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Form N-CSRS Voya Asia Pacific High For: Aug 31

November 3, 2022 2:07 PM

 

  

UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

 

Form N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF 

REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-22004

 

Voya Asia Pacific High Dividend Equity Income Fund 

(Exact name of registrant as specified in charter)

 

7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ 85258
(Address of principal executive offices) (Zip code)

 

Huey P. Falgout Jr., 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ 85258 

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: 1-800-992-0180

 

Date of fiscal year end: February 28

 

Date of reporting period: March 1, 2022 to August 31, 2022

 

 

 

 

 

Item 1. Reports to Stockholders.

 

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):

 

 

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Semi-Annual Report
August 31, 2022
Voya Asia Pacific High Dividend Equity Income Fund
As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the fund’s annual and semi-annual shareholder reports, like this semi-annual report, are not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Voya funds’ website (www.voyainvestments.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail request to [email protected].
You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions to elect to continue receiving paper copies of your shareholder reports. If you received this document through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with us, you can call 1-800-992-0180 or send an email request to [email protected] to let a fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the Voya funds complex if you invest directly with the funds.
This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the fund’s investment objectives, risks, charges, expenses and other information. This information should be read carefully.
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E-Delivery Sign-up – details inside
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PROXY VOTING INFORMATION
A description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Fund’s website at www.voyainvestments.com and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Fund voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO HOLDINGS
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Fund’s Forms NPORT-P are available on the SEC’s website at www.sec.gov. The Fund’s complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

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STATEMENT OF ASSETS AND LIABILITIES as of August 31, 2022 (Unaudited)
ASSETS:
Investments in securities at fair value* $ 86,536,590
Short-term investments at fair value† 1,205,000
Cash 212,570
Cash pledged as collateral for OTC derivatives (Note 2) 670,000
Foreign currencies at value‡ 33,295
Receivables:
Investment securities sold
3,910
Dividends
233,006
Prepaid expenses 969
Reimbursement due from Investment Adviser 11,475
Other assets 5,139
Total assets
88,911,954
LIABILITIES:
Payable for investment securities purchased 90,249
Payable for fund shares redeemed 47,543
Payable for investment management fees 79,532
Payable to trustees under the deferred compensation plan (Note 6) 5,139
Payable for trustee fees 239
Payable for foreign capital gains tax 220,119
Other accrued expenses and liabilities 81,690
Written options, at fair value^ 243,623
Total liabilities
768,134
NET ASSETS
$ 88,143,820
NET ASSETS WERE COMPRISED OF:
Paid-in capital $ 107,792,968
Total distributable loss (19,649,148)
NET ASSETS
$ 88,143,820
*
Cost of investments in securities
$ 92,469,387

Cost of short-term investments
$ 1,205,000

Cost of foreign currencies
$ 33,292
^
Premiums received on written options
$ 448,820
Net assets $ 88,143,820
Shares authorized unlimited
Par value $ 0.010
Shares outstanding 11,643,807
Net asset value $ 7.57
See Accompanying Notes to Financial Statements
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STATEMENT OF OPERATIONS for the six months ended August 31, 2022 (Unaudited)
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld* $ 2,190,221
Interest 1,240
Total investment income
2,191,461
EXPENSES:
Investment management fees 504,635
Transfer agent fees 9,611
Shareholder reporting expense 19,250
Professional fees 44,850
Custody and accounting expense 49,392
Trustee fees 1,192
Miscellaneous expense 16,868
Total expenses
645,798
Waived and reimbursed fees
(68,152)
Net expenses
577,646
Net investment income 1,613,815
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments (net of foreign capital gains taxes withheld^)
(777,770)
Foreign currency related transactions
(37,762)
Written options
2,908,336
Net realized gain
2,092,804
Net change in unrealized appreciation (depreciation) on:
Investments (net of foreign capital gains taxes accrued#)
(13,941,165)
Foreign currency related transactions
(1,268)
Written options
(231,572)
Net change in unrealized appreciation (depreciation) (14,174,005)
Net realized and unrealized loss (12,081,201)
Decrease in net assets resulting from operations
$ (10,467,386)
*
Foreign taxes withheld
$ 236,856
^
Foreign capital gains taxes withheld
$ 67,396
#
Change in foreign capital gains taxes accrued
$ 198,505
See Accompanying Notes to Financial Statements
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STATEMENTS OF CHANGES IN NET ASSETS
Six Months Ended
August 31, 2022
(Unaudited)
Year Ended
February 28, 2022
FROM OPERATIONS:
Net investment income $ 1,613,815 $ 2,060,339
Net realized gain 2,092,804 12,235,806
Net change in unrealized appreciation (depreciation) (14,174,005) (16,933,836)
Decrease in net assets resulting from operations (10,467,386) (2,637,691)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital): (1,934,677) (1,618,589)
Return of capital (3,150,709) (8,614,425)
Total distributions (5,085,386) (10,233,014)
FROM CAPITAL SHARE TRANSACTIONS:
Cost of shares repurchased (1,787,411)
Net decrease in net assets resulting from capital share transactions (1,787,411)
Net decrease in net assets (17,340,183) (12,870,705)
NET ASSETS:
Beginning of year or period 105,484,003 118,354,708
End of year or period $ 88,143,820 $ 105,484,003
See Accompanying Notes to Financial Statements
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Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each year or period.
Per Share Operating Performance
Ratios and Supplemental Data
Income
(loss) from
investment
operations
Less Distributions
Ratios to
average
net assets
Net asset value, beginning of year
or period
Net investment income (loss)
Net realized and unrealized
gain (loss)
Total from investment operations
From net investment income
From net realized gains
From return of capital
Total distributions
Accretion to net asset value
due to tender offer
Net asset value, end of year
or period
Market value, end of year
or period
Total investment return
at net asset value(1)
Total investment return
at market value(2)
Net assets, end of year
or period (000’s)
Gross expenses prior to
expense waiver/ recoupment
(3)
Net expenses after expense
waiver/ recoupment
(3)(4)
Net investment income (loss)(3)(4)
Portfolio turnover rate
Year or
period ended
($)
($)
($)
($)
($)
($)
($)
($)
($)
($)
($)
(%)
(%)
($000’s)
(%)
(%)
(%)
(%)
08-31-22+ 8.87 0.14 (1.01) (0.87) 0.16 0.27 0.43 7.57 6.55
(9.45)
(12.03)
88,144
1.34
1.20 3.36 34
02-28-22 9.95 0.17 (0.39) (0.22) 0.14 0.72 0.86 8.87 7.90
(1.89)
(6.21)
105,484
1.29
1.24 1.82 66
02-28-21 8.76 0.15 1.90 2.05 0.13 0.73 0.86 9.95 9.27
26.55
37.71
118,355
1.27
1.26 1.69 54
02-29-20 10.35 0.24 (0.99) (0.75) 0.27 0.57 0.84 8.76 7.50
(7.00)
(11.77)
104,264
1.31
1.31 2.45 105
02-28-19 11.67 0.21 (0.71) (0.50) 0.18 0.64 0.82 10.35 9.34
(3.24)
(3.50)
123,205
1.37
1.37 2.02 38
02-28-18 11.09 0.24 1.16 1.40 0.31 0.51 0.82 11.67 10.56
13.60
17.28
138,821
1.35
1.35 2.03 37
02-28-17 9.39 0.25 2.42 2.67 0.29 0.68 0.97 11.09 9.72
31.11
32.20
134,500
1.35
1.35 2.41 29
02-29-16 13.10 0.29 (2.85) (2.56) 0.55 0.60 1.15 9.39 8.16
(19.80)(5)
(23.19)
118,831
1.32
1.32 2.60 41
02-28-15 13.34 0.27 0.77 1.04 0.35 0.93 1.28 13.10 11.89
8.84
6.53
165,757
1.40
1.40 1.99 28
02-28-14 15.93 0.35 (1.59) (1.24) 1.35 1.35 13.34 12.37
(7.51)
(14.02)
168,760
1.47
1.47 2.44 64
02-28-13 16.51 0.29 0.63 0.92 0.55 0.95 1.50 15.93 15.89
6.32
2.04
201,491
1.42
1.42 1.90 130
(1)
Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of each period and a sale at net asset value at the end of each 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. Total investment return at net asset value is not annualized for periods less than one year.
(2)
Total investment return at market value 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 value is not annualized for periods less than one year.
(3)
Annualized for periods less than one year.
(4)
The Investment Adviser has entered into a written expense limitation agreement with the Fund under which it will limit the expenses of the Fund (excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.
(5)
Excluding amounts related to a foreign currency settlement recorded in the fiscal year ended February 29, 2016, total return would have been (20.14)%.
+
Unaudited.

