Voya Asia Pacific High Dividend Equity Income Fund : Commentary

Commentary | 4Q22

Voya Asia Pacific High Dividend Equity Income Fund

Focus on total return and high income through Asia Pacific stocks and call options

Strategy overview

Combines an actively managed quantitative equity investment strategy with a call writing option strategy to create a diversified portfolio with potential for enhanced total return and strong downside capture over a full market cycle.

Performance

For the quarter, the Voya Asia Pacific High Dividend Equity Income Fund (the Fund) provided a total return of 12.93% on a net asset value basis, and a total return of 9.57% on a market price basis. For the same period, the Fund's customized reference index, the MSCI All Country Asia Pacific ex-Japan Index, returned 12.10%.

Equity portfolio

For the quarter ended December 31, 2022, the equity sleeve of the Fund outperformed the reference index on a gross of fee basis. In terms of the Fund's performance for the quarter, the smaller market cap tilt and core model contributed the most to results. Strong performance in the core model was driven by the valuation indicator. The higher dividend yield contributed while active industry exposures were neutral.

On the sector level, stock selection within the consumer staples and financials sectors contributed to performance. The key contributors included not owning stock in NIO Inc., as well as overweight to Hana Financial Group Inc., and BGF retail Co., Ltd.

By contrast, stock selection in materials sector detracted in addition to the underweight to the sector. Selection was negative in utilities but this was partially offset by a positive allocation impact. On an individual stock level basis, the underweight in AIA Group Limited and Ping An Insurance (Group) Company of China, Ltd., as well as overweight to Medibank Private Ltd., detracted the most from performance.

Option portfolio

For the period, the Fund's covered call strategy had a negative impact on relative returns. The Fund implemented this strategy by typically writing call options on regional Indices, the selection and allocation of which result from an optimization intended to track the reference Index of the Fund closely. The strike prices of the options written were typically at or near the money, with expiration dates around one month at inception.

The Fund's covered call strategy seeks to generate premiums and to retain some potential for upside appreciation. This strategy detracted from returns during the period, as the positive performance of the equity markets resulted in losses on the short call options.

INVESTMENT MANAGEMENT

Commentary | 4Q22	Voya Asia Pacific High Dividend Equity Income Fund

Outlook and current strategy

The major US and non-US stock Indexes overcame negative returns in December to end the fourth quarter with gains. US stock results varied by market capitalization: Midcaps were the strongest performers, followed by large caps, then by small caps. Across market cap segments, value styles outperformed growth styles. Technology stocks continued to suffer from rising interest rates and posted losses for the quarter.

Broad gauges of US and non-US bonds posted gains for the quarter, though non-US bonds gained more than twice as much as US bonds. Results varied at the asset-classlevel: Long-termUS Treasury securities sustained the largest losses, whereas long- term corporate bonds and high yield were among the strongest performers. Shorter-termcorporate bonds and government securities saw positive returns.

Investors can be forgiven for wanting to put 2022 in the rearview mirror. High inflation, rate hikes, market volatility, the war in Ukraine and resurging Covid infections top the list of things we would like to move past. Will 2023 bring more troubles, or do

investors have reasons for optimism? The Eurozone appears to be headed for a recession, whereas the United States seems slightly less at risk. The markets are hunting for imbalances, such as whether China's return to growth will be stymied by its significant debt burden. There is at least one reason for optimism: The end of the global interest-rate hiking cycle may be in sight, letting markets focus more on economic fundamental factors.

Given these uncertainties in the global market outlook, we expect the Fund to continue to benefit from its option- writing activities.

Holdings detail

Companies mentioned in this report - percentage of Fund investments, as of 12/31/2022: NIO Inc. 0%, Hana Financial Group Inc. 0.75%, BGF retail Co., Ltd. 0.47%, AIA Group Ltd. 0.97%, Ping An Insurance (Group) Company of China, Ltd. 0.46%, Medibank Private Ltd. 0.57%; 0% indicates that the security is no longer in the portfolio. Portfolio holdings are subject to change daily.

