The Fund was granted exemptive relief by the U.S. Securities and Exchange Commission (the “Order”), which under the Investment Company Act of 1940, as amended (the “1940 Act”), permits the Fund to include realized long-term capital gains as a part of its regular distributions to Common Shareholders more frequently than once per taxable year (“Managed Distribution Policy”). Pursuant to the Order, the Fund’s Board of Trustees (the “Board”) approved the Managed Distribution Policy and the Fund adopted the policy which allows the Fund to make periodic distributions of long-term capital gains.

Under the Managed Distribution Policy, the Fund makes monthly distributions of an amount equal to $0.085 per share. You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Plan.

The Managed Distribution Policy will be subject to periodic review by the Fund’s Board and the Board may amend or terminate the Managed Distribution Policy at any time without prior notice to the Fund’s shareholders; any such change or termination may have an adverse effect on the market price of the Fund’s shares.

The Fund may distribute more than its net investment income and net realized capital gains; therefore, a portion of your distribution may include a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ With each distribution, the Fund will issue a notice to shareholders and a press release containing information about the amounts and sources of distribution and other related information. The amounts and sources of the distributions contained in a notice and press release are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

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; and (2) 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 https://individuals.voya.com and on the SEC’s website at www.sec.gov.

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:https://individuals.voya.com/product/closed-end-fund/prospectuses-reports and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

Selected data for a share of beneficial interest outstanding throughout each year or period.

NOTES TO FINANCIAL STATEMENTS as of August 31, 2025 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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. A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. Federal Reserve Board recently lowered interest rates following a period of consistent rate increases. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that a mutual fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause a mutual fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact operations and return potential.

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 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 Swaps and Derivatives Association,

NOTES TO FINANCIAL STATEMENTS as of August 31, 2025 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

As of August 31, 2025, the maximum amount of loss the Fund would incur if the counterparties to its derivative transactions failed to perform would be $335,647 which represents the gross payments to be received by the Fund on open forward foreign currency contracts were they to be unwound as of August 31, 2025. As of August 31, 2025, the Fund did not receive any cash collateral for its open OTC derivative transactions.

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, 2025, the Fund had a liability position of $877,864 on open forward foreign currency contracts and written options with credit related contingent features. If a contingent feature would have been triggered as of August 31, 2025, the Fund could have been

required to pay this amount in cash to its counterparties. As of August 31, 2025, the Fund had pledged $989,000 in cash collateral for its open OTC derivatives transactions. There were no credit events during the period ended August 31, 2025 that triggered any credit related contingent features.

H. Forward Foreign Currency Contracts and Futures Contracts. The Fund may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward foreign currency contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and the Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the statement of assets and liabilities. Realized and unrealized gains and losses on forward foreign currency contracts are included on the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the statement of assets and liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

During the period ended August 31, 2025, the Fund used forward foreign currency contracts to hedge its investments in non-U.S. dollar denominated equity securities in an attempt to decrease the volatility of the Fund’s NAV.

During the period ended August 31, 2025, the Fund had average contract amounts on forward foreign currency contracts to buy and sell of $3,168,656 and $36,717,177. Please refer to the table within the Portfolio of Investments for open forward foreign currency contracts at August 31, 2025.

The Fund may enter into futures contracts involving foreign currency, interest rates, securities and securities indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund’s assets are valued.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin

NOTES TO FINANCIAL STATEMENTS as of August 31, 2025 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table following the Fund’s Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Fund’s Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Fund’s Statement of Operations. Realized gains (losses) are reported in the Fund’s Statement of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. The Fund purchases and sells futures contracts on various equity indices to enable the Fund to make market directional tactical decisions to enhance returns, to protect against a decline in its assets or as a substitute for the purchase or sale of equity securities. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The Fund did not enter into any futures contracts during the period ended August 31, 2025.

I. 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 generates premiums and seeks gains by writing call options on indices on a portion of the value of the equity. During the period ended August 31, 2025, the Fund had an average notional amount of $78,897,933. Please refer to the table within the Portfolio of Investments for open written options contracts at August 31, 2025.

J. Indemnifications. In the normal course of business, the Fund may enter into contracts that provide certain 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 risk of loss from such claims remote.

NOTE 3 — INVESTMENT TRANSACTIONS

The cost of purchases and the proceeds from sales of investments for the period ended August 31, 2025, excluding short-term securities, were $67,816,277 and $78,791,103, 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 0.85% 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, 2025, 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.

NOTES TO FINANCIAL STATEMENTS as of August 31, 2025 (Unaudited) (continued)

NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)

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, other expenses not incurred in the ordinary course of business, expenses of any counsel or other persons or services retained by the Fund's Board members who are not "interested persons," as that term is defined in the 1940 Act, and acquired fund fees and expenses to 1.00% of average daily managed assets.

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, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment

by the Investment Adviser and the related expiration dates, are as follows.

August 31,
2026		2027		2028		Total
$	8,670	$	17,800‌	$	20,256	$	46,726

The Expense Limitation Agreement is contractual through March 1, 2026 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.

NOTE 7 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

Net increase

(decrease) in

Net increase

repurchased

outstanding

repurchased

(decrease)

Year or period ended

($)

8/31/2025

—‌

—

2/28/2025

—

Share Repurchase Program

Effective April 1, 2025, pursuant to an open-market share repurchase program, the Fund may purchase, over the period ending March 31, 2026, up to 10% of its stock in open-market transactions. Previously, pursuant to an open-market share repurchase program effective April 1, 2024, the Fund could have purchased, over the one year period ended March 31, 2025, 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

NOTES TO FINANCIAL STATEMENTS as of August 31, 2025 (Unaudited) (continued)

NOTE 7 — CAPITAL SHARES (continued)

does not obligate the Fund to repurchase any dollar amount or number of shares of its stock.