Calculated using average number of shares outstanding throughout the year or period.
See Accompanying Notes to Financial Statements
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NOTES TO FINANCIAL STATEMENTS as of August 31, 2022 (Unaudited)
NOTE 1 — ORGANIZATION
Voya Asia Pacific High Dividend Equity Income Fund (the “Fund”) is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund is organized as a Delaware statutory trust.
Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Fund. The Investment Adviser has engaged Voya Investment Management Co. LLC (“Voya IM” or the “Sub-Adviser”), a Delaware limited liability company, to serve as the Sub-Adviser to the Fund.
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements. The Fund is considered an investment company under U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.
A. Security Valuation. The Fund is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share of the Fund is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. The NAV per share of the Fund is calculated by taking the value of the Fund’s assets, subtracting the Fund’s liabilities, and dividing by the number of shares that are outstanding. On days when the Fund is closed for business, Fund shares will not be priced and the Fund does not transact purchase and redemption orders. To the extent the Fund’s assets are traded in other markets on days when the Fund does not price its shares, the value of the Fund’s assets will likely change and you will not be able to purchase or redeem shares of the Fund.
Assets for which market quotations are readily available are valued at market value. A security listed or traded on an exchange is valued at its last sales price or official closing price as of the close of the regular trading session on the exchange where the security is principally traded or, if such price is not available, at the last sale price as of the Market Close for such security provided by the CTA. Bank
loans are valued at the average of the averages of the bid and ask prices provided to an independent loan pricing service by brokers. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the regular trading session on the exchange where the security is principally traded.
When a market quotation is not readily available or is deemed unreliable, the Fund will determine a fair value for the relevant asset in accordance with procedures adopted by the Fund’s Board of Trustees (“Board”). Such procedures provide, for example, that: (a) Exchange-traded securities are valued at the mean of the closing bid and ask; (b) Debt obligations are valued using an evaluated price provided by an independent pricing service. Evaluated prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect factors such as institution-size trading in similar groups of securities, developments related to specific securities, benchmark yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data; (c) Securities traded in the over-the-counter (“OTC”) market are valued based on prices provided by independent pricing services or market makers; (d) Options not listed on an exchange are valued by an independent source using an industry accepted model, such as Black-Scholes; (e) Centrally cleared swap agreements are valued using a price provided by an independent pricing service; (f) OTC swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency exchange contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third-party pricing service are for specific settlement periods and the Fund’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service; and (h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.
Foreign securities’ (including forward foreign currency exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close. If market quotations are available and believed to be reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations.
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NOTES TO FINANCIAL STATEMENTS as of August 31, 2022 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. An independent pricing service determines the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of Market Close. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be valued by the independent pricing service using pricing models designed to estimate likely changes in the values of those securities between the times in which the trading in those securities is substantially completed and Market Close. Multiple factors may be considered by the independent pricing service in determining the value of such securities and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures.
All other assets for which market quotations are not readily available or became unreliable (or if the above fair valuation methods are unavailable or determined to be unreliable) are valued at fair value as determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has delegated to the Investment Adviser responsibility for overseeing the implementation of the Fund’s valuation procedures; a “Pricing Committee” comprised of employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation methods set forth in the procedures and, if a fair valuation cannot be determined pursuant to the fair valuation methods, determining the fair value of assets held by the Fund. Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of fair valuation, the values used to determine the Fund’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in the Fund.
Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that
are observable are classified as “Level 2” and significant unobservable inputs, including the Sub-Adviser’s or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Fund’s investments under these levels of classification is included within the Portfolio of Investments.
GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when the Fund has a significant amount of Level 3 investments.
B. Securities Transactions and Revenue Recognition. Securities transactions are recorded on the trade date. Realized gains or losses on sales of investments are calculated on the identified cost basis. Interest income is recorded on the accrual basis. Premium amortization and discount accretion are determined using the effective yield method. Dividend income is recorded on the ex-dividend date, or in the case of some foreign dividends, when the information becomes available to the Fund.
C. Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:
(1)
Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close.
(2)
Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.
Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statement of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon
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NOTES TO FINANCIAL STATEMENTS as of August 31, 2022 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.
D. Distributions to Shareholders. The Fund intends to make quarterly distributions from its cash available for distribution, which consists of the Fund’s dividends and interest income after payment of Fund expenses, net option premiums and net realized and unrealized gains on investments. Such quarterly distributions may also consist of return of capital. At least annually, the Fund intends to distribute all or substantially all of its net realized capital gains. Distributions are recorded on the ex-dividend date. Distributions are determined annually in accordance with federal tax regulations, which may differ from GAAP for investment companies.
The tax treatment and characterization of the Fund’s distributions may vary significantly from time to time depending on whether the Fund has gains or losses on the call options written in its portfolio versus gains or losses on the equity securities in the portfolio. Each quarter, the Fund will provide disclosures with distribution payments made that estimate the percentages of that distribution that represent net investment income, other income or capital gains, and return of capital, if any. The final composition of the tax characteristics of the distributions cannot be determined with certainty until after the end of the Fund’s tax year, and will be reported to shareholders at that time. A significant portion of the Fund’s distributions may constitute a return of capital. The amount of quarterly distributions will vary, depending on a number of factors.
As portfolio and market conditions change, the rate of dividends on the common shares will change. There can be no assurance that the Fund will be able to declare a dividend in each period.
E. Federal Income Taxes. It is the policy of the Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Fund’s tax positions taken on federal income tax returns for all open tax years in making this determination.
The Fund may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.
F. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
G. Risk Exposures and the Use of Derivative Instruments. The Fund’s investment objectives permit the Fund to enter into various types of derivatives contracts, including, but not limited to, forward foreign currency exchange contracts and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow the Fund to pursue its objectives more quickly and efficiently than if it was to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.
In pursuit of its investment objectives, the Fund may seek to increase or decrease its exposure to the following market or credit risk factors:
Credit Risk. The price of a bond or other debt instrument is likely to fall if the issuer’s actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.
Equity Risk. Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes
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NOTES TO FINANCIAL STATEMENTS as of August 31, 2022 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of the Fund to achieve its investment objectives.
Foreign Exchange Rate Risk. To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by the Fund through foreign currency exchange transactions.
Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.
Interest Rate Risk. Changes in short-term market interest rates will directly affect the yield on Common Shares. If short-term market interest rates fall, the yield on Common Shares will also fall. To the extent that the interest rate spreads on loans in the Fund’s portfolio experience a general decline, the yield on the Common Shares will fall and the value of the Fund’s assets may decrease, which will cause the Fund’s NAV to decrease. Conversely, when short-term market interest rates rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on assets in the Fund’s portfolio, the impact of rising rates will be delayed to the extent of such lag. With respect to investments in fixed rate instruments, a rise in market interest rates generally causes values of such instruments to fall. The values of fixed rate instruments with longer maturities or duration are more sensitive to changes in market interest rates.
As of the date of this report, the United States experiences a rising market interest rate environment, which may increase the Fund’s exposure to risks associated with rising market interest rates. Rising market interest rates have unpredictable effects on the markets and may expose
fixed-income and related markets to heightened volatility which could reduce liquidity for certain investments, adversely affect values, and increase costs. If dealer capacity in fixed-income and related markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income and related markets. Further, recent and potential changes in government policy may affect interest rates.
Risks of Investing in Derivatives. The Fund’s use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.
Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by the Fund. Therefore, the purchase of certain derivatives may have an economic leveraging effect on the Fund and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose the Fund to the risk of improper valuation.
Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated over-the-counter (“OTC”), with a single counterparty and as a result are subject to credit risks related to the counterparty’s ability or willingness to perform its obligations; any deterioration in the counterparty’s creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause the Fund to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not
8

