UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-22051
Voya International High Dividend Equity Income Fund
(Exact name of registrant as specified in charter)
7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ | 85258 |
(Address of principal executive offices) | (Zip code) |
The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-800-992-0180
Date of fiscal year end: February 28
Date of reporting period: March 1, 2017 to August 31, 2017
Item 1. Reports to Stockholders.
The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):
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| | This report is intended for existing current holders. It is not a prospectus. This information should be read carefully. | | |
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President and Chief Executive Officer
Voya Family of Funds
October 1, 2017
| | Index | | | | Description | | |
| | Bloomberg Barclays High Yield Bond — 2% Issuer Constrained Composite Index | | | | An index that includes all fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity. | | |
| | Bloomberg Barclays U.S. Aggregate Bond Index | | | | An index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities. | | |
| | Bloomberg Barclays U.S. Corporate Investment Grade Bond Index | | | | An index consisting of publicly issued, fixed rate, nonconvertible, investment grade debt securities. | | |
| | Bloomberg Barclays Long-Term U.S. Treasury Index | | | | This index measures the performance of U.S. Treasury bill with long-term maturity. The credit level for this index is investment grade. The rebalance scheme is monthly. | | |
| | MSCI All Country Asia Pacific ex-Japan® Index | | | | A free float-adjusted market capitalization weighted index designed to measure the equity market performance of Asia, excluding Japan. | | |
| | MSCI All Country World (ex-U.S.) IndexSM | | | | A free float-adjusted market capitalization index that is designed to measure equity market performance in global developed and emerging markets, excluding the U.S. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. | | |
| | MSCI Europe® Index | | | | A free float-adjusted market capitalization weighted index designed to measure the equity market performance of the developed markets in Europe. | | |
| | MSCI Europe ex UK® Index | | | | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK. | | |
| | MSCI Japan® Index | | | | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan. | | |
| | MSCI UK® Index | | | | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK. | | |
| | MSCI World IndexSM | | | | An index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East. | | |
| | S&P 500® Index | | | | An index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets. | | |
Voya International High Dividend Equity Income Fund | Portfolio Managers’ Report |
| Geographic Diversification as of August 31, 2017 (as a percentage of net assets) | | |||
| | | | | |
| China | | | 13.0% | |
| United States | | | 12.0% | |
| United Kingdom | | | 11.8% | |
| France | | | 8.5% | |
| Australia | | | 8.3% | |
| South Korea | | | 6.7% | |
| Germany | | | 5.7% | |
| Switzerland | | | 5.6% | |
| Taiwan | | | 3.7% | |
| Spain | | | 3.1% | |
| Countries between 0.3% – 3.1%^ | | | 20.0% | |
| Assets in Excess of Other Liabilities* | | | 1.6% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments. | | |||
| ^ Includes 14 countries, which each represents 0.3% – 3.1% of net assets. | | |||
| Portfolio holdings are subject to change daily. | |
• | investing at least 80% of its managed assets in a portfolio of international dividend-producing securities or derivatives linked to such securities or indices that include such securities, which the sub-adviser believes will pay above-average, sustainable, dividends; and |
• | selling call options on selected international, regional or country indices, and/or on equity securities and/or exchange-traded funds (“ETFs”). |
| | | |||
| Top Ten Holdings as of August 31, 2017 (as a percentage of net assets) | | |||
| | | | | |
| China Construction Bank | | | 1.3% | |