For the period ended August 31, 2025, the Fund had no repurchases.

For the year ended February 28, 2025, the Fund had no repurchases.

NOTE 8 — FEDERAL INCOME TAXES

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. 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 U.S. federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, futures contracts, 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 U.S. 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, 2025. 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 paid as of the Fund's most recent tax year-ends was as follows:

Tax Year Ended						Tax Year Ended
December 31, 2024						December 31, 2023
Ordinary		Long-term		Return of		Ordinary		Return of
Income		Capital Gains		Capital		Income		Capital
$	6,960,308	$	5,647,648	$	3,868,699	$	5,345,414	$	6,999,943

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for U.S. federal income tax purposes as of December 31, 2024, were:

Unrealized							Total
Appreciation/		Capital Loss					Distributable
(Depreciation)		Carryforward		Other			Earnings/(Loss)
$	16,104,408	$	—	$	(1,429,622	)	$	14,674,786‌

The Fund’s major tax jurisdictions are U.S. federal and Arizona state.

As of August 31, 2025, 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 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 — MARKET DISRUPTION AND GEOPOLITICAL RISK

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, trade disputes, tariffs and other restrictions on trade or economic

NOTES TO FINANCIAL STATEMENTS as of August 31, 2025 (Unaudited) (continued)

NOTE 9 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)

sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of the Fund’s investments, including beyond the Fund’s direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement’s attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (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 Fund’s investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund’s service providers.

NOTE 10 — SEGMENT REPORTING

In November 2023, the FASB issued Accounting Standards Update (“ASU”), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect the Fund’s financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker (“CODM”) to assess performance and make resource allocation decisions. The Fund has one operating segment that derives its income from earnings on its investments. The Product Review Committee (the “Committee”) of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Fund holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions. Detailed financial information regarding the Fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about the Fund's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

NOTE 11 — SUBSEQUENT EVENTS

Dividends: Subsequent to August 31, 2025, the Fund made distributions of:

Per Share	Declaration	Payable	Record
Amount	Date	Date	Date
$0.085	8/15/2025	9/15/2025	9/2/2025
$0.085	9/15/2025	10/15/2025	10/1/2025
$0.085	10/15/2025	11/17/2025	11/3/2025

Each month, 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 monthly 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

NOTES TO FINANCIAL STATEMENTS as of August 31, 2025 (Unaudited) (continued)

NOTE 11 — SUBSEQUENT EVENTS (continued)

statements. Other than the above, no such subsequent events were identified.

Voya Global Advantage And
Premium Opportunity Fund

PORTFOLIO OF INVESTMENTS

as of August 31, 2025 (Unaudited)

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: 95.9%
	Australia: 1.3%
3,432	ASX Ltd.	$	140,193	0.1
993	Cochlear Ltd.		195,537	0.1
151,134	Medibank Pvt Ltd.		503,501	0.3
100,026	Scentre Group		266,598	0.2
283,126	Telstra Group Ltd.		905,800	0.6
			2,011,629	1.3
	Canada: 4.0%
3,228	Bank of Montreal		390,622	0.2
21,552	Bank of Nova Scotia		1,345,990	0.8
8,667	Canadian Natural Resources Ltd.		274,459	0.2
3,492	Canadian Tire Corp. Ltd. - Class A		435,435	0.3
5,833	CCL Industries, Inc. - Class B		349,424	0.2
40,618	Cenovus Energy, Inc.		675,513	0.4
1,496	iA Financial Corp., Inc.		160,945	0.1
23,550	Keyera Corp.		758,792	0.5
19,992	Suncor Energy, Inc.		826,407	0.5
4,148	Thomson Reuters Corp.		736,694	0.5
9,989	TMX Group Ltd.		398,949	0.3
			6,353,230	4.0
	Denmark: 0.6%
24,387	Danske Bank A/S		1,003,725	0.6

	Finland: 0.2%
56,307	Nokia Oyj		242,399	0.2

	France: 2.9%
16,355	AXA SA		761,781	0.5
11,593	BNP Paribas SA		1,041,807	0.7
17,278	Carrefour SA		250,149	0.2
2,772	Danone SA		231,373	0.1
3,521	Eiffage SA		443,104	0.3
31,754	Engie SA		657,100	0.4
1,411	Ipsen SA		191,836	0.1
63,617	Orange SA		1,036,909	0.6
			4,614,059	2.9
	Germany: 1.1%
12,472	Deutsche Telekom AG, Reg		456,415	0.3
11,322	Fresenius SE & Co. KGaA		615,625	0.4
3,471 ⁽¹⁾	Scout24 SE		449,722	0.2
3,042	Symrise AG		294,563	0.2
			1,816,325	1.1
	Hong Kong: 1.2%
241,000	HKT Trust & HKT Ltd. - Stapled Security		365,573	0.2
7,300	Jardine Matheson Holdings Ltd.		442,307	0.3
59,700	Link REIT		318,868	0.2
33,000	Power Assets Holdings Ltd.		215,180	0.1
26,000	Swire Pacific Ltd. - Class A		222,863	0.2
301,000 ⁽¹⁾	WH Group Ltd.		323,455	0.2
			1,888,246	1.2

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	Israel: 0.3%
23,823	Bank Leumi Le-Israel BM	$	457,808	0.3

