Ing Equity Trust DEF 14C Information statement

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14C

(Rule 14c-101)

INFORMATION REQUIRED IN INFORMATION STATEMENT

SCHEDULE 14C INFORMATION

Information Statement Pursuant to Section 14(c) of the Securities

Exchange Act of 1934 (Amendment No.   )

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Voya Equity Trust

(Registrant)

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IMPORTANT NOTICE REGARDING THE AVAILABLILITY OF AN INFORMATION STATEMENT

Relating to

Voya Multi-Manager Mid Cap Value Fund
(a series of Voya Equity Trust)

7337 East Doubletree Ranch Road, Suite 100
Scottsdale, AZ 85258-2034
1-800-992-0180

An Information Statement that is available to you on the internet relating to Voya Multi-Manager Mid Cap Value Fund (the “Fund”), a series of Voya Equity Trust (the “Registrant”). The Information Statement details a change of control of Hahn Capital Management, LLC (“Hahn Capital”) a sub-adviser to the Fund, and execution of a new sub-advisory agreement between Voya Investments, LLC and Hahn Capital. This communication (the “Notice”) provides a summary overview of the Information Statement; you should read the Information Statement in its entirety.

On July 15, 2018, Elaine Hahn, the former President and Chief Investment Officer (“CIO”) and the majority owner of Hahn Capital, passed away. Ms. Hahn’s passing resulted in the automatic assignment and termination of the sub-advisory agreement between Voya Investments, LLC and with Hahn Capital, pursuant to which Hahn Capital provided sub-advisory services to the Fund (the “Prior Agreement”). At a meeting held on August 3, 2018, the Board of Trustees of the Registrant approved an interim sub-advisory agreement pursuant to which Hahn would continue to provide services to the Fund pending consideration by the Board of Trustees of a definitive new sub-advisory agreement between Voya Investments, LLC and Hahn Capital (the “New Agreement”) to replace the interim sub-advisory agreement. On September 17, 2018, the Board of Trustees approved the New Agreement.

The execution of the New Agreement for the Fund was effected in accordance with an exemptive order (the “Order”) that the U.S Securities and Exchange Commission granted to the Registrant permitting Voya Investments, LLC to enter into and materially amend sub-advisory agreements with unaffiliated and certain affiliated sub-advisers solely with approval of the Registrant’s Board of Trustees but without the need to obtain shareholder approval. Consequently, the Registrant is not soliciting proxies from shareholders to approve the New Agreement. The Order does, however, require that the Information Statement be provided to you. It contains much of the same information that would have been included in a proxy statement soliciting approval of the New Agreement. In lieu of physical or electronic mail delivery of the Information Statement (other than on request as described below), the Fund has made the Information Statement available to you online.

The Information Statement will be available to review on the Internet at http://www.proxyvote.com/voya until January 17, 2019. You may obtain a paper or email copy of the Information Statement, without charge, by contacting the Fund at the address or phone number listed above. If you want to receive a paper or email copy of the Information Statement, you must request one no later than October 19, 2019.

INFORMATION STATEMENT

October 19, 2018

Voya Multi-Manager Mid Cap Value Fund
(A series of Voya Equity Trust)

7337 East Doubletree Ranch Road, Suite 100
Scottsdale, AZ 85258-2034
1-800-992-0180

Voya Multi-Manager Mid Cap Value Fund is not asking you for a proxy regarding the sub-advisory agreement and you are requested not to send a proxy with respect to this Information Statement.

INTRODUCTION

Why did you send me this booklet?

This booklet includes an information statement (“Information Statement”) for Voya Multi-Manager Mid Cap Value Fund (the “Fund”), in which you have an interest. This Information Statement is furnished in connection with the approval of a new sub-advisory agreement for the Fund. The Fund is a separate series of Voya Equity Trust (the “Registrant”). This Information Statement will be provided on or about October 19, 2018 to shareholders of record as of the close of business on September 21, 2018 (the “Record Date”).

How can I obtain more information about the Fund?

Should you have any questions about the Fund, please do not hesitate to contact Shareholder Services toll free at 1-800-992-0180. A copy of the current prospectus, Statement of Additional Information (“SAI”), annual report, and semi-annual report is available, without charge, on the Internet at www.voyainvestments.com/literature or by contacting the Fund at:

Voya Investment Management

7337 East Doubletree Ranch Road, Suite 100
Scottsdale, AZ 85258-2034
1-800-992-0180

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NOTICE OF NEW SUB-ADVISORY AGREEMENT

What is happening?

On July 15, 2018, Elaine Hahn, the former President and Chief Investment Officer (“CIO”) and the majority owner of Hahn Capital Management, LLC (the “Sub-Adviser” or “Hahn Capital”), passed away. Ms. Hahn’s passing resulted in the automatic assignment and termination (the “Change of Control”) of the sub-advisory agreement between Voya Investments, LLC (the “Adviser” or “Voya Investments”) and Hahn Capital (the “Prior Agreement”), pursuant to which Hahn Capital provided sub-advisory services to the Fund. At a meeting held on August 3, 2018, the Board of Trustees of the Registrant (the “Board”) approved an interim sub-advisory agreement (the “Interim Agreement”) pursuant to which Hahn would continue to provide services to the Fund pending consideration by the Board of a definitive new sub-advisory agreement between Voya Investments and Hahn Capital (the “New Agreement”). On September 14, 2018, the Board approved the New Agreement.

The Fund and the Adviser have obtained an exemptive order from the U.S. Securities and Exchange Commission (the “SEC”) that permits the Adviser to enter into a sub-advisory agreement with one or more sub-advisers, including certain affiliated sub-advisers, on behalf of a fund that it manages without obtaining shareholder approval of the new agreement subject to certain conditions, including that the Adviser furnishes shareholders of an affected fund with certain information about the new sub-advisory agreement or agreements. This Information Statement is intended to comply with that condition.

Who are the parties to the New Agreement?

Effective September 17, 2018, the Adviser entered into a new sub-advisory agreement with Hahn Capital on the same terms, compensation structure and with the same portfolio management team as was in place under the Fund’s Prior Agreement with Hahn Capital.

Hahn Capital, an investment adviser registered with the SEC, was founded in 1988 by Elaine F. Hahn, whose Trust, the Elaine Hahn Administrative Trust, is currently a principal, non-voting owner of Hahn Capital. In 2004, Hahn Capital was converted from a wholly-owned LLC to a Member-Managed LLC. Hahn Capital is 100% employee managed with three managing members. Hahn Capital provides non-custodial full discretionary investment advisory services to its clients. Hahn Capital provides investment advice on investment types including mid cap value equity, mid cap core equity and equity value strategies. Hahn Capital’s principal address is 601 Montgomery Street, Suite 840, San Francisco, CA 94111. As of June 30, 2018, Hahn Capital’s assets under management were approximately $1.5 billion. Please seeAppendix A for a listing of the names, addresses, and the principal occupations of the principal executive officers of the Sub-Adviser.

How did this change affect the management of the Fund?

The following individuals are primarily responsible for the day-to-day management of the Fund's assets allocated to Hahn Capital.

John D. Schaeffer, Portfolio Manager, is also the President and CIO and a Partner of Hahn Capital and has been with Hahn Capital since 2003.

Michael Whitfield, CFA, Portfolio Manager, is also the Director of Research and a Partner of Hahn Capital and has been with Hahn Capital since 2005.

