During the period ended August 31, 2017, 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, 2017, the Fund had an average contract amount on forward foreign currency contracts to sell of $907,709. There were no open forward foreign currency contracts at August 31, 2017.
Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended August 31, 2017, the Fund had purchased and sold 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.
During the period ended August 31, 2017, the Fund had an average notional value on purchased and sold futures of $63,420,914 and $18,382,903, respectively. Please refer to the Portfolio of Investments for open futures contracts at August 31, 2017.
The Fund’s option strategy seeks to reduce volatility of total returns and to supplement distributions by selling call options and may also purchase put options on equity indices.
The Fund is also subject to foreign currency risk given its significant investments in foreign equities. In order to mitigate this risk, the Fund uses foreign-exchange option collars. Please refer to Note 7 for the volume of both purchased and written option activity during the period ended August 31, 2017.
NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
K. 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, 2017, excluding short-term securities, were $98,690,146 and $130,412,934, 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 1.15% 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, 2017, there were no preferred shares outstanding.
The Investment Adviser has entered into a consulting agreement with Voya IM (the “Consultant”). For its services, the Consultant will receive a consultancy fee from the Investment Adviser. No fee will be paid by the Fund directly to the Consultant. These services include, among other things, furnishing statistical and other factual information; providing advice with respect to potential investment strategies that may be employed for the Fund, including, but not limited to, potential options strategies; developing economic models of the anticipated investment performance and yield for the Fund; and providing advice to the Investment Adviser and/or sub-advisers with respect to the Fund’s level and/or managed distribution policy.
The Investment Adviser has entered into sub-advisory agreements with NNIP Advisors and Voya IM. Subject to policies as the Board or the Investment Adviser may determine, NNIP Advisors currently manages the Fund’s assets in accordance with the Fund’s investment objectives, policies and limitations. NNIP Advisors provides investment advice for the Fund and is paid by the Investment Adviser based on the average daily managed assets of the Fund. However, in the future, the Investment Adviser may allocate the Fund’s assets to Voya IM for management, and may change the allocation of the Fund’s assets among the two sub-advisers in its discretion, to pursue the Fund’s investment objective. Each sub-adviser would make investment decisions for the assets it is allocated to manage.
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 1.20% 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, 2017, 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,
| | | |
2018
| | 2019
| | 2020
| | Total
| |
| $181,745 | | $187,559 | | $191,897 | | $561,201 | |
The Expense Limitation Agreement is contractual through March 1, 2018 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.
16
NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
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”). The Fund purchases shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees’ deferred fees, resulting 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 — PURCHASED AND WRITTEN OPTIONS
Transactions in OTC purchased foreign currency options were as follows:
| | | | Notional
Amount
| | Cost
|
|---|
| Balance at 02/28/2017 | | | | $ | 219,000,000 | | | $ | 1,097,708 | |
| Options Purchased | | | | | 216,200,000 | | | | 1,123,098 | |
| Options Expired | | | | | (321,200,000 | ) | | | (1,645,148 | ) |
| Options Terminated in Closing Sell Transactions | | | | | 10,500,000 | | | | 75,492 | |
| Balance at 08/31/2017 | | | | $ | 124,500,000 | | | $ | 651,150 | |
Transactions in OTC written foreign currency options were as follows:
| | | | Notional
Amount
| | Premiums
Received
|
|---|
| Balance at 02/28/2017 | | | | $ | 219,000,000 | | | $ | 1,042,523 | |
| Options Written | | | | | (226,700,000 | ) | | | 953,077 | |
| Options Expired | | | | | 232,000,000 | | | | (957,633 | ) |
| Options Terminated in Closing Purchase Transactions | | | | | 212,900,000 | | | | (386,817 | ) |
| Balance at 08/31/2017 | | | | $ | 437,200,000 | | | $ | 651,150 | |
Transactions in OTC written equity options were as follows:
| | | | Number of
Contracts
| | Premiums
Received
|
|---|
| Balance at 02/28/2017 | | | | | 445,200 | | | $ | 4,335,995 | |
| Options Written | | | | | (1,376,000 | ) | | | 13,221,415 | |
| Options Expired | | | | | 756,300 | | | | (6,075,933 | ) |
| Options Terminated in Closing Purchase Transactions | | | | | 723,000 | | | | (8,043,122 | ) |
| Balance at 08/31/2017 | | | | | 548,500 | | | $ | 3,438,355 | |
NOTE 8 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:
Year or
period | | Shares
repurchased
| | Net increase
(decrease) in
shares
outstanding
| | Shares
repurchased,
net of
commissions
| | Net increase
(decrease)
|
|---|
ended
| | #
| | #
| | ($)
| | ($)
|
|---|
8/31/2017 | | | — | | | | — | | | | — | | | | — | |
2/28/2017 | | | (471,504 | ) | | | (471,504 | ) | | | (3,250,793 | ) | | | (3,250,793 | ) |
Share Repurchase Program
Effective April 1, 2017, pursuant to an open-market share repurchase program, the Fund may purchase, over the period ending March 31, 2018, up to 10% of its stock in open-market transactions. Previously, pursuant to an open-market share repurchase program effective April 1, 2016, the Fund may have purchased, over the period ended March 31, 2017, 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.
For the period ended August 31, 2017, the Fund had no repurchases.
For the year ended February 28, 2017, the Fund repurchased 471,504 shares, representing approximately 0.5% of the Fund’s outstanding shares for a net purchase price of $3,250,793 (including commissions of $11,788). Shares were repurchased at a weighted-average discount from NAV per share of 12.76% and a weighted-average price per share of $6.87. Any future purchases will be updated in the next shareholder report.
NOTE 9 — 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, and wash sale deferrals.
17
NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2017 (UNAUDITED) (CONTINUED)
NOTE 9 — FEDERAL INCOME TAXES (continued)
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, 2017. The tax composition of dividends and distributions as of the Fund’s most recent tax year-end was as follows:
Tax Year Ended
December 31, 2016
|
Ordinary
Income
| | Return
of Capital
|
| $61,635,335 | | $25,866,051 |
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, 2016 are detailed below. The Regulated Investment Company Modernization Act of 2010 (the “Act”) provides an unlimited carryforward period for newly generated capital losses. Under the Act, there may be a greater likelihood that all or a portion of the Fund’s pre-enactment capital loss carryforwards may expire without being utilized due to the fact that post-enactment capital losses are required to be utilized before pre-enactment capital loss carryforwards.
Unrealized
Appreciation/
(Depreciation)
| | Short-term
Capital Loss
Carryforwards
| | Expiration
|
|---|
| $(76,098,255) | | $(258,500,016) | | 2017 |
As a result of amendments to Regulation S-X, tax cost, appreciation and depreciation now reflect the Fund’s entire portfolio. This includes investments, derivatives, short positions and foreign cash, if applicable. As of August 31, 2017, cost for federal income tax purposes was $803,020,806. Net unrealized depreciation consisted of:
| Gross Unrealized Appreciation | | | | $ | 84,431,504 | |
| Gross Unrealized Depreciation | | | | | (99,073,130 | ) |
| Net Unrealized Depreciation | | | | $ | (14,641,626 | ) |
The Fund’s major tax jurisdictions are U.S. federal and Arizona state.