TABLE OF CONTENTS
NOTES TO FINANCIAL STATEMENTS as of August 31, 2022 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
correlate to the market’s movements and may have unexpected or undesired results such as a loss or a reduction in gains.
Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that it believes to be creditworthy at the time of the transaction. To reduce this risk, the Fund generally enters into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“Master Agreements”). These agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by the Fund and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.
The Fund may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk associated with OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to the Fund is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.
The Fund’s maximum risk of loss from counterparty credit risk on OTC derivatives is generally the aggregate unrealized gain in excess of any collateral pledged by the counterparty to the Fund. For purchased OTC options, the Fund bears the risk of loss in the amount of the premiums paid and the change in market value of the options should the counterparty not perform under the contracts. The Fund did not enter into any purchased OTC options during the period ended August 31, 2022.
The Fund’s master agreements with derivative counterparties have credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related
contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund’s net assets and/or a percentage decrease in the Fund’s NAV, which could cause the Fund to accelerate payment of any net liability owed to the counterparty. The contingent features are established within the Fund’s Master Agreements.
Written options by the Fund do not give rise to counterparty credit risk, as written options obligate the Fund to perform and not the counterparty. As of August 31, 2022, the total value of open written OTC call options subject to Master Agreements in a liability position was $243,623. If a contingent feature had been triggered, the Fund could have been required to pay this amount in cash to its counterparties. At August 31, 2022, the Fund pledged $670,000 in cash collateral for its open written OTC call options. There were no credit events during the period ended August 31, 2022 that triggered any credit related contingent features.
H. Options Contracts. The Fund may purchase put and call options and may write (sell) put options and covered call options. The premium received by the Fund upon the writing of a put or call option is included in the Statement of Assets and Liabilities as a liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Fund will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option or purchased put option or the purchase cost of the security for a written put option or a purchased call option is adjusted by the amount of premium received or paid. 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 counterparties to meet the terms of the contract.
The Fund seeks to generate gains from the call options writing strategy over a market cycle to supplement the dividend yield of its underlying portfolio of high dividend yield equity securities.
During the period ended August 31, 2022, the Fund had an average notional amount of $24,187,637 on written equity options. Please refer to the table within the Portfolio of Investments for open written equity options at August 31, 2022.
I. Indemnifications. In the normal course of business, the Fund may enter into contracts that provide certain
9

TABLE OF CONTENTS
NOTES TO FINANCIAL STATEMENTS as of August 31, 2022 (Unaudited) (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
indemnifications. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.
NOTE 3 — INVESTMENT TRANSACTIONS
The cost of purchases and proceeds from sales of investments for the period ended August 31, 2022, excluding short-term securities, were $37,537,404 and $39,241,378, respectively.
NOTE 4 — INVESTMENT MANAGEMENT FEES
The Fund has entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Fund. The Investment Adviser oversees all investment management and portfolio management services for the Fund and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, payable monthly, based on an annual rate of 1.05% of the Fund’s average daily managed assets. For purposes of the Management Agreement, managed assets are defined as the Fund’s average daily gross asset value, minus the sum of the Fund’s accrued and unpaid dividends on any outstanding preferred shares and accrued liabilities (other than liabilities for the principal amount of any borrowings incurred, commercial paper or notes issued by the Fund and the liquidation preference of any outstanding preferred shares). As of August 31, 2022, there were no preferred shares outstanding.
The Investment Adviser has entered into a sub-advisory agreement with Voya IM. Voya IM provides investment advice for the Fund and is paid by the Investment Adviser based on the average daily managed assets of the Fund. Subject to policies as the Board or the Investment Adviser may determine, Voya IM manages the Fund’s assets in accordance with the Fund’s investment objectives, policies and limitations.
NOTE 5 — EXPENSE LIMITATION AGREEMENT
The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with the Fund under which it will limit the expenses of the
Fund, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and acquired fund fees and expenses to 1.30% of average daily managed assets.
Pursuant to a side letter agreement through March 1, 2023, the Investment Adviser has lowered expenses to 1.20% of average daily managed assets. Termination or modification of this obligation requires approval by the Board. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment.
Unless otherwise specified above, the Investment Adviser may at a later date recoup from the Fund for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Fund’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statement of Assets and Liabilities.
As of August 31, 2022, there are no amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Advisor.
The Expense Limitation Agreement is contractual through March 1, 2023 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
The Fund has adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees’ fees that they are entitled to receive from the Fund. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the “Notional Funds”). When the Fund purchases shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees’ deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statement of Assets and Liabilities. Deferral of trustees’ fees under the DC Plan will not affect net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.
10

TABLE OF CONTENTS
NOTES TO FINANCIAL STATEMENTS as of August 31, 2022 (Unaudited) (continued)
NOTE 7 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:
Year or
period ended
Reinvestment
of

distributions
Shares
repurchased
Net increase
(decrease)
in shares

outstanding
Reinvestment
of

distributions
Shares
repurchased
Net
increase

(decrease)
#
#
#
($)
($)
($)
8/31/2022
(255,047)
(255,047)
(1,787,411)
(1,787,411)
2/28/2022
Share Repurchase Program
Effective April 1, 2022, pursuant to an open-market share repurchase program, the Fund may purchase, over the period ending March 31, 2023, up to 10% of its stock in open-market transactions. Previously, pursuant to an open-market share repurchase program effective April 1, 2021, the Fund could have purchased, over the period ended March 31, 2022, up to 10% of its stock in open-market transactions. The amount and timing of the repurchases will be at the discretion of the Fund’s management, subject to market conditions and investment considerations. There is no assurance that the Fund will purchase shares at any particular discount level or in any particular amounts. Any repurchases made under this program would be made on a national securities exchange at the prevailing market price, subject to exchange requirements and volume, timing and other limitations under federal securities laws. The share repurchase program seeks to enhance shareholder value by purchasing shares trading at a discount from their NAV per share. The open-market share repurchase program does not obligate the Fund to repurchase any dollar amount or number of shares of its stock.
For the period ended August 31, 2022, the Fund repurchased 255,047 shares, representing approximately 2.19% of the Fund’s outstanding shares for a net purchase price of $1,787,411 (including commissions of $6,376). Shares were repurchased at a weighted-average discount from NAV per share of 11.83% and a weighted-average price per share of $6.98.
For the year ended February 28, 2022 the Fund had no repurchases pursuant to the share repurchase program.
NOTE 8 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment;
temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, foreign currency transactions, income from passive foreign investment companies (PFICs) and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.
Dividends paid by the Fund from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
The tax composition of dividends and distributions in the current period will not be determined until after the Fund’s tax year-end of December 31, 2022. The composition of distributions presented below may differ from amounts presented elsewhere in this report due to differences in calculations between GAAP (book) and tax. The tax composition of dividends and distributions as of the Fund’s most recent tax year-ends was as follows:
Tax Year Ended
December 31, 2021
Tax Year Ended
December 31, 2020
Ordinary
Income
Return
of Capital
Ordinary
Income
Return
of Capital
$1,984,299 $ 8,248,715 $ 1,603,425 $ 6,071,335
The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2021 were:
Unrealized
Appreciation/

(Depreciation)
Capital Loss Carryforwards
Other
Total
Distributable
Earnings/

(Loss)
Amount
Character
Expiration
$9,410,380
$ (6,996,062)
Short-term
None
$ (2,562,239) $ (8,973,596)
(8,825,675)
Long-term
None
$ (15,821,737)
The Fund’s major tax jurisdictions are U.S. federal and Arizona state.
As of August 31, 2022, no provision for income tax is required in the Fund’s financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Fund’s federal and state income
11