| Novartis AG | | | 1.3% | |
| Enel S.p.A. | | | 1.3% | |
| GlaxoSmithKline PLC | | | 1.3% | |
| AXA S.A. | | | 1.3% | |
| Cisco Systems, Inc. | | | 1.3% | |
| Dow Chemical Co. | | | 1.3% | |
| Alibaba Group Holding Ltd. ADR | | | 1.3% | |
| Royal Dutch Shell PLC - Class B | | | 1.3% | |
| Roche Holding AG | | | 1.3% | |
| Portfolio holdings are subject to change daily. | |
Portfolio Managers’ Report | Voya International High Dividend Equity Income Fund |
| ASSETS: | | | |||||
| Investments in securities at fair value* | | | | $ | 59,140,863 | | |
| Short-term investments at fair value** | | | | | 721,275 | | |
| Cash | | | | | 223,506 | | |
| Cash pledged as collateral for OTC derivatives (Note 2) | | | | | 110,000 | | |
| Foreign currencies at value*** | | | | | 110,288 | | |
| Receivables: | | | |||||
| Dividends | | | | | 181,853 | | |
| Foreign tax reclaims | | | | | 52,622 | | |
| Prepaid expenses | | | | | 434 | | |
| Other assets | | | | | 2,519 | | |
| Total assets | | | | | 60,543,360 | | |
| LIABILITIES: | | | |||||
| Payable for investment management fees | | | | | 44,100 | | |
| Payable to trustees under the deferred compensation plan (Note 6) | | | | | 2,519 | | |
| Payable for trustee fees | | | | | 294 | | |
| Other accrued expenses and liabilities | | | | | 76,196 | | |
| Written options, at fair value^ | | | | | 312,460 | | |
| Total liabilities | | | | | 435,569 | | |
| NET ASSETS | | | | $ | 60,107,791 | | |
| NET ASSETS WERE COMPRISED OF: | | | |||||
| Paid-in capital | | | | $ | 88,136,947 | | |
| Distributions in excess of net investment income or accumulated net investment loss | | | | | (198,892) | | |
| Accumulated net realized loss | | | | | (28,472,160) | | |
| Net unrealized appreciation | | | | | 641,896 | | |
| NET ASSETS | | | | $ | 60,107,791 | | |
| * Cost of investments in securities | | | | $ | 58,461,478 | | |
| ** Cost of short-term investments | | | | $ | 721,275 | | |
| *** Cost of foreign currencies | | | | $ | 112,066 | | |
| ^ Premiums received on written options | | | | $ | 274,648 | | |
| Net assets | | | | $ | 60,107,791 | | |
| Shares authorized | | | | | unlimited | | |
| Par value | | | | $ | 0.010 | | |
| Shares outstanding | | | | | 8,414,641 | | |
| Net asset value | | | | $ | 7.14 | | |
| INVESTMENT INCOME: | | | |||||
| Dividends, net of foreign taxes withheld* | | | | $ | 1,325,483 | | |
| Total investment income | | | | | 1,325,483 | | |
| EXPENSES: | | | |||||
| Investment management fees | | | | | 326,417 | | |
| Transfer agent fees | | | | | 10,122 | | |
| Shareholder reporting expense | | | | | 14,240 | | |
| Professional fees | | | | | 36,576 | | |
| Custody and accounting expense | | | | | 43,351 | | |
| Trustee fees | | | | | 883 | | |
| Miscellaneous expense | | | | | 14,435 | | |
| Interest expense | | | | | 69 | | |
| Total expenses | | | | | 446,093 | | |
| Waived and reimbursed fees | | | | | (74,589) | | |
| Net expenses | | | | | 371,504 | | |
| Net investment income | | | | | 953,979 | | |
| REALIZED AND UNREALIZED GAIN (LOSS): | | | |||||
| Net realized gain (loss) on: | | | |||||
| Investments | | | | | 887,243 | | |
| Foreign currency related transactions | | | | | 13,418 | | |
| Written options | | | | | (635,988) | | |
| Net realized gain | | | | | 264,673 | | |
| Net change in unrealized appreciation (depreciation) on: | | | |||||
| Investments (net of Indian capital gains tax accrued#) | | | | | 4,420,387 | | |
| Foreign currency related transactions | | | | | 458 | | |
| Written options | | | | | 22,912 | | |
| Net change in unrealized appreciation (depreciation) | | | | | 4,443,757 | | |
| Net realized and unrealized gain | | | | | 4,708,430 | | |
| Increase in net assets resulting from operations | | | | $ | 5,662,409 | | |
| * Foreign taxes withheld | | | | $ | 133,265 | | |
| # Foreign taxes accrued on Indian investments | | | | $ | 15,922 | | |
| | | Six Months Ended August 31, 2017 | | | Year Ended February 28, 2017 | | ||||||
FROM OPERATIONS: | | | | ||||||||||
Net investment income | | | | $ | 953,979 | | | | | $ | 1,428,984 | | |