As of August 31, 2017, 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. The earliest tax year that remains subject to examination by these jurisdictions is 2012.
NOTE 10 — SUBSEQUENT EVENTS
Dividends: Subsequent to August 31, 2017, the Fund made distributions of:
Per Share
Amount
| | Declaration
Date
| | Payable
Date
| | Record
Date
|
|---|
| $0.061 | | | 08-15-2017 | | | | 09-15-2017 | | | | 09-06-2017 | |
| $0.061 | | | 09-15-2017 | | | | 10-16-2017 | | | | 10-04-2017 | |
| $0.061 | | | 10-16-2017 | | | | 11-15-2017 | | | | 11-02-2017 | |
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 (“subsequent events”) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than above, no such subsequent events were identified.
18
Voya Global Equity Dividend and
Premium Opportunity Fund | SUMMARY PORTFOLIO OF INVESTMENTS
as of August 31, 2017 (Unaudited) |
Shares
|
|
|
|
|
|
|
| Value
|
| Percentage
of Net
Assets
|
|---|
| |
COMMON STOCK: 93.3% |
| |
| 69,400 | | | | | | Other Securities | | $ | 3,221,884 | | | | 0.4 | |
| |
| |
| 425,114 | | | | | | Shaw Communications, Inc. — Class B | | | 9,484,425 | | | | 1.2 | |
| 138,128 | | | | | | Other Securities | | | 9,458,176 | | | | 1.2 | |
| | | | | | | | | | 18,942,601 | | | | 2.4 | |
| |
| |
| 204,393 | | | | | | BNP Paribas | | | 15,539,549 | | | | 1.9 | |
| 164,794 | | | | | | Casino Guichard Perrachon S.A. | | | 9,366,745 | | | | 1.2 | |
| 174,031 | | | | | | Cie de Saint-Gobain | | | 9,540,608 | | | | 1.2 | |
| 773,190 | | | | | | Engie SA | | | 12,910,756 | | | | 1.6 | |
| 102,397 | | | | | | Sanofi | | | 9,983,724 | | | | 1.3 | |
| 260,500 | | | | | | Total S.A. | | | 13,516,630 | | | | 1.7 | |
| 107,525 | | | | | | Vinci S.A. | | | 9,893,296 | | | | 1.2 | |
| 579,994 | | | | | | Other Securities(a) | | | 12,468,977 | | | | 1.6 | |
| | | | | | | | | | 93,220,285 | | | | 11.7 | |
| |
| |
| 579,167 | | | | | | Deutsche Bank AG | | | 9,276,505 | | | | 1.2 | |
| |
| |
| 738,561 | | | | | | Assicurazioni Generali S.p.A. | | | 13,248,201 | | | | 1.7 | |
| 454,192 | | | | @ | | UniCredit SpA | | | 9,262,251 | | | | 1.2 | |
| 428,587 | | | | | | Other Securities | | | 6,731,400 | | | | 0.8 | |
| | | | | | | | | | 29,241,852 | | | | 3.7 | |
| |
| |
| 436,100 | | | | | | Itochu Corp. | | | 7,121,333 | | | | 0.9 | |
| 1,937,800 | | | | | | Mitsubishi UFJ Financial Group, Inc. | | | 11,808,087 | | | | 1.5 | |
| 46,400 | | | | | | Murata Manufacturing Co., Ltd. | | | 7,109,925 | | | | 0.9 | |
| 968,800 | | | | | | Nissan Motor Co., Ltd. | | | 9,645,021 | | | | 1.2 | |
| 334,400 | | | | | | Sumitomo Mitsui Financial Group, Inc. | | | 12,450,810 | | | | 1.6 | |
| 741,600 | | | | | | Other Securities | | | 17,043,989 | | | | 2.1 | |
| | | | | | | | | | 65,179,165 | | | | 8.2 | |
| |
| |
| 262,544 | | | | | | Other Securities(a) | | | 6,995,276 | | | | 0.9 | |
| |
| |
| 589,367 | | | | | | Royal Dutch Shell PLC | | | 16,266,411 | | | | 2.0 | |
| |
| |
| 2,638,000 | | | | | | Other Securities | | | 10,497,134 | | | | 1.3 | |
| |
| |
| 836,943 | | | | | | Telefonica S.A. | | | 9,029,505 | | | | 1.1 | |
| 156,700 | | | | | | Other Securities | | | 5,931,657 | | | | 0.8 | |
| | | | | | | | | | 14,961,162 | | | | 1.9 | |
| |
| |
| 992,200 | | | | | | Other Securities | | | 5,818,783 | | | | 0.7 | |
| |
| |
COMMON STOCK: (continued) |
| |
| 121,587 | | | | | | Novartis AG | | $ | 10,250,654 | | | | 1.3 | |
| 36,681 | | | | | | Roche Holding AG | | | 9,319,571 | | | | 1.2 | |
| 1,945,579 | | | | | | Other Securities | | | 20,579,781 | | | | 2.6 | |
| | | | | | | | | | 40,150,006 | | | | 5.1 | |
| |
| |
| 197,567 | | | | | | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | | | 7,304,052 | | | | 0.9 | |
| |
| |
| 956,592 | | | | | | HSBC Holdings PLC | | | 9,273,857 | | | | 1.2 | |
| 2,503,500 | | | | | | Kingfisher PLC | | | 9,673,531 | | | | 1.2 | |
| 211,323 | | | | | | Rio Tinto PLC | | | 10,264,240 | | | | 1.3 | |
| 4,437,054 | | | | | | Vodafone Group PLC | | | 12,697,483 | | | | 1.6 | |
| 4,643,813 | | | | | | Other Securities | | | 23,048,598 | | | | 2.9 | |
| | | | | | | | | | 64,957,709 | | | | 8.2 | |
| |
| |
| 200,200 | | | | | | Abbott Laboratories | | | 10,198,188 | | | | 1.3 | |
| 95,611 | | | | | | AbbVie, Inc. | | | 7,199,508 | | | | 0.9 | |
| 59,606 | | | | | | Amgen, Inc. | | | 10,596,159 | | | | 1.3 | |
| 96,651 | | | | | | Apple, Inc. | | | 15,850,764 | | | | 2.0 | |
| 159,538 | | | | | | Bristol-Myers Squibb Co. | | | 9,648,858 | | | | 1.2 | |
| 400,039 | | | | | | Cisco Systems, Inc. | | | 12,885,256 | | | | 1.6 | |
| 233,100 | | | | | | Citigroup, Inc. | | | 15,857,793 | | | | 2.0 | |
| 286,600 | | | | | | ConocoPhillips | | | 12,512,956 | | | | 1.6 | |
| 118,925 | | | | | | Eli Lilly & Co. | | | 9,667,413 | | | | 1.2 | |
| 114,348 | | | | | | Exxon Mobil Corp. | | | 8,728,183 | | | | 1.1 | |
| 405,450 | | | | | | Gap, Inc. | | | 9,576,729 | | | | 1.2 | |
| 497,931 | | | | | | General Electric Co. | | | 12,224,206 | | | | 1.5 | |
