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Voya Senior Loans Suite offered by Aston Hill Financial

Seeks to pay high income in various rate environments

One of the world’s largest dedicated senior loan teams

Three ways to invest in this expanding asset class

An Alternative to Fixed Rate Bonds

Voya Senior Loans Suite offered by Aston Hill Financial

Seeks to pay high income in various rate environments

One of the world’s largest dedicated senior loan teams

Five ways to invest in this expanding asset class

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Aston Hill Financial

Senior loans are made to non-investment grade borrowers, increasing the risk that a borrower might not make payments on time or default on the loan. To offset this risk, senior loans have several important structural characteristics:

The yields of floating rate investments, such as senior loans, adjust to changes in interest rates, so when rates rise, the amount of income also rises.

The reason for this lies in the unique structure of senior loans:

The Floating Rate Alternative

A floating rate loan has the potential to hold its value and pay competitive income

whether interest rates rise, fall or stay stable. That’s because the loan’s interest rate is

designed to adjust in tandem with other interest rate changes in the market.

a natural

hedge against

rising rates

senior

loans

get paid

first

They are ultra-short duration assets, with average interest rate reset periods of 60 days or less.

They typically pay at the market rate, so interest rate changes by themselves don’t affect their prices.

They are made to non-investment grade

businesses, so the rate tends to be higher than other short-term debt instruments.

Senior loans hold the highest rank in a borrower’s capital structure, giving them payment priority over all other outstanding debt.

Senior loans typically are secured by a first priority lien on the assets of the borrower. In the event of bankruptcy or liquidation, senior loan obligations would typically be paid first.

Senior loans impose performance targets and borrower covenants that, if missed, can trigger the right of the lenders to take action.

Senior Secured Loans Senior Unsecured Debt Junior Unsecured Debt

Preferred Stock Common

Stock

Priority of Repayment in the Event of Default

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A Depth of Expertise

The Voya Senior Loan Group is one of the world’s largest teams dedicated to managing senior loans, including the oldest loan

mutual fund (established in May 1988). The team’s depth and expertise allow it to manage — unlike many competitors — from

the private side of the market. This gives the team the opportunity to base decisions on private corporate data — a distinct

advantage to investors, especially in volatile markets.

The Voya Process At Work

The Voya Senior Loan Group’s process targets interest rates in all interest rate environments.

growth

2006–2007

Characterized by:higher interest rates and loan prices.

Why our process works:Ultra-short duration assets adjust with higher rates. Private-side management provides access to material information that may help identify strong opportunities.

expansion

2004–2005

Characterized by:rising interest rates and strong loan demand.

Why our process works:

Ultra-short duration assets adjust to higher rates. Macro views and fundamental credit analysis create investment deployment into strong sectors and issuers.

recession

2001–2002, 2008–2009

Characterized by:

declining interest rates and higher loan price volatility.

Why our process works:

Higher quality credit bias, rigorous risk management and high levels of diversification contribute to lower default rates and lower credit losses.

recovery

2003, 2009–2014

Characterized by:steady but low interest rates; loan price recovery.

Why our process works:Independent credit analysis identifies loans with high relative value and liquidity. Portfolio

construction ensures broad diversification.

the voya

team:

by the

numbers

• The Voya Senior Loan Group manages over $20 billion in senior loans as of June 30, 2015.

• Voya has a dedicated senior loan team of 28 investment professionals and 27-person support staff, with average industry experience of 14 years.

• Ongoing analysis, monitoring and underwriting through daily credit and trading meetings, and detailed periodic portfolio reviews.

• For 14 years, the team’s proprietary loan management system has incorporated integrated analytics, trading, compliance and operational support into every trade decision.

an investment process driven by meticulous credit research

Liquidity Focus

A focus on senior, secured first-lien loans, emphasizing the more liquid loans in the senior loan asset class.

Diversification Seeks to limit portfolio exposures to an average of 5% per industry and 0.5% per borrower.

Ongoing Risk Monitoring Daily monitoring of intrinsic values and internal credit ratings for each asset in the portfolios.

