Track market-moving stories before they get noisy

Key Takeaways Retirement growth is supported by strong sales, high retention and the successful OneAmerica acquisitionInvestment Management benefits from fee-based revenue growth and the Allianz Global Investors partnership.VOYA continues returning capital through buybacks and dividends, backed by strong excess capital generation. Shares of Voya Financial, Inc. (VOYA - Free Report) have gained 35.7% in the past year, outperforming the industry’s growth of 10.8%. The stock closed at $98.25 on Tuesday, near its 52-week high of $103.85, reflecting investor confidence.

Growth in the Retirement and Investment Management businesses, improved Employee Benefits segments' performance, strategic acquisitions and partnerships, record net flows and strong excess capital generation are driving the stock. The momentum is likely to continue, supported by sustained strength in its core businesses, strategic acquisitions and ongoing share repurchases.

Shares of Voya Financial have outperformed its peers, including Reinsurance Group of America, Incorporated (RGA - Free Report) , Primerica, Inc. (PRI - Free Report) and Brighthouse Financial, Inc (BHF - Free Report) , which have gained 21.4%, 15.7% and 25.7%, respectively, in the past year.

1-Year Performance: VOYA, RGA, PRI, BHF & IndustryImage Source: Zacks Investment Research

VOYA’s Attractive ValuationVoya Financial shares are trading at a price-to-book value of 1.38X, lower than the industry average of 2.33X.

Image Source: Zacks Investment Research

VOYA’s Growth ProjectionThe Zacks Consensus Estimate for Voya Financial’s 2026 earnings per share (EPS) indicates a year-over-year increase of 6.2%. The consensus estimate for revenues is pegged at $1.33 billion, implying a year-over-year decline of 2.5%. The consensus estimate for 2027 EPS and revenues indicates an increase of 19.3% and 9.1%, respectively, from the corresponding 2026 estimates.  

Earnings have grown 8.8% in the past five years, better than the industry average of 5.9%. The expected long-term earnings growth rate is 11.6%.

Mixed Analyst Sentiment on VOYAThe Zacks Consensus Estimate for 2026 has moved south 2.1%, while 2027 earnings have moved north 1.7%, in the past 30 days.

Factors Acting in Favor of VOYAVOYA’s earnings are driven by its solid segmental performances across Retirement, Investment Management and Employee Benefits segments. These businesses represent higher-growth, capital-light and higher-return units, bolstering the company’s solid presence in the market.

The Retirement segment is experiencing significant growth, driven by higher revenues, favorable market impacts, higher alternative investment income, active portfolio management, positive defined contribution flows and disciplined management of spend. Management expects strong commercial momentum in retirement, driven by robust sales, more than 95% retention and new plan implementations.

Management described the OneAmerica retirement acquisition as highly successful, generating returns above 30%. It has meaningfully strengthened the scale and earnings power of the Retirement business, which now serves nearly 10 million Retirement accounts.

The Investment Management segment should benefit from higher investment capital returns, primarily driven by overall market performance, higher fee-based revenues, strong commercial momentum and disciplined management of spend. Voya Financial remains confident of sustaining more than 2% organic growth. Management also highlighted continued strength in retail income and growth strategies. VOYA is constantly taking strategic steps to ramp up growth in its Investment Management segment. Voya Financial’s long-term strategic partnership with Allianz Global Investors has added scale and diversification to Voya Investment Management.

The Employee Benefits segment of the insurer is likely to gain from improving Stop Loss underwriting and pricing, reserve releases, margin recovery, a smaller block of business, lower premium-driven expenses, favorable Group Life claims experience, higher alternative investment income and active portfolio management.

The company’s capital levels remain strong. In the first quarter of 2026, VOYA generated approximately $200 million of excess capital and returned that amount to shareholders through share repurchases and dividends. It also executed an additional $150 million of share repurchases in the second quarter, with $413 million remaining under its authorization. Supported by strong free cash flow generation, ROE above 18% and disciplined capital deployment, the company remains well positioned to enhance shareholder value.

Risks for VOYAThe company plans to invest up to $75 million of excess capital in 2026 to strengthen its wealth management platform. These investments are expected to create a near-term earnings drag and reduce Retirement segment margins by about 200 basis points.

VOYA faces intense competition from broker-dealers, financial advisors, diversified financial institutions and start-up financial services providers, which could result in increased pricing pressure on certain products and services.

