securities (regardless of any credit rating assigned to the security), and 33% in equity securities and/or written call options.

	GDP Fund	Global Perspectives Fund	Global Income & Growth Fund
	strategies. The Managed Payment Policy is designed to provide to holders of a share class of the Fund 12 level monthly payments throughout each calendar year. The Sub-Adviser in its discretion and with assistance from the Investment Adviser, will determine a new annual payment rate (the “Annual Payment Rate”) each January for the coming calendar year based on the Fund’s objectives, as well as the Sub-Adviser’s assessment of the market environment and its asset allocation views. Based on the Annual Payment Rate for a year, the Fund will determine a monthly payment amount for each share class of the Fund; the payments will differ among the classes based on the expense structures of the classes and the number of shares of the share class. The annual rate at which the Fund will make payments with respect to any share class is expected to range between 3.25% and 6.75%. During the calendar year 2024, the Fund will make a level monthly payment of $0.038 per share for Class A shares, $0.034 per share for Class C shares, $0.040 per share for Class I shares, $0.036 per share for Class R shares, $0.040 per share for Class R6 shares, and $0.040 per share for Class W shares based on Annual Payment Rates of 6.50% for Class A shares, 5.60% for Class C shares, 6.81% for Class I shares, 6.15% for Class R shares, 6.81% for Class R6 shares, and 6.75% for Class W shares. Because the Fund is expected to make level monthly payments, the amount of the Fund’s distributions to a share class in respect of any period may exceed the amount of the Fund’s income and gains for that period. In that case, some or all of the Fund’s distributions will constitute a return of capital to shareholders. Historically, a substantial portion of the Fund’s distributions has included a return of capital. The Fund uses a proprietary asset allocation strategy to determine the percentage of the Fund’s net assets to invest in each of the Underlying Funds (the “Target Allocations”). Under normal conditions, approximately 68% of the Fund’s net assets will be allocated to Underlying Funds investing in equity securities and approximately 32% of the Fund’s net assets will be allocated to Underlying Funds investing in debt instruments, including floating rate loans and emerging markets debt. As these are Target Allocations, the actual allocations of the Fund’s assets will deviate from the percentages shown. The Target Allocations are measured with reference to the principal strategies of the Underlying Funds; actual exposures to equity securities and debt instruments	will change over time and may be increased to approximately 70% (the “Defensive Allocation”), as described below. The Fund normally invests at least 80% of its total assets in Underlying Funds affiliated with the Investment Adviser, although the Sub-Adviser may, in its discretion, invest up to 20% of the Fund’s total assets in Underlying Funds that are not affiliated with the Investment Adviser, including exchange-traded funds (“ETFs”). The Fund’s compliance with the specified allocations is measured by reference to an Underlying Fund’s predominate investments as indicated by its principal investment strategies; actual exposure to equities or debt instruments will vary, including to the extent an Underlying Fund is not substantially invested in accordance with its principal investment strategies. The Underlying Funds provide exposure to a wide range of traditional asset classes which include stocks, bonds, and cash, and non-traditional asset classes (also known as alternative strategies) which include real estate-related securities, including real estate investment trusts (“REITs”). The equity securities in which the Underlying Funds may invest include, but are not limited to: domestic and international stocks of companies of any market capitalization; emerging market securities; and domestic and international real estate securities, including REITs. The debt instruments in which the Underlying Funds may invest include, but are not limited to: domestic and international short-, intermediate- and long-term bonds; high-yield debt instruments rated below investment grade (commonly referred to as “junk bonds”); and debt instruments without limitations on maturity. Except as described below, the Sub-Adviser uses a rules-based investment strategy to determine the allocation among Underlying Funds that invest in equity securities and debt instruments. The proportion of assets allocated to Underlying Funds that are predominantly invested in equity securities and those that are predominantly invested in debt instruments is determined as of each calendar quarter. Within the broad equity and debt asset classes, the Fund will seek to maintain approximately equal weights across each Underlying Fund in the asset class. No adjustments to the Target Allocation or Defensive Allocation will be made between quarterly allocation dates. As soon as practicable following the end of each calendar quarter, the Sub-Adviser will compare the aggregate earnings of the companies in the S&P 500® Index (the “Index”) for the most recent calendar quarter to the aggregate	This allocation is a target, and the Fund's allocation could change substantially due to portfolio manager decisions or as the investments’ asset values change due to market movements. On an ongoing basis, the actual mix of the Fund’s assets may deviate from the Target Allocation. The Fund's Target Allocation may be changed, at any time, by the Sub-Adviser. The Fund invests in securities of issuers in a number of different countries, including the U.S. The Fund may invest in the securities of issuers located in developing and emerging market countries, including securities of such issuers that are traded on a U.S. stock exchange, and in American Depositary Receipts, when consistent with the Fund’s investment objective. Countries with developing and emerging markets include most countries in the world except Australia, Canada, Hong Kong, Israel, Japan, New Zealand, the United Kingdom, the United States, and most of the countries of western Europe. Securities may be denominated in foreign (non-U.S.) currencies or in U.S. dollars. The Fund may hedge its exposure to securities denominated in foreign (non-U.S.) currencies. The Sub-Adviser identifies companies by utilizing a fundamental, bottom-up research process that seeks to facilitate early identification of issuers that the Sub-Adviser believes demonstrate the ability to improve their fundamental characteristics. The Sub-Adviser then determines which asset class it believes has the potential to provide the optimal total return opportunity, subject to market conditions. For purposes of the Fund’s investments in high-yield securities, “high-yield securities” are securities rated Ba or below by Moody’s Investors Service, Inc. or BB or below by S&P Global Ratings or Fitch Ratings (sometimes referred to as “junk bonds”). The Fund may invest in issuers of any market capitalization. In addition to publicly-traded equity securities, the Fund may invest a significant portion of its assets in private placement securities (including Rule 144A and Regulation S securities). The Fund may also employ a strategy of writing call options on common stocks to seek to enhance the Fund’s distributions and reduce overall portfolio risk. The Fund may invest in synthetic convertible instruments by combining debt instruments with a basket of warrants, or options or other derivatives that together produce the economic characteristics similar to a conventional convertible security. Additionally, the Fund may invest in structured notes or equity-linked securities that provide economic exposure similar to a

	GDP Fund	Global Perspectives Fund	Global Income & Growth Fund
	will vary from the Target Allocations if an Underlying Fund is not substantially invested in accordance with its principal strategy. The Sub-Adviser seeks to diversify the Fund’s equity holdings by including Underlying Funds that invest in companies of all market capitalizations, that invest using a growth style, a value style, or a blend and that invest in companies in developed countries and countries with emerging securities markets, and Underlying Funds that invest in real estate securities. When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Fund’s investment adviser considers environmental, social, and governance (“ESG”) factors as part of its investment process. The manner in which an investment adviser uses ESG factors in its investment process will be only one of many considerations in the Sub-Adviser’s evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an investment adviser will affect the Sub-Adviser’s decision to invest in an Underlying Fund, if at all, will depend on the analysis and judgment of the Sub-Adviser. The debt portion of the Fund will invest in Underlying Funds that invest in both investment grade securities and non-investment grade debt instruments (commonly known as “junk bonds”). The investment grade debt instruments will have a dollar-weighted average duration between two and ten years. Duration is the most commonly used measure of risk in debt investments as it incorporates multiple features of the debt instrument (e.g., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rates. Duration is a weighted average of the times that interest payments and the final return of principal are received. The weights are the amounts of the payments discounted by the yield-to-maturity of the debt instrument. Duration is expressed as a number of years. The bigger the duration number, the greater the interest-rate risk or reward for the debt instrument prices. For example, the price of a bond with an average duration of 5 years would be expected to fall approximately 5% if interest rates rose by 1%. Conversely, the price of a bond with an average duration of 5 years would be expected to rise approximately 5% if interest rates drop by 1%. The Fund may also allocate assets to	earnings of the companies in the Index for the previous year's corresponding calendar quarter. If the aggregate earnings for the most recent calendar quarter are more than 110% of the aggregate earnings for the companies in the Index for the previous year's corresponding calendar quarter, the Fund will seek exposure consistent with the Target Allocation described above as soon as reasonably practicable. If the aggregate earnings for the most recently completed calendar quarter are less than 90% of the reported aggregate earnings for the previous year's corresponding calendar quarter, the Fund will seek exposure consistent with the Defensive Allocation described above as soon as reasonably practicable. In the event that the year-over-year change in the calendar quarter’s aggregate earnings is within 90% and 110% of the previous year’s corresponding calendar quarter, the Sub-Adviser has the discretion to consider other fundamental factors and invest in accordance with either the Defensive or Target Allocation described above as soon as practicable. When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Fund’s investment adviser considers environmental, social, and governance (“ESG”) factors as part of its investment process. The manner in which an investment adviser uses ESG factors in its investment process will be only one of many considerations in the Sub-Adviser’s evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an investment adviser will affect the Sub-Adviser’s decision to invest in an Underlying Fund, if at all, will depend on the analysis and judgment of the Sub-Adviser. The Sub-Adviser intends to rebalance the Fund's asset allocations on at least a quarterly basis, but it may rebalance more frequently as deemed appropriate to attain the Target Allocation or Defensive Allocation for the Fund. The Target and Defensive Allocations, however, are targets, and the Fund's asset allocations could change substantially as the value and the holdings of the Underlying Funds change.	convertible security. Convertible preferred securities, including mandatory and perpetual preferred securities, may also be used to gain convertible exposure. From time to time, the Fund may also acquire warrants, options, or equity securities as a result of company restructurings. The Fund may also invest in other derivative instruments, including, but not limited to, foreign currency exchange contracts, options, and stock index futures contracts. The Fund may invest in other investment companies, including exchange-traded funds (“ETFs”), to the extent permitted under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and under the terms of applicable no-action relief or exemptive orders granted thereunder (the “1940 Act”). In evaluating investments for the Fund, the Sub-Adviser takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance (“ESG”) factors in considering potential investments where the Sub-Adviser believes one or more of those factors might have such an effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on third-party evaluations of an issuer’s ESG standing. ESG factors will be only one of many considerations in the Sub-Adviser’s evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser’s decision to invest in a company, if at all, will depend on the analysis and judgment of the Sub-Adviser. The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others. The Fund may lend portfolio securities on a short-term or long-term basis, up to 33 1∕3% of its total assets.

	GDP Fund	Global Perspectives Fund	Global Income & Growth Fund
	non-traditional asset classes (also known as alternative strategies), which include commodities. The Fund will be rebalanced periodically to return to the Target Allocations. The Fund’s Target Allocations may be changed, at any time, in accordance with the Fund’s asset allocation process. The Fund will periodically deviate from the Target Allocations based on an assessment of the current market conditions or other factors. Generally, the deviations would be expected to fall in the range of +/- 10% of the Fund's net asset value, relative to the current Target Allocations. The Sub-Adviser may determine, in light of market conditions or other factors, to deviate by a wider margin in order to protect the Fund, achieve its investment objective, or to take advantage of particular opportunities. The Sub-Adviser may seek to enhance returns and/or moderate volatility by exercising strategies that use derivative instruments, which may include forward foreign currency exchange contracts, futures (including broad based indices, equities, commodities, currencies, and bonds), swaps (including interest rate swaps, total return swaps, and credit default swaps), and options on any of the previously mentioned asset class or instruments, including ETFs and single stocks. The Sub-Adviser may also take a defensive cash position. The Sub-Adviser may also use derivatives as a substitute for taking a position in the underlying asset, to earn income, and to assist in managing cash.

How do the Principal Risks compare?

The following table summarizes and compares the principal risks of investing in the Funds. You could lose money on an investment in the Funds. Any of the following risks, among others, could affect a Fund’s or an Underlying Fund’s performance or cause a Fund or an Underlying Fund to lose money or to underperform market averages of other funds.

With respect to GDP Fund and Global Perspectives Fund, the value of your investment in either Fund changes with the values of the Underlying Funds and their investments. These Funds are exposed to most of the principal risks indirectly through investments by the Underlying Funds, and in some cases only through such investments. Unless stated otherwise, in the risk disclosures below, descriptions of investments or activities by “the Fund” and related risks refer to investments or activities by the Funds or by the Underlying Funds, as the case may be. Similarly, a reference to “the Investment Adviser” or to “the Sub-Adviser” is to the entity responsible for the investments in question, whether by the Funds or by the Underlying Funds.

The Funds are subject to the following principal risks (either directly or through investments in one or more of the Underlying Funds). The principal risks are presented in alphabetical order to facilitate readability, and their order does not imply that the realization of one risk is more likely to occur or have a greater adverse impact than another risk. An investment in a Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

Risks	GDP Fund	Global Perspectives Fund	Global Income & Growth Fund
Affiliated Underlying Funds: The Sub-Adviser’s selection of Underlying Funds presents conflicts of interest. The net management fee revenue received or costs incurred by the Sub-Adviser and its affiliates will vary depending on the Underlying Funds it selects for the Fund, and the Sub-Adviser will have an incentive to select the Underlying Funds (whether or not affiliated with the Sub-Adviser) that will result in the greatest net management fee revenue or lowest costs to the Sub-Adviser and its affiliates, even if that results in increased expenses and potentially less favorable investment performance for the Fund. The Sub-Adviser may prefer to invest in an affiliated Underlying Fund over an unaffiliated Underlying Fund because the investment may be beneficial to the Sub-Adviser in managing the affiliated Underlying Fund by helping the affiliated Underlying Fund achieve economies of scale or by enhancing cash flows to the affiliated Underlying Fund. For similar reasons, the Sub-Adviser may have an incentive to delay or decide against the sale of interests held by the Fund in affiliated Underlying Funds, and the Sub-Adviser may implement Underlying Fund changes in a manner intended to minimize the disruptive effects and added costs of those changes to affiliated Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower fees or have achieved better historical investment performance than the comparable affiliated Underlying Funds.	✔	✔
Asset Allocation: Investment performance depends on the manager’s skill in allocating assets among the asset classes in which the Fund invests and in choosing investments within those asset classes. There is a risk that the manager may allocate assets or investments to or within an asset class that underperforms compared to other asset classes or investments. The Fund may underperform funds that allocate their assets differently than the Fund, due to differences in the relative performance of asset classes and subsets of asset classes.	✔	✔	✔
Bank Instruments: Bank instruments include certificates of deposit, fixed time deposits, bankers’ acceptances, and other debt and deposit-type obligations issued by banks. Changes in economic, regulatory, or political conditions, or other events that affect the banking industry may have an adverse effect on bank instruments or banking institutions that serve as counterparties in transactions with the Fund. In the event of a bank insolvency or failure, the Fund may be considered a general creditor of the bank, and it might lose some or all of the funds deposited with the bank. Even where it is recognized that a bank might be in danger of insolvency or failure, the Fund might not be able to withdraw or transfer its money from the bank in time to avoid any adverse effects of the insolvency or failure. Volatility in the banking system may impact the viability of banking and financial services institutions. In the event of failure of any of the financial institutions where the Fund maintains its cash and cash equivalents, there can be no assurance that the Fund would be able to access uninsured funds in a timely manner or at all and the Fund may incur losses. Any such event could adversely affect the business, liquidity, financial position and performance of the Fund.		✔	✔
Cash/Cash Equivalents: Investments in cash or cash equivalents may lower returns and result in potential lost opportunities to participate in market appreciation which could negatively impact the Fund’s performance and ability to achieve its investment objective.		✔	✔
Commodities: Commodity prices can have significant volatility, and exposure to commodities can cause the net asset value of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. A liquid secondary market may not exist for certain commodity-related investments, which may make it difficult for the Fund to sell them at a desirable price or time.	✔

Risks	GDP Fund	Global Perspectives Fund	Global Income & Growth Fund
Company: The price of a company’s stock could decline or underperform for many reasons, including, among others, poor management, financial problems, reduced demand for the company’s goods or services, regulatory fines and judgments, or business challenges. If a company is unable to meet its financial obligations, declares bankruptcy, or becomes insolvent, its stock could become worthless.	✔	✔	✔
Convertible Securities: Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt instruments, such as interest rate risk and credit risk. In addition, because convertible securities react to changes in the value of the underlying stock, they are subject to market risk. Synthetic convertible securities may present a greater degree of market risk, and may be more volatile, less liquid and more difficult to price accurately than less complex securities.			✔
Covenant-Lite Loans: Loans in which the Fund may invest or to which the Fund may gain exposure indirectly through its investments in collateralized debt obligations, CLOs or other types of structured securities may be considered “covenant-lite” loans. Covenant-lite refers to loans which do not incorporate traditional performance-based financial maintenance covenants. Covenant-lite does not refer to a loan’s seniority in a borrower’s capital structure nor to a lack of the benefit from a legal pledge of the borrower’s assets and does not necessarily correlate to the overall credit quality of the borrower. Covenant-lite loans generally do not include terms which allow a lender to take action based on a borrower’s performance relative to its covenants. Such actions may include the ability to renegotiate and/or re-set the credit spread on the loan with a borrower, and even to declare a default or force the borrower into bankruptcy restructuring if certain criteria are breached. Covenant-lite loans typically still provide lenders with other covenants that restrict a borrower from incurring additional debt or engaging in certain actions. Such covenants can only be breached by an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, the Fund may have fewer rights against a borrower when it invests in, or has exposure to, covenant-lite loans and, accordingly, may have a greater risk of loss on such investments as compared to investments in, or exposure to, loans with additional or more conventional covenants.			✔
Credit: The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests, or the counterparty to a derivative contract the Fund entered into, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services, or otherwise) as unable or unwilling, to meet its financial obligations.	✔	✔	✔