Net realized gain (loss) | | | | | 264,673 | | | | | | (1,220,041) | | |
Net change in unrealized appreciation (depreciation) | | | | | 4,443,757 | | | | | | 9,078,611 | | |
Increase in net assets resulting from operations | | | | | 5,662,409 | | | | | | 9,287,554 | | |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | ||||||||||
Net investment income | | | | | (917,044) | | | | | | (1,616,917) | | |
Return of capital | | | | | (1,707,469) | | | | | | (5,058,364) | | |
Total distributions | | | | | (2,624,513) | | | | | | (6,675,281) | | |
FROM CAPITAL SHARE TRANSACTIONS: | | | | ||||||||||
Reinvestment of distributions | | | | | 28,354 | | | | | | 36,598 | | |
| | | | | 28,354 | | | | | | 36,598 | | |
Net increase in net assets resulting from capital share transactions | | | | | 28,354 | | | | | | 36,598 | | |
Net increase in net assets | | | | | 3,066,250 | | | | | | 2,648,871 | | |
NET ASSETS: | | | | ||||||||||
Beginning of year or period | | | | | 57,041,541 | | | | | | 54,392,670 | | |
End of year or period | | | | $ | 60,107,791 | | | | | $ | 57,041,541 | | |
Distributions in excess of net investment income or accumulated net investment loss at end of year or period | | | | $ | (198,892) | | | | | $ | (235,827) | | |
|
| | | 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 gain (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 | | | 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) | | | (%) | | | (%) | | | (%) | | | (%) | | ||||||||||||||||||||||||||||||||||||||||||
08-31-17 | | | | | 6.78 | | | | | | 0.11• | | | | | | 0.56 | | | | | | 0.67 | | | | | | 0.11 | | | | | | — | | | | | | 0.20 | | | | | | 0.31 | | | | | | 7.14 | | | | | | 7.28 | | | | | | 10.09 | | | | | | 12.25 | | | | 60,108 | | | 1.50 | | | 1.25 | | | | | 3.21 | | | | | | 16 | | |
02-28-17 | | | | | 6.47 | | | | | | 0.17 | | | | | | 0.93 | | | | | | 1.10 | | | | | | 0.19 | | | | | | — | | | | | | 0.60 | | | | | | 0.79 | | | | | | 6.78 | | | | | | 6.78 | | | | | | 18.33 | | | | | | 32.92 | | | | 57,042 | | | 1.51 | | | 1.25 | | | | | 2.53 | | | | | | 43 | | |
02-29-16 | | | | | 8.59 | | | | | | 0.20 | | | | | | (1.49) | | | | | | (1.29) | | | | | | 0.25 | | | | | | — | | | | | | 0.58 | | | | | | 0.83 | | | | | | 6.47 | | | | | | 5.76 | | | | | | (15.26)(5) | | | | | | (19.80) | | | | 54,393 | | | 1.44 | | | 1.25 | | | | | 2.59 | | | | | | 46 | | |
02-28-15 | | | | | 9.47 | | | | | | 0.22 | | | | | | (0.27) | | | | | | (0.05) | | | | | | 0.58 | | | | | | — | | | | | | 0.25 | | | | | | 0.83 | | | | | | 8.59 | | | | | | 8.08 | | | | | | (0.49) | | | | | | (4.07) | | | | 72,228 | | | 1.42 | | | 1.25 | | | | | 2.34 | | | | | | 37 | | |
02-28-14 | | | | | 9.55 | | | | | | 0.25 | | | | | | 0.55 | | | | | | 0.80 | | | | | | 0.70 | | | | | | — | | | | | | 0.18 | | | | | | 0.88 | | | | | | 9.47 | | | | | | 9.24 | | | | | | 9.07 | | | | | | 0.33 | | | | 79,561 | | | 1.48 | | | 1.25 | | | | | 2.67 | | | | | | 53 | | |
02-28-13 | | | | | 9.84 | | | | | | 0.23• | | | | | | 0.47 | | | | | | 0.70 | | | | | | 0.24 | | | | | | — | | | | | | 0.75 | | | | | | 0.99 | | | | | | 9.55 | | | | | | 10.13 | | | | | | 7.89 | | | | | | 10.94 | | | | 80,095 | | | 1.50 | | | 1.26 | | | | | 2.53 | | | | | | 94 | | |
02-29-12 | | | | | 11.16 | | | | | | 0.30• | | | | | | (0.53) | | | | | | (0.23) | | | | | | 0.68 | | | | | | — | | | | | | 0.41 | | | | | | 1.09 | | | | | | 9.84 | | | | | | 10.15 | | | | | | (1.66) | | | | | | (7.01) | | | | 82,211 | | | 1.46 | | | 1.26 | | | | | 3.02 | | | | | | 94 | | |
02-28-11 | | | | | 10.52 | | | | | | 0.26 | | | | | | 1.58 | | | | | | 1.84 | | | | | | 1.20 | | | | | | — | | | | | | — | | | | | | 1.20 | | | | | | 11.16 | | | | | | 12.17 | | | | | | 18.22 | | | | | | 11.30 | | | | 92,552 | | | 1.38 | | | 1.25 | | | | | 2.44 | | | | | | 99 | | |
02-28-10 | | | | | 8.12 | | | | | | 0.25 | | | | | | 3.96 | | | | | | 4.21 | | | | | | 0.20 | | | | | | — | | | | | | 1.61 | | | | | | 1.81 | | | | | | 10.52 | | | | | | 12.19 | | | | | | 51.96 | | | | | | 86.17 | | | | 86,217 | | | 1.41 | | | 1.25 | | | | | 2.47 | | | | | | 55 | | |