	Italy: 1.9%
222,215	Intesa Sanpaolo SpA		1,398,972	0.9
27,560 ⁽¹⁾	Poste Italiane SpA		645,501	0.4
13,788	UniCredit SpA		1,066,434	0.6
			3,110,907	1.9
	Japan: 4.8%
47,600	Asahi Kasei Corp.		388,444	0.3
40,000	Central Japan Railway Co.		1,063,926	0.7
60,600	Dai-ichi Life Holdings, Inc.		497,258	0.3
4,400	Daito Trust Construction Co. Ltd.		468,212	0.3
19,900	Daiwa House Industry Co. Ltd.		703,121	0.4
45,200	Japan Airlines Co. Ltd.		961,202	0.6
17,700	Japan Post Holdings Co. Ltd.		180,618	0.1
8,400	Japan Tobacco, Inc.		267,079	0.2
58,400	Kirin Holdings Co. Ltd.		847,768	0.5
91,400	Mitsubishi Chemical Group Corp.		519,363	0.3
8,200	MS&AD Insurance Group Holdings, Inc.		190,747	0.1
14,700	Ono Pharmaceutical Co. Ltd.		165,570	0.1
22,900	Secom Co. Ltd.		845,479	0.5
188,500	Z Holdings Corp.		596,787	0.4
			7,695,574	4.8
	Netherlands: 1.5%
2,334	ASR Nederland NV		161,928	0.1
195,706	Koninklijke KPN NV		933,945	0.6
14,351	NN Group NV		987,814	0.6
2,809	Wolters Kluwer NV		353,862	0.2
			2,437,549	1.5
	New Zealand: 0.1%
7,879	Fisher & Paykel Healthcare Corp. Ltd.		170,125	0.1

	Norway: 0.9%
38,355	DNB Bank ASA		1,010,584	0.6
23,726	Mowi ASA		488,147	0.3
			1,498,731	0.9
	Puerto Rico: 0.4%
5,233	Popular, Inc.		657,474	0.4

	Singapore: 0.4%
5,200	DBS Group Holdings Ltd.		204,687	0.1
37,600	Singapore Exchange Ltd.		485,405	0.3
			690,092	0.4
	Spain: 1.4%
5,749	ACS Actividades de Construccion y Servicios SA		434,550	0.3
27,817 ⁽¹⁾	Aena SME SA		806,266	0.5
2,930	Amadeus IT Group SA		245,764	0.1
49,194	Repsol SA		806,594	0.5
			2,293,174	1.4

See Accompanying Notes to Financial Statements

Voya Global Advantage And
Premium Opportunity Fund

PORTFOLIO OF INVESTMENTS

as of August 31, 2025 (Unaudited) (continued)

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	Sweden: 0.3%
7,489	Swedbank AB - Class A	$	210,762	0.1
28,681	Telefonaktiebolaget LM Ericsson - Class B		227,062	0.2
			437,824	0.3
	Switzerland: 1.3%
2,596	ABB Ltd., Reg		174,221	0.1
1,452	DSM-Firmenich AG		142,073	0.1
4,273	SGS SA		435,890	0.3
1,815	Zurich Insurance Group AG		1,326,321	0.8
			2,078,505	1.3
	United Kingdom: 4.6%
5,233	Admiral Group PLC		256,436	0.2
20,649 ⁽¹⁾	Auto Trader Group PLC		224,237	0.1
32,264	BAE Systems PLC		764,688	0.5
43,258	Barclays PLC		210,782	0.1
27,459	British American Tobacco PLC		1,559,341	1.0
103,500	CK Hutchison Holdings Ltd.		684,777	0.4
25,503	HSBC Holdings PLC		326,475	0.2
20,346	Imperial Brands PLC		859,271	0.5
87,346	NatWest Group PLC		602,878	0.4
37,971	Pearson PLC		552,170	0.4
45,560	Sage Group PLC		668,330	0.4
11,502	Smith & Nephew PLC		215,739	0.1
15,955	Smiths Group PLC		508,018	0.3
			7,433,142	4.6
	United States: 66.7%
11,330	AbbVie, Inc.		2,383,832	1.5
68,107	ADT, Inc.		593,212	0.4
4,834	AECOM		603,718	0.4
2,962	Allstate Corp.		602,619	0.4
3,282	Alphabet, Inc. - Class A		698,771	0.4
20,989	Altria Group, Inc.		1,410,671	0.9
57,821	Amcor PLC		498,995	0.3
5,265	Amdocs Ltd.		450,526	0.3
1,037	Ameriprise Financial, Inc.		533,858	0.3
3,424	AmerisourceBergen Corp.		998,473	0.6
4,066	AMETEK, Inc.		751,397	0.5
5,422	AptarGroup, Inc.		755,122	0.5
3,821	Assurant, Inc.		823,846	0.5
58,318	AT&T, Inc.		1,708,134	1.1
3,398	Automatic Data Processing, Inc.		1,033,162	0.6
16,165	Avnet, Inc.		882,124	0.5
8,312	Axis Capital Holdings Ltd.		819,397	0.5
9,747	Baker Hughes Co.		442,514	0.3
7,704	Bank of New York Mellon Corp.		813,542	0.5
9,137	Black Hills Corp.		546,484	0.3
25,827	Bristol-Myers Squibb Co.		1,218,518	0.8
26,793	Brixmor Property Group, Inc.		749,936	0.5
2,590	Brown & Brown, Inc.		251,100	0.2
6,353	Cardinal Health, Inc.		945,199	0.6
4,551	Cboe Global Markets, Inc.		1,073,808	0.7