Risks	GDP Fund	Global Perspectives Fund	Global Income & Growth Fund
Credit Default Swaps: The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a credit default swap is generally obligated to pay the seller an upfront or a periodic stream of payments over the term of the contract until a credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount if the swap is cash settled. As a seller of a credit default swap, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the full notional value of the swap. Credit default swaps are particularly subject to counterparty, credit, valuation, liquidity, and leveraging risks, and the risk that the swap may not correlate with its reference obligation as expected. Certain standardized credit default swaps are subject to mandatory central clearing. Central clearing is expected to reduce counterparty credit risk and increase liquidity; however, there is no assurance that it will achieve that result, and in the meantime, central clearing and related requirements expose the Fund to different kinds of costs and risks. In addition, credit default swaps expose the Fund to the risk of improper valuation.	✔
Currency: To the extent that the Fund invests directly or indirectly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by the Fund through foreign currency exchange transactions.	✔	✔	✔
Derivative Instruments: Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying asset, reference rate, or index credit risk with respect to the counterparty, risk of loss due to changes in market interest rates, liquidity risk, valuation risk, and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by the Fund. Therefore, the purchase of certain derivatives may have an economic leveraging effect on the Fund and exaggerate any increase or decrease in the net asset value. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the asset, reference rate, or index being hedged. When used as an alternative or substitute for direct cash investment, the return provided by the derivative may not provide the same return as direct cash investment.	✔		✔
Dividend: Companies that issue dividend yielding equity securities are not required to continue to pay dividends on such securities. Therefore, there is a possibility that such companies could reduce or eliminate the payment of dividends in the future. As a result, the Fund’s ability to execute its investment strategy may be limited.			✔

Risks	GDP Fund	Global Perspectives Fund	Global Income & Growth Fund
Environmental, Social, and Governance (Equity): The Sub-Adviser’s consideration of ESG factors in selecting investments for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. The Sub-Adviser’s assessment of ESG factors in respect of a company may rely on third-party data that might be incorrect or based on incomplete or inaccurate information. There is no minimum percentage of the Fund’s assets that will be invested in companies that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may choose not to invest in companies that compare favorably to other companies on the basis of ESG factors. It is possible that the Fund will have less exposure to certain companies due to the Sub-Adviser’s assessment of ESG factors than other comparable mutual funds. There can be no assurance that an investment selected by the Sub-Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments.			✔
Environmental, Social, and Governance (Fixed Income): The Sub-Adviser’s consideration of ESG factors in selecting investments for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. The Sub-Adviser’s assessment of ESG factors in respect of obligations of an issuer may rely on third-party data that might be incorrect or based on incomplete or inaccurate information. There is no minimum percentage of the Fund’s assets that will be invested in obligations of issuers that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may choose not to invest in obligations of issuers that compare favorably to obligations of other issuers on the basis of ESG factors. It is possible that the Fund will have less exposure to obligations of certain issuers due to the Sub-Adviser’s assessment of ESG factors than other comparable mutual funds. There can be no assurance that an investment selected by the Sub-Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments.			✔
Environmental, Social, and Governance (Funds-of-Funds): The Sub-Adviser’s consideration of ESG factors in selecting Underlying Funds for investment by the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund’s assets that will be allocated to Underlying Funds on the basis of ESG factors, and the Sub-Adviser may choose to select Underlying Funds on the basis of factors or considerations other than ESG factors. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that an Underlying Fund selected by the Sub-Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential Underlying Fund, and such an Underlying Fund may, in fact, underperform other potential Underlying Funds.	✔	✔
Equity-Linked Notes: An equity-linked note (“ELN”) is an investment whose value is based on the value of a single equity security, basket of equity securities, or an index of equity securities (each, an “underlying equity”). Although ELNs are not a direct investment in the underlying equity, ELNs are subject to the market risk associated with their underlying equity and the price of ELNs may not correlate with the underlying equity. As a result, an investment in an ELN may result in significant losses to the Fund, including its entire principal investment. In addition, ELNs are subject to other risks, including counterparty risk, credit risk, liquidity risk, and market risk.			✔

Risks	GDP Fund	Global Perspectives Fund	Global Income & Growth Fund
Floating Rate Loans: In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan (which can include certain bank loans), the Fund will experience a reduction in its income and a decline in the market value of such floating rate loan. If a floating rate loan is held by the Fund through another financial institution, or the Fund relies upon another financial institution to administer the loan, the receipt of scheduled interest or principal payments may be subject to the credit risk of such financial institution. Investors in floating rate loans may not be afforded the protections of the anti-fraud provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, because loans may not be considered “securities” under such laws. Additionally, the value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the borrower’s obligations under the loan, and such collateral may be difficult to liquidate. No active trading market may exist for many floating rate loans and many floating rate loans are subject to restrictions on resale. Transactions in loans typically settle on a delayed basis and may take longer than 7 days to settle. As a result, the Fund may not receive the proceeds from a sale of a floating rate loan for a significant period of time. Delay in the receipts of settlement proceeds may impair the ability of the Fund to meet its redemption obligations, and may limit the ability of the Fund to repay debt, pay dividends, or to take advantage of new investment opportunities.	✔
Foreign (Non-U.S.) Investments/Developing and Emerging Markets: Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due, in part, to: smaller markets; differing reporting, accounting, auditing and financial reporting standards and practices; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; and political changes or diplomatic developments, which may include the imposition of economic sanctions (or the threat of new or modified sanctions) or other measures by the U.S. or other governments and supranational organizations. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets.	✔	✔	✔
Growth Investing: Prices of growth-oriented stocks are more sensitive to investor perceptions of the issuer’s growth potential and may fall quickly and significantly if investors suspect that actual growth may be less than expected. There is a risk that funds that invest in growth-oriented stocks may underperform other funds that invest more broadly. Growth-oriented stocks tend to be more volatile than value-oriented stocks, and may underperform the market as a whole over any given time period.	✔		✔
High-Yield Securities: Lower-quality securities (including securities that are or have fallen below investment grade and are classified as “junk bonds” or “high-yield securities”) have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and their issuers' long-term ability to make payments is considered speculative. Prices of lower-quality bonds or other debt instruments are also more volatile, are more sensitive to negative news about the economy or the issuer, and have greater liquidity risk and price volatility.	✔	✔	✔

Risks	GDP Fund	Global Perspectives Fund	Global Income & Growth Fund
Index Strategy (Funds-of-Funds): An Underlying Fund (or a portion of the Underlying Fund) that seeks to track an index’s performance and does not use defensive positions or attempt to reduce its exposure to poor performing securities in an index may underperform the overall market (each, an “Underlying Index Fund”). To the extent an Underlying Index Fund’s investments track its target index, such Underlying Index Fund may underperform other funds that invest more broadly. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Fund. The correlation between an Underlying Index Fund’s performance and index performance may be affected by the timing of purchases and redemptions of the Underlying Index Fund's shares. The correlation between an Underlying Index Fund’s performance and index performance will be reduced by the Underlying Index Fund’s expenses and could be reduced by the timing of purchases and redemptions of the Underlying Index Fund’s shares. In addition, an Underlying Index Fund’s actual holdings might not match the index and an Underlying Index Fund’s effective exposure to index securities at any given time may not precisely correlate. When deciding between Underlying Index Funds benchmarked to the same index, the manager may not select the Underlying Index Fund with the lowest expenses. If the Fund invests in an Underlying Index Fund with higher expenses, the Fund's performance would be lower than if the Fund had invested in an Underlying Index Fund with comparable performance but lower expenses (although any expense limitation arrangements in place at the time might have the effect of limiting or eliminating the amount of that underperformance).	✔	✔
Interest in Loans: The value and the income streams of interests in loans (including participation interests in lease financings and assignments in secured variable or floating rate loans) will decline if borrowers delay payments or fail to pay altogether. A significant rise in market interest rates could increase this risk. Although loans may be fully collateralized when purchased, such collateral may become illiquid or decline in value.	✔
Interest Rate: A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. As of the date of this Prospectus, the U.S. has recently experienced a rising market interest rate environment, which may increase the Fund’s exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that the Fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Further, recent and potential future changes in government policy may affect interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact the Fund’s operations and return potential.	✔	✔	✔

Risks	GDP Fund	Global Perspectives Fund	Global Income & Growth Fund
Investment Model: The Sub-Adviser’s proprietary investment model may not adequately take into account existing or unforeseen market factors or the interplay between such factors, and there is no guarantee that the use of a proprietary investment model will result in effective investment decisions for the Fund.	✔
Investment Model: The Sub-Adviser’s proprietary investment model may not adequately take into account existing or unforeseen market factors or the interplay between such factors, and there is no guarantee that the use of a proprietary investment model will result in effective investment decisions for the Fund. Funds that are actively managed, in whole or in part, according to a quantitative investment model (including models that utilize artificial intelligence) can perform differently from the market, based on the investment model and the factors used in the analysis, the weight placed on each factor, and changes from the factors’ historical trends. Mistakes in the construction and implementation of the investment models (including, for example, data problems and/or software issues) may create errors or limitations that might go undetected or are discovered only after the errors or limitations have negatively impacted performance.		✔	✔
Liquidity: If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager might wish to sell, or at all. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, exposing the Fund to the risk that the prices at which it sells illiquid securities will be less than the prices at which they were valued when held by the Fund, which could cause the Fund to lose money. The prices of illiquid securities may be more volatile than more liquid securities, and the risks associated with illiquid securities may be greater in times of financial stress. Certain securities that are liquid when purchased may later become illiquid, particularly in times of overall economic distress or due to geopolitical events such as sanctions, trading halts, or wars.	✔	✔	✔
Managed Payment: Because the Fund is expected to make monthly payments regardless of investment performance, the amount of the Fund’s distributions in respect of any period often will exceed the amount of the Fund’s income and gains for that period. In that case, some or all of the Fund’s distributions will constitute a return of capital to shareholders. It is possible for the Fund to suffer substantial investment losses and simultaneously experience additional asset reductions as a result of its payments to shareholders under the Managed Payment Policy. In addition, in order to make the payments called for under the Managed Payment Policy, the Fund may have to sell portfolio securities at a time when it would not otherwise do so. A return of capital to shareholders will decrease shareholders’ cost basis in the Fund and will affect the amount of any capital gain or loss that shareholders realize when selling or exchanging shares. A distribution constituting a return of capital is not a distribution of income or capital gains earned by the Fund and should not be confused with the Fund’s “yield” or “income.”	✔
Market: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt instruments. Additionally, legislative, regulatory or tax policies or developments may adversely impact the investment techniques available to a manager, add to costs, and impair the ability of the Fund to achieve its investment objectives.	✔	✔	✔

Risks	GDP Fund	Global Perspectives Fund	Global Income & Growth Fund
Market Capitalization: Stocks fall into three broad market capitalization categories: large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-capitalization companies causing a fund that invests in these companies to increase in value more rapidly than a fund that invests in large-capitalization companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, more limited publicly available information, and a more limited trading market for their stocks as compared with large-capitalization companies. As a result, stocks of mid- and small-capitalization companies may be more volatile and may decline significantly in market downturns.	✔	✔	✔
Market Disruption and Geopolitical: The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of the Fund’s investments, including beyond the Fund’s direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund’s investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund’s service providers.	✔	✔	✔

Risks	GDP Fund	Global Perspectives Fund	Global Income & Growth Fund
Option Writing: When the Fund writes a covered call option on a security, it assumes the risk that it must sell the underlying security at an exercise price that may be lower than the market price of the security, and it gives up the opportunity to profit from a price increase in the underlying security above the exercise price. In addition, the Fund continues to bear the risk of a decline in the value of the underlying security. When the Fund writes an index call option, it assumes the risk that it must pay the purchaser of the option a cash payment equal to any appreciation in the value of the index over the strike price of the call option during the option’s term. While the amount of the Fund’s potential loss is offset by the premium received when the option was written, the amount of the loss is theoretically unlimited.			✔
Other Investment Companies: The main risk of investing in other investment companies, including ETFs, is the risk that the value of an investment company’s underlying investments might decrease. Shares of investment companies that are listed on an exchange may trade at a discount or premium from their net asset value. You will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the Fund’s expenses. The investment policies of the other investment companies may not be the same as those of the Fund; as a result, an investment in the other investment companies may be subject to additional or different risks than those to which the Fund is typically subject. In addition, shares of ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. Secondary markets may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods in times of market stress because market makers and authorized participants may step away from making a market in an ETF’s shares, which could cause a material decline in the ETF’s net asset value.			✔
Preferred Stocks: Preferred stock generally has preference over common stock but is generally subordinate to debt instruments with respect to dividends and liquidation. Preferred stocks are subject to the risks associated with other types of equity securities, as well as greater credit or other risks than senior debt instruments. In addition, preferred stocks are subject to other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rate, regulatory changes and special redemption rights.			✔
Prepayment and Extension: Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk is the risk that the issuer of a debt instrument will pay back the principal earlier than expected. This risk is heightened in a falling market interest rate environment. Prepayment may expose the Fund to a lower rate of return upon reinvestment of principal. Also, if a debt instrument subject to prepayment has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a debt instrument will pay back the principal later than expected. This risk is heightened in a rising market interest rate environment. This may negatively affect performance, as the value of the debt instrument decreases when principal payments are made later than expected. Additionally, the Fund may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates.	✔	✔	✔

Risks	GDP Fund	Global Perspectives Fund	Global Income & Growth Fund
Real Estate Companies and Real Estate Investment Trusts: Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, market interest rates, zoning laws, regulatory limitations on rents, property taxes, overbuilding, high foreclosure rates, and operating expenses in addition to terrorist attacks, wars, or other acts that destroy real property. In addition, REITs may also be affected by tax and regulatory requirements in that a REIT may not qualify for favorable tax treatment or regulatory exemptions. Investments in REITs are affected by the management skill of the REIT’s sponsor. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests.	✔	✔
Restricted Securities: Securities that are legally restricted as to resale (such as those issued in private placements), including securities governed by Rule 144A and Regulation S, and securities that are offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended, are referred to as “restricted securities.” Restricted securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Due to the absence of a public trading market, restricted securities may be more volatile, less liquid, and more difficult to value than publicly-traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly-traded securities. Certain restricted securities represent investments in smaller, less seasoned issuers, which may involve greater risk.			✔
Securities Lending: Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Fund will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the net asset value, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of the Fund’s other risks.			✔
Structured Notes: Structured notes are investments, the interest rate or principal of which is linked to currencies, interest rates, commodities, indices, or other financial indicators (each, a “reference instrument”). Structured notes may entail a greater degree of market risk than other types of debt instruments because the investor also bears the risk of the reference instrument. Structured notes may be more volatile, less liquid, and more difficult to accurately price than less complex securities and other types of debt instruments. In addition, structured notes are subject to other risks, including interest rate risk, credit risk, and liquidity risk.			✔

Risks	GDP Fund	Global Perspectives Fund	Global Income & Growth Fund
Underlying Funds: Because the Fund invests primarily in Underlying Funds, the investment performance of the Fund is directly related to the investment performance of the Underlying Funds in which it invests. When the Fund invests in an Underlying Fund, it is exposed indirectly to the risks of a direct investment in the Underlying Fund. If the Fund invests a significant portion of its assets in a single Underlying Fund, it may be more susceptible to risks associated with that Underlying Fund and its investments than if it invested in a broader range of Underlying Funds. It is possible that more than one Underlying Fund will hold securities of the same issuers, thereby increasing the Fund’s indirect exposure to those issuers. It also is possible that one Underlying Fund may be selling a particular security when another is buying it, producing little or no change in exposure but generating transaction costs and/or resulting in realization of gains with no economic benefit. There can be no assurance that the investment objective of any Underlying Fund will be achieved. In addition, the Fund’s shareholders will indirectly bear their proportionate share of the Underlying Funds’ fees and expenses, in addition to the fees and expenses of the Fund itself.	✔	✔
U.S. Government Securities and Obligations: U.S. government securities are obligations of, or guaranteed by, the U.S. government, its agencies, or government-sponsored enterprises. U.S. government securities are subject to market risk and interest rate risk, and may be subject to varying degrees of credit risk.		✔
Value Investing: Securities that appear to be undervalued may never appreciate to the extent expected. Further, because the prices of value-oriented securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions, such as changes in market interest rates, corporate earnings and industrial production. The manager may be wrong in its assessment of a company’s value and the securities the Fund holds may not reach their full values. Risks associated with value investing include that a security that is perceived by the manager to be undervalued may actually be appropriately priced and, thus, may not appreciate and provide anticipated capital growth. The market may not favor value-oriented securities and may not favor equities at all. During those periods, the Fund’s relative performance may suffer. There is a risk that funds that invest in value-oriented securities may underperform other funds that invest more broadly.	✔

How do the Fundamental Policies of the Funds compare?

The following chart compares the fundamental policies of GDP Fund, Global Perspectives Fund, and Global Income & Growth Fund.

GDP Fund	Global Perspectives Fund	Global Income & Growth Fund
Diversification: The Fund may not purchase securities of any issuer if, as a result, with respect to 75% of the Fund’s total assets, more than 5% of the value of its total assets would be invested in the securities of any one issuer or the Fund’s ownership would be more than 10% of the outstanding voting securities of any issuer, provided that this restriction does not limit the Fund’s investments in securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, or investments in securities of other registered management investment companies.	Diversification: The Fund may not purchase securities of any issuer if, as a result, with respect to 75% of the Fund’s total assets, more than 5% of the value of its total assets would be invested in the securities of any one issuer or the Fund’s ownership would be more than 10% of the outstanding voting securities of any issuer, provided that this restriction does not limit the Fund’s investments in securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, or investments in securities of other investment companies.	Diversification: Same as GDP Fund.