02-28-09 | | | | | 16.72 | | | | | | 0.57• | | | | | | (7.22) | | | | | | (6.65) | | | | | | 0.47 | | | | | | — | | | | | | 1.48 | | | | | | 1.95 | | | | | | 8.12 | | | | | | 7.68 | | | | | | (41.94) | | | | | | (43.74) | | | | 65,793 | | | 1.39 | | | 1.25 | | | | | 4.31 | | | | | | 81 | | |
09-25-07(6) - 02-29-08 | | | | | 19.06(7) | | | | | | 0.10 | | | | | | (1.79) | | | | | | (1.69) | | | | | | 0.25 | | | | | | 0.17 | | | | | | 0.23 | | | | | | 0.65 | | | | | | 16.72 | | | | | | 16.32 | | | | | | (8.68) | | | | | | (15.06) | | | | 135,902 | | | 1.26 | | | 1.24 | | | | | 1.32 | | | | | | 42 | | |
| August 31, | | | | | | | | ||||||||||||
| 2018 | | | 2019 | | | 2020 | | | Total | | |||||||||
| $119,595 | | | | $ | 140,656 | | | | | $ | 148,389 | | | | | $ | 408,640 | | |
AGREEMENT (continued)
| | | Number of Contracts | | | Premiums Received | | ||||||
Balance at 02/28/2017 | | | | | 8,008,810 | | | | | $ | 373,489 | | |
Options Written | | | | | 36,942,860 | | | | | | 1,366,883 | | |
Options Expired | | | | | (7,008,000) | | | | | | (468,115) | | |
Options Terminated in Closing Purchase Transactions | | | | | (30,735,260) | | | | | | (997,609) | | |
Balance at 08/31/2017 | | | | | 7,208,410 | | | | | $ | 274,648 | | |
|
Year or period ended | | | Reinvestment of distributions | | | Net increase in shares outstanding | | | Reinvestment of distributions | | | Net increase | | ||||||||||||
| # | | | # | | | ($) | | | ($) | | ||||||||||||||
8/31/2017 | | | | | 4,013 | | | | | | 4,013 | | | | | | 28,354 | | | | | | 28,354 | | |
2/28/2017 | | | | | 5,422 | | | | | | 5,422 | | | | | | 36,598 | | | | | | 36,598 | | |
| Tax Year Ended December 31, 2016 | | ||||||
| Ordinary Income | | | Return of Capital | | |||
| $1,489,504 | | | | $ | 5,328,380 | | |
| Unrealized Appreciation/ (Depreciation) | | | Capital Loss Carryforwards | | |||||||||||||||
| Amount | | | Character | | | Expiration | | ||||||||||||
| $ (7,145,713) | | | | $ | (25,087,050) | | | | | | Short-term | | | | | | 2017 | | |
| | | | | | (3,533,620) | | | | | | Long-term | | | | | | None | | |
| | | | | $ | (28,620,670) | | | | | | | | | | | | | | |
|
| Gross Unrealized Appreciation | | | | $ | 6,722,836 | | |
| Gross Unrealized Depreciation | | | | | (6,128,787) | | |
| Net Unrealized Appreciation | | | | $ | 594,049 | | |
|
| Per Share Amount | | | Declaration Date | | | Payable Date | | | Record Date | | |||||||||
| $0.052 | | | | | 8/15/2017 | | | | | | 9/15/2017 | | | | | | 9/6/2017 | | |
| $0.052 | | | | | 9/15/2017 | | | | | | 10/16/2017 | | | | | | 10/4/2017 | | |
| $0.052 | | | | | 10/16/2017 | | | | | | 11/15/2017 | | | | | | 11/2/2017 | | |
Voya International High Dividend | SUMMARY PORTFOLIO OF INVESTMENTS |
Equity Income Fund | as of August 31, 2017 (Unaudited) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: 97.3% | | ||||||||||||||||||
| | | | | | | Australia: 8.3% | | ||||||||||||
| | | 31,909 | | | | Australia & New Zealand Banking Group Ltd. | | | | $ | 746,955 | | | | | | 1.2 | | |
| | | 38,078 | | | | Coca-Cola Amatil Ltd. | | | | | 244,037 | | | | | | 0.4 | | |
| | | 10,923 | | | | Rio Tinto Ltd. | | | | | 592,191 | | | | | | 1.0 | | |
| | | 29,181 | | | | Westpac Banking Corp. | | | | | 726,244 | | | | | | 1.2 | | |
| | | 1,101,568 | | | | Other Securities(a) | | | | | 2,671,399 | | | | | | 4.5 | | |
| | | | | | | | | | | | 4,980,826 | | | | | | 8.3 | | |
| | | | | | | Austria: 0.7% | | ||||||||||||
| | | 9,459 | @ | | Erste Group Bank AG | | | | | 400,049 | | | | | | 0.7 | | | |
| | | | | | | Belgium: 0.5% | | ||||||||||||
| | | 8,040 | | | | Other Securities | | | | | 318,887 | | | | | | 0.5 | | |
| | | | | | | China: 13.0% | | ||||||||||||
| | | 4,466 | @ | | Alibaba Group Holding Ltd. ADR | | | | | 766,991 | | | | | | 1.3 | | | |
| | | 897,380 | | | | China Construction Bank | | | | | 789,520 | | | | | | 1.3 | | |
| | | 68,500 | | | | China Mobile Ltd. | | | | | 726,976 | | | | | | 1.2 | | |
| | | 811,123 | | | | Industrial & Commercial Bank of China | | | | | 609,537 | | | | | | 1.0 | | |