Elaine Hahn retired from Hahn Capital on July 1, 2018 and ceased to be a portfolio manager of the Fund as of that date. Mr. Whitfield was added as a portfolio manager on that date. Both Mr. Schaeffer and Mr. Whitfield continue to be primarily responsible for the day-to-day management of the Fund’s assets allocated to Hahn Capital under the New Agreement. LSV Asset Management (“LSV”) and Wellington Management Company LLP (“Wellington”) also continue to serve as sub-advisers to the Fund.

What are the terms of the New Agreement?

The material terms of the New Agreement with Hahn Capital did not change from the Prior Agreement with Hahn Capital. A form of the New Agreement is included asAppendix B.

There is a provision in the New Agreement that is not in the Prior Agreement. More particularly, the New Agreement states that: (1) the Adviser will pay Hahn Capital a one-time amount in consideration of the sub-advisory services provided by Hahn Capital under the Interim Agreement; and (2) any such payment will be subject to the offset of expenses relating to the Change of Control and the implementation of the Interim and New Agreements.

The Prior Agreement with Hahn Capital was last approved by the Board on November 16, 2017. The Interim Agreement was approved by the Board during a Special Telephonic Meeting held on August 3, 2018.

What factors did the Board consider?

Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) provides that the Registrant can enter into a new sub-advisory contract, on behalf of the Fund, only if the Board, including a majority of the Board members who have no direct or indirect interest in the Fund’s sub-advisory contracts, and who are not “interested persons” of the Fund, as such term is defined under the 1940 Act (the “Independent Trustees”), approve the new arrangement. At a meeting held on September 14, 2018, the Board considered a proposal by management that the Adviser enter into the New Agreement. The Board was asked to consider the New Agreement because the Change of Control automatically terminated the Prior Agreement and the Interim Agreement approved by the Board at its August 3, 2018 was set to expire 150 days from its effectiveness. Discussed below are certain factors that the Board considered at its meeting on September 14, 2018 in determining whether to approve the New Agreement.

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The catalyst for the Change of Control was the transfer of a controlling block of Hahn Capital’s outstanding voting securities. More particularly, the Fund is subject to the 1940 Act, which provides that any sub-advisory agreement for a fund must terminate automatically upon its “assignment.” As used in the 1940 Act, the term assignment includes any transfer of a controlling block of outstanding voting securities of an adviser or the parent company of an adviser. As discussed above, on July 15, 2018, Elaine Hahn, former President and CIO of Hahn, passed away. Ms. Hahn owned a majority interest in Hahn Capital until her death, at which time: (1) Elaine Hahn’s economic interest in Hahn Capital passed to her estate; and (2) her voting interest in Hahn Capital was reallocated to the remaining partners in Hahn Capital. These events resulted in the Change of Control of Hahn Capital and an “assignment” (as defined in the 1940 Act) and automatic termination of the Prior Agreement.

In light of the foregoing: (1) at its August 3, 2018 meeting, which was held via teleconference, the Board approved the Interim Agreement, effective as of July 15, 2018 and permitted to continue for a period of not more than 150 days thereafter; and (2) at its in-person meeting on September 14, 2018, the Board approved the New Agreement, which replaced the Interim Agreement. The decisions by the Board, including a majority of the Independent Trustees, to approve the Interim Agreement, as well as the New Agreement, were based upon a determination by the Board that it would be in the best interests of the shareholders of the Fund for Hahn Capital to continue providing uninterrupted sub-advisory services for the Fund following the Change of Control.

To inform its determinations of whether to approve the New Agreement, the Board received and evaluated such information as it deemed necessary for an informed determination of whether the New Agreement should be approved. The materials provided to the Board in support of the New Agreement included the following: (1) information that Hahn Capital provided to the Board in response to inquiries from K&L Gates LLP (“K&L Gates”), counsel to the Independent Trustees, in anticipation of the Board’s 2018 annual renewal considerations with respect to the Prior Agreement; (2) information provided in response to K&L Gates’ inquiries in connection with the Board’s consideration of the Interim and New Agreements; (3) a memorandum presenting management’s rationale for requesting that the Board approve the New Agreement and for management’s conclusion that implementing the New Agreement is in the best interests of the Fund and its shareholders; (4) management’s memorandum to an investment committee of the Board discussing the portfolio manager change whereby Mr. Whitfield became a co-portfolio manager to the Fund, replacing Ms. Hahn upon her retirement from Hahn Capital, effective July 1, 2018, and management’s continued confidence in the Fund’s Portfolio management team; (5) supporting documentation, including copies of the form of New Agreement; (6) Hahn Capital’s presentation to an investment committee of the Board during that committee’s September 14, 2018 meeting; (7) a memorandum from legal counsel for Hahn Capital, discussing the circumstances underlying the Change of Control; (8) written representations from Hahn Capital stating that: (a) the Change of Control would not have any impact on or diminution in the services that Hahn Capital provides to the Funds, (b) the same portfolio management team, comprised of Messrs. Schaeffer and Whitfield, that managed the Fund immediately prior to the Change of Control would continue to manage the Fund if the New Agreement were implemented, (c) Hahn Capital did not anticipate any adverse consequences in its ability to provide quality services to the Fund as a consequence of the Change of Control, (d) the Change of Control would not have any impact on Hahn Capital’s finances and resources, including resources available to provide sub-advisory services to the Fund, and (e) Hahn Capital had agreed to pay the reasonable costs to implement the Interim and New Agreements, including legal expenses and Board meeting fees; (9) the presentation from the Registrant’s Chief Compliance Officer regarding his due diligence review of Hahn Capital; and (10) other information relevant to the Board’s evaluation. The Board also considered its approval of the Interim Agreement, at its August 3, 2018 meeting, in approving the New Agreement. In addition, the Board considered the information provided periodically throughout the year in presentations to the Board by the Adviser in the context of the Adviser’s oversight and management of Hahn Capital as well as other funds in the Voya funds complex.

In reviewing the proposed New Agreement, the Board considered a number of factors, including, but not limited to, the following: (1) the Adviser’s view of Hahn Capital and its sub-advisory services; (2) the nature, extent and quality of services provided by Hahn Capital under the Prior and New Agreements, including that Hahn Capital’s portion of the Fund had outperformed the Fund’s benchmark, the Russell Mid-Cap Value Index, during the one-year, three-year, and since inception periods ended March 31, 2018; (3) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of Hahn Capital and its fit with the other sub-advisers to the Fund; (4) the fairness of the compensation under the New Agreement in light of the services to be provided by Hahn Capital as one of the Fund’s sub-advisers, which the Board noted had been negotiated at arms-length by the Adviser and Hahn Capital; (5) the sub-advisory fee rate payable by the Adviser to Hahn Capital, together with Hahn Capital’s representation that such fee rate was consistent with the fee rates paid by other comparable accounts to which Hahn Capital provides comparable services; (6) the potential fall-out benefits to Hahn Capital and its affiliates from its relationship with the Fund, including its ability to engage in soft-dollar transactions; (7) Hahn Capital’s representation that it did not expect to experience economies of scale in providing sub-advisory services to the Fund; (8) Hahn Capital’s operations and compliance program, including its policies and procedures intended to assure compliance with the Federal securities laws; and (9) the appropriateness of the continued engagement of Hahn Capital as a sub-adviser to the Fund in light of the Fund’s investment objective and investor base. The Board did not request or consider profitability data from Hahn Capital, which is not affiliated with the Adviser, because the Board did not view this data as being a key factor to its deliberations given the arm’s length nature of the relationship between the Adviser and Hahn Capital with respect to the negotiation of the sub-advisory fee schedule.