GDP Fund	Global Perspectives Fund	Global Income & Growth Fund
Concentration: The Fund may not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. government, any state or territory of the United States, or tax exempt securities issued by any of their agencies, instrumentalities, or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more registered management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder, and any exemptive relief obtained by the Fund.	Concentration: The Fund may not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. government, or tax exempt securities issued by any state or territory of the United States, or any of their agencies, instrumentalities, or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder and any exemptive relief obtained by the Fund.	Concentration: Same as GDP Fund.
Making Loans: The Fund may not make loans, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations thereunder, and any exemptive relief obtained by the Fund.	Making Loans: The Fund may not make loans, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations, and any exemptive relief obtained by the Fund. For the purposes of this limitation, entering into repurchase agreements, lending securities, and acquiring debt securities are not deemed to be making of loans.	Making Loans: Same as GDP Fund.
Issuing Senior Securities: The Fund may not issue senior securities except to the extent permitted by the 1940 Act, the rules and regulations thereunder, and any exemptive relief obtained by the Fund.	Issuing Senior Securities: Same.	Issuing Senior Securities: Same.
Purchasing or Selling Real Estate: The Fund may not purchase or sell real estate, except that the Fund may: (i) acquire or lease office space for its own use; (ii) invest in securities of issuers that invest in real estate or interests therein; (iii) invest in mortgage-related securities and other securities that are secured by real estate or interests therein; or (iv) hold and sell real estate acquired by the Fund as a result of the ownership of securities.	Purchasing or Selling Real Estate: Same.	Purchasing or Selling Real Estate: Same.
Purchasing or Selling Commodities: The Fund may not purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options and futures contracts, or from investing in securities or other instruments backed by physical commodities). This limitation does not apply to foreign currency transactions including, without limitation, forward currency contracts.	Purchasing or Selling Commodities: Same.	Purchasing or Selling Commodities: Same.

GDP Fund	Global Perspectives Fund	Global Income & Growth Fund
Borrowing: The Fund may not borrow money, except to the extent permitted under the 1940 Act, including the rules, regulations, interpretations thereunder, and any exemptive relief obtained by the Fund.	Borrowing: Same.	Borrowing: Same.
Underwriting Securities: The Fund may not underwrite any issue of securities within the meaning of the 1933 Act except when it might technically be deemed to be an underwriter either: (i) in connection with the disposition of a portfolio security; or (ii) in connection with the purchase of securities directly from the issuer thereof in accordance with its investment objective. This restriction shall not limit the Fund’s ability to invest in securities issued by other registered management investment companies.	Underwriting Securities: Same.	Underwriting Securities: Same.

How do the purchase, exchange, and redemption policies of the Funds compare?

The Funds have the same policies for purchasing, exchanging, and redeeming shares. Investors may purchase shares in a Fund by contacting a financial intermediary, by mail, or by wire. Investors may redeem their shares in a Fund by contacting their financial intermediary, by mail, or by telephone.

While the policies for purchasing, exchanging, and redeeming shares are the same, the shareholder eligibility requirements for Class I shares of Global Perspectives Fund differ slightly from the shareholder eligibility requirements for Class I shares of GDP Fund and Global Income & Growth Fund. The Class I shareholder eligibility requirements for each Fund are described in the table below. Please refer to your fund’s prospectus for additional information on these policies.

GDP Fund	Global Perspectives Fund	Global Income & Growth Fund
Class I shares may be purchased without a sales charge by: (1) qualified retirement plans such as 401(a), 401(k), or other defined contribution plans and defined benefit plans; (2) 529 college savings plans; (3) insurance companies and foundations investing for their own account; (4) wrap programs offered by broker-dealers and financial institutions; (5) accounts of, or managed by, trust departments; (6) individuals whose accounts are managed by an investment adviser representative; (7) employees of Voya IM who are eligible to participate in “notional” bonus programs sponsored by Voya IM; (8) retirement plans affiliated with Voya Financial, Inc.; (9) Voya Financial, Inc. affiliates for purposes of corporate cash management; (10) other registered investment companies; (11) shareholders holding Class I shares of other Voya mutual funds as of February 28, 2002, as long as they maintain a shareholder account; and (12) (a) investors purchasing Class I shares through brokerage platforms that invest in the Voya funds’ Class I shares through omnibus accounts and have agreements with the Distributor to offer such shares and (b) such brokerage platforms’ omnibus accounts. An investor transacting in Class I shares on such brokerage platforms may be required to pay a commission and/or other forms of compensation to the broker.	Class I shares may be purchased without a sales charge by: (1) qualified retirement plans such as 401(a), 401(k), or other defined contribution plans and defined benefit plans; (2) 529 college savings plans; (3) insurance companies and foundations investing for their own account; (4) wrap programs offered by broker-dealers and financial institutions; (5) accounts of, or managed by, trust departments; (6) individuals whose accounts are managed by an investment adviser representative; (7) employees of Voya IM who are eligible to participate in “notional” bonus programs sponsored by Voya IM; (8) retirement plans affiliated with Voya Financial, Inc.; (9) Voya Financial, Inc. affiliates for purposes of corporate cash management; (10) other registered investment companies; and (11) (a) investors purchasing Class I shares through brokerage platforms that invest in the Voya funds’ Class I shares through omnibus accounts and have agreements with the Distributor to offer such shares and (b) such brokerage platforms’ omnibus accounts. An investor transacting in Class I shares on such brokerage platforms may be required to pay a commission and/or other forms of compensation to the broker.	Class I shares may be purchased without a sales charge by: (1) qualified retirement plans such as 401(a), 401(k), or other defined contribution plans and defined benefit plans; (2) 529 college savings plans; (3) insurance companies and foundations investing for their own account; (4) wrap programs offered by broker-dealers and financial institutions; (5) accounts of, or managed by, trust departments; (6) individuals whose accounts are managed by an investment adviser representative; (7) employees of Voya IM who are eligible to participate in “notional” bonus programs sponsored by Voya IM; (8) retirement plans affiliated with Voya Financial, Inc.; (9) Voya Financial, Inc. affiliates for purposes of corporate cash management; (10) other registered investment companies; (11) members of the Investment Adviser’s Multi-Asset Strategies & Solutions team purchasing shares of Voya Multi-Manager Mid Cap Value Fund; and (12) (a) investors purchasing Class I shares through brokerage platforms that invest in the Voya funds’ Class I shares through omnibus accounts and have agreements with the Distributor to offer such shares and (b) such brokerage platforms’ omnibus accounts. An investor transacting in Class I shares on such brokerage platforms may be required to pay a commission and/or other forms of compensation to the broker.

Class R shareholders of GDP Fund and Global Perspectives Fund who receive Class A shares of Global Income & Growth Fund in connection with the Reorganizations will not be subject to the different shareholder eligibility requirements for Class A shares of Global Income & Growth Fund. Additionally, the contingent deferred sales charge (“CDSC”) assessed on certain redemptions of Class A shares will be waived for former Class R shareholders on future redemptions.

For more information on the purchase, exchange, and redemption policies of Global Income & Growth Fund, please see Appendix C.

How does the performance of the Funds compare?

The following information is intended to help you understand the risks of investing in the Funds. The following bar charts show the changes in each Fund’s performance from year to year, and the tables compare each Fund’s performance to the performance of a broad-based securities market index/indices with investment characteristics similar to those of the Fund for the same period. Each Fund’s performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar charts show the performance of each Fund’s Class A shares. Sales charges are not reflected in the bar charts. If they were, returns would be less than those shown. However, the tables include all applicable fees and sales charges. Performance for other share classes would differ to the extent they have differences in their fees and expenses. The Fund’s past performance (before and after taxes) is no guarantee of future results.

GDP Fund

GDP Fund, previously named Voya Global Diversified Payment Fund II, is the successor to Voya Global Diversified Payment Fund, a former series of Voya Series Fund, Inc. (the “Predecessor Fund”), a mutual fund with identical investment objectives, policies, and restrictions as a result of the reorganization of the Predecessor Fund into the Fund on or about November 8, 2019 (the “Reorganization Date”). The Fund was renamed “Voya Global Diversified Payment Fund” following the Reorganization Date. The performance in the bar chart and table prior to the Reorganization Date is that of the Predecessor Fund. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in expenses between the two classes. If adjusted for such differences, returns would be different.

Calendar Year Total Returns Class A
(as of December 31 of each year)

Best quarter: 2nd 2020, 14.06% and Worst quarter: 1st 2020, -18.11%

Average Annual Total Returns %

(for the periods ended December 31, 2023)

		1 Year	5 Years	10 Years	Since Inception	Inception Date
Class A before taxes	%	7.93	4.28	3.30	N/A	07/01/08
After tax on distributions	%	7.03	2.77	1.85	N/A
After tax on distributions with sale	%	5.03	3.01	2.17	N/A
MSCI ACWI1, 3	%	22.20	11.72	7.93	N/A
Bloomberg U.S. Aggregate Bond Index1, 3	%	5.53	1.10	1.81	N/A
S&P Target Risk® Moderate Index2	%	12.41	5.66	4.48	N/A
60% MSCI ACWI; 40% Bloomberg U.S. Aggregate Bond Index3	%	15.37	7.67	5.68	N/A
Class C before taxes	%	12.82	4.75	3.30	N/A	08/29/08
MSCI ACWI1, 3	%	22.20	11.72	7.93	N/A
Bloomberg U.S. Aggregate Bond Index1, 3	%	5.53	1.10	1.81	N/A
S&P Target Risk® Moderate Index2	%	12.41	5.66	4.48	N/A
60% MSCI ACWI; 40% Bloomberg U.S. Aggregate Bond Index3	%	15.37	7.67	5.68	N/A
Class I before taxes	%	14.96	5.84	4.23	N/A	07/01/08
MSCI ACWI1, 3	%	22.20	11.72	7.93	N/A
Bloomberg U.S. Aggregate Bond Index1, 3	%	5.53	1.10	1.81	N/A
S&P Target Risk® Moderate Index2	%	12.41	5.66	4.48	N/A
60% MSCI ACWI; 40% Bloomberg U.S. Aggregate Bond Index3	%	15.37	7.67	5.68	N/A
Class R before taxes	%	14.43	5.30	3.70	N/A	08/05/11
MSCI ACWI1, 3	%	22.20	11.72	7.93	N/A
Bloomberg U.S. Aggregate Bond Index1, 3	%	5.53	1.10	1.81	N/A
S&P Target Risk® Moderate Index2	%	12.41	5.66	4.48	N/A
60% MSCI ACWI; 40% Bloomberg U.S. Aggregate Bond Index3	%	15.37	7.67	5.68	N/A
Class R6 before taxes	%	14.98	5.81	4.21	N/A	02/28/18
MSCI ACWI1, 3	%	22.20	11.72	7.93	N/A
Bloomberg U.S. Aggregate Bond Index1, 3	%	5.53	1.10	1.81	N/A
S&P Target Risk® Moderate Index2	%	12.41	5.66	4.48	N/A
60% MSCI ACWI; 40% Bloomberg U.S. Aggregate Bond Index3	%	15.37	7.67	5.68	N/A
Class W before taxes	%	15.06	5.80	4.20	N/A	07/01/08
MSCI ACWI1, 3	%	22.20	11.72	7.93	N/A
Bloomberg U.S. Aggregate Bond Index1, 3	%	5.53	1.10	1.81	N/A
S&P Target Risk® Moderate Index2	%	12.41	5.66	4.48	N/A
60% MSCI ACWI; 40% Bloomberg U.S. Aggregate Bond Index3	%	15.37	7.67	5.68	N/A

Effective at the close of business on July 24, 2024, the Investment Adviser changed the primary benchmark from the S&P Target Risk® Moderate Index to the MSCI All Country World Index (MSCI ACWI) and the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the S&P Target Risk® Moderate Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies.

The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.

The index returns for the Bloomberg U.S. Aggregate Bond Index do not reflect deductions for fees, expenses, or taxes. The index returns for the MSCI All Country World Index (MSCI ACWI) include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.

Global Perspectives Fund

Calendar Year Total Returns Class A
(as of December 31 of each year)

Best quarter: 2nd 2020, 15.50% and Worst quarter: 2nd 2022, -13.35%

Average Annual Total Returns %

(for the periods ended December 31, 2023)

		1 Year	5 Years	10 Years	Since Inception	Inception Date
Class A before taxes	%	4.44	3.70	3.04	N/A	03/28/13
After tax on distributions	%	3.65	2.08	1.66	N/A
After tax on distributions with sale	%	2.86	2.46	1.97	N/A
MSCI ACWI1, 2	%	22.20	11.72	7.93	N/A
Bloomberg U.S. Aggregate Bond Index1, 3	%	5.53	1.10	1.81	N/A
S&P Target Risk® Growth Index2	%	15.38	7.73	5.96	N/A
Class C before taxes	%	8.97	4.12	3.03	N/A	03/28/13
MSCI ACWI1, 2	%	22.20	11.72	7.93	N/A
Bloomberg U.S. Aggregate Bond Index1, 3	%	5.53	1.10	1.81	N/A
S&P Target Risk® Growth Index2	%	15.38	7.73	5.96	N/A
Class I before taxes	%	11.04	5.19	3.91	N/A	03/28/13
MSCI ACWI1, 2	%	22.20	11.72	7.93	N/A
Bloomberg U.S. Aggregate Bond Index1, 3	%	5.53	1.10	1.81	N/A
S&P Target Risk® Growth Index2	%	15.38	7.73	5.96	N/A
Class R before taxes	%	10.52	4.66	3.39	N/A	03/28/13
MSCI ACWI1, 2	%	22.20	11.72	7.93	N/A
Bloomberg U.S. Aggregate Bond Index1, 3	%	5.53	1.10	1.81	N/A
S&P Target Risk® Growth Index2	%	15.38	7.73	5.96	N/A
Class W before taxes	%	11.01	5.17	3.91	N/A	03/28/13
MSCI ACWI1, 2	%	22.20	11.72	7.93	N/A
Bloomberg U.S. Aggregate Bond Index1, 3	%	5.53	1.10	1.81	N/A
S&P Target Risk® Growth Index2	%	15.38	7.73	5.96	N/A

Effective at the close of business on July 24, 2024, the Investment Adviser changed the primary benchmark from the S&P Target Risk® Growth Index to the MSCI All Country World Index (MSCI ACWI) and the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the S&P Target Risk® Growth Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies.

The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.

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

Global Income & Growth Fund

Global Income & Growth Fund (formerly, Voya Global Multi-Asset Fund), previously named Voya Global Multi-Asset Fund II, is the successor to Voya Global Multi-Asset Fund, a former series of Voya Series Fund, Inc. (the “Predecessor Fund”), a mutual fund with identical investment objectives, policies, and restrictions as a result of the reorganization of the Predecessor Fund into the Fund on or about November 8, 2019 (the “Reorganization Date”). The Fund was renamed “Voya Global Multi-Asset Fund” following the Reorganization Date. The performance

in the bar chart and table for Global Income & Growth Fund prior to the Reorganization Date is that of the Predecessor Fund. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in expenses between the two classes. If adjusted for such differences, returns would be different.

The Fund’s performance prior to May 1, 2024 reflects returns achieved pursuant to different principal investment strategies than those that are currently being pursued by the Fund. In addition, the Fund’s performance prior to January 20, 2017 reflects returns achieved pursuant to different principal investment strategies than those that are currently being pursued by the Fund and those that were pursued by the Fund prior to May 1, 2024. If the Fund’s current strategies had been in place for those prior periods, the performance information shown would have been different.

Calendar Year Total Returns Class A
(as of December 31 of each year)

Best quarter: 2nd 2020, 16.06% and Worst quarter: 1st 2020, -19.27%

Average Annual Total Returns %

(for the periods ended December 31, 2023)

		1 Year	5 Years	10 Years	Since Inception	Inception Date
Class A before taxes	%	8.31	5.11	3.87	N/A	01/20/97
After tax on distributions	%	7.54	3.58	2.69	N/A
After tax on distributions with sale	%	5.28	3.66	2.74	N/A
Bloomberg Global Aggregate Index1,3	%	5.72	(0.32)	0.38	N/A
MSCI ACWI2,4	%	22.20	11.72	7.93	N/A
MSCI World IndexSM 1,4	%	23.79	12.80	8.60	N/A
S&P Target Risk® Growth Index4	%	15.38	7.73	5.96	N/A
Class C before taxes	%	13.06	5.56	3.87	N/A	06/30/98
Bloomberg Global Aggregate Index1,3	%	5.72	(0.32)	0.38	N/A
MSCI ACWI2,4	%	22.20	11.72	7.93	N/A
MSCI World IndexSM 1,4	%	23.79	12.80	8.60	N/A
S&P Target Risk® Growth Index4	%	15.38	7.73	5.96	N/A
Class I before taxes	%	15.28	6.63	4.75	N/A	01/04/95
Bloomberg Global Aggregate Index1,3	%	5.72	(0.32)	0.38	N/A
MSCI ACWI2,4	%	22.20	11.72	7.93	N/A
MSCI World IndexSM 1,4	%	23.79	12.80	8.60	N/A
S&P Target Risk® Growth Index4	%	15.38	7.73	5.96	N/A
Class R6 before taxes	%	15.25	6.71	4.66	N/A	09/29/17
Bloomberg Global Aggregate Index1,3	%	5.72	(0.32)	0.38	N/A
MSCI ACWI2,4	%	22.20	11.72	7.93	N/A
MSCI World IndexSM 1,4	%	23.79	12.80	8.60	N/A
S&P Target Risk® Growth Index4	%	15.38	7.73	5.96
Class W before taxes	%	15.31	6.63	4.76	N/A	08/05/11
Bloomberg Global Aggregate Index1,3	%	5.72	(0.32)	0.38	N/A
MSCI ACWI2,4	%	22.20	11.72	7.93	N/A
MSCI World IndexSM 1,4	%	23.79	12.80	8.60	N/A
S&P Target Risk® Growth Index4	%	15.38	7.73	5.96	N/A

Effective at the close of business on May 1, 2024, the Investment Adviser changed the primary benchmark from the S&P Target Risk® Growth Index to the Bloomberg Global Aggregate Index and the MSCI World IndexSM because the Bloomberg Global Aggregate Index and the MSCI World IndexSM are considered by the Investment Adviser to be more reflective of the type of securities in which the Fund invests.

Effective at the close of business on July 24, 2024, the Investment Adviser changed one of the Fund’s primary benchmarks from the MSCI World IndexSM to the MSCI All Country World Index (MSCI ACWI) in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the MSCI World IndexSM as an additional benchmark that the Investment Adviser believes more closely reflects the Fund's principal investment strategies.

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

The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.

How does the management of the Funds compare?

The following table describes the management of the Funds.