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	United States (continued)
3,456	Church & Dwight Co., Inc.	$	321,961	0.2
3,553	Cigna Group		1,068,991	0.7
2,875	Cintas Corp.		603,836	0.4
30,675	Cisco Systems, Inc.		2,119,336	1.3
11,461	Citigroup, Inc.		1,106,789	0.7
4,463	CME Group, Inc.		1,189,434	0.7
8,528	CNA Financial Corp.		422,562	0.3
11,485	Cognizant Technology Solutions Corp. - Class A		829,791	0.5
11,946	Colgate-Palmolive Co.		1,004,300	0.6
17,274	Conagra Brands, Inc.		330,452	0.2
10,080	ConocoPhillips		997,618	0.6
5,706	COPT Defense Properties		164,219	0.1
18,716	Coterra Energy, Inc.		457,419	0.3
8,130	CSX Corp.		264,306	0.2
2,496	Digital Realty Trust, Inc.		418,429	0.3
8,630	DT Midstream, Inc.		899,073	0.6
10,039	Duke Energy Corp.		1,229,677	0.8
2,309	DuPont de Nemours, Inc.		177,608	0.1
4,955	Eastman Chemical Co.		348,535	0.2
14,352	Edison International		805,578	0.5
2,892	Elevance Health, Inc.		921,536	0.6
2,259	Emerson Electric Co.		298,188	0.2
3,523	Entergy Corp.		310,341	0.2
3,535	EOG Resources, Inc.		441,239	0.3
8,595	Equitable Holdings, Inc.		457,770	0.3
2,127	Equity Residential		140,637	0.1
13,087	Essent Group Ltd.		821,078	0.5
1,423	Essex Property Trust, Inc.		384,509	0.2
7,122	Evergy, Inc.		507,514	0.3
22,331	Exelon Corp.		975,418	0.6
4,451	First Industrial Realty Trust, Inc.		234,123	0.1
5,999	Fortive Corp.		287,112	0.2
18,902	Gaming and Leisure Properties, Inc.		907,485	0.6
6,878	General Motors Co.		402,982	0.2
18,843	Genpact Ltd.		854,342	0.5
9,239	Gilead Sciences, Inc.		1,043,730	0.6
3,954	Globe Life, Inc.		553,362	0.3
15,096	H&R Block, Inc.		760,084	0.5
7,046	Hancock Whitney Corp.		443,334	0.3
4,717	Hanover Insurance Group, Inc.		818,305	0.5
8,490	Hartford Financial Services Group, Inc.		1,123,312	0.7
8,809	Healthpeak Properties, Inc.		158,033	0.1
10,794	Hewlett Packard Enterprise Co.		243,621	0.1
2,797	Hexcel Corp.		176,631	0.1
608	Humana, Inc.		184,625	0.1
5,498	Ingredion, Inc.		712,211	0.4
5,733	Iridium Communications, Inc.		142,694	0.1
2,449	Jack Henry & Associates, Inc.		399,824	0.2
15,651	Johnson & Johnson		2,772,888	1.7
708	JPMorgan Chase & Co.		213,405	0.1

See Accompanying Notes to Financial Statements

Voya Global Advantage And
Premium Opportunity Fund

PORTFOLIO OF INVESTMENTS

as of August 31, 2025 (Unaudited) (continued)

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	United States (continued)
2,366	Kemper Corp.	$	126,936	0.1
4,451	Keurig Dr Pepper, Inc.		129,480	0.1
7,177	Kimberly-Clark Corp.		926,838	0.6
37,707	Kinder Morgan, Inc.		1,017,335	0.6
1,315	Leidos Holdings, Inc.		237,910	0.1
2,170	Lockheed Martin Corp.		988,717	0.6
10,755	Loews Corp.		1,041,084	0.6
5,534	Marsh & McLennan Cos., Inc.		1,138,953	0.7
1,149	McKesson Corp.		788,949	0.5
14,398	Medtronic PLC		1,336,278	0.8
14,117	Merck & Co., Inc.		1,187,522	0.7
4,762	Meta Platforms, Inc. - Class A		3,517,689	2.2
11,002	MetLife, Inc.		895,123	0.6
33,496	MGIC Investment Corp.		932,194	0.6
1,786	Microsoft Corp.		904,948	0.6
1,957	Motorola Solutions, Inc.		924,604	0.6
9,487	National Fuel Gas Co.		822,902	0.5
19,733	National Retail Properties, Inc.		846,743	0.5
8,190	NetApp, Inc.		923,750	0.6
9,540	New York Times Co. - Class A		570,874	0.4
22,930	NiSource, Inc.		969,251	0.6
18,708	OGE Energy Corp.		835,499	0.5
21,780	Old Republic International Corp.		870,547	0.5
1,925	ONE Gas, Inc.		147,262	0.1
11,042	ONEOK, Inc.		843,388	0.5
3,203	Paycom Software, Inc.		727,561	0.4
12,079	PepsiCo, Inc.		1,795,543	1.1
59,208	Pfizer, Inc.		1,465,990	0.9
8,299	PG&E Corp.		126,809	0.1
4,304	Philip Morris International, Inc.		719,328	0.4
14,899	Procter & Gamble Co.		2,339,739	1.5
2,826	Prosperity Bancshares, Inc.		195,361	0.1
4,334	Qualcomm, Inc.		696,604	0.4
1,999 ⁽²⁾	Ralliant Corp.		83,578	0.0
536	Ralph Lauren Corp.		159,154	0.1
12,015	Raytheon Technologies Corp.		1,905,579	1.2
3,602	Regency Centers Corp.		261,145	0.2
4,101	Republic Services, Inc.		959,511	0.6
46,579	Rithm Capital Corp.		576,648	0.4
3,451	Roche Holding AG		1,125,297	0.7
1,510	Royal Gold, Inc.		271,166	0.2
3,330	RPM International, Inc.		417,282	0.3
8,102	Sabra Health Care REIT, Inc.		154,829	0.1
4,126	Simon Property Group, Inc.		745,403	0.5
6,385	Smithfield Foods, Inc.		162,371	0.1
2,742	Snap-on, Inc.		891,808	0.6
11,659	SS&C Technologies Holdings, Inc.		1,033,687	0.6
9,653	Synchrony Financial		736,910	0.5
6,445	TJX Cos., Inc.		880,451	0.5