TABLE OF CONTENTS
NOTES TO FINANCIAL STATEMENTS as of August 31, 2022 (Unaudited) (continued)
NOTE 8 — FEDERAL INCOME TAXES (continued)
and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.
NOTE 9 — LONDON INTERBANK OFFERED RATE (“LIBOR”)
In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. On March 5, 2021, ICE Benchmark Administration, the administrator of LIBOR, stated that non-U.S. dollar LIBOR reference rates and the one-week and two-month LIBOR reference rates will cease to be provided or no longer be representative immediately after December 31, 2021 and the remaining more commonly used LIBOR settings will cease to be provided or no longer be representative immediately after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for Sterling LIBOR).
Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties’ existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on the Fund’s existing investments (including, for example, fixed-income investments, senior loans, CLOs and CDOs, and derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of the Fund; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on the Fund.
NOTE 10 — MARKET DISRUPTION
The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might
adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short-or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine could adversely affect global energy and financial markets and therefore could affect the value of a Fund’s investments, including beyond a Fund’s direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. Those events as well as other changes in non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the investments of the portfolio and of the Fund. Any of these occurrences could disrupt the operations of the Fund and of the Fund’s service providers.
NOTE 11 — SUBSEQUENT EVENTS
Dividends: Subsequent to August 31, 2022, the Fund made a distribution of:
Per Share
Amount
Declaration
Date
Payable
Date
Record
Date
$0.215
9/15/2022 10/17/2022 10/4/2022
Each quarter, the Fund will provide disclosures with distribution payments made that estimate the percentages of that distribution that represent net investment income, capital gains, and return of capital, if any. A significant portion of the quarterly distribution payments made by the Fund may constitute a return of capital.
The Fund has evaluated events occurring after the Statement of Assets and Liabilities date through the date that the financial statements were issued (“subsequent events”) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.
12

TABLE OF CONTENTS
Voya Asia Pacific High Dividend PORTFOLIO OF INVESTMENTS
Equity Income Fund as of August 31, 2022 (Unaudited)
Shares
Value
Percentage
of Net
Assets
COMMON STOCK: 94.5%
Australia: 15.3%
25,812 Aristocrat Leisure Ltd. $ 623,011 0.7
177,517 Aurizon Holdings Ltd. 448,965 0.5
70,062 Australia & New Zealand
Banking Group Ltd.
1,083,060 1.2
56,947 BHP Group Ltd. Australian 1,553,520 1.8
47,529 Coles Group Ltd. 568,885 0.7
7,567 Commonwealth Bank of
Australia
500,046 0.6
2,376 CSL Ltd. 475,244 0.5
32,808 Dexus 194,059 0.2
83,792 (1) Lottery Corp. Ltd./The 251,854 0.3
309,555 Medibank Pvt Ltd. 779,761 0.9
31,460 National Australia Bank Ltd. 652,361 0.7
34,991 Origin Energy Ltd. 149,029 0.2
89,705 QBE Insurance Group Ltd. 735,472 0.8
12,305 Rio Tinto Ltd. 781,534 0.9
55,781 Santos Ltd. 297,776 0.3
232,707 Scentre Group 462,459 0.5
14,632 Sonic Healthcare Ltd. 338,366 0.4
61,201 South32 Ltd. - AUD 168,530 0.2
237,629 Stockland 584,537 0.7
97,031 Suncorp Group Ltd. 716,600 0.8
26,507 Transurban Group - Stapled
Security
251,485 0.3
36,229 Treasury Wine Estates Ltd. 324,985 0.4
406,659 Vicinity Centres 532,403 0.6
10,985 WiseTech Global Ltd. 433,903 0.5
22,755 Woodside Energy Group Ltd. 528,566 0.6
13,436,411
15.3
China: 30.2%
5,340 360 DigiTech, Inc. ADR 85,333 0.1
63,092 37 Interactive Entertainment
Network Technology Group
Co. Ltd.
185,181 0.2
60,500 (2) 3SBio, Inc. 40,224 0.0
1,220,000 Agricultural Bank of China
Ltd. - H Shares
398,649 0.5
172,200 (1) Alibaba Group Holding Ltd. 2,054,440 2.3
456,000 Aluminum Corp. of China
Ltd. - H Shares
168,497 0.2
8,200 Anhui Yingjia Distillery Co.
Ltd. - A Shares
63,498 0.1
20,400 Anta Sports Products Ltd. 245,666 0.3
110,000 AviChina Industry &
Technology Co. Ltd. -
H Shares
53,541 0.1
2,254,000 Bank of China Ltd. -
H Shares
786,575 0.9
112,900 Bank of Jiangsu Co. Ltd. -
A Shares
118,366 0.1
4,100 Beijing Easpring Material
Technology Co. Ltd. -
A Shares
46,406 0.1
Shares
Value
Percentage
of Net
Assets
COMMON STOCK: (continued)
China (continued)
17,500 Beijing Enterprises Holdings
Ltd.
$ 52,052 0.1
110,500
BOC Hong Kong Holdings Ltd.
380,319 0.4
616,000 Bosideng International
Holdings Ltd.
345,879 0.4
3,500 Byd Co., Ltd. - H Shares 107,854 0.1
278,000 China Cinda Asset
Management Co. Ltd. -
H Shares
38,176 0.0
255,000 China Coal Energy Co. -
H Shares
226,763 0.3
568,000 China Communications
Services Corp., Ltd. -
H Shares
243,898 0.3
1,548,960 China Construction Bank -
H Shares
957,541 1.1
855,000 China Everbright Bank Co.
Ltd. - H Shares
262,111 0.3
273,500 China Hongqiao Group Ltd. 265,203 0.3
178,000 China Jinmao Holdings Group
Ltd.
37,482 0.0
178,000 China Medical System
Holdings Ltd.
263,436 0.3
36,000 China Meidong Auto Holdings
Ltd.
73,208 0.1
29,000
China Mengniu Dairy Co., Ltd.
131,320 0.1
81,500 China Merchants Bank Co.,
Ltd. - H Shares
416,800 0.5
103,311 China Merchants Port
Holdings Co. Ltd.
155,098 0.2
318,000 China National Building
Material Co., Ltd. - H Shares
300,278 0.3
158,000 China Oilfield Services Ltd. -
H Shares
164,104 0.2
222,000 China Petroleum & Chemical
Corp. - H Shares
104,394 0.1
262,000 China Railway Group Ltd. -
H Shares
149,993 0.2
18,000 China Resources Land Ltd. 73,696 0.1
193,000 China Shenhua Energy Co.,
Ltd. - H Shares
605,300 0.7
169,400 China State Construction
Engineering Corp. Ltd. -
A Shares
126,053 0.1
2,156,000 (2) China Tower Corp. Ltd. -
H Shares
268,849 0.3
276,000 China Traditional Chinese
Medicine Holdings Co. Ltd.
119,020 0.1
56,960 Chongqing Changan
Automobile Co. Ltd. -
A Shares
119,374 0.1
135,000 CITIC Securities Co. Ltd. -
H Shares
273,623 0.3
See Accompanying Notes to Financial Statements
13