| 121,900 | | | | | | Gilead Sciences, Inc. | | | 10,204,249 | | | | 1.3 | |
| 62,531 | | | | | | International Business Machines Corp. | | | 8,943,809 | | | | 1.1 | |
| 587,744 | | | | | | Mattel, Inc. | | | 9,533,208 | | | | 1.2 | |
| 62,175 | | | | | | McDonald’s Corp. | | | 9,946,135 | | | | 1.3 | |
| 252,147 | | | | | | Metlife, Inc. | | | 11,808,044 | | | | 1.5 | |
| 174,276 | | | | | | Microsoft Corp. | | | 13,030,616 | | | | 1.6 | |
| 478,000 | | | | | | Mosaic Co. | | | 9,550,440 | | | | 1.2 | |
| 247,200 | | | | | | Nielsen Holdings PLC | | | 9,603,720 | | | | 1.2 | |
| 382,087 | | | | | | Pfizer, Inc. | | | 12,960,391 | | | | 1.6 | |
| 73,304 | | | | | | PNC Financial Services Group, Inc. | | | 9,193,055 | | | | 1.2 | |
| 109,182 | | | | | | Procter & Gamble Co. | | | 10,074,223 | | | | 1.3 | |
| 183,000 | | | | | | Qualcomm, Inc. | | | 9,565,410 | | | | 1.2 | |
| 125,700 | | | | | | Wal-Mart Stores, Inc. | | | 9,813,399 | | | | 1.2 | |
| 1,899,908 | | | | | | Other Securities | | | 86,621,454 | | | | 10.9 | |
| | | | | | | | | | 355,794,166 | | | | 44.7 | |
| |
| | | | | | | Total Common Stock
(Cost $756,126,617) | | | 741,826,991 | | | | 93.3 | |
See Accompanying Notes to Financial Statements
19
Voya Global Equity Dividend and
Premium Opportunity Fund | SUMMARY PORTFOLIO OF INVESTMENTS
as of August 31, 2017 (Unaudited)(continued) |
|
|
|
|
|
|
|
| Value
|
| Percentage
of Net
Assets
|
|---|
| |
PURCHASED OPTIONS(b): 0.1% |
| | | | | | | Total Purchased Options
(Cost $651,150) | | $ | 242,288 | | | | 0.1 | |
| | | | | | | Total Long-Term Investments
(Cost $756,777,767) | | | 742,069,279 | | | | 93.4 | |
Shares
|
|
|
|
|
|
|
| Value
|
| Percentage
of Net
Assets
|
|---|
| |
SHORT-TERM INVESTMENTS: 5.6% |
| |
| 44,897,435 | | | | | | BlackRock Liquidity Funds, FedFund, Institutional Class, 0.910%††
(Cost $44,897,435) | | | 44,897,435 | | | | 5.6 | |
| |
| | | | | | | Total Short-Term Investments
(Cost $44,897,435) | | | 44,897,435 | | | | 5.6 | |
| |
| | | | | | | Total Investments in Securities
(Cost $801,675,202) | | $ | 786,966,714 | | | | 99.0 | |
| | | | | | | Assets in Excess of Other Liabilities | | | 8,319,613 | | | | 1.0 | |
| | | | | | | Net Assets | | $ | 795,286,327 | | | | 100.0 | |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of August 31, 2017.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
| †† | | Rate shown is the 7-day yield as of August 31, 2017. |
| @ | | Non-income producing security. |
| ADR | | American Depositary Receipt |
| (a) | | The grouping contains non-income producing securities. |
| (b) | | The tables below the Portfolio of Investments detail open purchased options which are non-income producing securities. |
Sector Diversification
| | | | Percentage
of Net Assets
|
|---|
| Financials | | | | | 19.2 | % |
| Health Care | | | | | 14.2 | |
| Information Technology | | | | | 11.2 | |
| Consumer Discretionary | | | | | 10.5 | |
| Industrials | | | | | 9.8 | |
| Energy | | | | | 8.3 | |
| Telecommunication Services | | | | | 5.9 | |
| Consumer Staples | | | | | 5.9 | |
| Materials | | | | | 4.2 | |
| Utilities | | | | | 4.1 | |
| Purchased Options | | | | | 0.1 | |
| Short-Term Investments | | | | | 5.6 | |
| Assets in Excess of Other Liabilities | | | | | 1.0 | |
Net Assets | | | | | 100.0 | % |
Fair Value Measurementsˆ
The following is a summary of the fair valuations according to the inputs used as of August 31, 2017 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, 2017
|
|---|
Asset Table | | | | | | | | | | | | | | | | | |
Investments, at fair value | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | | |
| Belgium | | $ | — | | | $ | 3,221,884 | | | | $ | — | | | $ | 3,221,884 | |
| Canada | | | 18,942,601 | | | | — | | | | | — | | | | 18,942,601 | |
| France | | | — | | | | 93,220,285 | | | | | — | | | | 93,220,285 | |
| Germany | | | — | | | | 9,276,505 | | | | | — | | | | 9,276,505 | |
| Italy | | | — | | | | 29,241,852 | | | | | — | | | | 29,241,852 | |
| Japan | | | — | | | | 65,179,165 | | | | | — | | | | 65,179,165 | |
| Luxembourg | | | — | | | | 6,995,276 | | | | | — | | | | 6,995,276 | |
| Netherlands | | | — | | | | 16,266,411 | | | | | — | | | | 16,266,411 | |
| Singapore | | | — | | | | 10,497,134 | | | | | — | | | | 10,497,134 | |
| Spain | | | — | | | | 14,961,162 | | | | | — | | | | 14,961,162 | |
| Sweden | | | — | | | | 5,818,783 | | | | | — | | | | 5,818,783 | |
| Switzerland | | | — | | | | 40,150,006 | | | | | — | | | | 40,150,006 | |
| Taiwan | | | 7,304,052 | | | | — | | | | | — | | | | 7,304,052 | |
| United Kingdom | | | — | | | | 64,957,709 | | | | | — | | | | 64,957,709 | |
| United States | | | 355,794,166 | | | | — | | | | | — | | | | 355,794,166 | |
| Total Common Stock | | | 382,040,819 | | | | 359,786,172 | | | | | — | | | | 741,826,991 | |
| Purchased Options | | | — | | | | 242,288 | | | | | — | | | | 242,288 | |
| Short-Term Investments | | | 44,897,435 | | | | — | | | | | — | | | | 44,897,435 | |