| | | 754,000 | | | | PetroChina Co., Ltd. | | | | | 483,127 | | | | | | 0.8 | | |
| | | 4,025,431 | | | | Other Securities(a) | | | | | 4,423,343 | | | | | | 7.4 | | |
| | | | | | | | | | | | 7,799,494 | | | | | | 13.0 | | |
| | | | | | | Denmark: 0.4% | | ||||||||||||
| | | 5,649 | | | | Other Securities | | | | | 269,174 | | | | | | 0.4 | | |
| | | | | | | Finland: 0.3% | | ||||||||||||
| | | 31,188 | | | | Other Securities | | | | | 193,452 | | | | | | 0.3 | | |
| | | | | | | France: 8.5% | | ||||||||||||
| | | 26,686 | | | | AXA S.A. | | | | | 773,747 | | | | | | 1.3 | | |
| | | 7,186 | | | | BNP Paribas | | | | | 546,336 | | | | | | 0.9 | | |
| | | 44,104 | | | | Engie SA | | | | | 736,450 | | | | | | 1.2 | | |
| | | 29,082 | | | | Orange SA | | | | | 493,772 | | | | | | 0.8 | | |
| | | 11,602 | | | | Total S.A. | | | | | 601,996 | | | | | | 1.0 | | |
| | | 5,622 | | | | Vinci S.A. | | | | | 517,276 | | | | | | 0.9 | | |
| | | 33,001 | | | | Other Securities(a) | | | | | 1,445,433 | | | | | | 2.4 | | |
| | | | | | | | | | | | 5,115,010 | | | | | | 8.5 | | |
| | | | | | | Germany: 5.7% | | ||||||||||||
| | | 4,621 | | | | Deutsche Boerse AG | | | | | 494,385 | | | | | | 0.8 | | |
| | | 11,238 | | | | Deutsche Post AG | | | | | 466,662 | | | | | | 0.8 | | |
| | | 24,557 | | | | Deutsche Telekom AG | | | | | 444,111 | | | | | | 0.7 | | |
| | | 3,159 | | | | Muenchener Rueckversicherungs- Gesellschaft AG | | | | | 652,453 | | | | | | 1.1 | | |
| | | 20,617 | | | | Other Securities | | | | | 1,357,613 | | | | | | 2.3 | | |
| | | | | | | | | | | | 3,415,224 | | | | | | 5.7 | | |
| | | | | | | Hong Kong: 2.8% | | ||||||||||||
| | | 97,040 | | | | AIA Group Ltd. | | | | | 747,383 | | | | | | 1.2 | | |
| | | 2,793,426 | | | | Other Securities(a) | | | | | 934,963 | | | | | | 1.6 | | |
| | | | | | | | | | | | 1,682,346 | | | | | | 2.8 | | |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | India: 3.1% | | ||||||||||||
| | | 439,787 | | | | Other Securities | | | | $ | 1,865,603 | | | | | | 3.1 | | |
| | | | | | | Indonesia: 1.4% | | ||||||||||||
| | | 1,112,900 | | | | Other Securities | | | | | 835,043 | | | | | | 1.4 | | |
| | | | | | | Italy: 2.3% | | ||||||||||||
| | | 128,914 | | | | Enel S.p.A. | | | | | 781,008 | | | | | | 1.3 | | |
| | | 93,405 | | | | Other Securities | | | | | 609,333 | | | | | | 1.0 | | |
| | | | | | | | | | | | 1,390,341 | | | | | | 2.3 | | |
| | | | | | | Malaysia: 1.4% | | ||||||||||||
| | | 1,034,228 | | | | Other Securities | | | | | 869,358 | | | | | | 1.4 | | |
| | | | | | | Netherlands: 3.0% | | ||||||||||||
| | | 13,934 | # | | ABN AMRO Group NV | | | | | 390,389 | | | | | | 0.6 | | | |
| | | 29,437 | | | | Koninklijke Ahold Delhaize NV | | | | | 529,177 | | | | | | 0.9 | | |
| | | 27,257 | | | | Royal Dutch Shell PLC - Class B | | | | | 760,755 | | | | | | 1.3 | | |
| | | 1,900 | | | | Other Securities | | | | | 144,216 | | | | | | 0.2 | | |
| | | | | | | | | | | | 1,824,537 | | | | | | 3.0 | | |
| | | | | | | New Zealand: 0.5% | | ||||||||||||
| | | 52,194 | | | | Other Securities | | | | | 306,596 | | | | | | 0.5 | | |
| | | | | | | Norway: 1.0% | | ||||||||||||
| | | 22,642 | | | | Other Securities | | | | | 588,081 | | | | | | 1.0 | | |
| | | | | | | Singapore: 0.5% | | ||||||||||||
| | | 210,000 | | | | Other Securities | | | | | 288,898 | | | | | | 0.5 | | |
| | | | | | | South Korea: 5.6% | | ||||||||||||
| | | 337 | | | | Samsung Electronics Co., Ltd. | | | | | 693,719 | | | | | | 1.2 | | |
| | | 88,368 | | | | Other Securities | | | | | 2,657,572 | | | | | | 4.4 | | |
| | | | | | | | | | | | 3,351,291 | | | | | | 5.6 | | |
| | | | | | | Spain: 3.1% | | ||||||||||||
| | | 12,536 | | | | ACS Actividades de Construccion y Servicios S.A. | | | | | 474,533 | | | | | | 0.8 | | |
| | | 126,039 | | | | Other Securities | | | | | 1,400,260 | | | | | | 2.3 | | |
| | | | | | | | | | | | 1,874,793 | | | | | | 3.1 | | |
| | | | | | | Sweden: 2.1% | | ||||||||||||
| | | 44,016 | | | | Svenska Handelsbanken AB | | | | | 658,890 | | | | | | 1.1 | | |
| | | 85,537 | | | | Other Securities(a) | | | | | 596,945 | | | | | | 1.0 | | |