Based on the foregoing and other relevant considerations, at an in-person meeting of the Board held on September 14, 2018, the Board, including a majority of the Independent Trustees, voted to approve the New Agreement. In this connection, the Board concluded that, in light of all factors considered, the terms of the New Agreement, including the fee rate schedule, were fair and reasonable, and the New Agreement should be approved so as to enable the continuation, without interruption, of the services being provided by Hahn Capital to the Fund. The Board noted that no one factor was determinative of its decisions which, instead, were premised upon the totality of factors considered. The Board also noted that different Board members likely placed emphasis on different factors in reaching their individual conclusions to vote in favor of the New Agreement.

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GENERAL INFORMATION ABOUT THE INFORMATION STATEMENT

Who are the service providers to the Fund?

Voya Investments, LLC

Voya Investments, an Arizona limited liability company, has overall responsibility for the management of the Fund. 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 Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. Voya Investments is registered with the U.S. Securities and Exchange Commission (“SEC”) as an investment adviser.

The Adviser is an indirect, wholly-owned 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 office is located at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258. As of June 30, 2018, Voya Investments managed approximately $87.6 billion in assets.

Please seeAppendix A for a listing of the names, addresses, and principal occupations of the principal executive officers of the Adviser. Please seeAppendix Cfor a list of officers and Trustees of the Fund that are employees of the Adviser. For services provided under the investment advisory agreement, the Fund paid $1,753,081 in advisory fees to the Advisor for the fiscal year ended May 31, 2018. The Adviser paid Hahn Capital, LSV, and Wellington Management aggregate sub-advisory fees of $875,523.30, which represented approximately 0.3992% of the Fund’s average daily net assets for the fiscal year ended May 31, 2018.

Voya Investments Distributor, LLC (the “Distributor”)

The Distributor is a Delaware limited liability company with its principal offices at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258. The Distributor is an indirect, wholly-owned subsidiary of Voya Financial, Inc. and is an affiliate of the Adviser.

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 1-800-289-9999.

For services provided under the distribution agreement, the Fund paid $0 to the Distributor for the fiscal year ended May 31, 2018. For the fiscal year ended May 31, 2018, the Fund paid no brokerage fees to an affiliate.

Can shareholders submit proposals for consideration in a future Proxy Statement?

The Fund is not required to hold annual meetings and currently does not intend to hold such meetings unless shareholder action is required in accordance with the 1940 Act. 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 submitted 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 Information Statement?

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

Who pays for this Information Statement?

The Sub-Adviser will pay the expenses incurred in connection with this Information Statement, including the printing, mailing, legal, and out-of-pocket expenses. These expenses are estimated to be $14,200.

How many shares were outstanding as of the Record Date?

As of September 21, 2018, the following shares of beneficial interest of the Fund were outstanding:

Class	Shares Outstanding
Class I	14,043,177.844
Class P3	140,088.872
Total	14,183,266.716

Appendix D lists the persons that, as of September 21, 2018, owned beneficially or of record 5% or more of the outstanding shares of any class of the Fund. To the best of the Fund’s knowledge, as of September 21, 2018, no Trustees or officers owned 1% or more of the outstanding shares of any class of the Fund. As of September 21, 2018, none of the Independent Trustees nor their immediate family members owned any shares of the Adviser or principal underwriter or of any entity controlling, controlled by, or under common control with the Adviser or principal underwriter (not including registered investment companies).

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APPENDIX A: PRINCIPAL EXECUTIVE OFFICERS

Executive Officers of Voya Investments, LLC

7337 E. Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Name and Title

Michael Bell – Chief Executive Officer
Dina Santoro – President

James M. Fink – Managing Director

Stanley D. Vyner – Executive Vice President and Chief Investment Risk Officer
Kimberly A. Anderson – Senior Vice President and Assistant Secretary
Micheline S. Faver – Vice President and Chief Compliance Officer
Todd Modic – Senior Vice President
Huey P. Falgout, Jr. – Secretary

Executive Officers of Hahn Capital Management
601 Montgomery Street, Suite 840
San Fransisco, CA 94111

Name and Title

John D. Schaeffer – President and CIO

Michael Whitfield – Director of Research

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APPENDIX B: FORM OF SUB-ADVISORY AGREEMENT

This AGREEMENT is made as of this 17th day of September, 2018, between Voya Investments, LLC, an Arizona limited liability company (the “Manager”), and Hahn Capital Management, LLC, a California limited liability company (the “Sub-Adviser”).

WHEREAS, Voya Equity Trust (the “Fund”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company; and

WHEREAS, the Fund is authorized to issue separate series, each series having its own investment objective or objectives, policies, and limitations; and

WHEREAS, the Fund may offer shares of additional series in the future; and

WHEREAS, pursuant to an Investment Management Agreement, dated November 18, 2014, as amended and restated May 1, 2015, as amended (the “Management Agreement”), a copy of which has been provided to the Sub-Adviser, the Fund has retained the Manager to render advisory and management services with respect to certain of the Fund’s series; and

WHEREAS, the Sub-Adviser currently furnishes investment advisory services to the Voya Multi-Manager Mid Cap Value Fund ( “Mid Cap Fund”) and the Manager pursuant to an Interim Sub-Advisory Agreement effective as of July 15, 2018 (the “Interim Agreement”); and

WHEREAS, pursuant to authority granted to the Manager in the Management Agreement, the Manager wishes to retain the Sub-Adviser pursuant to this definitive Agreement to continue to furnish investment advisory services to Mid Cap Fund and, potentially, one or more of the series of the Fund, and the Sub-Adviser is willing to furnish such services to the Fund and the Manager;

NOW, THEREFORE, in consideration of the premises and the promises and mutual covenants herein contained, it is agreed between the Manager and the Sub-Adviser as follows:

1. Appointment. The Manager hereby appoints the Sub-Adviser to act as the investment adviser and manager to Mid Cap Fund, a series of the Fund, for the period and on the terms set forth in this Agreement. The Sub-Adviser accepts such appointment and agrees to furnish the services herein set forth for the compensation herein provided. To the extent that the Sub-Adviser is not the only person providing investment advisory services to Mid Cap Fund, the term “Series” or “Mid Cap Fund” shall be interpreted for purposes of this Agreement to only include those assets of Mid Cap Fund over which the Sub-Adviser is directed by the Manager to provide investment advisory services.