| Total Investments, at fair value | | $ | 426,938,254 | | | $ | 360,028,460 | | | | $ | — | | | $ | 786,966,714 | |
See Accompanying Notes to Financial Statements
20
Voya Global Equity Dividend and
Premium Opportunity Fund | SUMMARY PORTFOLIO OF INVESTMENTS
as of August 31, 2017 (Unaudited)(continued) |
| | 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, 2017
|
|---|
| Asset Table (continued) | | | | | | | | | |
|---|
Other Financial Instruments+ | | | | | | | | | | | | | | | | | |
| Futures | | $ | 178,604 | | | $ | — | | | | $ | — | | | $ | 178,604 | |
| Total Assets | | $ | 427,116,858 | | | $ | 360,028,460 | | | | $ | — | | | $ | 787,145,318 | |
Liabilities Table | | | | | | | | | | | | | | | | | |
Other Financial Instruments+ | | | | | | | | | | | | | | | | | |
| Futures | | $ | (456,725 | ) | | $ | — | | | | $ | — | | | $ | (456,725 | ) |
| Written Options | | | — | | | | (3,376,417 | ) | | | | — | | | | (3,376,417 | ) |
| Total Liabilities | | $ | (456,725 | ) | | $ | (3,376,417 | ) | | | $ | — | | | $ | (3,833,142 | ) |
| ˆ | | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
| + | | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and 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 valued at the unrealized gain (loss) 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, 2017, the following futures contracts were outstanding for Voya Global Equity Dividend and Premium Opportunity Fund:
Contract Description
| | Number
of Contracts
| | Expiration
Date
| | Notional
Value
| | Unrealized
Appreciation/
(Depreciation)
|
|---|
Long Contracts | | | | | | | | | | | | | | | | | | |
| EURO STOXX 50® Index | | | 612 | | | | 09/15/17 | | | | $ | 24,945,692 | | | | $ | (71,929 | ) |
| FTSE 100 Index | | | 306 | | | | 09/15/17 | | | | | 29,409,380 | | | | | 178,604 | |
| Nikkei 225 Index | | | 342 | | | | 09/07/17 | | | | | 30,634,875 | | | | | (348,712 | ) |
| | | | | | | | | | | | $ | 84,989,947 | | | | $ | (242,037 | ) |
Short Contracts | | | | | | | | | | | | | | | | | | |
| S&P 500 E-Mini | | | (99 | ) | | | 09/15/17 | | | | | (12,226,500 | ) | | | | (36,084 | ) |
| | | | | | | | | | | | $ | (12,226,500 | ) | | | $ | (36,084 | ) |
At August 31, 2017, the following OTC purchased foreign currency options were outstanding for Voya Global Equity Dividend and Premium Opportunity Fund:
Description
| | Counterparty
| | Expiration
Date
| | Exercise
Price
| | Notional
Amount
| | Cost
| | Fair Value
| |
|---|
| Call USD vs. Put EUR | | BNP Paribas Bank | | 09/20/17 | | 1.091 USD | | 9,500,000 | | $ | 38,000 | | $ | 81 | |
| Call USD vs. Put EUR | | BNP Paribas Bank | | 10/20/17 | | 1.127 USD | | 17,500,000 | | 87,500 | | 10,641 | |
| Call USD vs. Put EUR | | BNP Paribas Bank | | 11/20/17 | | 1.147 USD | | 12,500,000 | | 60,000 | | 37,535 | |
| Call USD vs. Put GBP | | BNP Paribas Bank | | 09/20/17 | | 1.223 USD | | 26,000,000 | | 140,400 | | 1,848 | |
| Call USD vs. Put GBP | | BNP Paribas Bank | | 10/20/17 | | 1.255 USD | | 10,000,000 | | 32,000 | | 24,046 | |
| Call USD vs. Put GBP | | Morgan Stanley &
Co. International
PLC | | 11/20/17 | | 1.248 USD | | 20,000,000 | | 104,000 | | 74,761 | |
| Call USD vs. Put JPY | | BNP Paribas Bank | | 09/20/17 | | 114.750 USD | | 16,500,000 | | 74,250 | | 2,871 | |
| Call USD vs. Put JPY | | BNP Paribas Bank | | 10/20/17 | | 115.500 USD | | 10,000,000 | | 50,000 | | 7,610 | |
| Call USD vs. Put JPY | | Morgan Stanley &
Co. International
PLC | | 11/20/17 | | 112.440 USD | | 13,000,000 | | 65,000 | | 82,895 | |
| | | | | | | | | | | $ | 651,150 | | $ | 242,288 | |
See Accompanying Notes to Financial Statements
21
Voya Global Equity Dividend and
Premium Opportunity Fund | SUMMARY PORTFOLIO OF INVESTMENTS
as of August 31, 2017 (Unaudited)(continued) |
At August 31, 2017, the following OTC written foreign currency options were outstanding for Voya Global Equity Dividend and Premium Opportunity Fund:
Description
| | Counterparty
| | Expiration
Date
| | Exercise
Price
| | Notional
Amount
| | Premiums
Received
| | Fair Value
| |
|---|
| Put USD vs. Call EUR | | BNP Paribas Bank | | 09/20/17 | | 1.147 USD | | 9,500,000 | | $ | 38,000 | | $ | (373,015 | ) |
| Put USD vs. Call EUR | | BNP Paribas Bank | | 10/20/17 | | 1.201 USD | | 17,500,000 | | 87,500 | | (163,995 | ) |
| Put USD vs. Call EUR | | BNP Paribas Bank | | 11/20/17 | | 1.224 USD | | 12,500,000 | | 60,000 | | (80,336 | ) |
| Put USD vs. Call GBP | | BNP Paribas Bank | | 09/20/17 | | 1.307 USD | | 26,000,000 | | 140,400 | | (73,757 | ) |
| Put USD vs. Call GBP | | BNP Paribas Bank | | 10/20/17 | | 1.338 USD | | 10,000,000 | | 32,000 | | (17,613 | ) |
| Put USD vs. Call GBP | | Morgan Stanley &
Co. International
PLC | | 11/20/17 | | 1.329 USD | | 20,000,000 | | 104,000 | | (102,680 | ) |
| Put USD vs. Call JPY | | BNP Paribas Bank | | 09/20/17 | | 106.700 USD | | 16,500,000 | | 74,250 | | (19,189 | ) |
| Put USD vs. Call JPY | | BNP Paribas Bank | | 10/20/17 | | 106.700 USD | | 10,000,000 | | 50,000 | | (43,999 | ) |