Consistent Decision Making The Senior Loan Investment Committee oversees

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An Alternative to Fixed Rate Bonds

Index Disclosures

The S&P/LSTA Leveraged Loan TR Index is an unmanaged total return index that captures accrued interest, repayments and market value changes. The Barclays U.S. Aggregate Bond Index is an unmanaged widely recognized index of publicly issued fixed-rate U.S. government, investment grade, mortgage-backed and corporate debt securities.

rates are

well below

historical

averages

With interest rates, such as the U.S. Fed Funds Target Rate, still hovering close to zero — an all-time historic low — the current rate is well below the historical average. Rates don’t have to rise anywhere near the historical average to have a negative impact on most bond prices.

An Attractive Alternative When Interest Rates Rise

Senior floating rate loans historically have been a valuable complement to fixed income portfolios because of the

different way they react to changes in interest rates. In today’s environment, ignoring the possibility of higher rates

could expose your portfolio to unnecessary risk.

A Potential Inflation Hedge as Well

Floating Rate Bank Loans not only adjust to changes in interest rates, they may also adjust to rises in overall prices or inflation. These short-term loans are based on LIBOR, the daily rate in the London money market at which banks borrow from other banks. This rate has a 0.62 correlation to inflation (as measured by CPI) — correlation of +1 implies that two securities move in lockstep, –1 implies that they move in the opposite direction of each other.

Source: Federal Reserve, Bloomberg, FactSet

Note: Interest rates are measured by

the Fed Funds Target Rate. Fed Funds Target Rate is the overnight interest rate banks charge each other.

0 2 4 6 8 10 12 14 16 18 20 22 historical average 1974 1979 1984 1989 1994 1999 2004 2009 2014

Last period of rising rates

(see chart below) Current rate iswell below the historical

average

As of 12/31/2014

federal funds target rates

floating rate

loans have held

their

ground in

rising rate

environments

During the last sustained period of rising rates (06/2004—06/2006), the S&P/LSTA Index — an index of senior floating rate loans — was able to provide steady growth. As a complement to fixed income, senior floating rate loans may help diversify interest rate risk.

per

formanc

e

S&P/LSTA Leveraged Loan Index

Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Barclays U.S. Agg Bond Index USD

Federal Funds Target Rates

0% 2% 4% 6% 8% 10% 12%

17 Rate Increases of +0.25 S&P/LSTA LeveragedLoan TR Index Barclays U.S. Aggregate Bond Index

Federal Funds Target Rates

floating rate vs. fixed rate when rates last rose

Cumulative Performance 06/2004–06/2006

1 Year 5 Years 10 Years S&P/LSTA Leveraged Loan TR Index 1.60 5.57 4.90 Barclays U.S. Aggregate Bond Index 5.97 4.45 4.71

Past performance does not guarantee future results. Performance shown is historical and not indicative of any Voya Fund. Index performance does not reflect management fees or expenses associated with investing in mutual funds. Indexes are not actively managed. Investors cannot directly invest in an index.

Annualized Total Returns (%) Ending December 31, 2014

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voya high income

floating rate fund

Closed End Fund: TSX: IHL.UN • Provides a diversified portfolio

of Senior Loans and second lien senior loans to achieve a high income return.

• Current annualized yield of 7.4%.

voya global income

solutions fund

Closed End Fund: TSX: VGI.UN • Provides a portfolio that

dynamically allocates between Senior Loans and global equities, balancing income, capital growth and capital preservation objectives.

• Current annualized yield of 5.5%.

An Alternative to Fixed Rate Bonds

Five Ways to Invest in Voya’s Senior

Floating Rate Loan Strategy with Aston Hill

In partnership with Aston Hill Financial, the Voya Senior Loan Group offers five

distinct senior loan portfolios to match differing investor needs and preferences.

Dan Norman

Co-Portfolio Manager 30 years experience

Jeff Bakalar

Co-Portfolio Manager 29 years experience

meet the voya

managers

“Senior loans seek to perform

well in most interest rate

environments, so they may

be a great complement to

fixed income investments,

particularly in a rising rate

environment.”

– dan norman

summary:

• Senior Loans seek to pay a relatively high rate of income in all market environments and complement fixed income portfolios because they tend to hold their value when rates rise.

• Voya has one of the industry’s largest dedicated teams, which focuses on diversification, liquidity, and appropriate monitoring and risk management practices at all points in the investment cycle.