2. Sub-Adviser Duties. Subject to the supervision of the Fund’s Board of Trustees and the Manager, the Sub-Adviser will provide a continuous investment program for Mid Cap Fund’s portfolio and determine in its discretion the composition of the assets of Mid Cap Fund’s portfolio, including determination of the purchase, retention, or sale of the securities, cash, and other investments contained in the portfolio. The Sub-Adviser will provide investment research and conduct a continuous program of evaluation, investment, sales, and reinvestment of Mid Cap Fund’s assets by determining the securities and other investments that shall be purchased, entered into, sold, closed, or exchanged for Mid Cap Fund, when these transactions should be executed, and what portion of the assets of Mid Cap Fund should be held in the various securities and other investments in which it may invest. To the extent permitted by the investment policies of Mid Cap Fund, the Sub-Adviser shall make decisions for Mid Cap Fund as to foreign currency matters and make determinations as to and execute and perform foreign currency exchange contracts on behalf of Mid Cap Fund. The Sub-Adviser will provide the services under this Agreement in accordance with Mid Cap Fund’s investment objective or objectives, policies, and restrictions as stated in the Fund’s Registration Statement filed with the Securities and Exchange Commission (“SEC”), as amended, copies of which shall be sent to the Sub-Adviser by the Manager prior to the commencement of this Agreement and promptly following any such amendment. The Sub-Adviser further agrees as follows:

(a) The Sub-Adviser will conform with the 1940 Act and all rules and regulations thereunder, all other applicable federal and state laws and regulations, with any applicable procedures adopted by the Fund’s Board of Trustees of which the Sub-Adviser has been sent a copy, and the provisions of the Registration Statement of the Fund filed under the Securities Act of 1933 (the “1933 Act”) and the 1940 Act, as supplemented or amended, of which the Sub-Adviser has received a copy, and with the Manager’s portfolio manager operating policies and procedures as in effect on the date hereof, as such policies and procedures may be revised or amended by the Manager and agreed to by the Sub-Adviser. In carrying out its duties under the Sub-Advisory Agreement, the Sub-Adviser will comply with the following policies and procedures:

(i)

The Sub-Adviser will (1) manage Mid Cap Fund so that it meets the income and asset diversification requirements of Section 851 of the Internal Revenue Code of 1986, as amended (the “Code”), and (2) manage each Mid Cap Fund so that no action or omission on the part of the Sub-Adviser shall cause Mid Cap Fund to fail to comply with the diversification requirements of Section 817(h) of the Code, and the regulations issued thereunder.

(ii)

The Sub-Adviser will have no duty to vote any proxy solicited by or with respect to the issuers of securities in which assets of Mid Cap Fund are invested in connection with annual and special meetings of equity stockholders, provided however, that the Sub-Adviser retains responsibility to vote or abstain from voting all solicitations with respect to non-equity portfolio securities and all portfolio securities for matters with regard to bankruptcy or related plans of reorganization, unless the Manager gives the Sub-Adviser written instructions to the contrary. The Sub-Adviser will immediately forward any proxy solicited by or with respect to the issuers of securities in which assets of Mid Cap Fund are invested to the Manager or to any agent of the Manager designated by the Manager in writing.

The Sub-Adviser will make appropriate personnel available for consultation for the purpose of reviewing with representatives of the Manager and/or the Board any proxy solicited by or with respect to the issuers of securities in which assets of Mid Cap Fund are invested. Upon request, the Sub-Adviser will submit a written voting recommendation to the Manager for such

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proxies. In making such recommendations, the Sub-Adviser shall use its good faith judgment to act in the best interests of Mid Cap Fund. The Sub-Adviser shall disclose to the best of its knowledge any conflict of interest with the issuers of securities that are the subject of such recommendation including whether such issuers are clients or are being solicited as clients of the Sub-Adviser or of its affiliates.

(iii)	In connection with the purchase and sale of securities for Mid Cap Fund, the Sub-Adviser will arrange for the transmission to the custodian and portfolio accounting agent for Mid Cap Fund on a daily basis, such confirmation, trade tickets, and other documents and information, including, but not limited to, Cusip, Sedol, or other numbers that identify securities to be purchased or sold on behalf of Mid Cap Fund, as may be reasonably necessary to enable the custodian and portfolio accounting agent to perform its administrative and record keeping responsibilities with respect to Mid Cap Fund. With respect to portfolio securities to be settled through the Depository Trust Company, the Sub-Adviser will arrange for the prompt transmission of the confirmation of such trades to the Fund’s custodian and portfolio accounting agent.
(iv)	The Sub-Adviser will assist the custodian and portfolio accounting agent for the Fund in determining or confirming, consistent with the procedures and policies stated in the Registration Statement for the Fund or adopted by the Board of Trustees, the value of any portfolio securities or other assets of Mid Cap Fund for which the custodian and portfolio accounting agent seeks assistance from or identifies for review by the Sub-Adviser. The parties acknowledge that the Sub-Adviser is not a custodian of Mid Cap Fund’s assets and will not take possession or custody of such assets.
(v)	The Sub-Adviser will provide the Manager, no later than the 10th business day following the end of Mid Cap Fund’s semi-annual period and fiscal year, a letter to shareholders (to be subject to review and editing by the Manager) containing a discussion of those factors referred to in Item 27(b)(7) of 1940 Act Form N-1A in respect of both the prior quarter and the fiscal year to date.
(vi)	The Sub-Adviser will complete and deliver to the Manager a written compliance checklist in a form provided by the Manager for each month by the 10th business day of the following month.

(b) The Sub-Adviser will complete and deliver to the Manager by the 10th business day of each month a written report on Mid Cap Fund that contains the following information as of the immediately previous month’s end.

(i)	A performance comparison to Mid Cap Fund’s benchmark listed in the prospectus as well as a comparison to other mutual funds as listed in the rankings prepared by Lipper Analytical Services, Inc., Morningstar, Inc. (“Morningstar”), or similar independent services that monitor the performance of mutual funds or with other appropriate indexes of investment securities;
(ii)	Composition of the assets of Mid Cap Fund’s portfolio and the impact of key portfolio holdings and sector concentrations on Mid Cap Fund; and
(iii)	Confirmation of Mid Cap Fund’s current investment objective and Sub-Adviser’s projected plan to realize Mid Cap Fund’s investment objectives.

(c)	The Sub-Adviser will contact Morningstar to clarify any style box conflicts with Mid Cap Fund’s style and the anticipated timeframe in which Morningstar will remedy such conflicts, if any.
(d)	The Sub-Adviser will make available to the Fund and the Manager, promptly upon request, any of Mid Cap Fund’s investment records and ledgers maintained by the Sub-Adviser (which shall not include the records and ledgers maintained by the custodian or portfolio accounting agent for the Fund) as are necessary to assist the Fund and the Manager to comply with requirements of the 1940 Act and the Investment Advisers Act of 1940 (the “Advisers Act”), as well as other applicable laws. The Sub-Adviser will furnish to regulatory authorities having the requisite authority any information or reports in connection with such services in respect to Mid Cap Fund which may be requested in order to ascertain whether the operations of the Fund are being conducted in a manner consistent with applicable laws and regulations.
(e)	The Sub-Adviser will provide reports to the Fund’s Board of Trustees for consideration at meetings of the Board of Trustees on the investment program for Mid Cap Fund and the issuers and securities represented in Mid Cap Fund’s portfolio, and will furnish the Fund’s Board of Trustees with respect to Mid Cap Fund such periodic and special reports as the Trustees and the Manager may reasonably request.