| Put USD vs. Call JPY | | Morgan Stanley &
Co. International
PLC | | 11/20/17 | | 103.030 USD | | 13,000,000 | | 65,000 | | (34,636 | ) |
| | | | | | | | | | | $ | 651,150 | | $ | (909,220 | ) |
At August 31, 2017, the following OTC written equity options were outstanding for Voya Global Equity Dividend and Premium Opportunity Fund:
Description
| | Counterparty
| | Put/Call
| | Expiration
Date
| | Exercise
Price
| | Number of
Contracts
| | Notional
Amount
| | Premiums
Received
| | Fair Value
| |
|---|
| EURO STOXX 50® Index | | Morgan Stanley & Co. International PLC | | Call | | 10/06/17 | | 3,470.850 EUR | | 3,200 | | 10,948,704 | | $ | 171,624 | | $ | (118,260 | ) |
| EURO STOXX 50® Index | | Morgan Stanley & Co. International PLC | | Call | | 09/15/17 | | 3,541.800 EUR | | 3,200 | | 10,948,704 | | | 132,136 | | | (21,289 | ) |
| EURO STOXX 50® Index | | Societe Generale | | Call | | 09/01/17 | | 3,519.290 EUR | | 3,300 | | 11,290,851 | | | 147,450 | | | (106 | ) |
| FTSE 100 Index | | Morgan Stanley & Co. International PLC | | Call | | 09/01/17 | | 7,497.340 GBP | | 2,100 | | 15,604,302 | | | 158,928 | | | (3,915 | ) |
| FTSE 100 Index | | Morgan Stanley & Co. International PLC | | Call | | 09/15/17 | | 7,514.640 GBP | | 2,000 | | 14,861,240 | | | 142,450 | | | (58,733 | ) |
| FTSE 100 Index | | Societe Generale | | Call | | 10/06/17 | | 7,390.800 GBP | | 2,100 | | 15,604,302 | | | 199,647 | | | (293,290 | ) |
| Nikkei 225 Index | | Morgan Stanley & Co. International PLC | | Call | | 09/15/17 | | 20,144.570 JPY | | 73,600 | | 1,445,963,264 | | | 112,787 | | | (30,346 | ) |
| Nikkei 225 Index | | Morgan Stanley & Co. International PLC | | Call | | 09/01/17 | | 20,255.620 JPY | | 74,000 | | 1,453,821,760 | | | 117,630 | | | (41 | ) |
| Nikkei 225 Index | | Societe Generale | | Call | | 10/06/17 | | 19,516.400 JPY | | 73,400 | | 1,442,034,016 | | | 170,893 | | | (203,559 | ) |
| S&P 500 Index | | Morgan Stanley & Co. International PLC | | Call | | 10/06/17 | | 2,447.480 USD | | 34,900 | | 86,260,585 | | | 955,657 | | | (1,508,872 | ) |
| S&P 500 Index | | Morgan Stanley & Co. International PLC | | Call | | 09/01/17 | | 2,479.590 USD | | 35,000 | | 86,507,750 | | | 599,550 | | | (28,414 | ) |
| S&P 500 Index | | Societe Generale | | Call | | 09/15/17 | | 2,488.340 USD | | 35,100 | | 86,754,915 | | | 529,603 | | | (200,372 | ) |
| | | | | | | | | | | | | | | $ | 3,438,355 | | $ | (2,467,197 | ) |
Currency Abbreviations
EUR — EU Euro
GBP — British Pound
JPY — Japanese Yen
USD — United States Dollar
See Accompanying Notes to Financial Statements
22
Voya Global Equity Dividend and
Premium Opportunity Fund | SUMMARY PORTFOLIO OF INVESTMENTS
as of August 31, 2017 (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, 2017 was as follows:
Derivatives not accounted for as
hedging instruments | | Location on Statement
of Assets and Liabilities
| | Fair Value
|
Asset Derivatives | | | | | | | |
| Foreign exchange contracts | | Investments in securities at value* | | | $ | 242,288 | |
| Equity contracts | | Net Assets — Unrealized appreciation** | | | | 178,604 | |
Total Asset Derivatives | | | | | $ | 420,892 | |
Liability Derivatives | | | | | | | |
| Equity contracts | | Net Assets — Unrealized depreciation** | | | $ | 456,725 | |
| Equity Contracts | | Written options, at fair value | | | | 2,467,197 | |
| Foreign exchange contracts | | Written options, at fair value | | | | 909,220 | |
Total Liability Derivatives | | | | | $ | 3,833,142 | |
| * | | Includes purchased options. |
| ** | | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments. |
The effect of derivative instruments on the Fund’s Statement of Operations for the period ended August 31, 2017 was as follows:
| | | | Amount of Realized Gain or (Loss)
on Derivatives Recognized in Income
|
Derivatives not accounted for as
hedging instruments | | | | Investments*
| | Forward foreign
currency
contracts
| | Futures
| | Written
options
| | Total
|
| Equity contracts | | | | $ | — | | | $ | — | | | $ | 6,782,842 | | | $ | 441,899 | | | | 7,224,741 | |
| Foreign exchange contracts | | | | | 33,415 | | | | (18,841 | ) | | | — | | | | 582,491 | | | | 597,065 | |
Total | | | | $ | 33,415 | | | $ | (18,841 | ) | | $ | 6,782,842 | | | $ | 1,024,390 | | | $ | 7,821,806 | |
| | | | Change in Unrealized Appreciation or (Depreciation)
on Derivatives Recognized in Income
|
|---|
Derivatives not accounted for as
hedging instruments
| | | | Investments*
| | Futures
| | Written
options
| | Total
|
|---|
| Equity contracts | | | | $ | — | | | $ | (587,125 | ) | | $ | 2,663,189 | | | $ | 2,076,064 | |
| Foreign exchange contracts | | | | | 214,612 | | | | — | | | | (474,079 | ) | | | (259,467 | ) |
Total | | | | $ | 214,612 | | | $ | (587,125 | ) | | $ | 2,189,110 | | | $ | 1,816,597 | |
| * | | Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments. |
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, 2017:
| | | | BNP
Paribas Bank
| | Morgan Stanley & Co.