Voya Financial's long-term debt rose to $1.9 billion in the first quarter of 2026, up 26% from year-end 2025, causing the financial leverage ratio to deteriorate 220 basis points year over year to 29.7%. Higher leverage could weigh on future earnings and returns.

ConclusionVoya Financial is well-positioned for strong earnings growth across all three business segments, positive net flows, favorable retention and strategic partnerships. It should continue to benefit from financial flexibility and effective capital deployment. However, high competition and rising debt remain concerns.

Given the mixed analyst sentiment, it is wise to retain this Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Investment Management, the asset management business of Voya Financial, Inc. (NYSE: VOYA), announced today the distributions on the common shares of five of its closed-end funds: Voya Global Advantage and Premium Opportunity Fund (NYSE: IGA), Voya Global Equity Dividend and Premium Opportunity Fund (NYSE: IGD), Voya Infrastructure, Industrials and Materials Fund (NYSE: IDE), Voya Asia Pacific High Dividend Equity Income Fund (NYSE: IAE), and Voya Emergin.

Voya Financial, Inc. (NYSE: VOYA) today announced a new application programming interface (API) integration with SinglepointAI that brings next-generation, AI-

NEW YORK--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA) today announced the expansion of private asset capabilities within its existing Advisor Managed Accounts (AMA) program. These enhanced capabilities allow registered investment advisors (RIAs) to allocate to private market investments — including private equity, private credit and private real estate — within personalized, professionally managed portfolios for plan participants. Launched in 2021, Voya's AMA program enables RIAs to deli.

NEW YORK--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA) will issue a press release announcing its second-quarter 2026 financial results after the market closes on Tuesday, August 4, 2026 and host a call to review the results on Wednesday, August 5, 2026, from 10 a.m. to 11 a.m. ET via live webcast available to the public at investors.voya.com. The announcement, investor supplement and analyst presentation will be available on investors.voya.com upon issuance of the press release. A replay.

Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

Headquartered in New York, Voya Financial (VOYA - Free Report) is a Finance stock that has seen a price change of 21.53% so far this year. Currently paying a dividend of $0.47 per share, the company has a dividend yield of 2.08%. In comparison, the Insurance - Life Insurance industry's yield is 1.73%, while the S&P 500's yield is 1.44%.

Looking at dividend growth, the company's current annualized dividend of $1.88 is up 3.3% from last year. Over the last 5 years, Voya Financial has increased its dividend 4 times on a year-over-year basis for an average annual increase of 34.72%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Voya's current payout ratio is 21%, meaning it paid out 21% of its trailing 12-month EPS as dividend.

Looking at this fiscal year, VOYA expects solid earnings growth. The Zacks Consensus Estimate for 2026 is $9.60 per share, representing a year-over-year earnings growth rate of 8.47%.

Investors like dividends for many reasons; they greatly improve stock investing profits, decrease overall portfolio risk, and carry tax advantages, among others. However, not all companies offer a quarterly payout.

For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. Income investors must be conscious of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, VOYA is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

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SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Global Advantage and Premium Opportunity Fund (NYSE: IGA), Voya Global Equity Dividend and Premium Opportunity Fund (NYSE: IGD) and Voya Infrastructure, Industrials and Materials Fund (NYSE: IDE) (the “Funds”) today announced important information concerning the Funds’ distributions declared in May 2026. This press release is issued as required by the Funds’ Managed Distribution Plan (the “Plan") and an exemptive order received from the U.S. Securities and Exchange Commission. The Board of Trustees has approved the implementation of the Plan to make monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the June distribution. It is not determinative of the tax character of the Funds’ distributions for the 2026 calendar year. Shareholders should note that the Funds’ total regular distribution amount is subject to change as a result of market conditions or other factors.

The amounts and sources of distributions reported in this notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Funds’ investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The following table sets forth an estimate of the sources of the Fund’s June distribution and its cumulative distributions paid year to date. Amounts are expressed on a per common share basis and as a percentage of the distribution amount.