3. Broker-Dealer Selection. The Sub-Adviser is authorized to make decisions to buy and sell securities and other investments for Mid Cap Fund’s portfolio, broker-dealer selection, and negotiation of brokerage commission rates in effecting a security transaction. The Sub-Adviser’s primary consideration in effecting a security transaction will be to obtain the best execution for Mid Cap Fund, taking into account the factors specified in the prospectus and/or statement of additional information for the Fund, and determined in consultation with the Manager, which include price (including the applicable brokerage commission or dollar spread), the size of the order, the nature of the market for the security, the timing of the transaction, the reputation, the experience and financial stability of the broker-dealer involved, the quality of the service, the difficulty of execution, and the execution capabilities and operational facilities of the firm involved, and the firm’s risk in positioning a block of securities. Accordingly, the price to Mid Cap Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified, in the judgment of the Sub-Adviser in the exercise of its fiduciary obligations to the Fund, by other aspects of the portfolio execution services offered. Subject to such policies as the Fund’s

7

Board of Trustees or Manager may determine and consistent with Section 28(e) of the Securities Exchange Act of 1934, the Sub-Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused Mid Cap Fund to pay a broker-dealer for effecting a portfolio investment transaction in excess of the amount of commission another broker-dealer would have charged for effecting that transaction, if the Sub-Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker-dealer, viewed in terms of either that particular transaction or the Sub-Adviser’s or the Manager’s overall responsibilities with respect to Mid Cap Fund and to their respective other clients as to which they exercise investment discretion. The Sub-Adviser will consult with the Manager to the end that portfolio transactions on behalf of Mid Cap Fund are directed to broker-dealers on the basis of criteria reasonably considered appropriate by the Manager. To the extent consistent with these standards, the Sub-Adviser is further authorized to allocate the orders placed by it on behalf of Mid Cap Fund to the Sub-Adviser if it is registered as a broker-dealer with the SEC, to an affiliated broker-dealer, or to such brokers and dealers who also provide research or statistical material, or other services to Mid Cap Fund, the Sub-Adviser, or an affiliate of the Sub-Adviser. Such allocation shall be in such amounts and proportions as the Sub-Adviser shall determine consistent with the above standards, and the Sub-Adviser will report on said allocation regularly to the Fund’s Board of Trustees indicating the broker-dealers to which such allocations have been made and the basis therefor.

4. Disclosure about Sub-Adviser. The Sub-Adviser has reviewed the most recent Post-Effective Amendment to the Registration Statement for the Fund filed with the SEC that contains disclosure about the Sub-Adviser, and represents and warrants that, with respect to the disclosure about the Sub-Adviser or information relating, directly or indirectly, to the Sub-Adviser, such Registration Statement contains, as of the date hereof, no untrue statement of any material fact and does not omit any statement of a material fact which was required to be stated therein or necessary to make the statements contained therein, in light of the circumstances under which they were made, not misleading. The Sub-Adviser further represents and warrants that it is a duly registered investment adviser under the Advisers Act and will maintain such registration so long as this Agreement remains in effect. The Sub-Adviser will provide the Manager with a copy of the Sub-Adviser’s Form ADV, Part II at the time the Form ADV is filed with the SEC.

5. Expenses. During the term of this Agreement, the Sub-Adviser will pay all expenses incurred by it and its staff and for their activities in connection with its portfolio management duties under this Agreement. The Manager or the Fund shall be responsible for all the expenses of the Fund’s operations. In addition, if the Fund is required, under applicable law, to supplement the Registration Statement because of a change requested by the Sub-Adviser, the Sub-Adviser will reimburse the Fund and/or the Manager for the cost of preparing, printing and distributing such supplement, unless the Sub-Adviser is requesting the change in order to comply with an applicable law, rule or regulation.

6. Compensation.

(a) For the services provided to Mid Cap Fund, the Manager will pay the Sub-Adviser an annual fee equal to the amount specified for such Series in Schedule A hereto, payable monthly in arrears. The fee will be appropriately prorated to reflect any portion of a calendar month that this Agreement is not in effect among the parties. In accordance with the provisions of the Management Agreement, the Manager is solely responsible for the payment of fees to the Sub-Adviser, and the Sub-Adviser agrees to seek payment of its fees solely from the Manager; provided, however, that if the Fund fails to pay the Manager all or a portion of the management fee under said Management Agreement when due, and the amount that was paid is insufficient to cover the Sub-Adviser’s fee under this Agreement for the period in question, then the Sub-Adviser may enforce against the Fund any rights it may have as a third-party beneficiary under the Management Agreement and the Manager will take all steps appropriate under the circumstances to collect the amount due from the Fund.

(b) In addition, on or before October 5, 2018, the Manager will pay the Sub-Adviser a one-time amount (the “Additional Amount”) in consideration of the sub-advisory services provided by the Sub-Adviser. The Additional Amount shall be calculated on the same basis as the fees will be calculated under this Agreement, for the period commencing on July 15, 2018 and ending on the date which immediately precedes the date of this Agreement. The Sub-Adviser acknowledges and agrees that, upon receipt of such payment, it will have no claim to any further compensation or payments of expenses or of any other amounts from the Manager or the Fund for or relating to services provided by the Sub-Adviser to the Manager in respect of the Fund for any period prior to the date of this Agreement. The additional compensation being paid pursuant to this section 6(b) is in connection with the services rendered previously by the Sub-Adviser pursuant to the Interim Sub-Advisory Agreement and is subject to the offset provisions set out in the Interim Agreement.

7. Marketing Materials.

(a)

During the term of this Agreement, the Sub-Adviser agrees to furnish the Manager at its principal office for prior review and approval by the Manager all written and/or printed materials, including but not limited to, PowerPoint or slide presentations, news releases, advertisements, brochures, fact sheets and other promotional, informational or marketing materials (the “Marketing Materials”) for internal use or public dissemination, that are produced or are for use or reference by the Sub-Adviser, its affiliates or other designees, broker-dealers or the public in connection with Mid Cap Fund, and Sub-Adviser shall not use any such materials if the Manager reasonably objects in writing within five business days (or such other period as may be mutually agreed) after receipt thereof. Marketing Materials may be furnished to the Manager by first class or overnight mail, facsimile transmission equipment, electronic delivery or hand delivery.

(b)

During the term of this Agreement, the Manager agrees to furnish the Sub-Adviser at its principal office all prospectuses, proxy statements, reports to shareholders, or Marketing Materials prepared for distribution to shareholders of Mid Cap Fund, or the public that refer to the Sub-Adviser in any way, prior to the use thereof, and the Manager shall not use any such

8

materials if the Sub-Adviser reasonably objects in writing within five business days (or such other period as may be mutually agreed) after receipt thereof. The Sub-Adviser’s right to object to such materials is limited to the portions of such materials that expressly relate to the Sub-Adviser, its services and its clients. The Manager agrees to use its reasonable best efforts to ensure that materials prepared by its employees or agents or its affiliates that refer to the Sub-Adviser or its clients in any way are consistent with those materials previously approved by the Sub-Adviser as referenced in the first sentence of this paragraph. Marketing Materials may be furnished to the Sub-Adviser by first class or overnight mail, facsimile transmission equipment, electronic delivery or hand delivery.