	GDP Fund	Global Perspectives Fund	Global Income & Growth Fund
Investment Adviser	Voya Investments, LLC	Same	Same
Management Fee (as a percentage of average daily net assets)	Direct Investments1 0.400% Underlying Funds2 0.180%	Direct Investments3 0.400% Underlying Funds2 0.200%	Direct Investments4 0.750% Underlying Funds2 0.180% Other Investments5 0.400%
Sub-Adviser	Voya Investment Management Co. LLC	Same	Same
Sub-Advisory Fee (as a percentage of average daily net assets)	Direct Investments1 0.1350% Underlying Funds6 0.0360%	Direct Investments3 0.1350% Underlying Funds6 0.0450%	Direct Investments4 0.3375% Underlying Funds6 0.0200% Other Investments5 0.1350%
Portfolio Managers	Lanyon Blair, CFA, CAIA (since 05/23) Barbara Reinhard, CFA (since 05/18)	Lanyon Blair, CFA, CAIA (since 05/23) Barbara Reinhard, CFA (since 05/23)	Justin Kass, CFA (since 05/24) David Oberto (since 05/24) Ethan Turner, CFA (since 05/24) Michael Yee (since 05/24)
Distributor	Voya Investments Distributor, LLC	Same	Same

“Direct Investments” include but are not limited to a security issued by an investment company that is not a part of the Voya family of funds, including exchange-traded funds, a security issued by a non-mutual fund issuer, such as an operating company, and derivative instruments other than call options written by the Fund’s sub-adviser.

“Underlying Funds” shall mean open-end investment companies registered under the 1940 Act within the Voya family of funds. The term “family of funds” shall have the same meaning as “fund complex” as defined in Item 17 of Form N-1A, as it was in effect on the date of the Investment Management Agreement.

“Direct Investments” shall mean assets which are not Underlying Funds.

“Direct Investments” shall include direct interests in companies other than investment companies (e.g., stocks), securities evidencing indebtedness (e.g., bonds) that do not derive their value from another security or asset, and instruments whose value is backed by an asset. Convertible securities are considered “Direct Investments” for purposes of calculating the management fee.

“Other Investments” shall mean assets which are not Direct Investments or Underlying Funds.

Investment Adviser

Voya Investments, an Arizona limited liability company, is registered with the SEC as an investment adviser. Voya Investments serves as the investment adviser to, and has overall responsibility for the management of the Funds. Voya Investments oversees all investment advisory and portfolio management services and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Funds, including, but not limited to, the following: custodial, transfer agency, dividend disbursing, accounting, auditing, compliance, and related services.

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

Voya Investments' principal business address is 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258.

Voya IM

Voya IM, a Delaware limited liability company, was founded in 1972 and is registered with the SEC as an investment adviser. Voya IM has acted as an investment adviser or sub-adviser to mutual funds since 1994 and has managed institutional accounts since 1972. Voya IM is an indirect subsidiary of Voya Financial, Inc. and is an affiliate of the Investment Adviser. Voya IM's principal business address is 230 Park Avenue, New York, New York 10169.

The following individuals are jointly and primarily responsible for the day-to-day management of the Funds, as designated in the table above.

Lanyon Blair, CFA, CAIA, Portfolio Manager, joined Voya IM in 2015 and is Head of Manager Research and Selection for Multi-Asset Strategies and Solutions (“MASS”). He is responsible for manager research and selection activities across all asset classes for the MASS group’s multi-manager products. Prior to joining Voya IM, Mr. Blair was an analyst at Wells Fargo, focusing on research and due diligence of equity, real estate, and multi-asset managers. Prior to that, he was an analyst with Fidelity Investments, covering equity and real estate managers. Mr. Blair began his career as a consultant with FactSet Research Systems where he worked closely with equity, fixed income, and real estate research teams.

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

David Oberto, Portfolio Manager, joined Voya IM as part of Voya’s acquisition of Allianz Global nvestors U.S., where he was a portfolio manager and director with portfolio management, research, and trading responsibilities for the income and growth strategies team. At Allianz Global Investors U.S., he served as portfolio manager for the U.S. High Yield Bond strategy and was also responsible for managing multiple closed-end and open-end mutual funds. Prior to that, Mr. Oberto was a portfolio administrator, a credit default swaps account manager and a trade-closer at Bain Capital.

Barbara Reinhard, CFA, Portfolio Manager, joined Voya IM in 2016 and is the head of asset allocation for Multi-Asset Strategies and Solutions (“MASS”). She is responsible for strategic and tactical asset allocation decisions for the MASS team’s multi-asset strategies. Prior to joining Voya IM, Ms. Reinhard was the chief investment officer for Credit Suisse Private Bank in the Americas (2011-2016) where she managed discretionary multi-asset portfolios, was a member of the global asset allocation committee, and the pension investment committee. Prior to that, she spent 20 years at Morgan Stanley.

Ethan Turner, CFA, Portfolio Manager, joined Voya IM as part of Voya’s acquisition of Allianz Global Investors U.S., where he was an analyst and vice president with research responsibilities for the income and growth strategies team. Prior to Allianz Global Investors U.S., he was a trading assistant. Prior to that, Mr. Turner was a lead analyst covering the financial sector at Relational Investors and a financial analyst at Sunstone Hotel Investors.

Michael Yee, Portfolio Manager, joined Voya IM as part of Voya’s acquisition of Allianz Global Investors U.S., where he was a portfolio manager and managing director with portfolio management, research and trading responsibilities for the income and growth strategies team. He served as a lead portfolio manager for the income and growth strategy since inception and was responsible for managing multiple closed-end and open-end mutual funds. Prior to that at Allianz Global Investors U.S., Mr. Yee was an analyst for the global and systematic team with responsibilities focused on the U.S. large cap equity strategies and worked in global portfolio administration and client service. Prior to that, he was a financial consultant for Priority One Financial/Liberty Foundation.

Each Fund’s statement of additional information provides additional information about each applicable portfolio manager's compensation, other accounts managed by such portfolio manager, and the securities such portfolio manager owns in each of the Funds, as applicable.

The Distributor

The Distributor, a Delaware limited liability company, is the principal underwriter and distributor of the Funds. The Distributor is an indirect subsidiary of Voya Financial, Inc. and is an affiliate of the Investment Adviser. The Distributor’s principal business address is 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258.

The Distributor is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). To obtain information about FINRA member firms and their associated persons, you may contact FINRA at www.finra.org or the Public Disclosure Hotline at 800-289-9999.

What are the key differences in the rights of shareholders of the Funds?

GDP Fund and Global Perspectives Fund are each organized as a series of Voya Mutual Funds, a Delaware statutory trust. Global Income & Growth Fund is organized as a series of Voya Equity Trust, a Massachusetts business trust. Each Fund is governed by a Board of Trustees consisting of the same six members. For more information on the history of the Funds, see each Fund’s Statement of Additional Information dated September 30, 2023 or February 29, 2024, as applicable, which is incorporated by reference into this Proxy Statement/Prospectus.

The key differences are described in the table below.

GDP Fund and Global Perspectives Fund	Global Income & Growth Fund
Election of Trustees: Trustees may be elected by shareholders of at least a majority of holders of record of Interests (as defined herein) in the Trust (“Holders”) entitled to vote, acting at a meeting, or to the extent permitted by the 1940 Act, by a majority vote of the Trustees continuing in office acting by written instrument or instruments.	Election of Trustees: Trustees must be elected by the Shareholders owning of record a plurality of the Shares voted in person or by proxy at a meeting of Shareholders.
Removal of Trustees: Any of the Trustees may be removed with or without cause by the affirmative vote of the Holders of two-thirds of the units of interest into which the beneficial interest in the Trust each series of the Trust shall be divided from time to time (“Interests”) or, with cause, by two-thirds of the remaining Trustees (provided the aggregate number of Trustees is not less than the number required by the Declaration of Trust).	Removal of Trustees: Any Trustee may be removed at any meeting of Shareholders by vote of two-thirds of the Outstanding Shares.
Meetings of Shareholders: Meetings of the Holders may be called at any time by a majority of the Trustees and shall be called by any Trustee upon written request of Holders holding, in the aggregate, not less than 10% of the Interests, such request specifying the purpose or purposes for which such meeting is to be called.	Meetings of Shareholders: Meetings of Shareholders may be called at any time by the President, and shall be called by the President and Secretary at the request in writing or by resolution, of a majority of Trustees, or at the written request of the holder or holders of ten percent (10%) or more of the total number of Shares then issued and outstanding of the Trust entitled to vote at such meeting.
Liquidation: The Trust may be terminated: (i) by the affirmative vote of the Holders of not less than two-thirds of the Interests in the Trust at any meeting of the Holders; (ii) by an instrument in writing, without a meeting, signed by a majority of the Trustees and consented to by the Holders of not less than two-thirds of such Interests; or (iii) by the Trustees by written notice to the Holders.	Liquidation: The Trust or any Series of the Trust may be terminated by a majority of the Trustees, or by the affirmative vote of the holders a majority of the Shares of the Trust or Series outstanding and entitled to vote, at any meeting of Shareholders.
Merger: The Trust, or any series thereof, may merge or consolidate with any other corporation, association, trust or other organization or may sell, lease or exchange all or substantially all of its property, including its goodwill, upon such terms and conditions and for such consideration when and as authorized by no less than a majority of the Trustees and by a vote, at a meeting of the Holders of (i) 67% or more of the outstanding Interests present or represented at such meeting, provided the Holders of more than 50% of the outstanding Interests are present or represented by proxy or (ii) more than 50% of the outstanding Interests of the Trust or such series, as the case may be, or by an instrument or instruments in writing without a meeting, consented to by the Holders of not less than 50% of the total Interests of the Trust or such series, as the case may be, and any such merger, consolidation, sale, lease or exchange shall be deemed for all purposes to have been accomplished under and pursuant to the statutes of the State of Delaware.	Merger: The Trust or any Series thereof may merge or consolidate with any other corporation, association, trust or other organization or may sell, lease or exchange all or substantially all of the Trust Property or the property of any Series, including its good will, upon such terms and conditions and for such consideration when and as authorized at any meeting of Shareholders of the Trust or Series called for the purpose by the affirmative vote of the holders of a majority of the Shares of the Trust or Series voted in person or by proxy at such meeting.
Amendment of Organizational Documents: The provisions of the Declaration of Trust (whether or not related to the rights of Holders) may be amended at any time, so long as such amendment is not in contravention of applicable law, including the 1940 Act, by an instrument in writing signed by a majority of the then Trustees (or by an officer of the Trust pursuant to the vote of a majority of such Trustees). No amendment may be made which would change any rights with respect to any Interest in the Trust by reducing the amount payable thereon upon liquidation of the Trust, by repealing the limitations on personal liability of any Holder or Trustee, or by diminishing or eliminating any voting rights pertaining thereto, except with a vote, at a meeting of the Holders, of the lesser of (i) 67% or more of the outstanding Interests present or represented at such meeting, provided the Holders of more than 50% of the outstanding Interests are present or represented by proxy or (ii) more than 50% of the outstanding Interests. The Trustees have the power to amend the By-Laws.	Amendment of Organizational Documents: The Declaration may be amended by a vote of the holders of a majority of the Shares of the Trust voted in person or by proxy at a meeting of Shareholders. No amendment may be made which would change any rights with respect to any Shares of the Trust or Series by reducing the amount payable thereon upon liquidation of the Trust or Series or by diminishing or eliminating any voting rights pertaining thereto, except with the vote or consent of the holders of two-thirds of the Shares of the Trust or Series outstanding and entitled to vote. Both shareholders and the Trustees have the power to amend the By-Laws.

Additional Information about the Funds

Dividends and Other Distributions

Global Perspectives Fund and Global Income & Growth Fund. Each Fund generally distributes most or all of its net earnings in the form of dividends, consisting of ordinary income and capital gains distributions. Each Fund distributes capital gains, if any, annually. Each Fund also declares dividends and pays dividends consisting of ordinary income, if any, annually. From time to time a portion of a Fund’s distribution may constitute a return of capital. To comply with U.S. federal tax regulations, each Fund may also pay an additional capital gains distribution.

GDP Fund. Pursuant to the Managed Payment Policy, a portion of each monthly payment that the Fund makes will be treated as a return of capital if the Fund has not earned income or gains in an amount equal to the payment. Each month, the Fund will provide to recipients of payments a statement that estimates the percentages of the year-to-date payments through the preceding month that represent net investment income, other income or capital gains, or return of capital, if any. At the end of the year, the Fund may be required, under applicable law, to re-characterize payments over the course of the year as ordinary income, capital gains, or return of capital, if any, for purposes of tax reporting to shareholders. The portion of the Fund’s payments, if any, that represent a return of capital as determined at the end of the year, will have the effect of reducing your cost basis in the Fund’s shares and are generally not taxable until your cost basis has been reduced to zero. Such basis adjustment may increase the amount of capital gain, if any, or decrease the amount of capital loss, if any, that you will realize when selling the shares.

Purchase and Sale of Fund Shares

Shares of each Fund may be purchased or sold on any business day (normally any day when the New York Stock Exchange opens for regular trading). You can buy or sell shares of each Fund through a broker-dealer or other financial intermediary; by visiting our website at www.voyainvestments.com; by writing to us at Voya Investment Management, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034; or by calling us at 1-800-992-0180.

Tax Information

Each Fund’s distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA. If you are investing through a tax-advantaged arrangement, you may be taxed upon withdrawals from that arrangement.

With respect to GDP Fund, under the Managed Payment Policy, certain distributions may constitute a return of capital, which will have the effect of reducing your cost basis in the Fund’s shares (but not below zero) and thereby increasing the amount of capital gain, if any, or decreasing the amount of capital loss, if any, that you will realize when selling or exchanging GDP Fund shares.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase a Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the intermediary for the sale of Fund shares and/or related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

Capitalization

The following table shows on an unaudited basis the capitalization of each of the Funds as of June 24, 2024, and on a pro forma combined basis as of June 24, 2024, giving effect to the Reorganizations.

		GDP Fund(1)	Global Perspectives Fund(1)	Global Income & Growth Fund(1)	Pro Forma Adjustments	Global Income & Growth Fund Pro Forma(1)
Class A
Net Assets	$	159,089,113	81,677,110	107,547,889	15,951,298(A)(C)	364,265,410
Shares Outstanding		23,856,374	7,949,484	9,259,970	(9,694,099)(B)	31,371,729
Net Asset Value Per Share	$	6.67	10.27	11.61	-	11.61
Class C
Net Assets	$	21,261,487	1,310,644	1,076,382	(5,262)(A)	23,643,251
Shares Outstanding		3,053,854	128,247	90,618	(1,282,533)(B)	1,990,186
Net Asset Value Per Share	$	6.96	10.22	11.88	-	11.88
Class I
Net Assets	$	67,690,700	3,022,432	18,042,641	(16,474)(A)	88,739,299
Shares Outstanding		10,246,137	292,501	1,519,018	(4,587,741)(B)	7,469,915
Net Asset Value Per Share	$	6.61	10.33	11.88	-	11.88
Class R
Net Assets	$	35,439	15,976,653	N/A	(16,012,092)(A)(C)	-
Shares Outstanding		5,276	1,556,231	N/A	(1,561,507)(C)	-

		GDP Fund(1)	Global Perspectives Fund(1)	Global Income & Growth Fund(1)	Pro Forma Adjustments	Global Income & Growth Fund Pro Forma(1)
Net Asset Value Per Share	$	6.72	10.27	N/A	-	-
Class R6
Net Assets	$	272,576	N/A	876,364	(63)(A)	1,148,876
Shares Outstanding		41,283	N/A	73,488	(18,440)(B)	96,331
Net Asset Value Per Share	$	6.60	N/A	11.93	-	11.93
Class W
Net Assets	$	16,193,269	12,894,825	101,295	(6,908)(A)	29,182,481
Shares Outstanding		2,466,236	1,243,998	8,541	(1,258,195)(B)	2,460,581
Net Asset Value Per Share	$	6.57	10.37	11.86	-	11.86

(1) The total net assets of GDP Fund, Global Perspectives Fund, and Global Income & Growth Fund as of June 24, 2024, were equal to $264,542,583, $114,881,664, and $127,644,570, respectively. The total combined assets of the Funds as of June 20, 2024 was equal to $506,979,317.

(A) Reflects pro forma adjustments as of June 24, 2024 in the amount of $89,500 for estimated one-time merger and consolidation expenses.

(B) Reflects new shares issued, net of retired shares of GDP Fund and Global Perspectives Fund. (Calculation: Net Assets ÷ NAV per share).

(C) Class R shareholders of the applicable Target Fund would receive Class A shares of Global Income & Growth Fund in the Reorganizations.

Additional Information about the Reorganizations

The Reorganization Agreements

The terms and conditions under which each proposed transaction may be consummated are set forth in the Reorganization Agreements. Significant provisions of the Reorganization Agreements are summarized below. Shareholders are encouraged to review a form of the applicable Reorganization Agreement, which is attached to this Proxy Statement/Prospectus as Appendix A and Appendix B. This summary is qualified in its entirety by reference to the Reorganization Agreements.

The Reorganization Agreements provide for: (i) the transfer, as of the Closing Date, of all of the assets of each of GDP Fund and Global Perspectives Fund, as applicable, in exchange for shares of beneficial interest of Global Income & Growth Fund and the assumption by Global Income & Growth Fund of all of GDP Fund’s and Global Perspectives Fund’s liabilities, as applicable; and (ii) the distribution of shares of Global Income & Growth Fund to shareholders of GDP Fund and Global Perspectives Fund, as applicable, as provided for in the Reorganization Agreements in complete liquidation of GDP Fund and Global Perspectives Fund.

Each shareholder of Class A, Class C, Class I, Class R6, and Class W shares of GDP Fund and Global Perspectives Fund, as applicable, will hold, immediately after the Closing, the corresponding share class of Global Income & Growth Fund having an aggregate net asset value equal to the aggregate net asset value of the shares of GDP Fund and Global Perspectives Fund held by that shareholder as of the close of business on the Closing Date. Shareholders of Class R shares of GDP Fund or Global Perspectives Fund will hold Class A shares of Global Income & Growth Fund having an aggregate net asset value equal to the aggregate net asset value of the shares of GDP Fund and Global Perspectives Fund held by that shareholder as of the close of business on the Closing Date.