| | | | | | | | | | | | 1,255,835 | | | | | | 2.1 | | |
| | | | | | | Switzerland: 5.6% | | ||||||||||||
| | | 8,828 | | | | Julius Baer Group Ltd. | | | | | 493,648 | | | | | | 0.8 | | |
| | | 9,351 | | | | Novartis AG | | | | | 788,356 | | | | | | 1.3 | | |
| | | 2,955 | | | | Roche Holding AG | | | | | 750,779 | | | | | | 1.3 | | |
| | | 28,198 | | �� | | UBS Group AG | | | | | 464,616 | | | | | | 0.8 | | |
| | | 15,306 | | | | Other Securities | | | | | 850,547 | | | | | | 1.4 | | |
| | | | | | | | | | | | 3,347,946 | | | | | | 5.6 | | |
Voya International High Dividend | SUMMARY PORTFOLIO OF INVESTMENTS |
Equity Income Fund | as of August 31, 2017 (Unaudited) (continued) |
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| COMMON STOCK: (continued) | | ||||||||||||||||||
| | | | | | | Taiwan: 3.7% | | ||||||||||||
| | | 286,000 | | | | Cathay Financial Holding Co., Ltd. | | | | $ | 468,221 | | | | | | 0.8 | | |
| | | 88,389 | | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | | | 636,180 | | | | | | 1.1 | | |
| | | 665,394 | | | | Other Securities | | | | | 1,103,998 | | | | | | 1.8 | | |
| | | | | | | | | | | | 2,208,399 | | | | | | 3.7 | | |
| | | | | | | United Kingdom: 11.8% | | ||||||||||||
| | | 59,342 | | | | Aviva PLC | | | | | 401,285 | | | | | | 0.7 | | |
| | | 39,003 | | | | GlaxoSmithKline PLC | | | | | 773,806 | | | | | | 1.3 | | |
| | | 30,006 | | | | HSBC Holdings PLC | | | | | 290,899 | | | | | | 0.5 | | |
| | | 37,200 | | | | HSBC Holdings PLC (HKD) | | | | | 361,025 | | | | | | 0.6 | | |
| | | 131,035 | | | | J Sainsbury PLC | | | | | 398,878 | | | | | | 0.6 | | |
| | | 25,018 | | | | Prudential PLC | | | | | 587,276 | | | | | | 1.0 | | |
| | | 6,560 | | | | Rio Tinto PLC | | | | | 318,628 | | | | | | 0.5 | | |
| | | 21,615 | | | | SSE PLC | | | | | 398,375 | | | | | | 0.6 | | |
| | | 168,342 | | | | Vodafone Group PLC | | | | | 481,743 | | | | | | 0.8 | | |
| | | 28,928 | | | | WPP PLC | | | | | 527,560 | | | | | | 0.9 | | |
| | | 399,680 | | | | Other Securities(a) | | | | | 2,575,532 | | | | | | 4.3 | | |
| | | | | | | | | | | | 7,115,007 | | | | | | 11.8 | | |
| | | | | | | United States: 12.0% | | ||||||||||||
| | | 24,015 | | | | Cisco Systems, Inc. | | | | | 773,523 | | | | | | 1.3 | | |
| | | 14,228 | | | | Coach, Inc. | | | | | 593,308 | | | | | | 1.0 | | |
| | | 15,257 | | | | Coca-Cola Co. | | | | | 694,956 | | | | | | 1.2 | | |
| | | 4,661 | | | | Deere & Co. | | | | | 540,350 | | | | | | 0.9 | | |
| | | 11,556 | | | | Dow Chemical Co. | | | | | 770,207 | | | | | | 1.3 | | |
| | | 19,726 | | | | Exelon Corp. | | | | | 747,024 | | | | | | 1.2 | | |
| | | 11,726 | | | | Hartford Financial Services Group, Inc. | | | | | 634,025 | | | | | | 1.1 | | |
| | | 20,048 | | | | Pfizer, Inc. | | | | | 680,028 | | | | | | 1.1 | | |
| | | 3,672 | | | | Rockwell Automation, Inc. | | | | | 602,428 | | | | | | 1.0 | | |
| | | 6,936 | | | | Schlumberger Ltd. | | | | | 440,505 | | | | | | 0.7 | | |
| | | 14,392 | | | | Wells Fargo & Co. | | | | | 735,000 | | | | | | 1.2 | | |
| | | | | | | | | | | | 7,211,354 | | | | | | 12.0 | | |
| | | | | | | Total Common Stock (Cost $58,000,437) | | | | | 58,507,544 | | | | | | 97.3 | | |
| PREFERRED STOCK: 1.1% | | ||||||||||||||||||
| | | | | | | South Korea: 1.1% | | ||||||||||||
| | | 4,555 | | | | Other Securities | | | | | 633,319 | | | | | | 1.1 | | |
| | | | | | | Total Preferred Stock (Cost $461,041) | | | | | 633,319 | | | | | | 1.1 | | |
| | | | | | | Total Long-Term Investments (Cost $58,461,478) | | | | | 59,140,863 | | | | | | 98.4 | | |
|
| Shares | | | Value | | | Percentage of Net Assets | | ||||||||||||
| SHORT-TERM INVESTMENTS: 1.2% | | ||||||||||||||||||
| | | | | | | Mutual Funds: 1.2% | | ||||||||||||
| | | 721,275 | | | | BlackRock Liquidity Funds, FedFund, Institutional Class, 0.910%†† (Cost $721,275) | | | | $ | 721,275 | | | | | | 1.2 | | |
| | | | | | | Total Short-Term Investments (Cost $721,275) | | | | | 721,275 | | | | | | 1.2 | | |