8. Compliance.

(a)	The Sub-Adviser agrees to use reasonable compliance techniques as the Manager or the Board of Trustees may adopt, including any written compliance procedures.
(b)	The Sub-Adviser agrees that it shall promptly notify the Manager and the Fund (i) in the event that the SEC has censured the Sub-Adviser; placed limitations upon its activities, functions or operations; suspended or revoked its registration as an investment adviser; or has commenced proceedings or an investigation that may result in any of these actions, or (ii) upon having a reasonable basis for believing that Mid Cap Fund has ceased to qualify or might not qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Sub-Adviser further agrees to notify the Manager and the Fund promptly of any material fact known to the Sub-Adviser respecting or relating to the Sub-Adviser that is not contained in the Registration Statement or prospectus for the Fund (which describes Mid Cap Fund), or any amendment or supplement thereto, or if any statement contained therein that becomes untrue in any material respect.
(c)	The Manager agrees that it shall promptly notify the Sub-Adviser (i) in the event that the SEC has censured the Manager or the Fund; placed limitations upon either of their activities, functions, or operations; suspended or revoked the Manager’s registration as an investment adviser; or has commenced proceedings or an investigation that may result in any of these actions, or (ii) upon having a reasonable basis for believing that Mid Cap Fund has ceased to qualify or might not qualify as a regulated investment company under Subchapter M of the Internal Revenue Code.

9. Books and Records. The Sub-Adviser hereby agrees that all records which it maintains for Mid Cap Fund are the property of the Fund and further agrees to surrender promptly to the Fund any of such records upon the Fund’s or the Manager’s request in compliance with the requirements of Rule 31a-3 under the 1940 Act, although the Sub-Adviser may, at its own expense, make and retain a copy of such records. The Sub-Adviser further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records required to be maintained by Rule 31a-l under the 1940 Act.

10. Cooperation; Confidentiality. Each party to this Agreement agrees to cooperate with the other party and with all appropriate governmental authorities having the requisite jurisdiction (including, but not limited to, the SEC) in connection with any investigation or inquiry relating to this Agreement or the Fund. Subject to the foregoing, the Sub-Adviser shall treat as confidential all information pertaining to the Fund and actions of the Fund, the Manager and the Sub-Adviser, and the Manager shall treat as confidential and use only in connection with Mid Cap Fund all information furnished to the Fund or the Manager by the Sub-Adviser, in connection with its duties under the Agreement except that the aforesaid information need not be treated as confidential if required to be disclosed under applicable law, if generally available to the public through means other than by disclosure by the Sub-Adviser or the Manager, or if available from a source other than the Manager, Sub-Adviser or the Fund.

11. Non-Exclusivity. The services of the Sub-Adviser to Mid Cap Fund and the Fund are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory or other services to others (including other investment companies) and to engage in other activities.

12. Prohibited Conduct. The Sub-Adviser may not consult with any other sub-adviser of the Fund concerning transactions in securities or other assets for any investment portfolio of the Fund, including Mid Cap Fund, except that such consultations are permitted between the current and successor sub-advisers of Mid Cap Fund in order to effect an orderly transition of sub-advisory duties so long as such consultations are not concerning transactions prohibited by Section 17(a) of the 1940 Act.

13. Representations Respecting Sub-Adviser. The Manager agrees that neither the Manager, nor affiliated persons of the Manager, shall give any information or make any representations or statements in connection with the sale of shares of Mid Cap Fund concerning the Sub-Adviser or Mid Cap Fund other than the information or representations contained in the Registration Statement, prospectus, or statement of additional information for the Fund’s shares, as they may be amended or supplemented from time to time, or in reports or proxy statements for the Fund, or in sales literature or other promotional material approved in advance by the Sub-Adviser, except with the prior permission of the Sub-Adviser.

14. Control. Notwithstanding any other provision of the Agreement, it is understood and agreed that the Fund shall at all times retain the ultimate responsibility for and control of all functions performed pursuant to this Agreement and has reserved the right to reasonably direct any action hereunder taken on its behalf by the Sub-Adviser.

15. Liability. Except as may otherwise be required by the 1940 Act or the rules thereunder or other applicable law, the Manager agrees that the Sub-Adviser, any affiliated person of the Sub-Adviser, and each person, if any, who, within the meaning of Section 15 of the 1933 Act controls the Sub-Adviser (a) shall bear no responsibility and shall not be subject to any liability for any act or omission respecting any series of the Fund other than the Mid Cap Fund, and (b) shall not be liable for, or subject to any damages, expenses, or losses in connection

9

with, any act or omission connected with or arising out of any services rendered under this Agreement, except by reason of willful misfeasance, bad faith, or gross negligence in the performance of the Sub-Adviser’s duties, or by reason of reckless disregard of the Sub-Adviser’s obligations and duties under this Agreement.

16. Indemnification.

(a)	The Manager agrees to indemnify and hold harmless the Sub-Adviser, any affiliated person of the Sub-Adviser, and each person, if any, who, within the meaning of Section 15 of the 1933 Act controls (“controlling person”) the Sub-Adviser (all of such persons being referred to as “Sub-Adviser Indemnified Persons”) against any and all losses, claims, damages, liabilities, or litigation (including legal and other expenses) to which a Sub-Adviser Indemnified Person may become subject under the 1933 Act, the 1940 Act, the Advisers Act, under any other statute, at common law or otherwise, arising out of the Manager’s responsibilities to the Fund which (1) may be based upon the Manager’s negligence, willful misfeasance, or bad faith in the performance of its duties (which could include a negligent action or a negligent omission to act), or by reason of the Manager’s reckless disregard of its obligations and duties under this Agreement, or (2) may be based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or prospectus covering shares of the Fund or any Series, or any amendment thereof or any supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon information furnished to the Manager or the Fund or to any affiliated person of the Manager by a Sub-Adviser Indemnified Person; provided however, that in no case shall the indemnity in favor of the Sub-Adviser Indemnified Person be deemed to protect such person against any liability to which any such person would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties, or by reason of its reckless disregard of obligations and duties under this Agreement.
(b)	Notwithstanding Section 15 of this Agreement, the Sub-Adviser agrees to indemnify and hold harmless the Manager, any affiliated person of the Manager, and any controlling person of the Manager (all of such persons being referred to as “Manager Indemnified Persons”) against any and all losses, claims, damages, liabilities, or litigation (including legal and other expenses) to which a Manager Indemnified Person may become subject under the 1933 Act, 1940 Act, the Advisers Act, under any other statute, at common law or otherwise, arising out of the Sub-Adviser’s responsibilities as Sub-Adviser of Mid Cap Fund which (1) may be based upon the Sub-Adviser’s negligence, willful misfeasance, or bad faith in the performance of its duties (which could include a negligent action or a negligent omission to act), or by reason of the Sub-Adviser’s reckless disregard of its obligations and duties under this Agreement, or (2) may be based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or prospectus covering the shares of the Fund or Mid Cap Fund, or any amendment or supplement thereto, or the omission or alleged omission to state therein a material fact known or which should have been known to the Sub-Adviser and was required to be stated therein or necessary to make the statements therein not misleading, if such a statement or omission was made in reliance upon information furnished to the Manager, the Fund, or any affiliated person of the Manager or Fund by the Sub-Adviser or any affiliated person of the Sub-Adviser; provided, however, that in no case shall the indemnity in favor of a Manager Indemnified Person be deemed to protect such person against any liability to which any such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence in the performance of its duties, or by reason of its reckless disregard of its obligations and duties under this Agreement.
(c)	The Manager shall not be liable under Paragraph (a) of this Section 16 with respect to any claim made against a Sub-Adviser Indemnified Person unless such Sub-Adviser Indemnified Person shall have notified the Manager in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Sub-Adviser Indemnified Person (or after such Sub-Adviser Indemnified Person shall have received notice of such service on any designated agent), but failure to notify the Manager of any such claim shall not relieve the Manager from any liability which it may have to the Sub-Adviser Indemnified Person against whom such action is brought except to the extent the Manager is prejudiced by the failure or delay in giving such notice. In case any such action is brought against the Sub-Adviser Indemnified Person, the Manager will be entitled to participate, at its own expense, in the defense thereof or, after notice to the Sub-Adviser Indemnified Person, to assume the defense thereof, with counsel satisfactory to the Sub-Adviser Indemnified Person. If the Manager assumes the defense of any such action and the selection of counsel by the Manager to represent the Manager and the Sub-Adviser Indemnified Person would result in a conflict of interests and therefore, would not, in the reasonable judgment of the Sub-Adviser Indemnified Person, adequately represent the interests of the Sub-Adviser Indemnified Person, the Manager will, at its own expense, assume the defense with counsel to the Manager and, also at its own expense, with separate counsel to the Sub-Adviser Indemnified Person, which counsel shall be satisfactory to the Manager and to the Sub-Adviser Indemnified Person. The Sub-Adviser Indemnified Person shall bear the fees and expenses of any additional counsel retained by it, and the Manager shall not be liable to the Sub-Adviser Indemnified Person under this Agreement for any legal or other expenses subsequently incurred by the Sub-Adviser Indemnified Person independently in connection with the defense thereof other than reasonable costs of investigation. The Manager shall not have the right to compromise on or settle the litigation without the prior written consent of the Sub-Adviser Indemnified Person if the compromise or settlement results, or may result, in a finding of wrongdoing on the part of the Sub-Adviser Indemnified Person.
(d)	The Sub-Adviser shall not be liable under Paragraph (b) of this Section 16 with respect to any claim made against a Manager Indemnified Person unless such Manager Indemnified Person shall have notified the Sub-Adviser in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Manager Indemnified Person (or after such Manager Indemnified Person shall have received notice of such service on any designated agent), but failure to notify the Sub-Adviser of any such claim shall not relieve the Sub-Adviser from any liability which it may have to the Manager Indemnified Person against whom such action is brought except to the extent the Sub-Adviser is prejudiced by the failure or delay in giving such notice. In case any such action is brought against the Manager Indemnified Person, the Sub-Adviser will be entitled to participate, at its own expense, in the defense thereof or, after notice to the Manager Indemnified Person, to assume the defense thereof, with