While each Reorganization is not contingent on the approval of the other Reorganization, the obligations of the Funds under the Reorganization Agreements are subject to various conditions, including approval by the shareholders of each of GDP Fund and Global Perspectives Fund, as applicable, and that the applicable Fund receives an opinion from the law firm of Ropes & Gray LLP to the effect that the relevant Reorganization will qualify as a tax-free reorganization for U.S. federal income tax purposes. A copy of this opinion will be filed with the SEC shortly after the Closing. The Reorganization Agreements also require that each of the Funds take, or cause to be taken, all actions, and do or cause to be done, all things reasonably necessary, proper or advisable to consummate and make effective the transactions contemplated by the Reorganization Agreements. The Reorganization Agreements may be terminated by mutual agreement of the parties or by one party on certain other grounds. Please refer to Appendix A and Appendix B to review the terms and conditions of the Reorganization Agreements.

Expenses of the Reorganizations

The expenses of each Reorganization include, but are not limited to, the costs associated with the preparation of necessary filings with the SEC, printing and distribution of the Proxy Statement/Prospectus and proxy materials, legal fees, accounting fees, securities registration fees, and expenses of holding the Special Meeting. The estimated explicit expenses of each Reorganization are provided below and do not include the transition costs described in “Portfolio Transitioning” below or any internal administrative expenses incurred and payable by the Investment Adviser (or an affiliate) in notifying shareholders. The Investment Adviser will assume all costs related to a Reorganization if that Reorganization is not consummated.

The explicit expenses of the Reorganization of GDP Fund into Global Income & Growth Fund are estimated to be $228,800 and will be paid by the Investment Adviser (or an affiliate).

The explicit expenses of the Reorganization of Global Perspectives Fund into Global Income & Growth Fund are estimated to be $98,200 and will be paid by the Investment Adviser (or an affiliate).

Portfolio Transitioning

If the Reorganizations are approved by shareholders, GDP Fund and Global Perspectives Fund will align their portfolio holdings with those of Global Income & Growth Fund during the two weeks prior to the Reorganizations.

Costs of portfolio transitions are measured using implementation shortfall, which measures the change between the market value of a portfolio at the close of the market the day before any trading related to the portfolio transition occurs and the actual price at which the trades are executed during the portfolio transition. Implementation shortfall includes both explicit and implicit transition costs. The explicit transition costs include brokerage commissions, fees, and taxes, and will be paid by the Target Funds. The explicit transition costs for the Funds are estimated to be as follows:

•

GDP Fund: $61,500

•

Global Perspectives Fund: $28,000

All the other costs of transitioning the Funds are considered implicit costs. These include spread costs, market impact costs, and opportunity costs. Quantifying implicit costs is difficult and involves some degree of subjective determinations. These implicit costs will be borne by the Funds.

If shareholders approve the Reorganizations, from the close of business on October 11, 2024 through the close of business on October 25, 2024, GDP Fund and Global Perspectives Fund are expected to be in a “transition period.” During the transition period, GDP Fund and Global Perspectives Fund will not be pursuing their investment objectives and strategies. After the Closing Date, Voya IM, as the sub-adviser to Global Income & Growth Fund, may also sell portfolio holdings that it acquired (on behalf of Global Income & Growth Fund) from GDP Fund and Global Perspectives Fund, and Global Income & Growth Fund may not be immediately fully invested in accordance with its stated investment strategies. In addition, each Fund may engage in a variety of transition management techniques to facilitate the portfolio transition process, including without limitation, the purchase and sale of baskets of securities and exchange-traded funds, and enter into and close futures contracts or other derivative transactions. Such sales and purchases by the Funds during the transition period may be made at a disadvantageous time and could result in potential losses to the Funds.

Tax Considerations

Each Reorganization is intended to qualify for U.S. federal income tax purposes as a tax-free reorganization under Section 368(a) of the Code. Accordingly, pursuant to this treatment, neither GDP Fund nor Global Perspectives Fund nor their shareholders, nor Global Income & Growth Fund nor its shareholders, are expected to recognize any gain or loss for U.S. federal income tax purposes from the transactions contemplated by the Reorganization Agreements. As a condition to the closing of each Reorganization, the relevant Funds will receive an opinion from tax counsel to the effect that, on the basis of existing provisions of the Code, U.S. Treasury Regulations promulgated thereunder, current administrative rules, pronouncements and court decisions, and subject to certain qualifications, the Reorganization will qualify as a tax-free reorganization for U.S. federal income tax purposes.

Prior to the Closing Date, GDP Fund and Global Perspectives Fund will pay to shareholders a distribution consisting of any undistributed investment company taxable income, any net tax-exempt income, and/or any undistributed realized net capital gains, including any net gains realized from any sales of assets prior to the Closing Date, including portfolio transitions in connection with the Reorganizations. This distribution would be taxable to shareholders that are subject to tax.

In general, after the Reorganizations, any losses of GDP Fund, Global Perspectives Fund, and Global Income & Growth Fund may be available to the combined fund, to offset its capital gains realized after the Reorganizations, although the amount of Global Income & Growth Fund’s and Global Perspectives Fund’s pre-Reorganization losses that may offset the combined fund’s capital gains in any given year may be limited due to these Reorganizations. In addition, one Fund’s pre-acquisition losses cannot be used to offset unrealized gains in the other Funds that are “built in” at the time of the Reorganization and that exceed certain thresholds for five tax years. The ability of the combined fund to use Global Income & Growth Fund’s or GDP Fund’s or Global Perspectives Fund’s losses in the future depends on a variety of factors that cannot be known in advance, including the existence of capital gains against which these losses may be offset. In addition, the benefits of any capital loss carryforwards and built in losses currently are available only to pre-Reorganization shareholders of each Fund. After the Reorganizations, the benefit associated with any available capital losses will inure to the benefit of all post-Reorganization shareholders of the combined fund. Furthermore, the shareholders of each combining fund will receive a proportionate share of any unrealized gains in the other Fund’s assets, as well as any taxable gains realized by Global Income & Growth Fund, but not distributed to its shareholders prior to the Reorganizations, when such gains are eventually distributed by the combined fund.

This description of the U.S. federal income tax consequences of the Reorganizations is made without regard to the particular facts and circumstances of any shareholder. Shareholders are urged to consult their own tax advisers as to the specific consequences to them of the Reorganizations in light of their individual circumstances, and as to the applicability and effect of U.S. federal, state and local and non-U.S. laws.

What is the Board’s recommendation?

Based upon its review, the Board, including a majority of the Trustees who are not “interested persons,” as defined by the 1940 Act (the “Independent Trustees”), determined that the Reorganizations would be in the best interests of GDP Fund and Global Perspectives Fund and their shareholders. In addition, the Board determined that the interests of the shareholders of GDP Fund and Global Perspectives Fund would not be diluted as a result of the Reorganizations.

Accordingly, after consideration of such factors and information it considered relevant, the Board, including all of the Independent Trustees, unanimously approved each Reorganization Agreement and voted to recommend to shareholders that they approve the Reorganization Agreements. The Board is therefore recommending that GDP Fund’s and Global Perspectives Fund’s shareholders vote “FOR” each Reorganization Agreement, as applicable.

What factors did the Board consider?

The Board met in person on May 22, 2024 to evaluate and consider the Reorganizations. As part of its review process, the Board was represented by independent legal counsel. In the course of its evaluation, the Board reviewed materials received from the Investment Adviser, independent legal counsel, and other information made available to it about the Funds. The Board was provided with information both in writing and during oral presentations made at that meeting, including, among other matters, historical performance information, historical expense ratios, and the projected expense ratio of Global Income & Growth Fund following the Reorganizations.

Based upon their review, the Board, including all of the Independent Trustees, unanimously concluded that it was in the best interests of both Funds that the Reorganizations be approved and that the interests of each Funds’ shareholders would not be diluted as a result of the Reorganizations. In reaching their decision to approve the Reorganizations, no single factor was determinative in the Board’s analysis, but rather the Board considered a variety of factors. The Board, in approving the Reorganizations, considered a variety of factors, including without limitation the following:

GDP Fund

•

An analysis of Voya IM as sub-adviser of each Fund;

•

A presentation from the Investment Adviser regarding proposals, including the Reorganization, intending to, among other things, enhance the efficiency and reduce the complexity of the Voya family of funds;

•

The Investment Adviser’s analysis of potential alternative funds that could have served as a merger partner for GDP Fund other than Global Income & Growth Fund, as well as other alternatives to a merger to address performance concerns with GDP Fund;

•

The fact that GDP Fund invests primarily in Underlying Funds, that in turn invest directly in individual securities;

•

The performance of Global Income & Growth Fund, formerly Voya Global Multi-Asset Fund, under its prior investment strategy, as compared to the performance of GDP Fund in the year-to-date, one-year, three-year, five-year and ten-year time periods;

•

The performance of GDP Fund as compared to its Morningstar peer group and the performance of Global Income & Growth Fund as compared to its Morningstar peer group;

•

The lower net expense ratios that certain current shareholders of GDP Fund are expected to experience as a result of the Reorganization;

•

The increase in gross expense ratios that current shareholders of GDP Fund are expected to experience and the elimination of acquired fund fees and expenses, which results in the anticipated lower net expense ratios for certain shareholders;

•

The difference in fee structures of each of the Funds;

•

The differences in the investment objectives of each Fund;

•

The similarities in the investment strategies of each Fund;

•

The significantly larger combined asset size of the two Funds, which would be likely to (A) result in a reduction in expenses for the benefit of current shareholders of both Funds; and/or (B) provide greater scale and superior potential to maintain long-term scale benefits for the shareholders of both Funds;

•

The Investment Adviser’s representations of how the direct or indirect costs relating to the Reorganization itself, as well as any implicit transaction costs, will be borne across the Investment Adviser and the Funds;

•

The net revenue benefits for the Investment Adviser and its affiliates that would result from the Reorganization;

•

The expected tax consequences of the Reorganization to GDP Fund and its shareholders, including that the Reorganization is intended to qualify for U.S. federal income tax purposes as a tax-free reorganization; and

•

The Board’s determination that the Reorganization will not dilute the interests of the shareholders of GDP Fund.

Global Perspectives Fund

•

An analysis of Voya IM as sub-adviser of each Fund;

•

The Investment Adviser’s analysis of potential alternative funds that could have served as a merger partner for Global Perspectives Fund other than Global Income & Growth Fund, as well as other alternatives to a merger to address performance concerns with Global Perspectives Fund;

•

The fact that Global Perspectives Fund invests primarily in Underlying Funds, that in turn invest directly in individual securities;

•

The performance of Global Income & Growth Fund, formerly Voya Global Multi-Asset Fund, under its prior investment strategy, as compared to the performance of Global Perspectives Fund in the year-to-date, one-year, three-year, five-year and ten-year time periods;

•

The performance of Global Perspectives Fund as compared to its Morningstar peer group and the performance of Global Income & Growth Fund as compared to its Morningstar peer group;

•

The lower net expense ratios that current shareholders of Global Perspectives Fund are expected to experience as a result of the Reorganization;

•

The increase in gross expense ratios that current shareholders of Global Perspectives Fund are expected to experience and the elimination of acquired fund fees and expenses, which results in the anticipated lower net expense ratios;

•

The difference in fee structures of each of the Funds;

•

The similarities in investment objectives of each Fund;

•

The similarities in the investment strategies of each Fund;

•

The net revenue benefits for the Investment Adviser and its affiliates that would result from the Reorganization;

•

The expected tax consequences of the Reorganization to Global Perspectives Fund and its shareholders, including that the Reorganization is intended to qualify for U.S. federal income tax purposes as a tax-free reorganization; and

•

The Board’s determination that the Reorganization will not dilute the interests of the shareholders of Global Perspectives Fund.

Different Trustees may have given different weight to different individual factors and related conclusions.

What is the required vote?

Approval of each Reorganization Agreement requires the affirmative vote of the lesser of (i) 67% or more of the voting securities present at the meeting, provided that more than 50% of the outstanding voting securities of the applicable Target Fund are present in person (virtually) or represented by proxy at the Special Meeting, or (ii) more than 50% of the outstanding voting securities of the applicable Target Fund.

What happens if shareholders do not approve a Reorganization?

If shareholders of each of GDP Fund or Global Perspectives Fund do not approve the applicable Reorganization, GDP Fund or Global Perspectives Fund, as applicable, will continue to be managed by the Investment Adviser as described in its prospectus, and the Board will determine what additional action, if any, should be taken. The Reorganizations are not contingent upon one another, meaning if a Reorganization is only approved by shareholders of one Target Fund, the Reorganization of that Target Fund will proceed independent of the other Target Fund's Reorganization.

General Information about the Proxy Statement/Prospectus

Who is asking for my vote?

The Board is soliciting your vote for a combined special meeting of GDP Fund’s and Global Perspectives Fund’s shareholders.

How is my proxy being solicited?

Each of GDP Fund and Global Perspectives Fund has retained Broadridge Financial Solutions, Inc. (the “Solicitor”) to assist in the solicitation of proxies, at an estimated cost of $68,400 which will be paid by the Investment Adviser. As the date of the Special Meeting approaches, certain shareholders may receive a telephone call from a representative of the Solicitor if their votes have not yet been received. Authorization to permit the Solicitor to execute proxies may be obtained by telephonic instructions from shareholders of each Fund. Proxies that are obtained telephonically will be recorded in accordance with certain procedures, as explained further below. The Board believes that these procedures are reasonably designed to ensure that both the identity of the shareholder casting the vote and the voting instructions of the shareholder are accurately determined and recorded.

In situations where a telephonic proxy is solicited, the Solicitor’s representative is required to ask for each shareholder’s full name, address, title (if the shareholder is authorized to act on behalf of an entity, such as a corporation), and to confirm that the shareholder has received the proxy materials in the mail. The Solicitor’s representative will explain the process, read the proposals on the Proxy Ballot, and ask for the shareholder’s instructions on the proposals. Although the Solicitor’s representative is permitted to answer questions about the process, he or she is not permitted to recommend to the shareholder how to vote, other than reading any recommendation set forth in the Proxy Statement. The Solicitor’s representative will record the shareholder’s instructions on the Proxy Ballot. Within approximately 72 hours of soliciting telephonic voting instructions, the shareholder will be sent a vote confirmation letter to confirm his or her vote and asking the shareholder to call the Solicitor immediately if his or her instructions are not correctly reflected in the confirmation.

Should you require additional information regarding the Special Meeting, you may contact the Solicitor toll-free at 1-855-200-8145. In addition to solicitation by mail, certain officers and representatives of each Fund, officers and employees of the Investment Adviser or its affiliates, and certain financial services firms and their representatives, who will receive no extra compensation for their services, may solicit votes by telephone, telegram, facsimile, or other communication.

What happens to my proxy once I submit it?

The Board has named Joanne F. Osberg, Secretary, and Todd Modic, Assistant Secretary, or one or more substitutes designated by them, as proxies who are authorized to vote Fund shares as directed by shareholders.

Can I revoke my proxy after I submit it?

A shareholder may revoke the accompanying proxy at any time prior to its use by filing with GDP Fund or Global Perspectives Fund, as applicable, a written revocation or a duly executed proxy bearing a later date. In addition, any shareholder who attends the Special Meeting in person (virtually) may vote by ballot at the Special Meeting, thereby canceling any proxy or voting instruction previously given.

How will my shares be voted?

If you follow the voting instructions, your proxies will vote your shares as you have directed. If you submit your Proxy Ballot but do not vote on the proposals, your proxies will vote on the proposals as recommended by the Board. If any other matter is properly presented at the Special Meeting, your proxies will vote in their discretion in accordance with their best judgment, including on any proposal to adjourn the meeting. At the time this Proxy Statement/Prospectus was printed, the Board knew of no matter that needed to be acted upon at the Special Meeting other than the proposals discussed in this Proxy Statement/Prospectus.

Quorum and Tabulation

Each shareholder of GDP Fund and Global Perspectives Fund is entitled to one vote for each share held as to any matter on which such shareholder is entitled to vote and for each fractional share that is owned, the shareholder shall be entitled to a proportionate fractional vote. The presence in person (virtually) or by proxy of shareholders entitled to cast one-third (1/3) of all the votes entitled to be cast at the meeting constitutes a quorum.

Adjournments

If a quorum is not present at the Special Meeting, if there are insufficient votes to approve any proposal, or for any other reason deemed appropriate by your proxies, your proxies or the chair of the Special Meeting may propose one or more adjournments of the Special Meeting to permit additional time for the solicitation of proxies, in accordance with the organizational documents of Voya Mutual Funds and applicable law. Solicitation of votes may continue to be made without any obligation to provide any additional notice of the adjournment. The persons named as proxies will vote in favor of such adjournments in their discretion.

Broker Non-Votes and Abstentions

If a shareholder abstains from voting as to any matter, or if a broker returns a “non-vote” proxy, indicating a lack of authority to vote on a matter, then the shares represented by such abstention or non-vote will be treated as shares that are present at the Special Meeting for purposes of determining the existence of a quorum. Abstentions and broker non-votes, if any, will have the effect of a vote against the Reorganization proposals.

How many shares are outstanding?

As of the Record Date, the following shares of beneficial interest of GDP Fund and Global Perspectives Fund were outstanding and entitled to vote:

GDP Fund

Class	Shares Outstanding
A	[ ]
C	[ ]
I	[ ]
R	[ ]
R6	[ ]
W	[ ]
Total	[ ]

Global Perspectives Fund

Class	Shares Outstanding
A	[ ]
C	[ ]
I	[ ]
R	[ ]
W	[ ]
Total	[ ]

Shares have no preemptive or subscription rights. To the knowledge of the Investment Adviser, as of the Record Date, [no current Director owns 1% or more of the outstanding shares of any class of GDP Fund or Global Perspectives Fund, and the officers and Trustees own, as a group, less than 1% of the shares of any class of GDP Fund or Global Perspectives Fund].