• The team seeks to provide consistent returns in various rate environments.

Annualized yields are for Class A as of June 30, 2015.

Series FundSERV Code Series A (FE) AHF110 Series A (LSC) AHF111

Series F AHF112

Series I AHF113

aston hill voya floating

rate income fund

For more information about these

offerings from Aston Hill, contact

your Financial Professional or visit

astonhill.ca.

aston hill voya floating rate income fund

Open End Fund: See sidebar for FundSERV codes

• Open-end fund that invests primarily in Senior Loans and may invest up to 20% of its net assets in high yield corporate bonds or other floating rate debt securities.

• Variable distribution paid monthly.

voya floating rate

senior loan fund

Closed End Fund: TSX: ISL.UN (Class A); ISL.U (Class U)

• Provides tax-efficient exposure to an actively managed, diversified portfolio of Senior Loans.

• Current annualized yield of 5.2%; pre-tax interest equivalent yield of 7.4%*.

voya diversified

floating rate

senior loan fund

Closed End Fund: TSX: IFL.UN • Provides tax-efficient exposure to

an actively managed, diversified portfolio consisting primarily of Senior Loans, including loans to middle market companies, as well as second lien senior loans.

• Current annualized yield of 6.7%; pre-tax interest equivalent yield of 9.6%*.

voya senior loan

portfolios do not own:

• Any mortgage exposure

• Any exposure in derivative instruments

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investment risks

Risk is inherent in all investing. The following are the principal risks associated with investing in senior loans.

Credit Risk: Senior loans are below investment grade instruments that carry a higher than normal risk that borrowers may not make timely payments of principal and interest. Failure by borrowers to make such payments may cause the yield and/or the value of an investment in senior loans to decline. Interest Rate Risk: The yield on senior loans is directly affected by changes in market interest rates. If such rates fall, the yield may fall. Also, if overall interest rates on loans decline, the yield may fall and the value of the loans may decrease. When market interest rates rise, there may be a delay in the rise in the yield on loans due to a lag between changes in such rates and the resetting of the floating rates on the loans. There may also be a delay due to the effect of LIBOR floors, which establish a lower limit on the LIBOR portion of a loan’s yield. Rises in market interest rates must exceed applicable LIBOR floors before such rises will affect the yield on a loan with a LIBOR floor. Limited secondary market for loans: Loans do not trade on an established exchange. There is a limited secondary market for loans. Demand for loans: An increase in demand for loans may adversely affect the rate of interest payable on new loans, and it may also increase the price of loans in the secondary market. A decrease in the demand for loans may adversely affect the price of loans, which could cause the value of loans to decline. Foreign Borrowers: Investment in foreign borrowers involves special risks, including potentially less rigorous accounting requirements, differing legal systems and potential political, social and economic adversity. Use of Leverage: The use of leverage in a portfolio may have a magnifying effect on the returns for a portfolio, both positively and negatively. Foreign Currency: While the strategy seeks to hedge foreign currency risk to the greatest extent practicable, such hedging may not be effective. The information in this document should be considered as background information only and should not be construed as investment or financial advice. Further, it should not be construed as an offer or solicitation to buy or sell securities. Investors should read the Fund’s prospectus and continuous disclosure documents available at www.astonhill.ca or www.sedar.com, which further describe the risks and fees and expenses associated with an investment in the securities of the Fund and should consult with professional advisors before making investments decisions. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

This is not, and is not intended to be, a description of all risks of investing in senior loans. The applicable offering documents should be read carefully before investing. Other risks of the funds include but are not limited to Diversification Risk and Concentration Risk. All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing.

An investor should consider the investment objectives, risks, charges and expenses of the Fund(s) carefully before investing.

For a free copy of the Fund’s prospectus, or summary prospectus, which contains this and other information, visit us at

www.astonhill.ca or call (800) 513-3868. Please read all materials carefully before investing.

Voya Investment Management Co. LLC is the subadvisor for the Aston Hill Funds described in this document. Aston Hill is not an affiliate or subsidiary of Voya Investment Management.

© 2015 Voya Investments Distributor, LLC. All rights reserved. 230 Park Avenue, New York, NY 10169

© Aston Hill Financial Inc.

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