				Percentage
				of Net
Shares		Value		Assets
COMMON STOCK: (continued)
	United States (continued)
2,042	Tradeweb Markets, Inc. - Class A	$	251,901	0.2
17,403	Travel + Leisure Co.		1,100,044	0.7
10,438	Unum Group		729,199	0.5
16,737	US Bancorp		817,268	0.5
3,175	VeriSign, Inc.		867,950	0.5
37,235	Verizon Communications, Inc.		1,646,904	1.0
101,595	Viatris, Inc.		1,071,827	0.7
2,573	Visa, Inc. - Class A		905,130	0.6
3,246	Waste Management, Inc.		734,862	0.5
849	Watts Water Technologies, Inc. - Class A		235,088	0.1
23,959	Wells Fargo & Co.		1,968,951	1.2
36,131	Wendy's Co.		383,350	0.2
19,072	Williams Cos., Inc.		1,103,887	0.7
			107,212,096	66.7
	Total Common Stock
	(Cost $124,918,237)		154,102,614	95.9

EXCHANGE-TRADED FUNDS: 1.5%
10,383	iShares MSCI EAFE Value ETF		695,246	0.4
8,584	iShares Russell 1000 Value ETF		1,730,792	1.1
			2,426,038	1.5
	Total Exchange-Traded Funds
	(Cost $2,315,194)		2,426,038	1.5

PREFERRED STOCK: 0.4%
	Germany: 0.4%
3,837	Henkel AG & Co. KGaA		323,884	0.2
2,751	Volkswagen AG		320,569	0.2
			644,453	0.4
	Total Preferred Stock
	(Cost $595,569)		644,453	0.4
	Total Long-Term Investments
	(Cost $127,829,000)		157,173,105	97.8

See Accompanying Notes to Financial Statements

Voya Global Advantage and Premium Opportunity Fund	PORTFOLIO OF INVESTMENTS
	as of August 31, 2025 (Unaudited) (continued)

				Percentage
				of Net
Shares		Value		Assets
SHORT-TERM INVESTMENTS: 0.7%
	Mutual Funds: 0.7%
1,089,000 ⁽³⁾	Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.190%
	(Cost $1,089,000)	$	1,089,000	0.7

	Total Short-Term Investments
	(Cost $1,089,000)	$	1,089,000	0.7

	Total Investments in Securities
	(Cost $128,918,000)	$	158,262,105	98.5
	Assets in Excess of Other Liabilities		2,364,481	1.5
	Net Assets	$	160,626,586	100.0

	⁽¹⁾	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.
	⁽²⁾	Non-income producing security.
	⁽³⁾	Rate shown is the 7-day yield as of August 31, 2025.

	Percentage
Sector Diversification	of Net Assets
Financials		25.1	%
Industrials		13.4
Health Care		12.5
Consumer Staples		9.3
Communication Services		8.2
Information Technology		6.3
Energy		5.9
Utilities		5.1
Real Estate		4.3
Consumer Discretionary		3.6
Materials		2.6
Exchange-Traded Funds		1.5
Short-Term Investments		0.7
Assets in Excess of Other Liabilities		1.5
Net Assets		100.0	%

Portfolio holdings are subject to change daily.

See Accompanying Notes to Financial Statements

Voya Global Advantage and Premium Opportunity Fund	PORTFOLIO OF INVESTMENTS
	as of August 31, 2025 (Unaudited) (continued)

Fair Value Measurements^{^}

The following is a summary of the fair valuations according to the inputs used as of August 31, 2025 in valuing the assets and liabilities:

	Quoted Prices
	in Active Markets		Significant Other			Significant
	for Identical		Observable			Unobservable		Fair Value
	Investments		Inputs#			Inputs		at
	(Level 1)		(Level 2)			(Level 3)		August 31, 2025
Asset Table
Investments, at fair value
Common Stock
Australia	$	—	$	2,011,629		$	—	$	2,011,629
Canada		6,353,230		—			—		6,353,230
Denmark		—		1,003,725			—		1,003,725
Finland		—		242,399			—		242,399
France		—		4,614,059			—		4,614,059
Germany		—		1,816,325			—		1,816,325
Hong Kong		442,307		1,445,939			—		1,888,246
Israel		—		457,808			—		457,808
Italy		—		3,110,907			—		3,110,907
Japan		—		7,695,574			—		7,695,574
Netherlands		—		2,437,549			—		2,437,549
New Zealand		170,125		—			—		170,125
Norway		—		1,498,731			—		1,498,731
Puerto Rico		657,474		—			—		657,474
Singapore		—		690,092			—		690,092
Spain		—		2,293,174			—		2,293,174
Sweden		—		437,824			—		437,824
Switzerland		—		2,078,505			—		2,078,505
United Kingdom		—		7,433,142			—		7,433,142
United States		106,086,799		1,125,297			—		107,212,096
Total Common Stock		113,709,935		40,392,679			—		154,102,614
Exchange-Traded Funds		2,426,038		—			—		2,426,038
Preferred Stock		—		644,453			—		644,453
Short-Term Investments		1,089,000		—			—		1,089,000
Total Investments, at fair value	$	117,224,973	$	41,037,132		$	—	$	158,262,105
Other Financial Instruments+
Forward Foreign Currency Contracts		—		335,647			—		335,647
Total Assets	$	117,224,973	$	41,372,779		$	—	$	158,597,752
Liabilities Table
Other Financial Instruments+
Forward Foreign Currency Contracts	$	—	$	(138,690	)	$	—	$	(138,690	)
Written Options		—		(739,174	)		—		(739,174	)
Total Liabilities	$	—	$	(877,864	)	$	—	$	(877,864	)

	^{^}	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
	^#	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.
	⁺	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.

At August 31, 2025, the following forward foreign currency contracts were outstanding for Voya Global Advantage and Premium Opportunity Fund:

Unrealized

Appreciation

Currency Purchased

Currency Sold

Counterparty

Settlement Date

(Depreciation)

USD

3,114,860

CHF

2,500,000

Bank of America N.A.