Appendix D hereto lists the persons that, as of the Record Date owned beneficially or of record 5% or more of the outstanding shares of any class of GDP Fund, Global Perspectives Fund, or Global Income & Growth Fund.

Can shareholders submit proposals for a future shareholder meeting?

GDP Fund and Global Perspectives Fund are not required to hold annual meetings and currently do not intend to hold such meetings unless shareholder action is required by law. A shareholder proposal to be considered for inclusion in a proxy statement at any subsequent meeting of shareholders must be submitted in a reasonable time before a proxy statement for that meeting is printed and mailed. Whether a proposal is included in a proxy statement will be determined in accordance with applicable federal and state laws.

Why did my household only receive one copy of this Proxy Statement/Prospectus?

Only one copy of this Proxy Statement/Prospectus may be mailed to each household, even if more than one person in the household is a shareholder of record, unless GDP Fund or Global Perspectives Fund has received contrary instructions from one or more of the household’s shareholders. If you need an additional copy of this Proxy Statement/Prospectus, please contact Shareholder Services at 1-800-992-0180. If in the future, you do not wish to combine or wish to recombine the mailing of a proxy statement with household members, please inform GDP Fund or Global Perspectives Fund, as applicable, in writing at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034 or via telephone at 1-800-992-0180.

In order that the presence of a quorum at the Special Meeting may be assured, prompt execution and return of the enclosed Proxy Ballot is requested. A self-addressed postage paid envelope is enclosed for your convenience. You also may vote via telephone or via the Internet. Please follow the voting instructions as outlined on your Proxy Ballot.

Joanne F. Osberg
Secretary

July 26, 2024

7337 East Doubletree Ranch Road, Suite 100
Scottsdale, AZ 85258-2034

APPENDIX A: FORM OF AGREEMENT AND PLAN OF REORGANIZATION

THIS AGREEMENT AND PLAN OF REORGANIZATION (the “Agreement”) is made as of this [ ] day of [ ], 2024, by and between Voya Equity Trust (“VET”), a Massachusetts business trust with its principal place of business at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258 , on behalf of its series, Voya Global Income & Growth Fund (the “Surviving Fund”), and Voya Mutual Funds (“VMF”), a Delaware statutory trust with its principal place of business at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258, on behalf of its series, Voya Global Diversified Payment Fund (the “Disappearing Fund”).

This Agreement is intended to be and is adopted as a plan of reorganization and liquidation within the meaning of Section 368(a)(1) of the United States Internal Revenue Code of 1986, as amended (the “Code”). The reorganization (the “Reorganization”) will consist of the transfer of all of the assets of the Disappearing Fund to the Surviving Fund in exchange solely for Class A, Class C, Class I, Class R6, and Class W voting shares of beneficial interest of the Surviving Fund (the “Surviving Fund Shares”), the assumption by the Surviving Fund of the liabilities of the Disappearing Fund described in paragraph 1.3, and the distribution of the Surviving Fund Shares to the shareholders of the Disappearing Fund in complete liquidation of the Disappearing Fund as provided herein, all upon the terms and conditions hereinafter set forth in this Agreement.

WHEREAS, the Disappearing Fund and the Surviving Fund are series of open-end, registered investment companies of the management type and the Disappearing Fund owns securities which generally are assets of the character in which the Surviving Fund is permitted to invest; and

WHEREAS, the Board of Trustees of the Surviving Fund has determined that the exchange of all of the assets of the Disappearing Fund for Surviving Fund Shares and the assumption of the liabilities of the Disappearing Fund, as described in paragraphs 1.2 and 1.3 herein, by the Surviving Fund are in the best interests of the Surviving Fund and its shareholders and that the interests of the existing shareholders of the Surviving Fund would not be diluted as a result of this transaction; and

WHEREAS, the Board of Trustees of the Disappearing Fund has determined that the exchange of all of the assets of the Disappearing Fund for Surviving Fund Shares and the assumption of the liabilities of the Disappearing Fund by the Surviving Fund, as described in paragraphs 1.2 and 1.3 herein, is in the best interests of the Disappearing Fund and its shareholders and that the interests of the existing shareholders of the Disappearing Fund would not be diluted as a result of this transaction.

NOW, THEREFORE, in consideration of the premises and of the covenants and agreements hereinafter set forth, the parties hereto covenant and agree as follows:

1. TRANSFER OF ASSETS OF THE DISAPPEARING FUND TO THE SURVIVING FUND IN EXCHANGE FOR THE SURVIVING FUND SHARES, THE ASSUMPTION OF ALL DISAPPEARING FUND LIABILITIES AND THE LIQUIDATION OF THE DISAPPEARING FUND

1.1. Subject to the requisite approval of the Disappearing Fund shareholders and the other terms and conditions herein set forth and on the basis of the representations and warranties contained herein, the Disappearing Fund agrees to transfer all of the Disappearing Fund’s assets, as set forth in paragraph 1.2, to the Surviving Fund, and the Surviving Fund agrees in exchange therefor: (i) to deliver to the Disappearing Fund in respect of the share classes set forth in the table below the number of full and fractional Class A, Class C, Class I, Class R6, and Class W Surviving Fund Shares determined by dividing the value of the Disappearing Fund’s net assets with respect to each class, computed in the manner and as of the time and date set forth in paragraph 2.1, by the net asset value of one Surviving Fund Share of the corresponding class, computed in the manner and as of the time and date set forth in paragraph 2.2; and (ii) to assume the liabilities of the Disappearing Fund, as set forth in paragraph 1.3. Such transactions shall take place at the closing provided for in paragraph 3.1 (the “Closing”).

Disappearing Fund Share Class	Surviving Fund Share Class
A	A
C	C
I	I
R	A
R6	R6
W	W

1.2. The assets of the Disappearing Fund to be acquired by the Surviving Fund shall consist of all assets and property, including, without limitation, all cash, securities, commodities and futures interests and dividends or interests receivable that are owned by the Disappearing Fund and any deferred or prepaid expenses shown as an asset on the books of the Disappearing Fund on the closing date provided for in paragraph 3.1 (the “Closing Date”) (collectively, “Assets”).

1.3. The Disappearing Fund will endeavor to discharge all of its liabilities and obligations prior to the Closing Date. The Surviving Fund shall assume all of the liabilities of the Disappearing Fund whether accrued or contingent, known or unknown, existing at the Valuation Date, as defined in paragraph 2.1. On or as soon as practicable prior to the Closing Date, the Disappearing Fund will declare and pay to its shareholders of record one or more dividends and/or other distributions so that it will have distributed in distributions eligible for the dividends-paid deduction (i) substantially all of its investment company taxable income (computed without regard to any deduction for dividends paid), net tax-exempt income, if any, and realized net capital gain, if any, for each of (A) the

A-1

current taxable year ending on the Closing Date and (B) any prior taxable year with respect to which a spillback dividend is still timely under Section 855 of the Code, and (ii) any other amounts necessary to be distributed in order to eliminate any excise tax liability under Section 4982 of the Code.

1.4. Immediately after the transfer of assets provided for in paragraph 1.1, the Disappearing Fund will distribute to the Disappearing Fund’s shareholders of record with respect to its Class A, Class C, Class I, Class R, Class R6, and Class W shares, determined as of immediately after the close of business on the Closing Date, on a pro rata basis within each class, the Surviving Fund Shares of the corresponding class received by the Disappearing Fund pursuant to paragraph 1.1. In addition, as soon as is reasonably practicable after the Closing, the Disappearing Fund will completely liquidate. Such distribution and liquidation will be accomplished, with respect to each class of the Disappearing Fund’s shares, by the transfer of the Surviving Fund Shares then credited to the account of the Disappearing Fund on the books of the Surviving Fund to open accounts on the share records of the Surviving Fund in the names of the shareholders of record of each class of the Disappearing Fund’s shares as further described below, determined as of immediately after the close of business on the Closing Date (the “Disappearing Fund Shareholders”). The aggregate net asset value of Class A, Class C, Class I, Class R6, and Class W Surviving Fund Shares to be so credited to shareholders of Class A, Class C, Class I, Class R6, and Class W shares of the Disappearing Fund shall, with respect to each class, be equal to the aggregate net asset value of the Disappearing Fund of that same class owned by such shareholders on the Closing Date, and the aggregate net asset value of Class A Surviving Fund Shares to be so credited to shareholders of Class R shares of the Disappearing Fund shall, with respect to that class, be equal to the aggregate net asset value of the Disappearing Fund of Class R shares owned by such shareholders on the Closing Date. All issued and outstanding Class A, Class C, Class I, Class R, Class R6, and Class W Disappearing Fund shares will simultaneously be canceled on the books of the Disappearing Fund, although share certificates representing interests in Class A, Class C, Class I, Class R, Class R6, and Class W shares of the Disappearing Fund will represent a number of shares of the corresponding class of Surviving Fund Shares after the Closing Date, as determined in accordance with Section 2.3. The Surviving Fund shall not issue certificates representing the Class A, Class C, Class I, Class R6, and Class W Surviving Fund Shares in connection with such exchange.

1.5. Ownership of Surviving Fund Shares will be shown on the books of the Surviving Fund’s transfer agent, as defined in paragraph 3.3.

1.6. Any reporting responsibility of the Disappearing Fund including, but not limited to, the responsibility for the filing of regulatory reports, tax returns, or other documents with the U.S. Securities and Exchange Commission (the “Commission”), any state securities commission, and any federal, state or local tax authorities or any other relevant regulatory authority, is and shall remain the responsibility of the Disappearing Fund until the Disappearing Fund completes its liquidation and dissolves. Thereafter, any such reporting responsibilities shall be the responsibility of the Surviving Fund’s investment manager on behalf of the Disappearing Fund.

2. VALUATION

2.1. The value of the Assets shall be the value computed as of immediately after the close of business of the New York Stock Exchange and after the declaration of any dividends and deduction for any expenses of the Reorganization contemplated hereby to be paid by the Disappearing Fund on the Closing Date (such time and date being hereinafter called the “Valuation Date”), using the valuation procedures in the then-current prospectus and statement of additional information with respect to the Surviving Fund, and valuation procedures established by the Surviving Fund’s Board of Trustees.

2.2. The net asset value of Class A, Class C, Class I, Class R6, and Class W Surviving Fund Shares shall be the net asset value per share computed with respect to that class as of the Valuation Date, using the valuation procedures set forth in the Surviving Fund’s then-current prospectus and statement of additional information and valuation procedures established by the Surviving Fund’s Board of Trustees.

2.3. The number of the Class A, Class C, Class I, Class R6, and Class W Surviving Fund Shares to be issued (including fractional shares, if any) in exchange for the Disappearing Fund’s assets shall be determined with respect to each such class by dividing the value of the net assets with respect to the Class A, Class C, Class I, Class R, Class R6, and Class W shares of the Disappearing Fund, as the case may be, determined using the same valuation procedures referred to in paragraph 2.1, by the net asset value of the Surviving Fund Shares of the corresponding class, determined in accordance with paragraph 2.2.

2.4. All computations of value shall be made by the Disappearing Fund’s designated record keeping agent and shall be subject to review by the Surviving Fund’s record keeping agent and by each Fund’s respective independent registered public accounting firm.

3. CLOSING AND CLOSING DATE

3.1. The Closing Date shall be October 25, 2024 or such other date as the parties may agree. All acts taking place at the Closing shall be deemed to take place simultaneously as of immediately after the close of business on the Closing Date unless otherwise agreed to by the parties. The close of business on the Closing Date shall be as of 4:00 p.m., Eastern Time. The Closing shall be held at the offices of the Surviving Fund or at such other time and/or place as the parties may agree.

A-2

shall be presented for examination by the Custodian to the custodian for the Surviving Fund no later than five business days preceding the Closing Date, and shall be transferred and delivered by the Disappearing Fund as of the Closing Date for the account of the Surviving Fund duly endorsed in proper form for transfer in such condition as to constitute good delivery thereof. The Custodian shall deliver as of the Closing Date by book entry, in accordance with the customary practices of the Custodian and any securities depository (as defined in Rule 17f-4 under the Investment Company Act of 1940, as amended (the “1940 Act”)) in which the Disappearing Fund’s Assets are deposited, the Disappearing Fund’s portfolio securities and instruments deposited with such depositories. The cash to be transferred by the Disappearing Fund shall be delivered by wire transfer of federal funds on the Closing Date.

3.3. The Disappearing Fund shall direct BNY Mellon Investment Servicing (U.S.) Inc. (the “Transfer Agent”), on behalf of the Disappearing Fund, to deliver at the Closing a certificate of an authorized officer stating that its records contain the names and addresses of the Disappearing Fund Shareholders and the number and percentage ownership of outstanding Class A, Class C, Class I, Class R, Class R6, and Class W shares owned by each such shareholder immediately prior to the Closing. The Surviving Fund shall issue and deliver a confirmation evidencing the Surviving Fund Shares to be credited on the Closing Date to the Secretary of the Surviving Fund, or provide evidence satisfactory to the Disappearing Fund that such Surviving Fund Shares have been credited to the Disappearing Fund’s account on the books of the Surviving Fund. At the Closing, each party shall deliver to the other such bills of sale, checks, assignments, share certificates, if any, receipts or other documents as such other party or its counsel may reasonably request.

3.4. In the event that on the Valuation Date (a) the New York Stock Exchange or another primary trading market for portfolio securities of the Surviving Fund or the Disappearing Fund shall be closed to trading or trading thereupon shall be restricted, or (b) trading or the reporting of trading on such Exchange or elsewhere shall be disrupted so that, in the judgment of the Board of Trustees of the Disappearing Fund or the Board of Trustees of the Surviving Fund, accurate appraisal of the value of the net assets of the Surviving Fund or the Disappearing Fund is impracticable, the Closing Date shall be postponed until the first business day after the day when trading shall have been fully resumed and reporting shall have been restored.

4. REPRESENTATIONS AND WARRANTIES

4.1. Except as has been disclosed to the Surviving Fund in a written instrument executed by an officer of VMF, VMF, on behalf of the Disappearing Fund, represents and warrants to VET as follows:

(a) The Disappearing Fund is duly organized as a series of VMF, which is a statutory trust, validly existing and in good standing under the laws of the State of Delaware, with power under VMF’s Amended and Restated Declaration of Trust (“Declaration of Trust”) to own all of its properties and assets and to carry on its business as it is now being conducted;

(b) VMF is a registered investment company classified as a management company of the open-end type, and its registration with the Commission as an investment company under the 1940 Act, and the registration of shares of the Disappearing Fund under the Securities Act of 1933, as amended (“1933 Act”), are in full force and effect;

(c) No consent, approval, authorization, or order of any court or governmental authority is required for the consummation by the Disappearing Fund of the transactions contemplated herein, except such as have been obtained under the 1933 Act, the Securities Exchange Act of 1934, as amended (the “1934 Act”) and the 1940 Act and such as may be required by state securities laws;

(d) The current prospectus and statement of additional information of the Disappearing Fund and each prospectus and statement of additional information of the Disappearing Fund used during the three years previous to the date of this Agreement conforms or conformed at the time of its use in all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the Commission thereunder and does not, or did not at the time of its use, include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading;

(e) On the Closing Date, the Disappearing Fund will have good and marketable title to the Assets and full right, power, and authority to sell, assign, transfer and deliver such Assets hereunder free of any liens or other encumbrances, and upon delivery and payment for such Assets, the Surviving Fund will acquire good and marketable title thereto, subject to no restrictions on the full transfer thereof, including such restrictions as might arise under the 1933 Act, other than as disclosed to the Surviving Fund;

(f) The Disappearing Fund is not engaged currently, and the execution, delivery and performance of this Agreement will not result, in (i) a material violation of VMF’s Declaration of Trust or By-Laws or of any agreement, indenture, instrument, contract, lease or other undertaking to which VMF, on behalf of the Disappearing Fund, is a party or by which it is bound; or (ii) the acceleration of any obligation, or the imposition of any penalty, under any agreement, indenture, instrument, contract, lease, judgment or decree to which VMF, on behalf of the Disappearing Fund, is a party or by which it is bound;

(g) All material contracts or other commitments of the Disappearing Fund (other than this Agreement and certain investment contracts including options, futures and forward contracts) will terminate without liability to the Disappearing Fund at or prior to the Closing Date;

A-3

facts which might form the basis for the institution of such proceedings and is not a party to or subject to the provisions of any order, decree or judgment of any court or governmental body which materially and adversely affects its business or its ability to consummate the transactions herein contemplated;

(i) The Statement of Assets and Liabilities, Statements of Operations and Changes in Net Assets, and Portfolio of Investments of the Disappearing Fund as of and for the year ended October 31, 2023 have been audited by Ernst & Young LLP, an independent registered public accounting firm, and are in accordance with consistently applied U.S. generally accepted accounting principles (“U.S. GAAP”), and such statements (copies of which have been furnished to the Surviving Fund) present fairly, in all material respects, the financial condition of the Disappearing Fund as of such date in accordance with U.S. GAAP, and there are no known contingent liabilities of the Disappearing Fund required to be reflected on a balance sheet (including the notes thereto) in accordance with U.S. GAAP as of such date not disclosed therein;

(j) Since October 31, 2023, there has not been any material adverse change in the Disappearing Fund’s financial condition, assets, liabilities or business, other than changes occurring in the ordinary course of business, or any incurrence by the Disappearing Fund of indebtedness maturing more than one year from the date such indebtedness was incurred, except as otherwise disclosed to and accepted by the Surviving Fund (for the purposes of this subparagraph (j), a decline in net asset value per share of the Disappearing Fund due to declines in market values of securities in the Disappearing Fund’s portfolio, the discharge of Disappearing Fund liabilities, or the redemption of Disappearing Fund shares by shareholders of the Disappearing Fund shall not constitute a material adverse change);

(k) On the Closing Date, all Federal and other tax returns, dividend reporting forms, and other tax-related reports of the Disappearing Fund required by law to have been filed by such date (including any extensions) shall have been timely filed and are or will be correct and complete in all material respects, and all Federal and other taxes shown as due or required to be shown as due on said returns and reports shall have been paid or provision shall have been made for the payment thereof, and to the best of the Disappearing Fund’s knowledge, no such return is currently under audit and no assessment has been asserted with respect to such returns;