10

counsel satisfactory to the Manager Indemnified Person. If the Sub-Adviser assumes the defense of any such action and the selection of counsel by the Sub-Adviser to represent both the Sub-Adviser and the Manager Indemnified Person would result in a conflict of interests and therefore, would not, in the reasonable judgment of the Manager Indemnified Person, adequately represent the interests of the Manager Indemnified Person, the Sub-Adviser will, at its own expense, assume the defense with counsel to the Sub-Adviser and, also at its own expense, with separate counsel to the Manager Indemnified Person, which counsel shall be satisfactory to the Sub-Adviser and to the Manager Indemnified Person. The Manager Indemnified Person shall bear the fees and expenses of any additional counsel retained by it, and the Sub-Adviser shall not be liable to the Manager Indemnified Person under this Agreement for any legal or other expenses subsequently incurred by the Manager Indemnified Person independently in connection with the defense thereof other than reasonable costs of investigation. The Sub-Adviser shall not have the right to compromise on or settle the litigation without the prior written consent of the Manager Indemnified Person if the compromise or settlement results, or may result in a finding of wrongdoing on the part of the Manager Indemnified Person.

17. Duration and Termination.

(a) This Agreement shall continue in full force and effect through two years from its effective date. Thereafter, unless earlier terminated, the Agreement shall continue in full force and effect for periods of one year, provided that such continuance is specifically approved at least annually by (i) the vote of a majority of the Board of Trustees of the Fund, or (ii) the vote of a majority of the outstanding voting shares of Mid Cap Fund (as defined in the 1940 Act), and provided that such continuance is also approved by the vote of a majority of the Board of Trustees of the Fund who are not parties to this Agreement or “interested persons” (as defined in the 1940 Act) of the Fund or the Manager, cast in person at a meeting called for the purpose of voting on such approval.

However, any approval of this Agreement by the holders of a majority of the outstanding shares (as defined in the 1940 Act) of Mid Cap Fund shall be effective to continue this Agreement with respect to Mid Cap Fund notwithstanding (i) that this Agreement has not been approved by the holders of a majority of the outstanding shares of any other series of the Fund or (ii) that this agreement has not been approved by the vote of a majority of the outstanding shares of the Fund, unless such approval shall be required by any other applicable law or otherwise.

Notwithstanding the foregoing, this Agreement may be terminated with respect to Mid Cap Fund: (i) by the Manager at any time, upon sixty (60) days’ written notice to the Sub-Adviser and the Fund, (ii) at any time without payment of any penalty by the Fund, by the Fund’s Board of Trustees or a majority of the outstanding voting securities Mid Cap Fund, upon sixty (60) days’ written notice to the Manager and the Sub-Adviser, or (iii) by the Sub-Adviser upon three (3) months’ written notice unless the Fund or the Manager requests additional time to find a replacement for the Sub-Adviser, in which case the Sub-Adviser shall allow the additional time requested by the Fund or Manager not to exceed three (3) additional months beyond the initial three-month notice period; provided, however, that the Sub-Adviser may terminate this Agreement at any time without penalty, effective upon written notice to the Manager and the Fund, in the event either the Sub-Adviser (acting in good faith) or the Manager ceases to be registered as an investment adviser under the Advisers Act or otherwise becomes legally incapable of providing investment management services pursuant to its respective contract with the Fund, or in the event the Manager becomes bankrupt or otherwise incapable of carrying out its obligations under this Agreement, or in the event that the Sub-Adviser does not receive compensation for its services from the Manager or the Fund as required by the terms of this Agreement.

In the event of termination for any reason, all records of Mid Cap Fund for which the Agreement is terminated shall promptly be returned to the Manager or the Fund, free from any claim or retention of rights in such record by the Sub-Adviser, although the Sub-Adviser may, at its own expense, make and retain a copy of such records. This Agreement shall automatically terminate in the event of its assignment (as such term is described in the 1940 Act). In the event this Agreement is terminated or is not approved in the manner described above, the Sections or Paragraphs numbered 9, 10, 13, 14, 15 and 16 of this Agreement shall remain in effect, as well as any applicable provision of this Section numbered 17 and, to the extent that only amounts are owed to the Sub-Adviser as compensation for services rendered while the Agreement was in effect, Section 6.

(b) Notices. Any notice must be in writing and shall be sufficiently given (1) when delivered in person, (2) when dispatched by telegram or electronic facsimile transfer (confirmed in writing by postage prepaid first class air mail simultaneously dispatched), (3) when sent by internationally recognized overnight courier service (with receipt confirmed by such overnight courier service), or (4) when sent by registered or certified mail, to the other party at the address of such party set forth below or at such other address as such party may from time to time specify in writing to the other party.

If to the Fund:

Voya Equity Trust
7337 East Doubletree Ranch Road
Suite 100
Scottsdale, AZ 85258
Attention: Huey P. Falgout, Secretary

If to the Sub-Adviser:

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Hahn Capital Management, LLC
601 Montgomery Street
Suite 840
San Francisco, CA 94111
Attention: John Schaeffer, President and Chief Investment Officer

If to the Manager:

Voya Investments, LLC
7337 East Doubletree Ranch Road
Suite 100
Scottsdale, AZ 85258
Attention: Huey P. Falgout, Jr., Senior Vice President and Chief Counsel

18. Amendments. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought, and no amendment of this Agreement shall be effective until approved as required by applicable law.