Voya Global Advantage and Premium Opportunity Fund

Source

Current
Distribution

% of Current Distribution

Cumulative
Distributions for the
Tax Year-to-Date

% of the Cumulative
Distributions for the
Tax Year-to-Date1

Net Investment Income

$ 0.028

33.00%

$ 0.089

21.00%

Net Realized Short-Term Capital Gains

$ 0.057

67.00%

$ 0.174

41.00%

Net Realized Long-Term Capital Gains

$ 0.000

0.00%

$ 0.162

38.00%

Return of Capital or Other Capital Source(s)

$ 0.000

0.00%

$ 0.000

0.00%

Total per common share

$ 0.085

100.00%

$ 0.425

100.00%

Voya Global Equity Dividend and Premium Opportunity Fund

Source

Current
Distribution

% of Current
Distribution

Cumulative
Distributions for the
Tax Year-to-Date

% of the Cumulative
Distributions for the
Tax Year-to-Date1

Net Investment Income

$ 0.017

34.00%

$ 0.055

22.00%

Net Realized Short-Term Capital Gains

$ 0.000

0.00%

$ 0.000

0.00%

Net Realized Long-Term Capital Gains

$ 0.033

66.00%

$ 0.195

78.00%

Return of Capital or Other Capital Source(s)

$ 0.000

0.00%

$ 0.000

0.00%

Total per common share

$ 0.050

100.00%

$ 0.250

100.00%

Voya Infrastructure, Industrials and Materials Fund

Source

Current
Distribution

% of Current
Distribution

Cumulative
Distributions for the
Fiscal Year-to-Date

% of the Cumulative
Distributions for the
Fiscal Year-to-Date1

Net Investment Income

$ 0.022

22.00%

$ 0.060

12.00%

Net Realized Short-Term Capital Gains

$ 0.000

0.00%

$ 0.000

0.00%

Net Realized Long-Term Capital Gains

$ 0.078

78.00%

$ 0.440

88.00%

Return of Capital or Other Capital Source(s)

$ 0.000

0.00%

$ 0.000

0.00%

Total per common share

$ 0.100

100.00%

$ 0.500

100.00%

IMPORTANT DISCLOSURE: You should not draw any conclusions about the Funds’ investment performance from the amount of this distribution or from the terms of the Funds’ Plan. The Funds’ estimate that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Funds’ is paid back to you. A return of capital distribution does not necessarily reflect the Funds’ investment performance and should not be confused with ‘yield’ or ‘income.’ The amounts and sources of distributions reported in this Section 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Funds’ investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Funds’ will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Set forth in the tables below is information relating to the Fund’s performance based on its net asset value (NAV) for certain periods.

1

Average annual total return at NAV represents the compound average of the annual NAV total returns of the Fund for the five-year period ended on May 31, 2026. 2

The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Fund’s NAV as of May 31, 2026. 3

Cumulative total return at NAV is the percentage change in the Fund’s NAV for the period from the beginning of its tax year to May 31, 2026 including distributions paid and assuming reinvestment of those distributions. 4

Cumulative tax year distribution rate for the period from the year-to-date period as a percentage of the Fund’s NAV as of May 31, 2026. Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Shares of closed-end funds often trade at a discount from their net asset value. The market price of Fund shares may vary from net asset value based on factors affecting the supply and demand for shares, such as Fund distribution rates relative to similar investments, investors’ expectations for future distribution changes, the clarity of the Fund’s investment strategy and future return expectations, and investors’ confidence in the underlying markets in which the Fund invests. Fund shares are subject to investment risk, including possible loss of principal invested. No Fund is a complete investment program and you may lose money investing in a Fund. An investment in a Fund may not be appropriate for all investors. Before investing, prospective investors should consider carefully the Fund’s investment objective, risks, charges and expenses.

Certain statements made on behalf of the Fund in this release are forward-looking statements. The Fund’s actual future results may differ significantly from those anticipated in any forward-looking statements due to numerous factors, including but not limited to a decline in value in equity markets in general or the Fund’s investments specifically. Neither the Fund nor Voya Investment Management undertake any responsibility to update publicly or revise any forward-looking statement.

This information should not be used as a basis for legal and/or tax advice. In any specific case, the parties involved should seek the guidance and advice of their own legal and tax counsel.

About Voya® Investment Management
Voya Investment Management manages over $353 billion as of March 31, 2026 in assets across public and private fixed income, equities, multi-asset solutions and alternative strategies for institutions, financial intermediaries and individual investors, drawing on a 50-year legacy of active investing and the expertise of 300+ investment professionals. Voya IM has cultivated a culture grounded in a commitment to understanding and anticipating clients’ needs, producing strong investment performance, and embedding diversity, equity and inclusion in its business.

More News From Voya Financial, Inc.