09/09/25

(12,259

)

USD

7,559,663

JPY

1,077,500,000

Brown Brothers Harriman & Co.

09/09/25

221,785

USD

6,203,995

CAD

8,400,000

Morgan Stanley & Co. International PLC

09/09/25

85,501

USD

6,651,674

GBP

4,900,000

Standard Chartered Bank

09/09/25

28,361

See Accompanying Notes to Financial Statements

Voya Global Advantage and Premium Opportunity Fund	PORTFOLIO OF INVESTMENTS
	as of August 31, 2025 (Unaudited) (continued)

Unrealized

Appreciation

Currency Purchased

Currency Sold

Counterparty

Settlement Date

(Depreciation)

USD

15,206,204

EUR

13,100,000

Standard Chartered Bank

09/09/25

(126,431

)

196,957

At August 31, 2025, the following OTC written equity options were outstanding for Voya Global Advantage and Premium Opportunity Fund:

Description	Counterparty	Put/ Call	Expiration Date	Exercise Price		Number of Contracts	Notional Amount		Premiums Received		Fair Value
Consumer Staples Select Sector SPDR Fund	Citibank N.A.	Call	09/19/25	USD	83.300	83,657	USD	6,757,812	$	86,936	$	(14,018	)
Financial Select Sector SPDR Fund	JPMorgan Chase Bank N.A.	Call	10/03/25	USD	54.110	255,740	USD	13,807,403		195,232		(225,649	)
FTSE 100 Index	Royal Bank of Canada	Call	09/05/25	GBP	9,257.110	1,864	GBP	17,125,202		117,415		(49,641	)
Health Care Select Sector SPDR Fund	UBS AG	Call	10/03/25	USD	139.550	67,308	USD	9,250,138		127,407		(149,899	)
Industrial Select Sector SPDR Fund	UBS AG	Call	09/19/25	USD	152.340	122,655	USD	18,644,786		296,923		(248,380	)
Nikkei 225 Index	Morgan Stanley & Co. International PLC	Call	09/05/25	JPY	42,907.200	26,597	JPY	1,136,183,147		76,787		(51,587	)
									$	900,700	$	(739,174	)

Currency Abbreviations:

CAD	—	Canadian Dollar
CHF	—	Swiss Franc
EUR	—	EU Euro
GBP	—	British Pound
JPY	—	Japanese Yen
USD	—	United States Dollar

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, 2025 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	335,647
Total Asset Derivatives		$	335,647
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	138,690
Equity contracts	Written options, at fair value		739,174
Total Liability Derivatives		$	877,864

See Accompanying Notes to Financial Statements

Voya Global Advantage and Premium Opportunity Fund	PORTFOLIO OF INVESTMENTS
	as of August 31, 2025 (Unaudited) (continued)

The effect of derivative instruments on the Fund's Statement of Operations for the period ended August 31, 2025 was as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

	Forward
	foreign
	currency			Written
Derivatives not accounted for as hedging instruments	contracts			options			Total
Equity contracts	$	—		$	(1,786,939	)	$	(1,786,939	)
Foreign exchange contracts		(2,274,174	)		—			(2,274,174	)
Total	$	(2,274,174	)	$	(1,786,939	)	$	(4,061,113	)

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

	Forward
	foreign
	currency			Written
Derivatives not accounted for as hedging instruments	contracts			options		Total
Equity contracts	$	—		$	460,632	$	460,632
Foreign exchange contracts		(121,614	)		—		(121,614	)
Total	$	(121,614	)	$	460,632	$	339,018

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, 2025:

				Brown								Morgan
				Brothers					JPMorgan			Stanley & Co.					Standard
	Bank of			Harriman &					Chase Bank			International		Royal Bank of			Chartered
	America N.A.			Co.		Citibank N.A.			N.A.			PLC		Canada			Bank			UBS AG			Total
Assets:
Forward foreign currency contracts	$	—		$	221,785	$	—		$	—		$	85,501	$	—		$	28,361		$	—		$	335,647
Total Assets	$	—		$	221,785	$	—		$	—		$	85,501	$	—		$	28,361		$	—		$	335,647
Liabilities:
Forward foreign currency contracts	$	12,259		$	—	$	—		$	—		$	—	$	—		$	126,431		$	—		$	138,690
Written options		—			—		14,018			225,649			51,587		49,641			—			398,279			739,174
Total Liabilities	$	12,259		$	—	$	14,018		$	225,649		$	51,587	$	49,641		$	126,431		$	398,279		$	877,864
Net OTC derivative instruments by counterparty, at fair
value	$	(12,259	)	$	221,785	$	(14,018	)	$	(225,649	)	$	33,914	$	(49,641	)	$	(98,070	)	$	(398,279	)	$	(542,217	)
Total collateral pledged by the Fund/(Received from
counterparty)	$	—		$	—	$	14,018		$	—		$	—	$	49,641		$	—		$	398,279		$	461,938
Net Exposure^(1),(2)	$	(12,259	)	$	221,785	$	—		$	(225,649	)	$	33,914	$	—		$	(98,070	)	$	—		$	(80,279	)

	⁽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, 2025, the Fund had pledged $109,000, $160,000, $260,000 and $460,000 in cash collateral to Citibank N.A., Morgan Stanley & Co. International PLC, Royal Bank of Canada and UBS AG, respectively. Excess cash collateral is not shown for financial reporting purposes.

At August 31, 2025, 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 U.S. federal income tax purposes was $129,291,674.
Net unrealized appreciation consisted of:
Gross Unrealized Appreciation	$	31,488,271
Gross Unrealized Depreciation		(3,044,694	)
Net Unrealized Appreciation	$	28,443,577

See Accompanying Notes to Financial Statements

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 II Trustees, for a term of three years, and until the election and qualification of their successors.

