Strategy. Under normal market conditions, the Fund invests at least 65% of its total assets in equity securities of companies located in a number of different countries other than the U.S. The Fund may invest in securities of companies from emerging market countries. The Fund may also invest in depositary receipts, warrants, and rights of foreign issuers. The Fund may invest in real estate-related securities, including real estate investment trusts (REITs). The Fund may use derivatives, including futures, options, swaps, and forward foreign currency exchange contracts, typically for hedging purposes to reduce risk (such as interest rate risk, currency risk, and price risk), as a substitute for the sale or purchase of the underlying securities, and for the purpose of maintaining … Show more… Under normal market conditions, the Fund invests at least 65% of its total assets in equity securities of companies located in a number of different countries other than the U.S. The Fund may invest in securities of companies from emerging market countries. The Fund may also invest in depositary receipts, warrants, and rights of foreign issuers. The Fund may invest in real estate-related securities, including real estate investment trusts (REITs). The Fund may use derivatives, including futures, options, swaps, and forward foreign currency exchange contracts, typically for hedging purposes to reduce risk (such as interest rate risk, currency risk, and price risk), as a substitute for the sale or purchase of the underlying securities, and for the purpose of maintaining equity market exposure on its cash balance. 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 Investment Adviser allocates the Funds assets to different sub-advisers. When selecting sub-advisers, the Investment Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy of a potential sub-adviser, its personnel, and its fit with other sub-advisers to the Fund. Among those, the Investment Adviser will typically consider the extent to which a potential sub-adviser takes into account environmental, social, and governance (ESG) factors as part of its investment process. ESG factors will be only one of many considerations in the Investment Advisers evaluation of any potential sub-adviser; the extent to which ESG factors will affect the Investment Advisers decision to retain a sub-adviser, if at all, will depend on the analysis and judgment of the Investment Adviser. PanAgora Asset Management, Inc. ( PanAgora) and Voya Investment Management Co. LLC (Voya IM) (each, a Sub-Adviser and together, the Sub-Advisers) provide the day-to-day management of the Fund. The Sub-Advisers act independently of each other and use their own methodology for selecting investments. The Investment Adviser will determine the amount of Fund assets allocated to each Sub-Adviser. Each 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. In addition, Voya IM may sell securities to rebalance and reconstitute its investments in connection with such changes in the Index (as defined below). The Fund may lend portfolio securities on a short-term or long-term basis, up to 33 ?1 / 3 % of its total assets. PanAgora To manage its portion of the Funds assets, PanAgora employs a strategy which seeks to achieve the Funds investment objective by using a proprietary Dynamic Equity alpha model that integrates a variety of measures, including issuer-specific, sector-specific, and region-specific factors. The strategy seeks to identify and exploit investment opportunities resulting from investors under/over reactions to market information and market inefficiencies. PanAgora, using its proprietary Dynamic Equity investment process, constructs a forecasting model for every security in PanAgoras defined investment universe, contingent on each securitys distinct characteristics. The model uses a broad array of factors that PanAgora believes are predictive of security returns including, but not limited to, value, momentum, and quality factors. The Dynamic Equity model then combines the return forecasts with information from a proprietary risk model to seek to derive PanAgoras optimal constrained portfolio. PanAgora seeks to buy securities for the Fund with high forecasted returns, based on PanAgoras proprietary forecasting model. Size limitations are placed on portfolio positions by PanAgora for risk management purposes. Voya IM To manage its portion of the Funds assets, Voya IM employs a passive management approach designed to track the performance of a custom index created by FTSE Russell for Voya IM, the FTSE Developed ex US Select Factor Index (the Index). The Index is designed to capture exposure to a broad set of five factors that contribute to developed equity market performance outside of the United States. These five factors are Low Volatility Momentum, Quality, Size, and Value. As a result of the five factor selection process, the Index may be focused in one or more sectors, which may change from time to time. As of December 31, 2023, a portion of the Index was focused in the consumer discretionary, industrials, and materials sector. Voya IM seeks to replicate the performance of the Index, meaning it generally will invest in all of the securities in the Index in weightings, consistent with that of the Index. The Funds portfolio may not always hold all of the same securities as the Index. Voya IM may also invest in ETFs, stock index futures, and other derivatives as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Funds cash position. Although Voya IM attempts to track, as closely as possible, the performance of the Index, the Funds portfolio does not always perform exactly like the Index. Unlike the Index, the Fund has operating expenses and transaction costs and therefore has a performance disadvantage versus the Index. Show less