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Voya Financial (VOYA) came out with quarterly earnings of $2.26 per share, beating the Zacks Consensus Estimate of $2.02 per share. This compares to earnings of $2.15 per share a year ago.

Key Takeaways VOYA Q1 EPS rose 13% to $2.26, beating estimates by 11.8%, driven by strength across key segments.Voya Financial saw growth in Employee Benefits and Investment Management, while Retirement lagged.VOYA faced pressure from higher corporate costs and slower Retirement segment growth. Voya Financial, Inc. (VOYA - Free Report) reported first-quarter 2026 adjusted operating earnings of $2.26 per share, which beat the Zacks Consensus Estimate by 11.8%. The bottom line increased 13% year over year.

The increase was driven by higher earnings across all segments, led by strong Employee Benefits and Investment Management performance and improved investment income. However, higher corporate expenses and relatively muted growth in the Retirement segment weighed on overall profitability

Behind the HeadlinesAdjusted operating revenues amounted to $2 billion, which increased 3.1% year over year.

Net investment income increased 1.6% year over year to $569 million. Meanwhile, fee income of $604 million increased 6% year over year. Premiums totaled $744 million, up 1% from the year-ago quarter.

Total benefits and expenses were $1.8 billion, up 0.3% from the year-ago quarter.

As of March 31, 2026, VOYA’s assets under management, and assets under administration and advisement totaled $1.1 trillion.

Q1 Segmental UpdateRetirement recorded pre-tax adjusted operating earnings of $209 million, which grew slightly from $207 million in the year-ago quarter. The increase was driven by higher assets, contributions from the OneAmerica acquisition and favorable capital market performance

Total client assets as of March 31, 2026, were $780 billion, up 12% year over year.

Employee Benefits reported a pre-tax adjusted operating earnings of $63 million, which increased 37% year over year. The improvement was driven by higher net underwriting and increased fee-based revenues.

Annualized in-force premiums and fees were $3.6 billion, relatively consistent year over year.

Investment Management posted pre-tax adjusted operating earnings, excluding noncontrolling interest, of $46 million, which increased 12% year over year. The increase was primarily driven by higher fee-based revenues, benefiting from strong business momentum and positive capital markets.

Investment Management generated net inflows of $65 million (excluding divested businesses) during the quarter

Corporate incurred pre-tax adjusted operating losses, excluding noncontrolling interest, of $61 million, slightly narrower than the loss of $62 million incurred in the year-ago quarter.

VOYA’s Financial UpdateVoya Financial exited the quarter with cash and cash equivalents of $969 million, which decreased 21.2% from the 2025-end level.

Total investments were to $38.1 billion, down 1.2% from the 2025-end level.

Long-term debt at quarter-end was $1.9 billion, which increased 26% from the 2025-end level.

The financial leverage ratio, excluding AOCI, deteriorated 220 basis points year over year to 29.7%.

As of March 31, 2026, book value per share (excluding AOCI) was $66.09, which increased 6.8% year over year.

For the first quarter of 2026, Voya Financial had approximately $200 million of excess capital.

VOYA’s Capital DeploymentAs of March 31, 2026, Voya Financial's excess capital position was approximately $0.65 billion.

Voya Financial returned $150 million and $44 million of excess capital to shareholders through share repurchases and common stock dividends, respectively, in the reported quarter.

As of March 31, 2025, VOYA had a remaining share repurchase authorization of $413 million.

Voya Financial entered into a $150 million share repurchase agreement for the second quarter of 2026.

VOYA’s Zacks RankVoya Financial currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other InsurersArthur J. Gallagher & Co. (AJG - Free Report) reported first-quarter 2026 adjusted net earnings of $4.47 per share, which beat the Zacks Consensus Estimate by 1.6%. The bottom line increased 21.8% on a year-over-year basis.

Total revenues of $4.7 billion beat the Zacks Consensus Estimate by 1.4%. The top line also improved 28.1% year over year, driven by higher commissions, fees, supplemental revenues, and contingent revenues.

Brown & Brown, Inc.’s (BRO - Free Report) first-quarter 2026 adjusted earnings of $1.39 per share beat the Zacks Consensus Estimate by 2.2%. The bottom line increased 7.8% year over year. Total revenues of $1.9 billion beat the Zacks Consensus Estimate by 1.4%. The top line improved 35.4% year over year.