An annual shareholder meeting of Voya Global Advantage and Premium Opportunity Fund was held virtually on July 29, 2025.

					Shares voted
					against or		Shares		Broker	Total Shares
		Proposal	Shares voted for		withheld		abstained		non-vote	Voted
Class II Trustees	Voya Global Advantage and Premium Opportunity Fund
	John V. Boyer	1*		10,684,838.606		125,159.000		168,320.000	0.000	10,978,317.606

	Dennis Johnson, CFA	1*		10,723,978.606		85,738.000		168,601.000	0.000	10,978,317.606

	Mark Wetzel	1*		10,738,597.606		72,754.000		166,966.000	0.000	10,978,317.606

Proposal Passed.

After the July 29, 2025 annual shareholder meeting, the following Trustees continued on as Trustees of the Trust: Colleen D. Baldwin, Martin J. Gavin, Joseph E. Obermeyer, and Christopher P. Sullivan.

ADDITIONAL INFORMATION (Unaudited)

Fund changes

The following information is a summary of certain changes as of August 31, 2025. 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.

Additional information

The Fund may lend portfolio securities in an amount equal to up to 33 1/3% of its managed assets to broker dealers or other institutional borrowers, in exchange for cash collateral and fees. The Fund may use the cash collateral in connection with the Fund’s investment program as approved by the Investment Adviser, including generating cash to cover collateral posting requirements. Although the Fund has no current intention to do so, it may use the cash collateral to generate additional income. The use of cash collateral in connection with the Fund’s investment program may have a leveraging effect on the Fund, which would increase the volatility of the Fund and could reduce its returns and/or cause a loss.

The Fund intends to engage in lending portfolio securities only when such lending is secured by cash or other permissible collateral in an amount at least equal to the market value of the securities loaned. The Fund will maintain cash, cash equivalents or liquid securities holdings in an amount sufficient to cover its repayment obligation with respect to the collateral, marked to market on a daily basis.

Securities lending involves the risks of delay in recovery or even loss of rights in the securities loaned if the borrower of the securities fails financially. Loans will be made only to organizations whose credit quality or claims paying ability is considered by the sub-advisers to be at least investment grade. The financial condition of the borrower will be monitored by the Investment Adviser on an ongoing basis. The Fund will not lend portfolio securities subject to a written American style covered call option contract. The Fund may lend portfolio securities subject to a written European style covered call option contract as long as the lending period is less than or equal to the term of the covered call option contract.

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

ADDITIONAL INFORMATION (Unaudited) (continued)

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 monthly 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 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.

Application of Control Share Provisions of the Delaware Statutory Trust Act

Under Delaware law, which became automatically applicable to listed closed-end funds such as the Fund upon its effective date of August 1, 2022 (the “DSTA Control Share Statute”), if a shareholder acquires direct or indirect ownership or power to direct the voting of shares of the Fund in an aggregate amount that equals or exceeds certain percentage thresholds specified under the DSTA Control Share Statute (beginning at 10% or more of the Fund’s shares) (“control share acquisitions”), the shareholder’s ability to vote certain of these shares will be limited by operation of state law unless action is taken by the Board of Trustees or by a vote of shareholders of the Fund to exempt such shares from the provisions of the statute. The DSTA Control Share Statute requires shareholders to disclose to the Fund any control share acquisition within 10 days of such acquisition. The Fund may have no or only a limited ability to identify when a control share acquisition has occurred absent notice from a shareholder of a control share acquisition. Shareholders should consult their own counsel with respect to the application of the DSTA Control Share Statute to any particular circumstance.

Key Financial Dates — Calendar 2025 Distributions:

Declaration Date	Ex Date	Record Date	Payable Date
January 15, 2025	February 3, 2025	February 3, 2025	February 18, 2025
February 18, 2025	March 3, 2025	March 3, 2025	March 17, 2025
March 17, 2025	April 1, 2025	April 1, 2025	April 15, 2025
April 15, 2025	May 1, 2025	May 1, 2025	May 15, 2025
May 15, 2025	June 2, 2025	June 2, 2025	June 16, 2025
June 16, 2025	July 1, 2025	July 1, 2025	July 15, 2025
July 15, 2025	August 1, 2025	August 1, 2025	August 15, 2025
August 15, 2025	September 2, 2025	September 2, 2025	September 15, 2025
September 15, 2025	October 1, 2025	October 1, 2025	October 15, 2025
October 15, 2025	November 3, 2025	November 3, 2025	November 17, 2025
November 17, 2025	December 1, 2025	December 1, 2025	December 15, 2025
December 15, 2025	December 30, 2025	December 30, 2025	January 15, 2026

ADDITIONAL INFORMATION (Unaudited) (continued)

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: IGA).

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, 2025 was 12, which does not include

approximately 8,459 beneficial owners of shares held in the name of brokers or other nominees.

Certifcations

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 25, 2025 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.