TABLE OF CONTENTS
Voya Asia Pacific High Dividend PORTFOLIO OF INVESTMENTS
Equity Income Fund as of August 31, 2022 (Unaudited) (continued)
Shares
Value
Percentage
of Net
Assets
COMMON STOCK: (continued)
China (continued)
69,500 COSCO Shipping Holdings Co.,
Ltd. - H Shares
$ 103,754 0.1
142,000 COSCO Shipping Ports, Ltd. 91,885 0.1
43,000 Country Garden Services
Holdings Co. Ltd. - H Shares
84,502 0.1
478,480 CSPC Pharmaceutical Group
Ltd.
485,382 0.5
30,261 Daan Gene Co. Ltd. -
A Shares
77,499 0.1
48,500 Dong-E-E-Jiao Co. Ltd. -
A Shares
240,033 0.3
284,000 Dongfeng Motor Group Co.,
Ltd. - H Shares
180,070 0.2
2,800 Ecovacs Robotics Co. Ltd. -
A Shares
33,003 0.0
52,000 Far East Horizon Ltd. 39,393 0.0
5,545 G-bits Network Technology
Xiamen Co. Ltd. - A Shares
228,536 0.3
57,000 GF Securities Co. Ltd. -
H Shares
74,459 0.1
106,500 Great Wall Motor Co. Ltd. -
H Shares
159,785 0.2
1,394 H World Group Ltd ADR 52,456 0.1
95,400 Haier Smart Home Co. Ltd. -
H Shares
311,672 0.4
17,100 (2) Hangzhou Tigermed
Consulting Co. Ltd. - H Shares
169,305 0.2
58,700 Henan Shenhuo Coal & Power
Co. Ltd. - A Shares
136,081 0.2
82,000 Huadian Power International
Corp. Ltd. - A Shares
64,684 0.1
21,000 Huaibei Mining Holdings Co.
Ltd. - A Shares
44,999 0.0
196,000 (1) Huaneng Power International,
Inc. - H Shares
100,169 0.1
141,800 (2) Huatai Securities Co. Ltd. -
H Shares
189,533 0.2
1,093,414 Industrial & Commercial Bank
of China - H Shares
555,501 0.6
71,300 Industrial Bank Co. Ltd. -
A Shares
176,223 0.2
29,700 (1) Inner Mongolia Yitai Coal Co. -
A Shares
49,984 0.1
13,221 Intco Medical Technology Co.
Ltd. - A Shares
41,991 0.0
21,602 Jafron Biomedical Co. Ltd. -
A Shares
146,704 0.2
25,554 JD.com, Inc. - Class A 808,916 0.9
6,600 Jiangsu King’s Luck Brewery
JSC Ltd. - A Shares
44,131 0.0
1,800 JiuGui Liquor Co. Ltd. -
A Shares
38,824 0.0
28,000 (2) Jiumaojiu International
Holdings Ltd.
55,087 0.1
Shares
Value
Percentage
of Net
Assets
COMMON STOCK: (continued)
China (continued)
160,700 Joincare Pharmaceutical
Group Industry Co. Ltd. -
A Shares
$ 253,837 0.3
4,060 Joinn Laboratories China Co.
Ltd. - A Shares
45,692 0.0
6,084 JOYY, Inc. ADR 184,467 0.2
80,000 Kingboard Holdings Ltd. 252,616 0.3
88,200 Kingsoft Corp. Ltd. 268,065 0.3
188,000 Kunlun Energy Co. Ltd. 163,697 0.2
20,800 Kunlun Tech Co. Ltd. -
A Shares
44,021 0.0
800 Kweichow Moutai Co. Ltd. -
A Shares (Nth SSE-SEHK)
222,824 0.3
366,000 Lenovo Group Ltd. 301,442 0.3
46,000 Li Ning Co. Ltd. 418,982 0.5
41,600 (1)(2) Meituan Class B 999,116 1.1
38,000 Ming Yuan Cloud Group
Holdings Ltd.
31,146 0.0
39,700 NetEase, Inc. 708,939 0.8
10,000 (2) Nongfu Spring Co. Ltd. -
H Shares
59,459 0.1
241,000 Peoples Insurance Co. Group
of China Ltd. - H Shares
74,484 0.1
840,000 PetroChina Co., Ltd. -
H Shares
390,615 0.4
49,550 (2) Pharmaron Beijing Co. Ltd. -
H Shares
327,758 0.4
302,000 PICC Property & Casualty
Co., Ltd. - H Shares
326,653 0.4
20,300 Pingdingshan Tianan Coal
Mining Co. Ltd. - A Shares
38,575 0.0
97,000 (2) Postal Savings Bank of China
Co. Ltd. - H Shares
57,906 0.1
20,300 (1) Seazen Holdings Co. Ltd. -
A Shares
61,107 0.1
26,800 Shandong Buchang
Pharmaceuticals Co. Ltd. -
A Shares
69,709 0.1
85,900 Shandong Nanshan Aluminum
Co. Ltd. - A Shares
42,054 0.0
16,640 (1) Shanghai Baosight Software
Co., Ltd. - Class B
50,396 0.1
14,500 Shanghai Fosun
Pharmaceutical Group Co.
Ltd. - H Shares
46,647 0.1
3,900 Shanxi Xinghuacun Fen Wine
Factory Co. Ltd. - A Shares
165,450 0.2
2,003 Shenzhen Mindray
Bio-Medical Electronics Co.
Ltd. - A Shares
86,380 0.1
3,400 Shenzhou International Group
Holdings Ltd.
35,534 0.0
24,300 Sichuan Kelun Pharmaceutical
Co. Ltd. - A Shares
75,484 0.1
See Accompanying Notes to Financial Statements
14

TABLE OF CONTENTS
Voya Asia Pacific High Dividend PORTFOLIO OF INVESTMENTS
Equity Income Fund as of August 31, 2022 (Unaudited) (continued)
Shares
Value
Percentage
of Net
Assets
COMMON STOCK: (continued)
China (continued)
8,000 Silergy Corp. $ 137,148 0.2
18,000 (2) Smoore International
Holdings Ltd.
32,135 0.0
69,900 Tencent Holdings Ltd. 2,889,021 3.3
48,000 Tingyi Cayman Islands
Holding Corp.
85,235 0.1
169,000 (2) Topsports International
Holdings Ltd. - H Shares
133,391 0.1
34,000 Tsingtao Brewery Co., Ltd. -
H Shares
330,173 0.4
180,000 Uni-President China Holdings
Ltd.
154,971 0.2
95,000 Want Want China Holdings
Ltd.
66,920 0.1
19,900 (2) WuXi AppTec Co. Ltd. -
H Shares
224,651 0.3
61,000 Xtep International Holdings
Ltd.
84,649 0.1
138,000 (2) Yadea Group Holdings Ltd. 263,221 0.3
60,700 Yintai Gold Co. Ltd. -
A Shares
100,427 0.1
158,600 Yuexiu Property Co. Ltd. 198,373 0.2
54,000 Zhejiang Expressway Co.,
Ltd. - H Shares
41,143 0.0
8,017 Zhejiang Orient Gene
Biotech Co. Ltd. - A Shares
103,012 0.1
316,000 Zhejiang Semir Garment Co.
Ltd. - A Shares
237,443 0.3
156,000 Zijin Mining Group Co., Ltd. -
H Shares
176,276 0.2
104,600 ZTE Corp. - H Shares 220,843 0.2
2,380 ZTO Express Cayman, Inc.
ADR
61,999 0.1
26,636,847
30.2
Hong Kong: 5.3%
75,774 AIA Group Ltd. 729,040 0.8
48,000 Chow Tai Fook Jewellery
Group Ltd.
96,610 0.1
50,000 CK Asset Holdings Ltd. 337,488 0.4
70,500 CK Hutchison Holdings Ltd. 455,265 0.5
46,000 Hang Lung Properties Ltd. 76,498 0.1
4,200 Hong Kong Exchanges and
Clearing Ltd.
169,237 0.2
11,600 Jardine Matheson Holdings
Ltd.
615,168 0.7
92,500 Power Assets Holdings Ltd. 553,262 0.6
90,000 SITC International Holdings
Co. Ltd.
228,225 0.3
109,000 Swire Pacific Ltd. - Class A 753,929 0.8
178,800 Swire Properties Ltd. 412,084 0.5
17,000
Techtronic Industries Co., Ltd.
200,502 0.2
110,500 (2) WH Group Ltd. 75,286 0.1
4,702,594
5.3
Shares
Value
Percentage
of Net
Assets
COMMON STOCK: (continued)
India: 13.2%
56,581 Axis Bank Ltd. $ 527,306 0.6
96,023 Bharat Electronics Ltd. 366,902 0.4
7,314 Bharat Forge Ltd. 67,330 0.1
21,912 Cholamandalam Investment
and Finance Co. Ltd.
214,674 0.2
25,432 Cipla Ltd. 329,556 0.4
67,656 Coal India Ltd. 197,690 0.2
7,187 Container Corp. Of India Ltd. 62,344 0.1
29,044 GAIL India Ltd. 49,335 0.1
27,386 Grasim Industries Ltd. 570,764 0.6
22,484 HCL Technologies Ltd. 261,530 0.3
30,406 Hindalco Industries Ltd. 164,910 0.2
108,470 ICICI Bank Ltd. 1,189,412 1.3
42,749 Indus Towers Ltd. 106,306 0.1
67,913 Infosys Ltd. 1,251,711 1.4
174,458 ITC Ltd. 697,183 0.8
20,421 Larsen & Toubro Ltd. 487,393 0.6
41,584 Mahindra & Mahindra Ltd. 674,935 0.8
9,124 Mphasis Ltd. 240,029 0.3
279,269 NTPC Ltd. 572,462 0.6
175,433 Oil & Natural Gas Corp., Ltd. 303,695 0.3
100,923
Power Grid Corp. of India Ltd.
288,950 0.3
5,887 Reliance Industries Ltd. 192,859 0.2
15,543 Shriram Transport Finance Co.
Ltd.
260,879 0.3
69,686 State Bank of India 458,811 0.5
52,697 Sun Pharmaceutical
Industries Ltd.
588,110 0.7
13,040 Tata Consultancy Services
Ltd.
520,056 0.6
536 Tata Elxsi Ltd. 59,788 0.1
65,180 Tata Steel Ltd. 87,511 0.1
42,134 Tech Mahindra Ltd. 561,374 0.6
18,985 UPL Ltd. 181,839 0.2
40,005 Vedanta Ltd. 134,073 0.2
11,669,717
13.2
Indonesia: 1.6%
693,300 Adaro Energy Indonesia Tbk
PT
165,281 0.2
722,700 Aneka Tambang Tbk 96,637 0.1
709,900 Astra International Tbk PT 333,099 0.4
123,900 Indah Kiat Pulp & Paper Tbk
PT
69,402 0.1
1,862,700 Kalbe Farma Tbk PT 210,632 0.2
1,428,500
Sumber Alfaria Trijaya Tbk PT
209,650 0.2
134,200 United Tractors Tbk PT 305,582 0.4
1,390,283
1.6
Ireland: 0.4%
16,417 James Hardie Industries SE
372,098
0.4
Malaysia: 1.4%
33,000 HAP Seng Consolidated Bhd 51,246 0.0
See Accompanying Notes to Financial Statements
15