Adjusted EBITDAC was $731 million, up 36.6% year over year. The EBITDAC margin improved 40 basis points year over year to 38.5%.

Willis Towers Watson plc (WTW - Free Report) delivered first-quarter 2026 adjusted earnings of $3.72 per share, which beat the Zacks Consensus Estimate by 3.6%. The bottom line grew 19% year over year. Willis Towers posted adjusted consolidated revenues of $2.4 billion, up 8% year over year on a reported basis. Revenues increased 3% on an organic basis and 4% on a constant currency basis. The top line beat the Zacks Consensus Estimate by 1.1%.

Adjusted operating income totaled $537 million, up 12% year over year. Adjusted operating margin expanded 70 basis points (bps) to 22.3%. Adjusted EBITDA was $589 million, up 11% year over year. Adjusted EBITDA margin was 23.9%, which expanded 50 bps.

NEW YORK--(BUSINESS WIRE)--TOMS Capital Investment Management (“TCIM”), one of the largest shareholders of Voya Financial, Inc. (NYSE: VOYA) (“Voya” of the “Company”), today issued the below statement following the Company's first quarter 2026 earnings call: “As we recently expressed, Voya is one of the most compelling and undervalued franchises in financial services. Voya has outperformed peers in delivering consistent net inflows, recently surpassing $1 trillion in assets while prudently avoi.

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SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Voya Investment Management, the asset management business of Voya Financial, Inc. (NYSE: VOYA), announced today the distributions on the common shares of five of its closed-end funds: Voya Global Advantage and Premium Opportunity Fund (NYSE: IGA), Voya Global Equity Dividend and Premium Opportunity Fund (NYSE: IGD), Voya Infrastructure, Industrials and Materials Fund (NYSE: IDE), Voya Asia Pacific High Dividend Equity Income Fund (NYSE: IAE), and Voya Emerging Markets High Dividend Equity Fund (NYSE: IHD).

With respect to each Fund, the distribution will be paid on June 15, 2026, to shareholders of record on June 1, 2026. The ex-dividend date is June 1, 2026. The distribution per share for each Fund is as follows:

Fund

Distribution Per Share

Monthly Distributions

Voya Global Equity Dividend and Premium Opportunity Fund (NYSE: IGD)

$0.050

Voya Asia Pacific High Dividend Equity Income Fund (NYSE: IAE)

$0.065

Voya Emerging Markets High Dividend Equity Fund (NYSE: IHD)

$0.055

Voya Global Advantage and Premium Opportunity Fund (NYSE: IGA)

$0.085

Voya Infrastructure, Industrials and Materials Fund (NYSE: IDE)

$0.100

The following table sets forth an estimate of the sources of each Fund’s May distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per common share basis and as a percentage of the distribution amount.

Data as of 4/30/2026 Estimated Sources

Tax YTD1

Estimated Tax YTD Percentages

of Current Distribution

Estimated Sources of Distribution

of Distribution

Per Share

Net Investment

LT

ST

Return of

Per Share

Net Investment

LT

ST

Return of

Net Investment

LT

ST

Return of

Distribution

Income

Gains

Gains

Capital

Distribution

Income

Gains

Gains

Capital

Income

Gains

Gains

Capital

IGA (FYE 2/28) 0.085

0.013

0.019

0.053

0.000

0.340

0.061

0.171

0.108

0.000

18.0%

50.0%

32.0%

0.0%

IGD (FYE 2/28)

0.050

0.008

0.000

0.000

0.042

0.200

0.038

0.000

0.000

0.162

19.0%

0.0%

0.0%

81.0%

IDE (FYE 2/28)

0.100

0.015

0.085

0.000

0.000

0.400

0.038

0.362

0.000

0.000

10.0%

90.0%

0.0%

0.0%

IHD (FYE 2/28)

0.055

0.012

0.000

0.000

0.043

0.220

0.025

0.000

0.000

0.195

11.0%

0.0%

0.0%

89.0%

IAE (FYE 2/28)

0.065

0.011

0.000

0.000

0.054

0.260

0.038

0.000

0.000

0.222

15.0%

0.0%

0.0%

85.0%

  1 The Fund's tax year is January 1, 2026 to December 31, 2026. Set forth in the tables below is information relating to each Fund’s performance based on its net asset value (NAV) for certain periods.