| | | | | | | Total Investments in Securities (Cost $59,182,753) | | | | $ | 59,862,138 | | | | | | 99.6 | | |
| | | | | | | Assets in Excess of Other Liabilities | | | | | 245,653 | | | | | | 0.4 | | |
| | | | | | | Net Assets | | | | $ | 60,107,791 | | | | | | 100.0 | | |
|
Sector Diversification | | | Percentage of Net Assets | | |||
Financials | | | | | 27.8% | | |
Industrials | | | | | 10.2 | | |
Information Technology | | | | | 8.7 | | |
Consumer Staples | | | | | 8.5 | | |
Health Care | | | | | 7.3 | | |
Consumer Discretionary | | | | | 7.1 | | |
Utilities | | | | | 7.1 | | |
Telecommunication Services | | | | | 6.2 | | |
Materials | | | | | 6.1 | | |
Energy | | | | | 6.1 | | |
Real Estate | | | | | 3.3 | | |
Short-Term Investments | | | | | 1.2 | | |
Assets in Excess of Other Liabilities | | | | | 0.4 | | |
Net Assets | | | | | 100.0% | | |
|
Voya International High Dividend | SUMMARY PORTFOLIO OF INVESTMENTS |
Equity Income Fund | 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 | | | | | | ||||||||||||||||||||
Investments, at fair value | | | | | | ||||||||||||||||||||
Common Stock | | | | | | ||||||||||||||||||||
Australia | | | | $ | — | | | | | $ | 4,980,826 | | | | | $ | — | | | | | $ | 4,980,826 | | |
Austria | | | | | — | | | | | | 400,049 | | | | | | — | | | | | | 400,049 | | |
Belgium | | | | | — | | | | | | 318,887 | | | | | | — | | | | | | 318,887 | | |
China | | | | | 766,991 | | | | | | 7,032,503 | | | | | | — | | | | | | 7,799,494 | | |
Denmark | | | | | — | | | | | | 269,174 | | | | | | — | | | | | | 269,174 | | |
Finland | | | | | — | | | | | | 193,452 | | | | | | — | | | | | | 193,452 | | |
France | | | | | — | | | | | | 5,115,010 | | | | | | — | | | | | | 5,115,010 | | |
Germany | | | | | — | | | | | | 3,415,224 | | | | | | — | | | | | | 3,415,224 | | |
Hong Kong | | | | | 200,492 | | | | | | 1,481,854 | | | | | | — | | | | | | 1,682,346 | | |
India | | | | | — | | | | | | 1,865,603 | | | | | | — | | | | | | 1,865,603 | | |
Indonesia | | | | | — | | | | | | 835,043 | | | | | | — | | | | | | 835,043 | | |
Italy | | | | | — | | | | | | 1,390,341 | | | | | | — | | | | | | 1,390,341 | | |
Malaysia | | | | | 231,364 | | | | | | 637,994 | | | | | | — | | | | | | 869,358 | | |
Netherlands | | | | | — | | | | | | 1,824,537 | | | | | | — | | | | | | 1,824,537 | | |
New Zealand | | | | | — | | | | | | 306,596 | | | | | | — | | | | | | 306,596 | | |
Norway | | | | | — | | | | | | 588,081 | | | | | | — | | | | | | 588,081 | | |
Singapore | | | | | — | | | | | | 288,898 | | | | | | — | | | | | | 288,898 | | |
South Korea | | | | | — | | | | | | 3,351,291 | | | | | | — | | | | | | 3,351,291 | | |
Spain | | | | | 237,397 | | | | | | 1,637,396 | | | | | | — | | | | | | 1,874,793 | | |
Sweden | | | | | 88,509 | | | | | | 1,167,326 | | | | | | — | | | | | | 1,255,835 | | |
Switzerland | | | | | — | | | | | | 3,347,946 | | | | | | — | | | | | | 3,347,946 | | |
Taiwan | | | | | — | | | | | | 2,208,399 | | | | | | — | | | | | | 2,208,399 | | |
United Kingdom | | | | | — | | | | | | 7,115,007 | | | | | | — | | | | | | 7,115,007 | | |
United States | | | | | 7,211,354 | | | | | | — | | | | | | — | | | | | | 7,211,354 | | |
Total Common Stock | | | | | 8,736,107 | | | | | | 49,771,437 | | | | | | — | | | | | | 58,507,544 | | |
Preferred Stock | | | | | — | | | | | | 633,319 | | | | | | — | | | | | | 633,319 | | |
Short-Term Investments | | | | | 721,275 | | | | | | — | | | | | | — | | | | | | 721,275 | | |
Total Investments, at fair value | | | | $ | 9,457,382 | | | | | $ | 50,404,756 | | | | | $ | — | | | | | $ | 59,862,138 | | |
Liabilities Table | | | | | | ||||||||||||||||||||
Other Financial Instruments+ | | | | | | ||||||||||||||||||||
Written Options | | | | $ | — | | | | | $ | (312,460) | | | | | $ | — | | | | | $ | (312,460) | | |
Total Liabilities | | | | $ | — | | | | | $ | (312,460) | | | | | $ | — | | | | | $ | (312,460) | | |
|
Voya International High Dividend | SUMMARY PORTFOLIO OF INVESTMENTS |
Equity Income Fund | as of August 31, 2017 (Unaudited) (continued) |