International PLC
| | Societe
Generale
| | Totals
| |
|---|
Assets: | | | | | | | | | | | | | | | | | | | |
| Purchased options | | | | $ | 84,632 | | | $ | 157,656 | | | $ | — | | | $ | 242,288 | | |
Total Assets | | | | $ | 84,632 | | | $ | 157,656 | | | $ | — | | | $ | 242,288 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
| Written options | | | | $ | 771,904 | | | $ | 1,907,186 | | | $ | 697,327 | | | $ | 3,376,417 | | |
Total Liabilities | | | | $ | 771,904 | | | $ | 1,907,186 | | | $ | 697,327 | | | $ | 3,376,417 | | |
Net OTC derivative instruments by counterparty, at fair value | | | | $ | (687,272 | ) | | $ | (1,749,530 | ) | | $ | (697,327 | ) | | $ | (3,134,129 | ) | |
Total collateral pledged by the Fund/(Received from counterparty) | | | | $ | 687,272 | | | $ | 1,270,000 | | | $ | 590,000 | | | $ | 2,547,272 | | |
Net Exposure(1)(2) | | | | $ | — | | | $ | (479,530 | ) | | $ | (107,327 | ) | | $ | (586,857 | ) | |
(1) | | At August 31, 2017, the Fund had pledged $830,000 in cash collateral to BNP Paribas Bank. Excess cash collateral is not shown for financial reporting purposes. |
(2) | | 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. |
See Accompanying Notes to Financial Statements
23
Voya Global Equity Dividend and
Premium Opportunity Fund | SUMMARY PORTFOLIO OF INVESTMENTS
as of August 31, 2017 (Unaudited)(continued) |
Supplemental Option Information (Unaudited)
Supplemental Call Option Statistics as of August 31, 2017:
| Indices | | | | | | |
| % of Total Net Assets against which calls written | | | | | 50.01 | % |
| Average Days to Expiration at time written | | | | | 44 days | |
| Average Call Moneyness* at time written | | | | | OTM/ATM | |
| Premiums received for calls | | | | $ | 3,438,355 | |
| Value of calls | | | | $ | (2,467,197 | ) |
| Currencies | | | | | | |
| % of Total Net Assets against which calls/puts written | | | | | 17.17 | % |
| Average Days to Expiration at time written | | | | | 92 days | |
| Average Call Moneyness* at time written | | | | | OTM | |
| Premiums received for calls | | | | $ | 651,150 | |
| Value of calls | | | | $ | (909,220 | ) |
Supplemental Put Option Statistics as of August 31, 2017:
| Currency | | | | | | |
| % of Total Net Assets against which Currency calls/puts purchased | | | | | 17.17 | % |
| Average Days to Expiration at time purchased | | | | | 92 days | |
| Average Currency Put Moneyness* at time purchased | | | | | OTM | |
| Premiums Paid for puts | | | | $ | 651,150 | |
| Value of puts | | | | $ | (242,288 | ) |
| * | | “Moneyness” is the term used to describe the relationship between the price of the underlying asset and the option’s exercise or strike price. For example, a call (buy) option is considered “in-the-money” when the value of the underlying asset exceeds the strike price. Conversely, a put (sell) option is considered “in-the-money” when its strike price exceeds the value of the underlying asset. Options are characterized for the purpose of Moneyness as, “in-the-money” (“ITM”), “out-of-the-money” (“OTM”) or “at-the-money” (“ATM”), where the underlying asset value equals the strike price. |
See Accompanying Notes to Financial Statements
24
SHAREHOLDER MEETING INFORMATION (Unaudited)
Proposal:
| 1 | At this meeting, a proposal was submitted to elect four members of the Board of Trustees to represent the interests of the holders of the Fund, with all four 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 Global Equity Dividend and Premium Opportunity Fund was held July 6, 2017, at the offices of Voya Investment Management, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ 85258.
| | | | Proposal
| | Shares
voted for
| | Shares voted
against or
withheld
| | Shares
abstained
| | Broker
non-vote
| | Total Shares
Voted
| |
Class III Trustees
| | Voya Global Equity Dividend and
Premium Opportunity Fund | | | | | | | | | | | | | |
| | | Martin J. Gavin | | 1* | | 80,315,055.111 | | 3,225,436.720 | | 0.000 | | 0.000 | | 83,540,491.831 | |
| | | Patrick W. Kenny | | 1* | | 65,007,129.111 | | 18,533,362.720 | | 0.000 | | 0.000 | | 83,540,491.831 | |
| | | Shaun P. Mathews | | 1* | | 65,209,608.111 | | 18,330,883.720 | | 0.000 | | 0.000 | | 83,540,491.831 | |
| | | Roger B. Vincent | | 1* | | 80,259,717.111 | | 3,280,774.720 | | 0.000 | | 0.000 | | 83,540,491.831 | |
After the July 6, 2017 annual shareholder meeting, the following Trustees continued on as Trustees of the Trust: Colleen D. Baldwin, John V. Boyer, Patricia W. Chadwick, Peter S. Drotch, Russell H. Jones, Joseph E. Obermeyer, Sheryl K. Pressler and Christopher P. Sullivan.
25
ADDITIONAL INFORMATION (UNAUDITED)
During the period, there were no material changes in the Fund’s investment objective or policies that were not approved by the shareholders or the Fund’s charter or by-laws or in the principal risk factors associated with investment in the Fund other than that listed below.
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.
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
26
ADDITIONAL INFORMATION (UNAUDITED) (CONTINUED)
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 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 un-invested 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.
Key Financial Dates — Calendar 2017 Distributions:
Declaration
Date
| | Ex
Date
| | Record
Date
| | Payable
Date
|
| 17-Jan-17 | | | | 1-Feb-17 | | | | 3-Feb-17 | | | | 15-Feb-17 | |
| 15-Feb-17 | | | | 1-Mar-17 | | | | 3-Mar-17 | | | | 15-Mar-17 | |
| 15-Mar-17 | | | | 3-Apr-17 | | | | 5-Apr-17 | | | | 17-Apr-17 | |
| 17-Apr-17 | | | | 1-May-17 | | | | 3-May-17 | | | | 15-May-17 | |
| 15-May-17 | | | | 1-Jun-17 | | | | 5-Jun-17 | | | | 15-Jun-17 | |
| 15-Jun-17 | | | | 3-Jul-17 | | | | 6-Jul-17 | | | | 17-Jul-17 | |
| 17-Jul-17 | | | | 1-Aug-17 | | | | 3-Aug-17 | | | | 15-Aug-17 | |
| 15-Aug-17 | | | | 1-Sep-17 | | | | 6-Sep-17 | | | | 15-Sep-17 | |
| 15-Sep-17 | | | | 3-Oct-17 | | | | 4-Oct-17 | | | | 16-Oct-17 | |
| 16-Oct-17 | | | | 1-Nov-17 | | | | 2-Nov-17 | | | | 15-Nov-17 | |
| 15-Nov-17 | | | | 1-Dec-17 | | | | 4-Dec-17 | | | | 15-Dec-17 | |
| 15-Dec-17 | | | | 28-Dec-17 | | | | 29-Dec-17 | | | | 16-Jan-18 | |
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: IGD).
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, 2017, was 88, which does not include approximately 49,641 beneficial owners of shares held in the name of brokers of other nominees.
27
ADDITIONAL INFORMATION (UNAUDITED) (CONTINUED)
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 July 28, 2017 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 Forms N-CSR and N-Q, relating to, among other things, the Fund’s disclosure controls and procedures and internal controls over financial reporting.
28
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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
225 Liberty 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
| 
163319 (0817-102417) |
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.
Complete schedule of investments filed herein.