Data as of 4/30/2026 Annualized Cumulative Tax Tax YTD Distribution Tax YTD 5-Year Distribution Rate Tax YTD Distribution Rate Rate Distribution NAV Return on NAV on NAV1 Return on NAV on NAV1 IGA (FYE 2/28) 0.085

0.340

10.56

10.33%

9.66%

4.90%

3.22%

IGD (FYE 2/28) 0.050

0.200

6.27

9.76%

9.57%

1.20%

3.19%

IDE (FYE 2/28) 0.100

0.400

13.97

11.53%

8.59%

4.59%

2.86%

IHD (FYE 2/28) 0.055

0.220

7.54

8.90%

8.75%

2.50%

2.92%

IAE (FYE 2/28) 0.065

0.260

8.70

8.68%

8.97%

0.90%

2.99%

  1 As a percentage of 4/30/2026 NAV You should not draw any conclusions about the Funds’ investment performance from the amount of this distribution or from the terms of the Funds’ Plan. The Funds’ estimate that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Funds is paid back to you. A return of capital distribution does not necessarily reflect the Funds’ investment performance and should not be confused with ‘yield’ or ‘income.’ The amounts and sources of distributions reported in this Section 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Funds’ investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Funds will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Shares of closed-end funds often trade at a discount from their net asset value. The market price of Fund shares may vary from net asset value based on factors affecting the supply and demand for shares, such as Fund distribution rates relative to similar investments, investors' expectations for future distribution changes, the clarity of the Fund's investment strategy and future return expectations, and investors' confidence in the underlying markets in which the Fund invests. Fund shares are subject to investment risk, including possible loss of principal invested. No Fund is a complete investment program and you may lose money investing in a Fund. An investment in a Fund may not be appropriate for all investors. Before investing, prospective investors should consider carefully the Fund's investment objective, risks, charges and expenses.

Certain statements made on behalf of the Funds in this release are forward-looking statements. The Funds’ actual future results may differ significantly from those anticipated in any forward-looking statements due to numerous factors, including but not limited to a decline in value in equity markets in general or the Funds' investments specifically. Neither the Funds nor Voya Investment Management undertake any responsibility to update publicly or revise any forward-looking statement.

This information should not be used as a basis for legal and/or tax advice. In any specific case, the parties involved should seek the guidance and advice of their own legal and tax counsel.

About Voya® Investment Management

Voya Investment Management manages over $353 billion as of March 31, 2026 in assets across public and private fixed income, equities, multi-asset solutions and alternative strategies for institutions, financial intermediaries and individual investors, drawing on a 50-year legacy of active investing and the expertise of 300+ investment professionals. Voya IM has cultivated a culture grounded in a commitment to understanding and anticipating clients’ needs, producing strong investment performance, and embedding diversity, equity and inclusion in its business.

More News From Voya Financial, Inc.

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NEW YORK--(BUSINESS WIRE)--TOMS Capital Investment Management (“TCIM”), one of the largest shareholders of Voya Financial, Inc. (NYSE: VOYA) (“Voya” or the “Company”), today sent the below letter to the Company's Board of Directors (the “Board”) regarding its failure to oversee management and address the Company's persistent underperformance. The letter also urges the Board to open a formal review of all strategic alternatives, including a sale of the Company. June 1, 2026 Voya Financial, Inc.

Voya Financial (VOYA) is under fresh activist pressure as Toms Capital Investment Management pushes the insurer to consider strategic options, including a possi

Voya Investment Management (Voya IM), the asset management business of Voya Financial, Inc. (NYSE: VOYA) today announced the launch of its new multi manager se

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NEW YORK--(BUSINESS WIRE)--Voya Investment Management (Voya IM), the asset management business of Voya Financial, Inc. (NYSE: VOYA), announced today that Christine Cappabianca has joined the firm as head of Systematic Equities reporting to James Lydotes, chief investment officer, Equities. She will split her time between New York and Boston.

In this role, Cappabianca will oversee Voya IM’s $24 billion suite of active and passive systematic equity strategies and will be responsible for the firm’s combined Machine Intelligence and Quantitative Equity suite of products. In addition, she will develop a cohesive strategy to scale and commercialize Voya IM’s systematic equity capabilities, leveraging the full breadth of Voya IM’s Equity platform to deliver solutions more efficiently to clients.

“Christine brings over 20 years of experience in systematic equities and is well-regarded in our industry as a thoughtful and insightful investor with a clear focus on helping clients meet their objectives,” said Lydotes. “In addition to leading the systematic equity team, Christine will work closely with investment professionals across Voya IM’s Equity platform to identify new ways to deliver alpha for clients.”