TABLE OF CONTENTS
Voya Asia Pacific High Dividend PORTFOLIO OF INVESTMENTS
Equity Income Fund as of August 31, 2022 (Unaudited) (continued)
Shares
Value
Percentage
of Net
Assets
COMMON STOCK: (continued)
Malaysia (continued)
47,600 Hong Leong Bank BHD $ 221,556 0.3
21,200 Hong Leong Financial Group
Bhd
91,641 0.1
211,900 Malayan Banking BHD 423,906 0.5
93,300 Petronas Chemicals Group
Bhd
183,005 0.2
235,600 RHB Bank Bhd 301,045 0.3
1,272,399
1.4
New Zealand: 0.6%
149,077 Spark New Zealand Ltd.
493,134
0.6
Philippines: 1.0%
24,240 GT Capital Holdings, Inc. 207,613 0.2
125,920 International Container
Terminal Services, Inc.
405,546 0.5
278,480
Metropolitan Bank & Trust Co.
260,276 0.3
873,435
1.0
Singapore: 3.8%
12,900 (2) BOC Aviation Ltd. 103,258 0.1
16,700 Capitaland Investment
Ltd./Singapore
43,967 0.0
956,800 Genting Singapore Ltd. 529,502 0.6
419,900 Mapletree Logistics Trust 500,876 0.6
64,900 Mapletree Pan Asia
Commercial Trust
85,343 0.1
120,500 Oversea-Chinese Banking
Corp., Ltd.
1,038,607 1.2
187,700 Singapore
Telecommunications Ltd.
352,380 0.4
54,000 Venture Corp. Ltd. 705,502 0.8
3,359,435
3.8
South Korea: 8.0%
364 Amorepacific Corp. 33,175 0.0
2,624 BGF retail Co. Ltd. 314,299 0.4
13,509 Cheil Worldwide, Inc. 220,244 0.3
370 CJ CheilJedang Corp. 112,235 0.1
5,263 CJ Corp. 306,214 0.3
5,703 DB Insurance Co. Ltd. 253,976 0.3
1,259 E-Mart, Inc. 91,401 0.1
4,934 GS Engineering &
Construction Corp.
110,366 0.1
3,509 GS Holdings Corp. 120,471 0.1
19,989 Hana Financial Group, Inc. 582,613 0.7
5,958 HMM Co. Ltd. 98,188 0.1
1,205 Hyundai Glovis Co., Ltd. 157,888 0.2
1,024 Hyundai Motor Co. 148,769 0.2
19,710 Industrial Bank Of Korea 140,342 0.2
15,190 KB Financial Group, Inc. 557,609 0.6
8,870 Kia Corp. 531,649 0.6
Shares
Value
Percentage
of Net
Assets
COMMON STOCK: (continued)
South Korea (continued)
346 LG Chem Ltd. $ 161,961 0.2
1,485 LG Electronics, Inc. 111,123 0.1
30,587 LG Uplus Corp. 261,947 0.3
2,101 Lotte Shopping Co. Ltd. 154,217 0.2
421 POSCO Holdings, Inc. 79,639 0.1
3,488 Samsung Electro-Mechanics
Co. Ltd.
361,136 0.4
993 Samsung Fire & Marine
Insurance Co. Ltd.
144,317 0.2
1,071 Samsung SDI Co., Ltd. 473,491 0.5
12,214 Samsung Securities Co. Ltd. 307,489 0.3
13,972 Shinhan Financial Group Co.,
Ltd.
378,550 0.4
8,469 SK Hynix, Inc. 595,438 0.7
29,329 Woori Financial Group, Inc. 265,308 0.3
7,074,055
8.0
Taiwan: 11.9%
55,000 ASE Technology Holding Co.
Ltd.
153,011 0.2
4,000 eMemory Technology, Inc. 178,897 0.2
100,000 Eva Airways Corp. 109,437 0.1
70,000 Evergreen Marine Corp.
Taiwan Ltd.
200,600 0.2
14,000 Globalwafers Co. Ltd. 221,492 0.3
33,000 MediaTek, Inc. 714,012 0.8
3,600 momo.com, Inc. 85,365 0.1
28,000 Nan Ya Printed Circuit Board
Corp.
244,278 0.3
214,000 Nanya Technology Corp. 371,673 0.4
9,000
Nien Made Enterprise Co. Ltd.
83,113 0.1
41,000 Novatek Microelectronics
Corp., Ltd.
350,767 0.4
6,000 Parade Technologies Ltd. 167,962 0.2
11,000 President Chain Store Corp. 96,663 0.1
40,000
Realtek Semiconductor Corp.
449,468 0.5
340,627 Taiwan Semiconductor
Manufacturing Co., Ltd.
5,575,995 6.3
69,000 Unimicron Technology Corp. 338,081 0.4
402,000
United Microelectronics Corp.
534,848 0.6
121,000 Vanguard International
Semiconductor Corp.
292,521 0.3
10,350 Wan Hai Lines Ltd. 29,170 0.0
297,000 Winbond Electronics Corp. 213,990 0.3
28,000 Yang Ming Marine Transport
Corp.
71,730 0.1
10,483,073
11.9
Thailand: 1.8%
7,000 Bangkok Commercial Asset
Management PCL
3,528 0.0
See Accompanying Notes to Financial Statements
16

TABLE OF CONTENTS
Voya Asia Pacific High Dividend PORTFOLIO OF INVESTMENTS
Equity Income Fund as of August 31, 2022 (Unaudited) (continued)
Shares
Value
Percentage
of Net
Assets
COMMON STOCK: (continued)
Thailand (continued)
352,000 Bangkok Commercial Asset
Management PCL - Foreign
$ 177,410 0.2
7,500 Bangkok Dusit Medical
Services PCL
6,011 0.0
376,900 Bangkok Dusit Medical
Services PCL - Foreign
302,067 0.3
1,100 Electricity Generating PCL 5,515 0.0
53,400 Electricity Generating PCL -
Foreign
267,752 0.3
42,600 Indorama Ventures PCL -
Foreign
50,452 0.1
220,800
Land & Houses PCL - Foreign
53,866 0.1
2,100 PTT Exploration & Production
PCL
9,712 0.0
106,800 PTT Exploration & Production
PCL - Foreign
493,953 0.6
66,000 SCB X PCL 199,509 0.2
1,300 SCB X PCL 3,930 0.0
1,573,705
1.8
Total Common Stock
(Cost $89,141,152)
83,337,186
94.5
EXCHANGE-TRADED FUNDS: 1.3%
16,782 iShares MSCI All Country
Asia ex Japan ETF
1,123,723
1.3
Total Exchange-Traded
Funds
(Cost $1,489,585)
1,123,723
1.3
PREFERRED STOCK: 2.3%
South Korea: 2.3%
51,312 Samsung Electronics Co.,
Ltd.
2,075,681
2.3
Total Preferred Stock
(Cost $1,838,650)
2,075,681
2.3
Total Long-Term
Investments
(Cost $92,469,387)
86,536,590
98.1
Shares
Value
Percentage
of Net
Assets
SHORT-TERM INVESTMENTS: 1.4%
Mutual Funds: 1.4%
1,205,000 (3) Goldman Sachs Financial
Square Government Fund -
Institutional Shares, 2.170%
(Cost $1,205,000)
$
1,205,000
1.4
Total Short-Term
Investments
(Cost $1,205,000)
1,205,000
1.4
Total Investments in
Securities
(Cost $93,674,387)
$
87,741,590
99.5
Assets in Excess of Other
Liabilities
402,230
0.5
Net Assets
$
88,143,820
100.0
ADR
American Depositary Receipt
(1)
Non-income producing security.
(2)
Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(3)
Rate shown is the 7-day yield as of August 31, 2022.
Sector Diversification
Percentage
of Net Assets
Financials 21.1%
Information Technology 20.8
Consumer Discretionary 11.8
Communication Services 7.0
Industrials 7.0
Materials 6.7
Health Care 5.7
Real Estate 5.1
Energy 4.6
Consumer Staples 4.4
Utilities 2.6
Exchange-Traded Funds 1.3
Short-Term Investments 1.4
Assets in Excess of Other Liabilities   0.5
Net Assets
100.0%
Portfolio holdings are subject to change daily.
See Accompanying Notes to Financial Statements
17