| Voya Global Equity Dividend and Premium Opportunity Fund | PORTFOLIO OF INVESTMENTS as of August 31, 2017 (Unaudited) |
| Shares | | | | | | Value | | Percentage
of Net
Assets |
| COMMON STOCK: 93.3% |
| | | | | | | Belgium: 0.4% | | | | | | | | |
| | 69,400 | | | | | Ageas | | | 3,221,884 | | | | 0.4 | |
| | | | | | | | | | | | | | | |
| | | | | | | Canada: 2.4% | | | | | | | | |
| | 73,547 | | | | | Canadian Imperial Bank of Commerce - XTSE | | | 6,178,832 | | | | 0.8 | |
| | 425,114 | | | | | Shaw Communications, Inc. - Class B | | | 9,484,425 | | | | 1.2 | |
| | 64,581 | | | | | TransCanada Corp. | | | 3,279,344 | | | | 0.4 | |
| | | | | | | | | | 18,942,601 | | | | 2.4 | |
| | | | | | | | | | | | | | | |
| | | | | | | France: 11.7% | | | | | | | | |
| | 204,393 | | | | | BNP Paribas | | | 15,539,549 | | | | 1.9 | |
| | 164,794 | | | | | Casino Guichard Perrachon S.A. | | | 9,366,745 | | | | 1.2 | |
| | 174,031 | | | | | Cie de Saint-Gobain | | | 9,540,608 | | | | 1.2 | |
| | 773,190 | | | | | Engie SA | | | 12,910,756 | | | | 1.6 | |
| | 216,694 | | | @ | | Eutelsat Communications | | | 6,300,648 | | | | 0.8 | |
| | 363,300 | | | | | Orange SA | | | 6,168,329 | | | | 0.8 | |
| | 102,397 | | | | | Sanofi | | | 9,983,724 | | | | 1.3 | |
| | 260,500 | | | | | Total S.A. | | | 13,516,630 | | | | 1.7 | |
| | 107,525 | | | | | Vinci S.A. | | | 9,893,296 | | | | 1.2 | |
| | | | | | | | | | 93,220,285 | | | | 11.7 | |
| | | | | | | | | | | | | | | |
| | | | | | | Germany: 1.2% | | | | | | | | |
| | 579,167 | | | | | Deutsche Bank AG | | | 9,276,505 | | | | 1.2 | |
| | | | | | | | | | | | | | | |
| | | | | | | Italy: 3.7% | | | | | | | | |
| | 738,561 | | | | | Assicurazioni Generali S.p.A. | | | 13,248,201 | | | | 1.7 | |
| | 428,587 | | | | | ENI S.p.A. | | | 6,731,400 | | | | 0.8 | |
| | 454,192 | | | @ | | UniCredit SpA | | | 9,262,251 | | | | 1.2 | |
| | | | | | | | | | 29,241,852 | | | | 3.7 | |
| | | | | | | | | | | | | | | |
| | | | | | | Japan: 8.2% | | | | | | | | |
| | 103,700 | | | | | Canon, Inc. | | | 3,634,866 | | | | 0.4 | |
| | 436,100 | | | | | Itochu Corp. | | | 7,121,332 | | | | 0.9 | |
| | 198,400 | | | | | Japan Airlines Co. Ltd. | | | 6,831,374 | | | | 0.9 | |
| | 1,937,800 | | | | | Mitsubishi UFJ Financial Group, Inc. | | | 11,808,087 | | | | 1.5 | |
| | 439,500 | | | | | Mitsui & Co., Ltd. | | | 6,577,750 | | | | 0.8 | |
| | 46,400 | | | | | Murata Manufacturing Co., Ltd. | | | 7,109,925 | | | | 0.9 | |
| | 968,800 | | | | | Nissan Motor Co., Ltd. | | | 9,645,021 | | | | 1.2 | |
| | 334,400 | | | | | Sumitomo Mitsui Financial Group, Inc. | | | 12,450,810 | | | | 1.6 | |
| | | | | | | | | | 65,179,165 | | | | 8.2 | |
| | | | | | | | | | | | | | | |
| | | | | | | Luxembourg: 0.9% | | | | | | | | |
| | 262,544 | | | @ | | ArcelorMittal | | | 6,995,276 | | | | 0.9 | |
| | | | | | | | | | | | | | | |
| | | | | | | Netherlands: 2.0% | | | | | | | | |
| | 589,367 | | | | | Royal Dutch Shell PLC | | | 16,266,411 | | | | 2.0 | |
| | | | | | | | | | | | | | | |
| | | | | | | Singapore: 1.3% | | | | | | | | |
| | 2,418,800 | | | | | Singapore Telecommunications Ltd. | | | 6,610,157 | | | | 0.8 | |
| | 219,200 | | | | | United Overseas Bank Ltd. | | | 3,886,977 | | | | 0.5 | |
| | | | | | | | | | 10,497,134 | | | | 1.3 | |
| | | | | | | | | | | | | | | |
| | | | | | | Spain: 1.9% | | | | | | | | |
| | 156,700 | | | | | ACS Actividades de Construccion y Servicios S.A. | | | 5,931,657 | | | | 0.8 | |
| | 836,943 | | | | | Telefonica S.A. | | | 9,029,505 | | | | 1.1 | |
| | | | | | | | | | 14,961,162 | | | | 1.9 | |
| | | | | | | | | | | | | | | |
| | | | | | | Sweden: 0.7% | | | | | | | | |
| | 992,200 | | | | | Telefonaktiebolaget LM Ericsson | | | 5,818,783 | | | | 0.7 | |
| | | | | | | | | | | | | | | |
| | | | | | | Switzerland: 5.1% | | | | | | | | |
| | 469,268 | | | | | Credit Suisse Group AG | | | 6,890,187 | | | | 0.9 | |
| | 1,453,200 | | | | | Glencore PLC | | | 6,772,544 | | | | 0.8 | |
| | 121,587 | | | | | Novartis AG | | | 10,250,654 | | | | 1.3 | |
| | 36,681 | | | | | Roche Holding AG | | | 9,319,571 | | | | 1.2 | |
| | 23,111 | | | | | Zurich Insurance Group AG | | | 6,917,050 | | | | 0.9 | |
| | | | | | | | | | 40,150,006 | | | | 5.1 | |
| | | | | | | | | | | | | | | |
| | | | | | | Taiwan: 0.9% | | | | | | | | |
| | 197,567 | | | | | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | | | 7,304,052 | | | | 0.9 | |
| | | | | | | | | | | | | | | |
| | | | | | | United Kingdom: 8.2% | | | | | | | | |
| | 2,330,813 | | | | | Barclays PLC | | | 5,764,282 | | | | 0.7 | |
| | 956,592 | | | | | HSBC Holdings PLC | | | 9,273,857 | | | | 1.2 | |
| | 134,413 | | | | | Imperial Brands PLC | | | 5,560,430 | | | | 0.7 | |
| | 1,847,637 | | | | | J Sainsbury PLC | | | 5,624,310 | | | | 0.7 | |
| | 2,503,500 | | | | | Kingfisher PLC | | | 9,673,531 | | | | 1.2 | |
| | 211,323 | | | | | Rio Tinto PLC | | | 10,264,240 | | | | 1.3 | |
| | 330,950 | | | | | SSE PLC | | | 6,099,576 | | | | 0.8 | |
| | 4,437,054 | | | | | Vodafone Group PLC | | | 12,697,483 | | | | 1.6 | |
| | | | | | | | | | 64,957,709 | | | | 8.2 | |
| | | | | | | | | | | | | | | |
| | | | | | | United States: 44.7% | | | | | | | | |
| | 200,200 | | | | | Abbott Laboratories | | | 10,198,188 | | | | 1.3 | |
| | 95,611 | | | | | AbbVie, Inc. | | | 7,199,508 | | | | 0.9 | |