(l) For each taxable year of its operation (including the taxable year ending on the Closing Date), the Disappearing Fund has met (or will meet) the requirements of Subchapter M of the Code for qualification as a regulated investment company, has been (or will be) eligible to compute and has computed (or will compute) its federal income tax under Section 852 of the Code, and will have distributed all of its investment company taxable income, net tax-exempt income and net capital gain (as defined in the Code) that has accrued through the Closing Date, and before the Closing Date will have declared dividends sufficient to distribute, in distributions eligible for the dividends-paid deduction, all of its investment company taxable income, net tax-exempt income and net capital gain for each of (i) any prior taxable year for which any such dividend and related distribution are still timely and (ii) the taxable year ending on the Closing Date;

(m) The Disappearing Fund does not own any “converted property” (as that term is defined in Treasury Regulation Section 1.337(d)-7(a)(1)) that is subject to the rules of Section 1374 of the Code as a consequence of the application of Section 337(d)(1) of the Code and Treasury Regulations thereunder;

(n) All issued and outstanding shares of the Disappearing Fund are, and on the Closing Date will be, duly and validly issued and outstanding, fully paid and non-assessable, and have been offered and sold in every state and the District of Columbia in compliance in all material respects with applicable registration or qualification requirements of federal and state securities laws. All of the issued and outstanding shares of the Disappearing Fund will, at the time of Closing, be held by the persons and in the amounts set forth in the records of the Transfer Agent, on behalf of the Disappearing Fund, as provided in paragraph 3.3. The Disappearing Fund does not have outstanding any options, warrants or other rights to subscribe for or purchase any of the shares of the Disappearing Fund, nor is there outstanding any security convertible into any of the Disappearing Fund shares;

(o) The execution, delivery and performance of this Agreement will have been duly authorized prior to the Closing Date by all necessary action, if any, on the part of the Board of Trustees of VMF, on behalf of the Disappearing Fund, and, subject to the approval of the shareholders of the Disappearing Fund, this Agreement will constitute a valid and binding obligation of the Disappearing Fund, enforceable in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors’ rights and to general equity principles;

(p) The information to be furnished by VMF, on behalf of the Disappearing Fund, for use in registration statements, proxy materials and other documents filed or to be filed with any federal, state or local regulatory authority (including the Financial Industry Regulatory Authority) that may be necessary in connection with the transactions contemplated hereby, shall be accurate and complete in all material respects and shall comply in all material respects with Federal securities and other laws and regulations thereunder applicable thereto;

(q) The proxy statement of the Disappearing Fund (the “Proxy Statement”) to be included in the Registration Statement referred to in paragraph 5.6, insofar as it relates to the Disappearing Fund, will, on the effective date of the Registration Statement and on the Closing Date (i) not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which such statements were made, not materially misleading, provided, however, that the representations and warranties in this subparagraph (p) shall not apply to statements in or omissions from the Proxy Statement and the Registration Statement made in reliance upon and in conformity with information that was furnished by the Surviving Fund for use therein; and (ii) comply in all material respects with the provisions of the 1933 Act, the 1934 Act and the 1940 Act and the rules and regulations thereunder; and

A-4

(r) On the Closing Date, the Disappearing Fund will have sold such of its assets, if any, as are necessary based on information provided by the Surviving Fund and contingent on the accuracy of such information to assure that, after giving effect to the acquisition of the assets of the Disappearing Fund pursuant to this Agreement, the Surviving Fund, if classified as a “diversified company” within the meaning of Section 5(b)(1) of the 1940 Act, will remain a “diversified company” and in compliance in all material respects with such other investment restrictions as are set forth in the Surviving Fund Prospectus, as amended through the Closing Date.

4.2. Except as has been disclosed to the Disappearing Fund in a written instrument executed by an officer of VET, VET, on behalf of the Surviving Fund, represents and warrants to VMF as follows:

(a) The Surviving Fund is duly organized as a series of VET, which is a business trust duly organized, validly existing and in good standing under the laws of the Commonwealth of Massachusetts, with power under VET’s Amended and Restated Declaration of Trust (“Declaration of Trust”) to own all of its properties and assets and to carry on its business as it is now being conducted;

(b) VET is a registered investment company classified as a management company of the open-end type, and its registration with the Commission as an investment company under the 1940 Act and the registration of the shares of the Surviving Fund under the 1933 Act, are in full force and effect;

(c) No consent, approval, authorization, or order of any court or governmental authority is required for the consummation by the Surviving Fund of the transactions contemplated herein, except such as have been obtained under the 1933 Act, the 1934 Act and the 1940 Act and such as may be required by state securities laws;

(d) The current prospectus and statement of additional information of the Surviving Fund and each prospectus and statement of additional information of the Surviving Fund used during the three years previous to the date of this Agreement conforms or conformed at the time of its use in all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the Commission thereunder and does not, or did not at the time of its use, include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading;

(e) On the Closing Date, the Surviving Fund will have good and marketable title to the Surviving Fund’s assets, free of any liens or other encumbrances, except those liens or encumbrances as to which the Disappearing Fund has received notice and necessary documentation at or prior to the Closing;

(f) The Surviving Fund is not engaged currently, and the execution, delivery and performance of this Agreement will not result, in (i) a material violation of VET’s Declaration of Trust or By-Laws or of any agreement, indenture, instrument, contract, lease or other undertaking to which VET, on behalf of the Surviving Fund, is a party or by which it is bound; or (ii) the acceleration of any obligation, or the imposition of any penalty, under any agreement, indenture, instrument, contract, lease, judgment or decree to which VET, on behalf of the Surviving Fund, is a party or by which it is bound;

(g) Except as otherwise disclosed in writing to and accepted by VMF, on behalf of the Disappearing Fund, no litigation or administrative proceeding or investigation of or before any court or governmental body is presently pending or, to its knowledge, threatened against VET, on behalf of the Surviving Fund, or any of its properties or assets, or any person whom the Surviving Fund may be obligated to indemnify in connection with such litigation, proceeding or investigation, that, if adversely determined, would materially and adversely affect its financial condition or the conduct of its business. VET, on behalf of the Surviving Fund, knows of no facts which might form the basis for the institution of such proceedings and is not a party to or subject to the provisions of any order, decree or judgment of any court or governmental body which materially and adversely affects its business or its ability to consummate the transactions herein contemplated;

(h) The Statement of Assets and Liabilities, Statements of Operations and Changes in Net Assets, and Portfolio of Investments of the Surviving Fund as of and for the year ended May 31, 2023 have been audited by Ernst & Young LLP, an independent registered public accounting firm, and are in accordance with consistently applied U.S. GAAP, and such statements (copies of which have been furnished to the Disappearing Fund) present fairly, in all material respects, the financial condition of the Surviving Fund as of such date in accordance with U.S. GAAP, and there are no known contingent liabilities of the Surviving Fund required to be reflected on a balance sheet (including the notes thereto) in accordance with U.S. GAAP as of such date not disclosed therein;

(i) Since May 31, 2023, there has not been any material adverse change in the Surviving Fund’s financial condition, assets, liabilities or business, other than changes occurring in the ordinary course of business, or any incurrence by the Surviving Fund of indebtedness maturing more than one year from the date such indebtedness was incurred, except as otherwise disclosed to and accepted by the Disappearing Fund. (For purposes of this subparagraph (i), a decline in net asset value per share of the Surviving Fund due to declines in market values of securities in the Surviving Fund’s portfolio, the discharge of Surviving Fund liabilities, or the redemption of Surviving Fund Shares by shareholders of the Surviving Fund, shall not constitute a material adverse change);

(j) On the Closing Date, all Federal and other tax returns, dividend reporting forms, and other tax-related reports of the Surviving Fund required by law to have been filed by such date (including any extensions) shall have been timely filed and are or will be correct and complete in all material respects, and all Federal and other taxes shown as due or required to be shown as due on said returns and reports shall have been paid or provision shall have been made for the payment thereof, and to the best of the Surviving Fund’s knowledge no such return is currently under audit and no assessment has been asserted with respect to such returns;

A-5

(k) For each taxable year of its operation (including the taxable year that includes the Closing Date), the Surviving Fund has met (or will meet) the requirements of Subchapter M of the Code for qualification as a regulated investment company, has been eligible to (or will be eligible to) compute and has computed (or will compute) its federal income tax under Section 852 of the Code, and has distributed all of its investment company taxable income, net tax-exempt income and net capital gain (as defined in the Code) for periods ending prior to the Closing Date;

(l) All issued and outstanding shares of the Surviving Fund are, and on the Closing Date will be, duly and validly issued and outstanding, fully paid and non-assessable and have been offered and sold in every state and the District of Columbia in compliance in all material respects with applicable registration requirements of the 1933 Act and state securities laws. All of the issued and outstanding shares of the Surviving Fund will, at the time of Closing, be held by the persons and in the amounts set forth in the records of the Transfer Agent, on behalf of the Surviving Fund, as provided in paragraph 3.3. The Surviving Fund does not have outstanding any options, warrants or other rights to subscribe for or purchase any Surviving Fund Shares, nor is there outstanding any security convertible into any Surviving Fund Shares;

(m) The execution, delivery and performance of this Agreement will have been fully authorized prior to the Closing Date by all necessary action, if any, on the part of the Board of Trustees of VET, on behalf of the Surviving Fund, and this Agreement will constitute a valid and binding obligation of the Surviving Fund, enforceable in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors’ rights and to general equity principles;

(n) The Class A, Class C, Class I, Class R6, and Class W Surviving Fund Shares to be issued and delivered to the Disappearing Fund, for the account of the Disappearing Fund shareholders, pursuant to the terms of this Agreement, will on the Closing Date have been duly authorized and, when so issued and delivered, will be duly and validly issued Surviving Fund Shares, and will be fully paid and non-assessable;

(o) The information to be furnished by VET, on behalf of the Surviving Fund, for use in the registration statements, proxy materials and other documents filed or to be filed with any federal, state or local regulatory authority (including the Financial Industry Regulatory Authority), that may be necessary in connection with the transactions contemplated hereby shall be accurate and complete in all material respects and shall comply in all material respects with Federal securities and other laws and regulations thereunder applicable thereto; and

(p) That insofar as it relates to the Surviving Fund, the Registration Statement relating to the Surviving Fund Shares issuable hereunder, and the proxy materials with respect to the Disappearing Fund to be included in the Registration Statement, and any amendment or supplement thereto, will, as of the date of this Agreement: (i) not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which such statements were made, not misleading, provided, however, that the representations and warranties in this subparagraph (p) shall not apply to statements in or omissions from the Registration Statement made in reliance upon and in conformity with information that was furnished by the Disappearing Fund for use therein; and (ii) comply in all material respects with the provisions of the 1933 Act, the 1934 Act and the 1940 Act and the rules and regulations thereunder. Additionally, and through the Closing Date, to the extent any statement included in the Registration Statement, as supplemented or amended, relating to the Surviving Fund Shares issuable hereunder that was not misleading becomes misleading based on events that occur after the date of this Agreement, the Surviving Fund will, within a commercially reasonable amount of time, inform the Disappearing Fund.

5. COVENANTS OF THE SURVIVING FUND AND THE DISAPPEARING FUND

5.1. The Surviving Fund and the Disappearing Fund each will operate its business in the ordinary course between the date hereof and the Closing Date, it being understood that such ordinary course of business will include the declaration and payment of customary dividends and distributions, and any other distribution that may be advisable.

5.2. The Disappearing Fund will call a meeting of the shareholders of the Disappearing Fund to be held prior to the Closing Date to consider and act upon this Agreement and to take all other action necessary to obtain approval of the transactions contemplated herein.

5.3. The Disappearing Fund covenants that the Class A, Class C, Class I, Class R6, and Class W Surviving Fund Shares to be issued hereunder are not being acquired for the purpose of making any distribution thereof, other than in accordance with the terms of this Agreement.

5.4. The Disappearing Fund will assist the Surviving Fund in obtaining such information as the Surviving Fund reasonably requests concerning the beneficial ownership of the Disappearing Fund’s shares.

5.5. Subject to the provisions of this Agreement, the Surviving Fund and the Disappearing Fund will each take, or cause to be taken, all action, and do or cause to be done, all things reasonably necessary, proper or advisable to consummate and make effective the transactions contemplated by this Agreement.

5.6. The Disappearing Fund will provide the Surviving Fund with information reasonably necessary for the preparation of a prospectus (the “Prospectus”), which will include the Proxy Statement referred to in paragraph 4.1(p), all to be included in a Registration Statement on Form N-14 of the Surviving Fund (the “Registration Statement”), in compliance with the 1933 Act, the 1934 Act and the 1940 Act, in connection with the meeting of the shareholders of the Disappearing Fund to consider approval of this Agreement and the transactions contemplated herein.

A-6

5.7. The Surviving Fund will advise the Disappearing Fund promptly if at any time prior to the Closing Date the assets of the Disappearing Fund include any securities that the Surviving Fund is not permitted to acquire.

5.8. As soon as is reasonably practicable after the Closing, the Disappearing Fund will make a liquidating distribution to its shareholders consisting of the Class A, Class C, Class I, Class R6, and Class W Surviving Fund Shares received at the Closing.

5.9. The Surviving Fund and the Disappearing Fund shall each use its reasonable best efforts to fulfill or obtain the fulfillment of the conditions precedent to effect the transactions contemplated by this Agreement as promptly as practicable.

5.10. VMF, on behalf of the Disappearing Fund, covenants that VMF will, from time to time, as and when reasonably requested by the Surviving Fund, execute and deliver or cause to be executed and delivered all such assignments and other instruments, and will take or cause to be taken such further action as VET, on behalf of the Surviving Fund, may reasonably deem necessary or desirable in order to vest in and confirm (a) VMF’s, on behalf of the Disappearing Fund’s, title to and possession of the Surviving Fund Shares to be delivered hereunder, and (b) VET’s, on behalf of the Surviving Fund’s, title to and possession of all the assets and otherwise to carry out the intent and purpose of this Agreement.

5.11. The Surviving Fund will use all reasonable efforts to obtain the approvals and authorizations required by the 1933 Act, the 1940 Act and such of the state blue sky or securities laws as may be necessary in order to continue its operations after the Closing Date.

6. CONDITIONS PRECEDENT TO OBLIGATIONS OF THE DISAPPEARING FUND

The obligations of VMF, on behalf of the Disappearing Fund, to consummate the transactions provided for herein shall be subject, at VMF’s election, to the performance by VET, on behalf of the Surviving Fund, of all the obligations to be performed by it hereunder on or before the Closing Date, and, in addition thereto, the following further conditions:

6.1. All representations and warranties of VET, on behalf of the Surviving Fund, contained in this Agreement shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Agreement, as of the Closing Date, with the same force and effect as if made on and as of the Closing Date;

6.2. VET, on behalf of the Surviving Fund shall have delivered to VMF a certificate executed in its name by its President or Vice President and its Treasurer or Assistant Treasurer, in a form reasonably satisfactory to VMF and dated as of the Closing Date, to the effect that the representations and warranties of VET, on behalf of the Surviving Fund, made in this Agreement are true and correct at and as of the Closing Date, except as they may be affected by the transactions contemplated by this Agreement and as to such other matters as VMF shall reasonably request; and

6.3. VET, on behalf of the Surviving Fund, shall have performed all of the covenants and complied with all of the provisions required by this Agreement to be performed or complied with by VET, on behalf of the Surviving Fund, on or before the Closing Date.

7. CONDITIONS PRECEDENT TO OBLIGATIONS OF THE SURVIVING FUND

The obligations of VET, on behalf of the Surviving Fund, to complete the transactions provided for herein shall be subject, at VET’s election, to the performance by VMF, on behalf of the Disappearing Fund, of all of the obligations to be performed by it hereunder on or before the Closing Date and, in addition thereto, the following conditions:

7.1. All representations and warranties of VMF, on behalf of the Disappearing Fund, contained in this Agreement shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Agreement, as of the Closing Date, with the same force and effect as if made on and as of the Closing Date;

7.2. VMF, on behalf of the Disappearing Fund shall have delivered to VET, on behalf of the Surviving Fund, (i) a statement of the Disappearing Fund’s assets and liabilities, as of the Closing Date, certified by the Treasurer of VMF, (ii) a statement of the respective tax basis of each investment transferred by the Disappearing Fund to the Surviving Fund, and (iii) copies of all relevant tax books and records;

7.3. VMF, on behalf of the Disappearing Fund shall have delivered to VET, on behalf of the Surviving Fund on the Closing Date a certificate executed in its name by its President or Vice President and its Treasurer or Assistant Treasurer, in form and substance satisfactory to VET and dated as of the Closing Date, to the effect that the representations and warranties of VMF, on behalf of the Disappearing Fund, made in this Agreement are true and correct at and as of the Closing Date, except as they may be affected by the transactions contemplated by this Agreement, and as to such other matters as VET shall reasonably request;

7.4. VMF, on behalf of the Disappearing Fund, shall have performed all of the covenants and complied with all of the provisions required by this Agreement to be performed or complied with by VMF, on behalf of the Disappearing Fund, on or before the Closing Date; and

7.5. The Disappearing Fund shall have declared and paid a distribution or distributions prior to the Closing Date that, together with all previous distributions qualifying for the deduction for dividends paid, shall have the effect of distributing to its shareholders (i) all of its investment company taxable income, all of its net tax-exempt income, if any, and all of its net realized capital gains, if any, for the period from the close of its last taxable year to 4:00 p.m. Eastern time on the Closing Date; and (ii) any undistributed investment company taxable income and net realized capital gains from any prior taxable year if still timely under Section 855 of the Code, to the extent not otherwise already distributed.