Commentary | 4Q22	Voya Asia Pacific High Dividend Equity Income Fund

Disclaimer

The MSCI All Country Asia Pacific ex-JapanIndex captures large- and mid-cap equity representation across four of five developed market countries (excluding Japan) and eight emerging market countries in the Asia Pacifiic region. With 1,249 constituents, the Index covers approximately 85% of the free float-adjusted market capitalization in each country. Investors cannot invest directly in an index.

Past performance does not guarantee future results. The performance quoted represents past performance. Investment return and principal value of an investment will fuctuate, and shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Total investment return at share price measures the change in the market value of your investment assuming reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the Fund's dividend reinvestment plan. Total investment return at market share price is not annualized for periods less than one year. Closed-end funds such as this Fund do not continuously offer shares for sale and are not required to buy shares back from investors upon request. Shares of closed-end funds trade on national stock exchanges. Therefore, market share prices are not directly affected by Fund expenses or fees, which ordinarily have the effect of lowering total return.

Total investment return at net asset value (NAV) has been calculated assuming a purchase at net asset value at the beginning of the period and a sale at net asset value at the end of the period; and assumes reinvestment of dividends, capital gain distributions and return of capital distributions/ allocations, if any, in accordance with the provisions of the dividend reinvestment plan. NAV per share equals total assets minus total liabilities, divided by the number of shares outstanding. NAV is net of all fund expenses, including operating costs and management fees. Total investment return at net asset value is not annualized for periods less than one year.

Principal risks. All investing involves risks of fuctuating prices and the uncertainties of rates of return and yield inherent in investing. All security transactions involve substantial risk of loss. Price volatility, liquidity and other risks that accompany an investment in equity securities of domestic and foreign companies, and small and mid-sized capitalized companies. International investing poses special risks not found in solely domestic investments, including currency fuctuation, economic and political risks. Risks of foreign investing are generally intensified for investments in emerging markets.

Options risk. The Fund may purchase put and call options and may write (sell) put options and call options and is subject to Options Risk. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counter-parties to meet the terms of the contract. When an option is exercised or closed out, the Fund may be required to sell portfolio securities or to deliver portfolio securities to satisfy its obligations when it would not otherwise choose to do so, or the Fund may choose to sell portfolio securities to realize gains to offset the losses realized upon option exercise. Such sales or delivery would involve transaction costs borne by the Fund and may also result in realization of taxable capital gains, including short-term capital gains taxed at ordinary income tax rates, and may adversely impact the Fund's after-tax returns.

The Fund has additional risks that you should consider, such as market discount risk, investment and market risk, foreign investment and emerging markets risk, foreign (non-US) currency risk, Asia Pacific regional and country risk, issuer risk, equity risk, distribution risk, tax risk, dividend risk, small-cap and mid-cap company risks.

The Fund employs a quantitative model to execute its investment strategy. Data imprecision, software or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively affect performance. Furthermore, there can be no assurance that the quantitative models used in managing the strategy will perform as anticipated or enable the strategy to achieve its objective.

This commentary has been prepared by Voya Investment Management for informational purposes. Nothing contained herein should be construed as (i) an offer to sell or solicitation of an offer to buy any security or (ii) a recommendation as to the advisability of investing in, purchasing or selling any security. Any opinions expressed herein refect our judgment and are subject to change. Certain of the statements contained herein are statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (1) general economic conditions, (2) performance of financial markets, (3) interest rate levels, (4) increasing levels of loan defaults, (5) changes in laws and regulations and (6) changes in the policies of governments and/or regulatory authorities.

The opinions, views and information expressed in this commentary regarding holdings are subject to change without notice. The information provided regarding holdings is not a recommendation to buy or sell any security. Portfolio holdings are fuid and are subject to daily change based on market conditions and other factors.

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