The Fund is actively managed and seeks to achieve its investment objective by investing primarily in equity securities selected from a universe of U.S. equities that exhibit value characteristics (the Parent Universe) based on the selection results of a proprietary, quantitative artificial intelligence (AI) model developed by Voya Investment Management Co. LLC (Voya IM or the Sub-Adviser). AI refers to the simulation of human intelligence by machines. Machine learning is a subset of AI that refers to a machines ability to learn and improve from experience automatically without being explicitly programmed.