TABLE OF CONTENTS
Voya Asia Pacific High Dividend PORTFOLIO OF INVESTMENTS
Equity Income Fund as of August 31, 2022 (Unaudited) (continued)
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of August 31, 2022 in valuing the assets and liabilities:
Quoted Prices
in Active Markets
for Identical
Investments
(Level 1)
Significant
Other
Observable
Inputs#
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Fair Value
at
August 31, 2022
Asset Table
Investments, at fair value
Common Stock
Australia
$ $ 13,436,411 $    — $ 13,436,411
China
463,973 26,172,874 26,636,847
Hong Kong
4,702,594 4,702,594
India
11,669,717 11,669,717
Indonesia
1,390,283 1,390,283
Ireland
372,098 372,098
Malaysia
51,246 1,221,153 1,272,399
New Zealand
493,134 493,134
Philippines
873,435 873,435
Singapore
3,359,435 3,359,435
South Korea
7,074,055 7,074,055
Taiwan
10,483,073 10,483,073
Thailand
1,573,705 1,573,705
Total Common Stock 515,219 82,821,967 83,337,186
Exchange-Traded Funds 1,123,723 1,123,723
Preferred Stock 2,075,681 2,075,681
Short-Term Investments 1,205,000 1,205,000
Total Investments, at fair value $ 2,843,942 $ 84,897,648 $ $ 87,741,590
Liabilities Table
Other Financial Instruments+
Written Options $ $ (243,623) $ $ (243,623)
Total Liabilities $ $ (243,623) $ $ (243,623)
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+
Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.
#
The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Fund’s investments are categorized as Level 2 investments.
At August 31, 2022, the following OTC written equity options were outstanding for Voya Asia Pacific High Dividend Equity Income Fund:
Description
Counterparty
Put/Call
Expiration
Date
Exercise
Price
Number of
Contracts
Notional
Amount
Premiums
Received
Fair
Value
iShares MSCI Australia ETF
Morgan Stanley & Co. International PLC
Call
09/16/22
USD 22.600
84,071
USD 1,841,996
$ 41,800 $ (11,976)
iShares MSCI Emerging
Markets ETF
BNP Paribas
Call
09/16/22
USD 39.900
513,784
USD 20,258,503
407,020 (231,647)
$ 448,820 $ (243,623)
Currency Abbreviations
USD – United States Dollar
See Accompanying Notes to Financial Statements
18

TABLE OF CONTENTS
Voya Asia Pacific High Dividend PORTFOLIO OF INVESTMENTS
Equity Income Fund as of August 31, 2022 (Unaudited) (continued)
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of August 31, 2022 was as follows:
Derivatives not accounted for as hedging instruments
Location on Statement
of Assets and Liabilities
Fair Value
Liability Derivatives
Equity contracts
Written options, at fair value
$ 243,623
Total Liability Derivatives
$ 243,623
The effect of derivative instruments on the Fund’s Statement of Operations for the period ended August 31, 2022 was as follows:
Amount of Realized Gain or (Loss) on Derivatives
Recognized in Income
Derivatives not accounted for as hedging instruments
Written options
Equity contracts $ 2,908,336
Total
$ 2,908,336
Change in Unrealized Appreciation or (Depreciation)
on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments
Written options
Equity contracts $ (231,572)
Total
$ (231,572)
The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at August 31, 2022:
BNP Paribas
Morgan Stanley & Co.
International PLC
Totals
Liabilities:
Written options $ 231,647 $ 11,976 $ 243,623
Total Liabilities
$ 231,647 $ 11,976 $ 243,623
Net OTC derivative instruments by counterparty, at fair value
$ (231,647) $ (11,976) $ (243,623)
Total collateral pledged by the Fund/(Received from counterparty)
$ 231,647 $ $ 231,647
Net Exposure(1)(2)
$ $ (11,976) $ (11,976)
(1)
Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Fund. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.
(2)
At August 31, 2022, the Fund had pledged $670,000 in cash collateral to BNP Paribas. Excess cash collateral is not shown for financial reporting purposes.
At August 31, 2022, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:
Cost for federal income tax purposes was $93,526,265.
Net unrealized depreciation consisted of:
Gross Unrealized Appreciation
$ 7,654,852
Gross Unrealized Depreciation
(13,652,102)
Net Unrealized Depreciation
$ (5,997,250)
See Accompanying Notes to Financial Statements
19

TABLE OF CONTENTS
SHAREHOLDER MEETING INFORMATION (Unaudited)
Proposal:
1
At this meeting, a proposal was submitted to elect three members of the Board of Trustees to represent the interests of the holders of the Fund, with these individuals to serve as Class III Trustees, for a term of three-years, and until the election and qualification of their successors.
An annual shareholder meeting of Voya Asia Pacific High Dividend Equity Income Fund was held virtually on July 19, 2022.
Proposal
Shares voted
for
Shares voted
against or
withheld
Shares
abstained
Broker
non-vote
Total Shares
Voted
Class III Trustees
Voya Asia Pacific High
Dividend Equity Income Fund
John V. Boyer
1*
8,398,071.00 1,099,449.00 0.000 0.000 9,497,520.00
Patricia W. Chadwick
1*
8,402,460.00 1,095,060.00 0.000 0.000 9,497,520.00
Sheryl K. Pressler
1*
8,406,219.00 1,091,301.00 0.000 0.000 9,497,520.00
*
Proposal Passed
After the July 19, 2022 annual shareholder meeting, the following Trustees continued on as Trustees of the Trust: Colleen D. Baldwin, Martin J. Gavin, Joseph E. Obermeyer, Christopher P. Sullivan and Dina Santoro.
20