Prior to joining Voya IM, Cappabianca was head of Systematic Investments at Impax Asset Management. She previously held investment roles at BNY Mellon Investment Management and The Boston Company. Cappabianca earned an MS in investment management from Boston University and a BS in economics from Harvard University.

About Voya Investment Management

Voya Investment Management (IM) manages approximately $353 billion as of March 31, 2026, in assets across public and private fixed income, equities, multi-asset solutions and alternative strategies for institutions, financial intermediaries and individual investors. Drawing on a 50-year legacy of active investing and the expertise of 300+ investment professionals, Voya IM has cultivated a culture grounded in a commitment to understanding and anticipating clients’ needs, producing strong investment performance, and embedding inclusion in its business.

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More News From Voya Financial, Inc.

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It has been about a month since the last earnings report for Voya Financial (VOYA - Free Report) . Shares have added about 2% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Voya due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent drivers for Voya Financial, Inc. before we dive into how investors and analysts have reacted as of late.

Voya Financial Q1 Earnings Beat Estimates, Revenues & Premiums Rise Y/Y

Voya Financial, Inc. reported first-quarter 2026 adjusted operating earnings of $2.26 per share, which beat the Zacks Consensus Estimate by 11.8%. The bottom line increased 13% year over year. The increase was driven by higher earnings across all segments, led by strong Employee Benefits and Investment Management performance and improved investment income. However, higher corporate expenses and relatively muted growth in the Retirement segment weighed on overall profitability

Behind the HeadlinesAdjusted operating revenues amounted to $2 billion, which increased 3.1% year over year. Net investment income increased 1.6% year over year to $569 million. Meanwhile, fee income of $604 million increased 6% year over year. Premiums totaled $744 million, up 1% from the year-ago quarter. Total benefits and expenses were $1.8 billion, up 0.3% from the year-ago quarter. As of March 31, 2026, VOYA’s assets under management, and assets under administration and advisement totaled $1.1 trillion.

Q1 Segmental UpdateRetirement recorded pre-tax adjusted operating earnings of $209 million, which grew slightly from $207 million in the year-ago quarter. The increase was driven by higher assets, contributions from the OneAmerica acquisition and favorable capital market performance. Total client assets as of March 31, 2026, were $780 billion, up 12% year over year.

Employee Benefits reported a pre-tax adjusted operating earnings of $63 million, which increased 37% year over year. The improvement was driven by higher net underwriting and increased fee-based revenues. Annualized in-force premiums and fees were $3.6 billion, relatively consistent year over year.

Investment Management posted pre-tax adjusted operating earnings, excluding noncontrolling interest, of $46 million, which increased 12% year over year. The increase was primarily driven by higher fee-based revenues, benefiting from strong business momentum and positive capital markets. Investment Management generated net inflows of $65 million (excluding divested businesses) during the quarter

Corporate incurred pre-tax adjusted operating losses, excluding noncontrolling interest, of $61 million, slightly narrower than the loss of $62 million incurred in the year-ago quarter.

VOYA’s Financial UpdateVoya Financial exited the quarter with cash and cash equivalents of $969 million, which decreased 21.2% from the 2025-end level. Total investments were to $38.1 billion, down 1.2% from the 2025-end level.

Long-term debt at quarter-end was $1.9 billion, which increased 26% from the 2025-end level. The financial leverage ratio, excluding AOCI, deteriorated 220 basis points year over year to 29.7%.

As of March 31, 2026, book value per share (excluding AOCI) was $66.09, which increased 6.8% year over year. For the first quarter of 2026, Voya Financial had approximately $200 million of excess capital.

VOYA’s Capital DeploymentAs of March 31, 2026, Voya Financial's excess capital position was approximately $0.65 billion. Voya Financial returned $150 million and $44 million of excess capital to shareholders through share repurchases and common stock dividends, respectively, in the reported quarter. As of March 31, 2025, VOYA had a remaining share repurchase authorization of $413 million. Voya Financial entered into a $150 million share repurchase agreement for the second quarter of 2026.

How Have Estimates Been Moving Since Then?It turns out, estimates revision have trended downward during the past month.

VGM ScoresAt this time, Voya has a poor Growth Score of F, a grade with the same score on the momentum front. However, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Voya has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.