[This Page Intentionally Left Blank]

Investment Adviser		Custodian
Voya Investments, LLC		The Bank of New York Mellon
7337 East Doubletree Ranch Road, Suite 100		225 Liberty Street
Scottsdale, Arizona 85258		New York, New York 10286

Transfer Agent		Legal Counsel
Computershare, Inc.		Ropes & Gray LLP
480 Washington Boulevard		Prudential Tower
Jersey City, New Jersey 07310-1900		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

163318 (0825)                  

ASSETS:
Investments in securities at fair value*	$	157,173,105
Short-term investments at fair value†		1,089,000
Cash		345,109
Cash pledged as collateral for OTC derivatives (Note 2)		989,000
Foreign currencies at value‡		6,784
Receivables:
Investment securities sold		1,231,471
Dividends		283,356
Interest		1,086
Foreign tax reclaims		264,336
Unrealized appreciation on forward foreign currency contracts		335,647
Prepaid expenses		1,099
Other assets		11,699
Total assets		161,731,692

LIABILITIES:
Payable for investment securities purchased		17,653
Unrealized depreciation on forward foreign currency contracts		138,690
Payable for investment management fees		114,749
Payable to trustees under the deferred compensation plan (Note 6)		11,699
Payable for trustee fees		392
Other accrued expenses and liabilities		82,749
Written options, at fair value^		739,174
Total liabilities		1,105,106
NET ASSETS	$	160,626,586

NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	133,295,673
Total distributable earnings		27,330,913
NET ASSETS	$	160,626,586

*         Cost of investments in securities	$	127,829,000
†        Cost of short-term investments	$	1,089,000
‡        Cost of foreign currencies	$	6,770
^         Premiums received on written options	$	900,700

Net assets	$	160,626,586
Shares authorized		unlimited
Par value	$	0.010
Shares outstanding		15,341,392
Net asset value	$	10.47

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	2,867,740‌
Interest		9,524‌
Other		452‌
Total investment income		2,877,716‌

EXPENSES:
Investment management fees		672,193‌
Transfer agent fees		13,402‌
Shareholder reporting expense		33,686‌
Professional fees		37,222‌
Custody and accounting expense		20,603‌
Trustee fees		1,961‌
Miscellaneous expense		22,007‌
Total expenses		801,074‌
Waived and reimbursed fees		(4,577	)
Net expenses		796,497‌
Net investment income		2,081,219‌

REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		7,387,880‌
Forward foreign currency contracts		(2,274,174	)
Foreign currency related transactions		(79,667	)
Written options		(1,786,939	)
Net realized gain		3,247,100‌

Net change in unrealized appreciation (depreciation) on:
Investments		2,492,545‌
Forward foreign currency contracts		(121,614	)
Foreign currency related transactions		21,886‌
Written options		460,632‌
Net change in unrealized appreciation (depreciation)		2,853,449‌
Net realized and unrealized gain		6,100,549‌
Increase in net assets resulting from operations	$	8,181,768‌

* Foreign taxes withheld	$	222,450‌

	Six Months Ended
	August 31, 2025			Year Ended
	(Unaudited)			February 28, 2025
FROM OPERATIONS:
Net investment income	$	2,081,219		$	3,304,983‌
Net realized gain		3,247,100			9,720,117‌
Net change in unrealized appreciation (depreciation)		2,853,449			9,993,058‌
Increase in net assets resulting from operations		8,181,768‌			23,018,158‌

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions (excluding return of capital)		(5,328,318	)		(12,512,742	)
Return of capital		(2,495,792	)		(3,549,695	)
Total distributions		(7,824,110	)		(16,062,437	)

FROM CAPITAL SHARE TRANSACTIONS:
Net increase in net assets resulting from capital share transactions		—‌			—‌
Net increase in net assets		357,658‌			6,955,721‌

NET ASSETS:
Beginning of year or period		160,268,928			153,313,207‌
End of year or period	$	160,626,586‌		$	160,268,928‌

	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)	(%)	(%)	(%)	(%)
08-31-25⁺	10.45	0.14	•	0.39		0.53		0.14	0.21	0.16	0.51	—	10.47	10.00	5.51		7.68		160,627	1.01	1.01	2.63	43
02-28-25	9.99	0.22	•	1.29		1.51		0.45	0.37	0.23	1.05	—	10.45	9.78	17.18		27.84		160,269	1.02	1.00	2.13	74
02-29-24	10.04	0.26	•	0.48		0.74		0.34	—	0.45	0.79	—	9.99	8.57	9.10		5.82		153,313	0.99	1.00	2.69	74
02-28-23	10.51	0.25	•	0.07		0.32		0.42	0.12	0.25	0.79	—	10.04	8.88	4.15		1.91		159,232	1.02	0.99	2.40	81
02-28-22	9.89	0.18	•	1.20		1.38		0.21	—	0.58	0.79	0.03	10.51	9.50	15.02		15.28		172,100	1.10	1.09	1.72	66
02-28-21	10.42	0.19	•	0.07		0.26		0.15	0.40	0.24	0.79	—	9.89	8.92	4.27		5.48		180,073	0.97	0.97	2.00	74
02-29-20	11.43	0.27		(0.44	)	(0.17	)	0.40	0.44	—	0.84	—	10.42	9.29	(1.35	)	(2.87	)	190,658	0.96	0.96	2.37	130
02-28-19	12.12	0.21		0.00	*	0.21		0.41	0.49	—	0.90	—	11.43	10.35	2.43		0.46		209,174	0.99	0.99	1.76	70
02-28-18	11.62	0.19	•	1.21		1.40		0.04	0.78	0.08	0.90	—	12.12	11.19	13.07		16.75		221,924	0.99	0.99	1.55	92
02-28-17	10.71	0.18		1.80		1.98		0.42	0.16	0.49	1.07	—	11.62	10.39	20.77		21.11		213,271	1.00	1.00	1.59	98
02-29-16	12.93	0.17		(1.27	)	(1.10	)	0.39	0.73	—	1.12	—	10.71	9.55	(8.48	)⁽⁵⁾	(10.96	)	196,576	1.00	1.00	1.36	117

	⁽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 investment return at net asset value would have been (8.65)%.

Statement of Assets and Liabilities	1
Statement of Operations	2
Statements of Changes in Net Assets	3
Financial Highlights	4
Notes to Financial Statements	5
Portfolio of Investments	15
Shareholder Meeting Information	22
Additional Information	23

⁺	Unaudited.
^•	Calculated using average number of shares outstanding throughout the year or period.
^*	Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.