TABLE OF CONTENTS
ADDITIONAL INFORMATION (Unaudited)
The following information is a summary of certain changes since August 31, 2022. The information may not reflect all of the changes that have occurred since you purchased the Fund. During the period, there were no material changes in the Fund’s investment objective or fundamental policies. There also have been no changes in the persons who are primarily responsible for the day-to-day management of the Fund’s portfolio.
The Fund was granted exemptive relief by the SEC (the “Order”) which, under the 1940 Act, would permit the Fund, subject to Board approval, to include realized long-term capital gains as a part of its regular distributions to Common Shareholders more frequently than would otherwise be permitted by the 1940 Act (generally once per taxable year) (“Managed Distribution Policy”). The Fund may in the future adopt a Managed Distribution Policy.
Dividend Reinvestment Plan
Unless the registered owner of Common Shares elects to receive cash by contacting Computershare Shareowner Services LLC (the “Plan Agent”), all dividends declared on Common Shares of the Fund will be automatically reinvested by the Plan Agent for shareholders in additional Common Shares of the Fund through the Fund’s Dividend Reinvestment Plan (the “Plan”). Shareholders who elect not to participate in the Plan will receive all dividends and other distributions in cash paid by check mailed directly to the shareholder of record (or, if the Common Shares are held in street or other nominee name, then to such nominee) by the Plan Agent. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Agent prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Some brokers may automatically elect to receive cash on your behalf and may re-invest that cash in additional Common Shares of the Fund for you. If you wish for all dividends declared on your Common Shares of the Fund to be automatically reinvested pursuant to the Plan, please contact your broker.
The Plan Agent will open an account for each Common Shareholder under the Plan in the same name in which such Common Shareholder’s Common Shares are registered. Whenever the Fund declares a dividend or other distribution (together, a “Dividend”) payable in cash, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in Common Shares. The Common Shares will be acquired by the Plan Agent for the participants’ accounts, depending upon the circumstances described below, either (i) through
receipt of additional unissued but authorized Common Shares from the Fund (“Newly Issued Common Shares”) or (ii) by purchase of outstanding Common Shares on the open market (“Open-Market Purchases”) on the NYSE or elsewhere. Open-market purchases and sales are usually made through a broker affiliated with the Plan Agent.
If, on the payment date for any Dividend, the closing market price plus estimated brokerage commissions per Common Share is equal to or greater than the NAV per Common Share, the Plan Agent will invest the Dividend amount in Newly Issued Common Shares on behalf of the participants. The number of Newly Issued Common Shares to be credited to each participant’s account will be determined by dividing the dollar amount of the Dividend by the NAV per Common Share on the payment date; provided that, if the NAV is less than or equal to 95% of the closing market value on the payment date, the dollar amount of the Dividend will be divided by 95% of the closing market price per Common Share on the payment date. If, on the payment date for any Dividend, the NAV per Common Share is greater than the closing market value plus estimated brokerage commissions, the Plan Agent will invest the Dividend amount in Common Shares acquired on behalf of the participants in Open-Market Purchases. In the event of a market discount on the payment date for any Dividend, the Plan Agent will have until the last business day before the next date on which the Common Shares trade on an “ex-dividend” basis or 30 days after the payment date for such Dividend, whichever is sooner (the “Last Purchase Date”), to invest the Dividend amount in Common Shares acquired in Open-Market Purchases.
The Fund pays quarterly Dividends. Therefore, the period during which Open-Market Purchases can be made will exist only from the payment date of each Dividend through the date before the next “ex-dividend” date, which typically will be approximately ten days.
If, before the Plan Agent has completed its Open-Market Purchases, the market price per common share exceeds the NAV per Common Share, the average per Common Share purchase price paid by the Plan Administrator may exceed the NAV of the Common Shares, resulting in the acquisition of fewer Common Shares than if the Dividend had been paid in Newly Issued Common Shares on the Dividend payment date. Because of the foregoing difficulty with respect to Open-Market Purchases, the Plan provides that if the Plan Agent is unable to invest the full Dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent will cease making Open-Market Purchases and will invest the uninvested portion of the Dividend amount in Newly Issued Common Shares at the NAV per common share at the
21

TABLE OF CONTENTS
ADDITIONAL INFORMATION (Unaudited) (continued)
close of business on the Last Purchase Date provided that, if the NAV is less than or equal to 95% of the then current market price per Common Share, the dollar amount of the Dividend will be divided by 95% of the market price on the payment date.
The Plan Agent maintains all shareholders’ accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax records. Common Shares in the account of each Plan participant will be held by the Plan Agent on behalf of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Agent will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instructions of the participants.
In the case of shareholders such as banks, brokers or nominees which hold shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis of the number of Common Shares certified from time to time by the record shareholder’s name and held for the account of beneficial owners who participate in the Plan.
There will be no brokerage charges with respect to Common Shares issued directly by the Fund. However, each participant will pay a pro rata share of brokerage commissions incurred in connection with Open-Market Purchases. The automatic reinvestment of Dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Dividends. Participants that request a partial or full sale of shares through the Plan Agent are subject to a $15.00 sales fee and a $0.10 per share brokerage commission on purchases or sales, and may be subject to certain other service charges.
The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants.
All questions concerning the Plan or a request to terminate participation should be directed to the Fund’s Shareholder Service Department at (800) 992-0180.
KEY FINANCIAL DATES — CALENDAR 2022 DISTRIBUTIONS:
Declaration
Date
Ex Date
Record Date
Payable Date
15-Mar-22 1-Apr-22 4-Apr-22 18-Apr-22
15-Jun-22 1-Jul-22 5-Jul-22 15-Jul-22
15-Sep-22 3-Oct-22 4-Oct-22 17-Oct-22
15-Dec-22 29-Dec-22 30-Dec-22 17-Jan-23
Record date will be one business day after each Ex-Dividend Date. These dates are subject to change.
Stock Data
The Fund’s common shares are traded on the NYSE (Symbol: IAE).
Repurchase of Securities by Closed-End Companies
In accordance with Section 23(c) of the 1940 Act, and Rule 23c-1 under the 1940 Act, the Fund may from time to time purchase shares of beneficial interest of the Fund in the open market, in privately negotiated transactions and/or purchase shares to correct erroneous transactions.
Number of Shareholders
The number of record holders of common stock as of August 31, 2022 was 10, which does not include approximately 5,173 beneficial owners of shares held in the name of brokers of other nominees.
Certifications
In accordance with Section 303A.12 (a) of the New York Stock Exchange Listed Company Manual, the Fund’s CEO submitted the Annual CEO Certification on August 12, 2022 certifying that he was not aware, as of that date, of any violation by the Fund of the NYSE’s Corporate governance listing standards. In addition, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and related SEC rules, the Fund’s principal executive and financial officers have made quarterly certifications, included in filings with the SEC on Form N-CSR, relating to, among other things, the Fund’s disclosure controls and procedures and internal controls over financial reporting.
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TABLE OF CONTENTS
   
Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Transfer Agent
Computershare, Inc.
480 Washington Boulevard
Jersey City, New Jersey 07310-1900
Custodian
The Bank of New York Mellon
One Wall Street
New York, New York 10286
Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199
Toll-Free Shareholder Information
Call us from 9:00 a.m. to 7:00 p.m. Eastern time on any business day for account or other information at (800) 992-0180.
RETIREMENT | INVESTMENTS | INSURANCE
voyainvestments.com
[MISSING IMAGE: lg_voya-r.jpg]
163316         (0822-102022)

 

 

 

Item 2. Code of Ethics.

 

Not required for semi-annual filing.

 

Item 3. Audit Committee Financial Expert.

 

Not required for semi-annual filing.

 

Item 4. Principal Accountant Fees and Services.

 

Not required for semi-annual filing.

 

Item 5. Audit Committee of Listed Registrants.

 

Not required for semi-annual filing.

 

Item 6. Schedule of Investments.

 

Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable.

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Period*  (a) Total Number of Shares
(or Units) Purchased
   (b) Average Price
Paid per Share (or
Unit)
   (c) Total Number of Shares
(or Units) Purchased as Part
of Publicly Announced Plans
or Programs
   (d) Maximum Number (or Approximate Dollar
Value) of Shares (or Units) that May Yet Be
Purchased Under the Plans or Programs
 
Mar 1-31, 2022   0   $0.00    0    452,845 
April 1-30, 2022   23,100   $7.51    23,100    429,745 
May 1-31, 2022   68,919   $7.06    68,919    360,826 
June 1-30, 2022   43,932   $7.21    43,932    316,894 
July 1-31, 2022   20,688   $6.81    20,688    296,206 
Aug 1-31, 2022   91,200   $6.73    91,200    205,006 
Total   247,839         247,839      

 

* The Registrant’s repurchase program, which authorized the repurchase of 1,204,998 shares, was announced on April 1, 2022, with an expiration date of March 31, 2023. Any repurchases made by the registrant pursuant to the program were made through open market transactions.

 

Item 10. Submission of Matters to a Vote of Security Holders.

 

Not applicable.

 

Item 11. Controls and Procedures.

 

(a)Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

 

(b)There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

 

 

 

Item 13. Exhibits.

 

(a)(1)The Code of Ethics is not required for the semi-annual filing.

 

(a)(2)A separate certification for each principal executive officer and principal financial officer of the registrant is required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

 

(a)(3)Not required for semi-annual filing.

 

(b)The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant): Voya Asia Pacific High Dividend Equity Income Fund  
   
By /s/ Dina Santoro  
  Dina Santoro  
  Chief Executive Officer  

 

Date: November 3, 2022

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By /s/ Dina Santoro  
  Dina Santoro  
  Chief Executive Officer  

 

Date: November 3, 2022

 

By /s/ Todd Modic  
  Todd Modic  
  Senior Vice President and Chief Financial Officer  

 

Date: November 3, 2022

 

 

ATTACHMENTS / EXHIBITS

EXHIBIT 99.CERT

EXHIBIT 99.906 CERT

Categories

SEC Filings