8. FURTHER CONDITIONS PRECEDENT TO OBLIGATIONS OF THE SURVIVING FUND AND THE DISAPPEARING FUND

A-7

If any of the conditions set forth below have not been satisfied on or before the Closing Date with respect to VMF, on behalf of the Disappearing Fund, or VET, on behalf of the Surviving Fund, the other party to this Agreement shall, at its option, not be required to consummate the transactions contemplated by this Agreement:

8.1. The Agreement and the transactions contemplated herein shall have been approved by the requisite vote of the holders of the outstanding shares of the Disappearing Fund in accordance with the provisions of VMF’s Declaration of Trust, By-Laws, applicable Delaware law and the 1940 Act, and certified copies of the resolutions evidencing such approval shall have been delivered to VET. Notwithstanding anything herein to the contrary, neither VET, on behalf of the Surviving Fund, nor VMF, on behalf of the Disappearing Fund, may waive the conditions set forth in this paragraph 8.1;

8.2. On the Closing Date no action, suit or other proceeding shall be pending or, to its knowledge, threatened before any court or governmental agency in which it is sought to restrain or prohibit, or obtain damages or other relief in connection with, this Agreement or the transactions contemplated herein;

8.3. All consents of other parties and all other consents, orders and permits of Federal, state and local regulatory authorities deemed necessary by VET, on behalf of the Surviving Fund, or VMF, on behalf of the Disappearing Fund to permit consummation, in all material respects, of the transactions contemplated hereby shall have been obtained, except where failure to obtain any such consent, order or permit would not involve a risk of a material adverse effect on the assets or properties of the Surviving Fund or the Disappearing Fund, provided that either party hereto may for itself waive any of such conditions;

8.4. The Registration Statement shall have become effective under the 1933 Act and no stop orders suspending the effectiveness thereof shall have been issued and, to the best knowledge of the parties hereto, no investigation or proceeding for that purpose shall have been instituted or be pending, threatened or contemplated under the 1933 Act; and

8.5. The parties shall have received an opinion of tax counsel (which opinion will be subject to certain qualifications) addressed to VET and VMF substantially to the effect that, based upon certain facts, assumptions, representations and the existing provisions of the Code, Treasury Regulations promulgated thereunder, current administrative rules, and court decisions, the transaction contemplated by this Agreement will constitute a tax-free reorganization within the meaning of Section 368(a)(1) of the Code for Federal income tax purposes. The delivery of such opinion is conditioned upon receipt by tax counsel of representations it shall request of VET and VMF. Notwithstanding anything herein to the contrary, VET and VMF may not waive the condition set forth in this paragraph 8.5.

9. BROKERAGE FEES AND EXPENSES

9.1. VMF, on behalf of the Disappearing Fund, and VET, on behalf of the Surviving Fund, each represents and warrants to each other that there are no brokers or finders entitled to receive any payments in connection with the transactions provided for herein.

9.2. The expenses relating to the proposed Reorganization will be borne by the investment manager to both the Surviving Fund and the Disappearing Fund (or an affiliate of the investment manager) except that explicit portfolio transition costs (i.e., brokerage commissions) incurred by the Disappearing Fund will be borne by the Disappearing Fund. The costs of the Reorganization shall include, but not be limited to, costs associated with obtaining any necessary order of exemption from the 1940 Act, preparation of the Registration Statement, printing and distributing of the Surviving Fund’s prospectus and the Disappearing Fund’s proxy materials, legal fees, accounting fees, securities registration fees, and expenses of holding shareholders' meetings. Notwithstanding any of the foregoing, expenses will in any event be paid by the party directly incurring such expenses if and to the extent that the payment by another person of such expenses would result in the disqualification of such party as a “regulated investment company” within the meaning of Section 851 of the Code or in failure of the Reorganization to be treated as a reorganization described in Section 368(a)(1) of the Code.

10. ENTIRE AGREEMENT; SURVIVAL OF WARRANTIES

10.1. The parties agree that neither party has made any representation, warranty or covenant not set forth herein and that this Agreement constitutes the entire agreement between the parties.

10.2. The representations, warranties and covenants contained in this Agreement or in any document delivered pursuant hereto or in connection herewith shall survive the consummation of the transactions contemplated hereunder. The covenants to be performed after the Closing shall survive the Closing.

11. TERMINATION

This Agreement may be terminated and the transactions contemplated hereby may be abandoned by mutual agreement of the parties. This Agreement may also be terminated and the transactions contemplated hereby may be abandoned by either party: (i) if the Closing shall not have occurred on or before January 31, 2025, unless such date is extended by mutual agreement of the parties; or (ii) if the other party shall have materially breached its obligations under this Agreement or made a material and intentional misrepresentation herein or in connection herewith. In the event of any such termination, this Agreement shall become void and there shall be no liability hereunder on the part of any party or their respective Trustees or officers, except for any such material breach or intentional misrepresentation, as to each of which all remedies at law or in equity of the party adversely affected shall survive.

12. AMENDMENTS

A-8

This Agreement may be amended, modified or supplemented in such manner as may be deemed necessary or advisable by the authorized officers of VET and VMF; provided, however, that following the meeting of the shareholders of the Disappearing Fund called by VMF pursuant to paragraph 5.2 of this Agreement, no such amendment may have the effect of changing the provisions for determining the number of the Class A, Class C, Class I, Class R6, and Class W Surviving Fund Shares to be issued to the Disappearing Fund Shareholders under this Agreement to the detriment of such shareholders without their further approval.

13. NOTICES

Any notice, report, statement or demand required or permitted by any provisions of this Agreement shall be in writing and shall be given by facsimile, personal service or prepaid or certified mail addressed to:

VOYA EQUITY TRUST
7337 E. Doubletree Ranch Road
Suite 100
Scottsdale, AZ 85258-2034
Attn: Joanne F. Osberg

With a copy to:
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, MA 02199-3600
Attn: Elizabeth Reza

VOYA MUTUAL FUNDS
7337 E. Doubletree Ranch Road
Suite 100
Scottsdale, AZ 85258-2034
Attn: Joanne F. Osberg

With a copy to:
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, MA 02199-3600
Attn: Elizabeth Reza

14. HEADINGS; COUNTERPARTS; GOVERNING LAW; ASSIGNMENT; LIMITATION OF LIABILITY

14.1. The Article and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

14.2. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original.

14.3. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to its principles of conflicts of laws.

14.4. This Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and assigns, but no assignment or transfer hereof or of any rights or obligations hereunder shall be made by any party without the written consent of the other party. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any person, firm or corporation, other than the parties hereto and their respective successors and assigns, any rights or remedies under or by reason of this Agreement.

14.5. It is expressly agreed that the obligations of the parties hereunder shall not be binding upon any of their respective Trustees, shareholders, nominees, officers, agents, or employees personally, but shall bind only the property of the Disappearing Fund or the corporate property of the Surviving Fund, as the case may be, as provided in the Declaration of Trust of VMF or the Declaration of Trust of VET, respectively. The execution and delivery by such officers shall not be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the property of such party.

(The Rest of This Page Is Intentionally Left Blank)

A-9

APPENDIX B: FORM OF AGREEMENT AND PLAN OF REORGANIZATION

THIS AGREEMENT AND PLAN OF REORGANIZATION (the “Agreement”) is made as of this [ ] day of [ ], 2024, by and between Voya Equity Trust (“VET”), a Massachusetts business trust with its principal place of business at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258, on behalf of its series, Voya Global Income & Growth Fund (the “Surviving Fund”), and Voya Mutual Funds (“VMF”), a Delaware statutory trust with its principal place of business at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258, on behalf of its series, Voya Global Perspectives® Fund (the “Disappearing Fund”).

This Agreement is intended to be and is adopted as a plan of reorganization and liquidation within the meaning of Section 368(a)(1) of the United States Internal Revenue Code of 1986, as amended (the “Code”). The reorganization (the “Reorganization”) will consist of the transfer of all of the assets of the Disappearing Fund to the Surviving Fund in exchange solely for Class A, Class C, Class I, and Class W voting shares of beneficial interest of the Surviving Fund (the “Surviving Fund Shares”), the assumption by the Surviving Fund of the liabilities of the Disappearing Fund described in paragraph 1.3, and the distribution of the Surviving Fund Shares to the shareholders of the Disappearing Fund in complete liquidation of the Disappearing Fund as provided herein, all upon the terms and conditions hereinafter set forth in this Agreement.

NOW, THEREFORE, in consideration of the premises and of the covenants and agreements hereinafter set forth, the parties hereto covenant and agree as follows:

1.1. Subject to the requisite approval of the Disappearing Fund shareholders and the other terms and conditions herein set forth and on the basis of the representations and warranties contained herein, the Disappearing Fund agrees to transfer all of the Disappearing Fund’s assets, as set forth in paragraph 1.2, to the Surviving Fund, and the Surviving Fund agrees in exchange therefor: (i) to deliver to the Disappearing Fund in respect of the share classes set forth in the table below the number of full and fractional Class A, Class C, Class I, and Class W Surviving Fund Shares determined by dividing the value of the Disappearing Fund’s net assets with respect to each class, computed in the manner and as of the time and date set forth in paragraph 2.1, by the net asset value of one Surviving Fund Share of the corresponding class, computed in the manner and as of the time and date set forth in paragraph 2.2; and (ii) to assume the liabilities of the Disappearing Fund, as set forth in paragraph 1.3. Such transactions shall take place at the closing provided for in paragraph 3.1 (the “Closing”).

Disappearing Fund Share Class	Surviving Fund Share Class
A	A
C	C
I	I
R	A
W	W

B-1

1.4. Immediately after the transfer of assets provided for in paragraph 1.1, the Disappearing Fund will distribute to the Disappearing Fund’s shareholders of record with respect to its Class A, Class C, Class I, Class R, and Class W shares, determined as of immediately after the close of business on the Closing Date, on a pro rata basis within each class, the Surviving Fund Shares of the corresponding class received by the Disappearing Fund pursuant to paragraph 1.1. In addition, as soon as is reasonably practicable after the Closing, the Disappearing Fund will completely liquidate. Such distribution and liquidation will be accomplished, with respect to each class of the Disappearing Fund’s shares, by the transfer of the Surviving Fund Shares then credited to the account of the Disappearing Fund on the books of the Surviving Fund to open accounts on the share records of the Surviving Fund in the names of the shareholders of record of each class of the Disappearing Fund’s shares as further described below, determined as of immediately after the close of business on the Closing Date (the “Disappearing Fund Shareholders”). The aggregate net asset value of Class A, Class C, Class I, and Class W Surviving Fund Shares to be so credited to shareholders of Class A, Class C, Class I, and Class W shares of the Disappearing Fund shall, with respect to each class, be equal to the aggregate net asset value of the Disappearing Fund of that same class owned by such shareholders on the Closing Date, and the aggregate net asset value of Class A Surviving Fund Shares to be so credited to shareholders of Class R shares of the Disappearing Fund shall, with respect to that class, be equal to the aggregate net asset value of the Disappearing Fund of Class R shares owned by such shareholders on the Closing Date. All issued and outstanding Class A, Class C, Class I, Class R, and Class W Disappearing Fund shares will simultaneously be canceled on the books of the Disappearing Fund, although share certificates representing interests in Class A, Class C, Class I, Class R, and Class W shares of the Disappearing Fund will represent a number of shares of the corresponding class of Surviving Fund Shares after the Closing Date, as determined in accordance with Section 2.3. The Surviving Fund shall not issue certificates representing the Class A, Class C, Class I, and Class W Surviving Fund Shares in connection with such exchange.

1.5. Ownership of Surviving Fund Shares will be shown on the books of the Surviving Fund’s transfer agent, as defined in paragraph 3.3.

2. VALUATION

2.2. The net asset value of Class A, Class C, Class I, and Class W Surviving Fund Shares shall be the net asset value per share computed with respect to that class as of the Valuation Date, using the valuation procedures set forth in the Surviving Fund’s then-current prospectus and statement of additional information and valuation procedures established by the Surviving Fund’s Board of Trustees.

2.3. The number of the Class A, Class C, Class I, and Class W Surviving Fund Shares to be issued (including fractional shares, if any) in exchange for the Disappearing Fund’s assets shall be determined with respect to each such class by dividing the value of the net assets with respect to the Class A, Class C, Class I, Class R, and Class W shares of the Disappearing Fund, as the case may be, determined using the same valuation procedures referred to in paragraph 2.1, by the net asset value of the Surviving Fund Shares of the corresponding class, determined in accordance with paragraph 2.2.

3. CLOSING AND CLOSING DATE

3.2. The Disappearing Fund shall direct The Bank of New York Mellon, as custodian for the Disappearing Fund (the “Custodian”), to deliver, at the Closing, a certificate of an authorized officer stating that (i) the Assets shall have been delivered in proper form to the Surviving Fund within two business days prior to or on the Closing Date; and (ii) all necessary taxes in connection with the delivery of the Assets, including all applicable federal, state and non-U.S. stock transfer stamps, if any, have been paid or provision for payment has been made. The Disappearing Fund’s portfolio securities represented by a certificate or other written instrument shall be presented for examination by the Custodian to the custodian for the Surviving Fund no later than five business days preceding the Closing Date, and shall be transferred and delivered by the Disappearing Fund as of the Closing Date for the account of the Surviving Fund duly endorsed in proper form for transfer in such condition as to constitute good delivery thereof. The Custodian shall deliver as of the Closing Date by book entry, in accordance with the customary practices of the Custodian and any securities

B-2

depository (as defined in Rule 17f-4 under the Investment Company Act of 1940, as amended (the “1940 Act”)) in which the Disappearing Fund’s Assets are deposited, the Disappearing Fund’s portfolio securities and instruments deposited with such depositories. The cash to be transferred by the Disappearing Fund shall be delivered by wire transfer of federal funds on the Closing Date.

3.3. The Disappearing Fund shall direct BNY Mellon Investment Servicing (U.S.) Inc. (the “Transfer Agent”), on behalf of the Disappearing Fund, to deliver at the Closing a certificate of an authorized officer stating that its records contain the names and addresses of the Disappearing Fund Shareholders and the number and percentage ownership of outstanding Class A, Class C, Class I, Class R, and Class W shares owned by each such shareholder immediately prior to the Closing. The Surviving Fund shall issue and deliver a confirmation evidencing the Surviving Fund Shares to be credited on the Closing Date to the Secretary of the Surviving Fund, or provide evidence satisfactory to the Disappearing Fund that such Surviving Fund Shares have been credited to the Disappearing Fund’s account on the books of the Surviving Fund. At the Closing, each party shall deliver to the other such bills of sale, checks, assignments, share certificates, if any, receipts or other documents as such other party or its counsel may reasonably request.

4. REPRESENTATIONS AND WARRANTIES

4.1. Except as has been disclosed to the Surviving Fund in a written instrument executed by an officer of VMF, VMF, on behalf of the Disappearing Fund, represents and warrants to VET as follows:

(h) Except as otherwise disclosed in writing to and accepted by VET, on behalf of the Surviving Fund, no litigation or administrative proceeding or investigation of or before any court or governmental body is presently pending or, to its knowledge, threatened against VMF, on behalf of the Disappearing Fund or any of its properties or assets or any person whom the Disappearing Fund may be obligated to indemnify in connection with such litigation, proceeding or investigation that, if adversely determined, would materially and adversely affect its financial condition or the conduct of its business. VMF, on behalf of the Disappearing Fund, knows of no facts which might form the basis for the institution of such proceedings and is not a party to or subject to the provisions of any order, decree or judgment of any court or governmental body which materially and adversely affects its business or its ability to consummate the transactions herein contemplated;

B-3

(q) The proxy statement of the Disappearing Fund (the “Proxy Statement”) to be included in the Registration Statement referred to in paragraph 5.6, insofar as it relates to the Disappearing Fund, will, on the effective date of the Registration Statement and on the Closing Date (i) not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which such statements were made, not materially misleading, provided, however, that the representations and warranties in this subparagraph (q) shall not apply to statements in or omissions from the Proxy Statement and the Registration Statement made in reliance upon and in conformity with information that was furnished by the Surviving Fund for use therein; and (ii) comply in all material respects with the provisions of the 1933 Act, the 1934 Act and the 1940 Act and the rules and regulations thereunder; and

B-4

4.2. Except as has been disclosed to the Disappearing Fund in a written instrument executed by an officer of VET, VET, on behalf of the Surviving Fund, represents and warrants to VMF as follows:

B-5

(n) The Class A, Class C, Class I, and Class W Surviving Fund Shares to be issued and delivered to the Disappearing Fund, for the account of the Disappearing Fund shareholders, pursuant to the terms of this Agreement, will on the Closing Date have been duly authorized and, when so issued and delivered, will be duly and validly issued Surviving Fund Shares, and will be fully paid and non-assessable;

5. COVENANTS OF THE SURVIVING FUND AND THE DISAPPEARING FUND

5.3. The Disappearing Fund covenants that the Class A, Class C, Class I, and Class W Surviving Fund Shares to be issued hereunder are not being acquired for the purpose of making any distribution thereof, other than in accordance with the terms of this Agreement.

B-6

5.8. As soon as is reasonably practicable after the Closing, the Disappearing Fund will make a liquidating distribution to its shareholders consisting of the Class A, Class C, Class I, and Class W Surviving Fund Shares received at the Closing.

6. CONDITIONS PRECEDENT TO OBLIGATIONS OF THE DISAPPEARING FUND

7. CONDITIONS PRECEDENT TO OBLIGATIONS OF THE SURVIVING FUND

8. FURTHER CONDITIONS PRECEDENT TO OBLIGATIONS OF THE SURVIVING FUND AND THE DISAPPEARING FUND

B-7

9. BROKERAGE FEES AND EXPENSES

10. ENTIRE AGREEMENT; SURVIVAL OF WARRANTIES

10.1. The parties agree that neither party has made any representation, warranty or covenant not set forth herein and that this Agreement constitutes the entire agreement between the parties.

11. TERMINATION

12. AMENDMENTS

B-8

This Agreement may be amended, modified or supplemented in such manner as may be deemed necessary or advisable by the authorized officers of VET and VMF; provided, however, that following the meeting of the shareholders of the Disappearing Fund called by VMF pursuant to paragraph 5.2 of this Agreement, no such amendment may have the effect of changing the provisions for determining the number of the Class A, Class C, Class I, and Class W Surviving Fund Shares to be issued to the Disappearing Fund Shareholders under this Agreement to the detriment of such shareholders without their further approval.