Voya Global Advantage and Premium Opportunity Fund : Global Advantage and Premium Opportunity Fund Commentary

Commentary | 4Q22

Voya Global Advantage and Premium Opportunity Fund

Focus on high income and total return through global value stocks and call options

Strategy overview

The Fund combines an actively-managed quantitative equity investment strategy with a call writing option strategy, seeking to create a diversified portfolio with enhanced total return potential and strong downside capture over a full market cycle.

Performance

For the quarter, the Voya Global Advantage and Premium Opportunity Fund (the Fund) provided a total return of 9.29% on a net asset value (NAV) basis and a total return of 7.92% on a market price basis. For the same period, the Fund's reference index, the MSCI World Value Index, returned 14.74%.

Equity portfolio

For the quarterly reporting period, the equity sleeve of the Fund underperformed its reference index. All three of the primary return drivers for the sleeve (proprietary core model, beta and dividend yield) contributed, with the proprietary core model contributing the most, followed by beta and dividend yield. The Fund's active industry exposures (which are a byproduct of stock selection) detracted as well as active individual stock exposures. Within the proprietary core model, three out of five indicators contributed (management, sentiment and ESG) while the operations and valuation indicators modestly detracted.

At the regional level, portfolio holdings in the North American and Japanese regions contributed while holdings in Europe and the Asia Pacific Ex-Japan region detracted.

At the sector level, stock selection in the information technology, health care and consumer staples sectors contributed the most to results. Among the key individual stock contributors were the underweight in UnitedHealth Group Inc. and overweight positions in Gilead Sciences, Inc. and Sumitomo Mitsui Financial Group, Inc.

By contrast, stock selection in the financials, industrials and energy sectors detracted. Among the key detractors were not owning benchmark stocks in Exxon Mobil Corp. and JPMorgan Chase & Co., as well as the overweight position in Assurant, Inc.

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 resulted from an optimization intended to track the reference Index of the Fund closely. The strike prices of the options written were typically out of the money or near the money with expiration dates around six weeks

at inception.

The Fund's covered call strategy seeks to generate premiums and 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 Global Advantage and Premium Opportunity 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 12/31/22: UnitedHealth Group Inc. 0.30%, Gilead Sciences, Inc. 0.92%, Sumitomo Mitsui Financial Group, Inc. 0.80%, Exxon Mobil Corp. 0%, JPMorgan Chase & Co. 0% and Assurant, Inc. 0.38% ; 0% indicates that the security is no longer in the portfolio. Portfolio holdings are subject to change daily.

Commentary | 4Q22	Voya Global Advantage and Premium Opportunity Fund

Disclaimer

The MSCI World Value Index captures large- and mid-cap equity securities exhibiting overall value style characteristics across 23 developed market (DM) countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. Investors cannot invest directly in an index.

Past performance is no guarantee of future results. The performance quoted represents past performance. Current performance may be lower or higher than the performance data quoted. All investing involves the inherent risks of fluctuating prices and the uncertainties of rates of return and yield. Investment return and principal value of an investment will fluctuate, and shares, when sold, may be worth more or less than their original cost.

Total investment return at market 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 the 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. Market share prices therefore 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 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 is total assets less 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. 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 including currency fluctuation, economic and political risks not found in investments that are solely domestic. Risks of foreign investing are generally intensifed for investments in emerging markets.

Options risks. 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 proft 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 counterparties 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 might also result in realization of taxable capital gains, including short-term capital gains taxed at ordinary income tax rates, and could adversely impact the Fund's after-tax returns.

This 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 Pacifc regional and country risk, issuer risk, equity risk, distribution risk, tax risk, dividend risk, small-cap and mid-cap company risk.

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 reflect 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 fnancial 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. Past performance is no guarantee of future results.

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 fluid and are subject to daily change based on market conditions and other factors.

©2023 Voya Investments Distributor, LLC · 230 Park Ave, New York, NY 10169 · All rights reserved.

1. 992-0180Individual Investors | [phone] Investment Professionals CEF-COMM-IGA • 123122 • ex123123 • IM2755020

voyainvestments.com