| | 28,400 | | | | | Allergan plc | | | 6,517,232 | | | | 0.8 | |
| | 95,100 | | | | | American Electric Power Co., Inc. | | | 7,002,213 | | | | 0.9 | |
| | 59,606 | | | | | Amgen, Inc. | | | 10,596,159 | | | | 1.3 | |
| | 96,651 | | | | | Apple, Inc. | | | 15,850,764 | | | | 2.0 | |
| | 159,538 | | | | | Bristol-Myers Squibb Co. | | | 9,648,858 | | | | 1.2 | |
| | 84,600 | | | | | Bunge Ltd. | | | 6,313,698 | | | | 0.8 | |
| | 30,180 | | | | | Caterpillar, Inc. | | | 3,545,848 | | | | 0.5 | |
| | 328,679 | | | | | CenturyLink, Inc. | | | 6,481,550 | | | | 0.8 | |
| | 400,039 | | | | | Cisco Systems, Inc. | | | 12,885,256 | | | | 1.6 | |
| | 233,100 | | | | | Citigroup, Inc. | | | 15,857,793 | | | | 2.0 | |
| | 286,600 | | | | | ConocoPhillips | | | 12,512,956 | | | | 1.6 | |
| | 118,925 | | | | | Eli Lilly & Co. | | | 9,667,413 | | | | 1.2 | |
| | 99,895 | | | | | Eversource Energy | | | 6,293,385 | | | | 0.8 | |
| | 114,348 | | | | | Exxon Mobil Corp. | | | 8,728,183 | | | | 1.1 | |
| | 405,450 | | | | | Gap, Inc. | | | 9,576,729 | | | | 1.2 | |
| | 497,931 | | | | | General Electric Co. | | | 12,224,206 | | | | 1.5 | |
| | 121,900 | | | | | Gilead Sciences, Inc. | | | 10,204,249 | | | | 1.3 | |
| | 263,700 | | | | | Hanesbrands, Inc. | | | 6,397,362 | | | | 0.8 | |
| | 91,664 | | | | | Intel Corp. | | | 3,214,656 | | | | 0.4 | |
See Accompanying Notes to Financial Statements
| Voya Global Equity Dividend and Premium Opportunity Fund | PORTFOLIO OF INVESTMENTS as of August 31, 2017 (Unaudited) (Continued) |
| Shares | | | | | | Value | | Percentage
of Net
Assets |
| COMMON STOCK: (continued) |
| | | | | | | United States: (continued) | | | | | | | | |
| | 62,531 | | | | | International Business Machines Corp. | | | 8,943,809 | | | | 1.1 | |
| | 97,900 | | | | | Las Vegas Sands Corp. | | | 6,090,359 | | | | 0.8 | |
| | 303,157 | | | | | Macy's, Inc. | | | 6,296,571 | | | | 0.8 | |
| | 587,744 | | | | | Mattel, Inc. | | | 9,533,208 | | | | 1.2 | |
| | 62,175 | | | | | McDonald's Corp. | | | 9,946,135 | | | | 1.3 | |
| | 101,100 | | | | | Merck & Co., Inc. | | | 6,456,246 | | | | 0.8 | |
| | 252,147 | | | | | Metlife, Inc. | | | 11,808,044 | | | | 1.5 | |
| | 174,276 | | | | | Microsoft Corp. | | | 13,030,617 | | | | 1.6 | |
| | 478,000 | | | | | Mosaic Co. | | | 9,550,440 | | | | 1.2 | |
| | 247,200 | | | | | Nielsen Holdings PLC | | | 9,603,720 | | | | 1.2 | |
| | 382,087 | | | | | Pfizer, Inc. | | | 12,960,391 | | | | 1.6 | |
| | 73,304 | | | | | PNC Financial Services Group, Inc. | | | 9,193,055 | | | | 1.2 | |
| | 109,182 | | | | | Procter & Gamble Co. | | | 10,074,223 | | | | 1.3 | |
| | 183,000 | | | | | Qualcomm, Inc. | | | 9,565,410 | | | | 1.2 | |
| | 87,600 | | | | | Schlumberger Ltd. | | | 5,563,476 | | | | 0.7 | |
| | 46,500 | | | | | Stanley Black & Decker, Inc. | | | 6,696,000 | | | | 0.8 | |
| | 101,650 | | | | | Symantec Corp. | | | 3,047,467 | | | | 0.4 | |
| | 139,783 | | | | | Verizon Communications, Inc. | | | 6,705,390 | | | | 0.8 | |
| | 125,700 | | | | | Wal-Mart Stores, Inc. | | | 9,813,399 | | | | 1.2 | |
| | | | | | | | | | 355,794,166 | | | | 44.7 | |
| | | | | | | | | | | | | | | |
| | | | | Total Common Stock | | | | | | | | |
| | | | | (Cost $756,126,617) | | | 741,826,991 | | | | 93.3 | |
| | | | | | Value | | | Percentage
of Net
Assets | |
| PURCHASED OPTIONS @,(a): 0.1%(a) |
| | | | | Total Purchased Options | | | | | | | | |
| | | | | (Cost $651,150) | | | 242,288 | | | | 0.1 | |
| | | | | | | | | | | | | | | |
| | | | | Total Long-Term Investments | | | | | | | | |
| | | | | (Cost $756,777,767) | | | 742,069,279 | | | | 93.4 | |
| Shares | | | | | | Value | | Percentage
of Net
Assets |
| SHORT-TERM INVESTMENTS: 5.6% |
| | | | | | | Mutual Funds: 5.6% | | | | | | | | |
| | 44,897,435 | | | | | BlackRock Liquidity Funds, FedFund, Institutional Class, 0.910%†† | | | | | | | | |
| | | | | | | (Cost $44,897,435) | | | 44,897,435 | | | | 5.6 | |
| | | | | | | | | | | | | | | |
| | | | | Total Short-Term Investments | | | | | | | | |
| | | | | (Cost $44,897,435) | | | 44,897,435 | | | | 5.6 | |
| | | | | | | | | | | | | |
| | | | | Total Investments in Securities
(Cost $801,675,202) | | $ | 786,966,714 | | | | 99.0 | |
| | | | | Assets in Excess of Other Liabilities | | | 8,319,613 | | | | 1.0 | |
| | | | | Net Assets | | $ | 795,286,327 | | | | 100.0 | |
| †† | Rate shown is the 7-day yield as of August 31, 2017. |
| @ | Non-income producing security. |
| ADR | American Depositary Receipt |
| (a) | The tables below the Portfolio of Investments detail open purchased options which are non-income producing securities. |
See Accompanying Notes to Financial Statements
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.
Not applicable.
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. 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 Global Equity Dividend and Premium Opportunity Fund
| By | /s/ Shaun P. Mathews | |
| | Shaun P. Mathews | |
| | President and Chief Executive Officer | |
Date: November 8, 2017
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/ Shaun P. Mathews | |
| | Shaun P. Mathews | |
| | President and Chief Executive Officer | |
Date: November 8, 2017
| By | /s/ Todd Modic | |
| | Todd Modic | |
| | Senior Vice President and Chief Financial Officer | |
Date: November 8, 2017
E-Delivery Sign-up — details inside
Dear Shareholder,