19. Use of Names.

(a) It is understood that the name “Voya Investments, LLC.” or any trademark, trade name, service mark, or logo, or any variation of such trademark, service mark, or logo of the Manager or its affiliates, including but not limited to the mark “Voya™” (collectively, the “Voya Marks”) is the valuable property of the Manager and/or its affiliates, and that the Sub-Adviser has the right to use such Voya Marks only with the prior written consent of the Manager and only so long as the Sub-Adviser is a sub-adviser to the Fund/Mid Cap Fund. In the event that the Sub-Adviser is no longer the Sub-Adviser to the Fund and/or Mid Cap Fund, or upon the termination of the Management Agreement between the Fund and the Manager without its replacement with another agreement, or the earlier request of the Manager, the Sub-Adviser shall, as soon as is reasonably possible, discontinue all use of the Voya Marks.

(b) It is understood that the name “Hahn Capital Management, LLC,” or any trademark, trade name, service mark, or logo, or any variation of such trademark, trade name, service mark, or logo of the Sub-Adviser or its affiliates (collectively, the “Hahn Marks”) are the valuable property of the Sub-Adviser and its affiliates and that the Fund and/or Mid Cap Fund have the right to use such Hahn Marks in the names of Mid Cap Fund and in offering materials of the Fund only with the approval of the Sub-Adviser and only for so long as the Sub-Adviser is a sub-adviser to the Fund and/or the Series. In the event that the Sub-Adviser is no longer the Sub-Adviser to the Fund and/or Mid Cap Fund, or upon the termination of the Management Agreement between the Fund and the Manager without its replacement with another agreement, or the earlier request of the Sub-Adviser, the Manager shall, as soon as is reasonably possible, discontinue all use of the Hahn Marks.

20. Miscellaneous.

(a)	This Agreement shall be governed by the laws of the State of Arizona, provided that nothing herein shall be construed in a manner inconsistent with the 1940 Act, the Advisers Act or rules or orders of the SEC thereunder, and without regard for the conflicts of laws principle thereof. The term “affiliate” or “affiliated person” as used in this Agreement shall mean “affiliated person” as defined in Section 2(a)(3) of the 1940 Act.
(b)	The Manager and the Sub-Adviser acknowledge that the Fund enjoys the rights of a third-party beneficiary under this Agreement, and the Manager acknowledges that the Sub-Adviser enjoys the rights of a third party beneficiary under the Management Agreement.
(c)	The captions of this Agreement are included for convenience only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.
(d)	To the extent permitted under Section 17 of this Agreement, this Agreement may only be assigned by any party with the prior written consent of the other parties.
(e)	If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby, and to this extent, the provisions of this Agreement shall be deemed to be severable.
(f)	Nothing herein shall be construed as constituting the Sub-Adviser as an agent or co-partner of the Manager, or constituting the Manager as an agent or co-partner of the Sub-Adviser.
(g)	This Agreement may be executed in counterparts.

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APPENDIX C: INTERESTED TRUSTEE AND OFFICERS OF THE FUND

Name and Title of the Interested Trustee and each Officer of the Fund

Michael Bell – Chief Executive Officer

Dina Santoro – Interested Trustee, President

Stanley D. Vyner – Executive Vice President, Chief Investment Risk Officer
James M. Fink – Executive Vice President

Kevin M. Gleason – Chief Compliance Officer

Todd Modic – Senior Vice President, Chief/Principal Financial Officer, Assistant Secretary
Kimberly A. Anderson – Senior Vice President
Robert Terris – Senior Vice President

Fred Bedoya – Vice President and Treasurer
Maria M. Anderson – Vice President
Sara M. Donaldson – Vice President
Micheline S. Faver – Vice President
Robyn L. Ichilov – Vice President
Jason Kadavy – Vice President

Andrew K. Schlueter – Vice President

Kimberly K. Springer – Vice President
Craig Wheeler – Vice President

Monia Piacenti – Anti-Money Laundering Officer
Huey P. Falgout, Jr. – Secretary

Paul A. Caldarelli – Assistant Secretary

Theresa K. Kelety – Assistant Secretary

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APPENDIX D: BENEFICIAL OWNERSHIP AS OF THE RECORD DATE

The following table provides information about the persons or entities who, to the knowledge of the Fund, owned beneficially or of record 5% or more of any class of the Fund’s outstanding shares as of September 21, 2018.

Name and Address of Shareholder	Percent of Class of Shares, Number of Shares, and Type of Ownership	Percentage of Fund
Voya Solution 2025 Portfolio Attn Voya Operations 7337 E Doubletree Ranch Rd Scottsdale, AZ 85258-2034	8.6% Class I; 1,213,664.417 shares; Beneficial	8.6%
Voya Solution 2035 Portfolio Attn Voya Operations 7337 E Doubletree Ranch Rd Scottsdale, AZ 85258-2034	12.7% Class I; 1,784,901.677 shares; Beneficial	12.6%
Voya Solution 2045 Portfolio Attn Voya Operations 7337 E Doubletree Ranch Rd Scottsdale, AZ 85258-2034	13.2% Class I; 1,857,004.590 shares; Beneficial	13.1%
Voya Global Target Payment Fund Attn Voya Operations 7337 E Doubletree Ranch Rd Scottsdale, AZ 85258-2034	6.0% Class I; 841,814.805 shares; Beneficial	5.9%
Voya Solution Moderately Aggressive Portfolio Attn Voya Operations 7337 E Doubletree Ranch Rd Scottsdale, AZ 85258-2034	17.0% Class I; 2,392,430.615 shares; Beneficial	16.9%
Voya Target Retirement 2025 Fund Attn Voya Operations 7337 E Doubletree Ranch Rd Scottsdale, AZ 85258-2034	12.2% Class P3; 17,017.236 shares; Beneficial	0.1%
Voya Target Retirement 2030 Fund Attn Voya Operations 7337 E Doubletree Ranch Rd Scottsdale, AZ 85258-2034	12.4% Class P3; 17,330.578 shares; Beneficial	0.1%
Voya Target Retirement 2035 Fund Attn Voya Operations 7337 E Doubletree Ranch Rd Scottsdale, AZ 85258-2034	13.6% Class P3; 19,010.035 shares; Beneficial	0.1%
Voya Target Retirement 2040 Fund Attn Voya Operations 7337 E Doubletree Ranch Rd Scottsdale, AZ 85258-2034	12.5% Class P3; 17,486.463 shares; Beneficial	0.1%
Voya Target Retirement 2045 Fund Attn Voya Operations 7337 E Doubletree Ranch Rd Scottsdale, AZ 85258-2034	15.9% Class P3; 22,204.231 shares; Beneficial	0.2%
Voya Target Retirement 2050 Fund Attn Voya Operations 7337 E Doubletree Ranch Rd Scottsdale, AZ 85258-2034	11.2% Class P3; 15,734.018 shares; Beneficial	0.1%
Voya Target Retirement 2055 Fund Attn Voya Operations 7337 E Doubletree Ranch Rd Scottsdale, AZ 85258-2034	8.7% Class P3; 12,168.076 shares; Beneficial	0.1%

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