Description | | | Counterparty | | | Put/Call | | | Expiration Date | | | Exercise Price | | | Number of Contracts | | | Notional Amount | | | Premiums Received | | | Fair Value | ||||||||||||||
S&P/ASX 200 Index | | | Morgan Stanley & Co. International PLC | | | Call | | | | | 09/07/17 | | | | 5,627.300 AUD | | | | | 800 | | | | | | 4,571,618 | | | | | $ | 45,138 | | | | | $ | (59,919) |
EURO STOXX 50® Index | | | Morgan Stanley & Co. International PLC | | | Call | | | | | 09/07/17 | | | | 3,431.000 EUR | | | | | 1,500 | | | | | | 5,132,205 | | | | | | 95,675 | | | | | | (33,072) |
FTSE 100 Index | | | Societe Generale | | | Call | | | | | 09/07/17 | | | | 7,377.000 GBP | | | | | 610 | | | | | | 4,532,678 | | | | | | 63,540 | | | | | | (55,014) |
Hang Seng Index | | | Societe Generale | | | Call | | | | | 09/07/17 | | | | 27,006.000 HKD | | | | | 600 | | | | | | 16,782,180 | | | | | | 27,146 | | | | | | (75,258) |
Korea Stock Exchange KOSPI 200 Index | | | Societe Generale | | | Call | | | | | 09/07/17 | | | | 303.700 KRW | | | | | 7,200,000 | | | | | | 2,219,616,000 | | | | | | 25,437 | | | | | | (34,608) |
Taiwan Stock Exchange Weighted Index | | | Societe Generale | | | Call | | | | | 09/07/17 | | | | 10,244.750 TWD | | | | | 4,900 | | | | | | 51,870,322 | | | | | | 17,712 | | | | | | (54,589) |
| | | | $ | 274,648 | | | | | $ | (312,460) | |||||||||||||||||||||||||||
|
AUD − Australian Dollar
EUR − EU Euro
GBP − British Pound
HKD − Hong Kong Sar Dollar
KRW − South Korean Won
TWD − Taiwan New Dollar
Derivatives not accounted for as hedging instruments | | | Location on Statement of Assets and Liabilities | | | Fair Value | | |||
Liability Derivatives | | | | | | | | | | |
Equity contracts | | | Written options, at fair value | | | | $ | 312,460 | | |
Total Liability Derivatives | | | | | | | $ | 312,460 | | |
|
| | | Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | | |||
Derivatives not accounted for as hedging instruments | | | Written options | | |||
Equity contracts | | | | $ | (635,988) | | |
Total | | | | $ | (635,988) | | |
|
| | | Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | | |||
Derivatives not accounted for as hedging instruments | | | Written options | | |||
Equity contracts | | | | $ | 22,912 | | |
Total | | | | $ | 22,912 | | |
|
Voya International High Dividend | SUMMARY PORTFOLIO OF INVESTMENTS |
Equity Income Fund | as of August 31, 2017 (Unaudited) (continued) |
| | | Morgan Stanley & Co. International PLC | | | Societe Generale | | | Totals | | |||||||||
Liabilities: | | | | | |||||||||||||||
Written options | | | | $ | 92,991 | | | | | $ | 219,469 | | | | | $ | 312,460 | | |
Total Liabilities | | | | $ | 92,991 | | | | | $ | 219,469 | | | | | $ | 312,460 | | |
Net OTC derivative instruments by counterparty, at fair value | | | | $ | (92,991) | | | | | $ | (219,469) | | | | | $ | (312,460) | | |
Total collateral pledged by the Fund/(Received from counterparty) | | | | $ | — | | | | | $ | 110,000 | | | | | $ | 110,000 | | |
Net Exposure(1) | | | | $ | (92,991) | | | | | $ | (109,469) | | | | | $ | (202,460) | | |
|
| Supplemental Call Option Statistics as of August 31, 2017: | | | |||||
| % of Total Net Assets against which calls written | | | 35.46% | | |||
| Average Days to Expiration at time written | | | 27 | | |||
| Average Call Moneyness* at time written | | | ATM | | |||
| Premiums received for calls | | | | $ | 274,648 | | |
| Value of calls | | | | $ | (312,460) | | |
| Class I Trustees | | | | | | Proposal | | | Shares voted for | | | Shares voted against or withheld | | | Shares abstained | | | Broker non-vote | | | Total Shares Voted | | ||||||||||||||||||
| | | | Voya International High Dividend Equity Income Fund | | | | | | | | ||||||||||||||||||||||||||||||
| | | | Martin J. Gavin | | | | | 1* | | | | | | 6,072,000.880 | | | | | | 424,660.000 | | | | | | 0.000 | | | | | | 0.000 | | | | | | 6,496,660.880 | | |
| | | | Patrick W. Kenny | | | | | 1* | | | | | | 5,857,917.880 | | | | | | 638,743.000 | | | | | | 0.000 | | | | | | 0.000 | | | | | | 6,496,660.880 | | |
| | | | Shaun P. Mathews | | | | | 1* | | | | | | 5,860,018.880 | | | | | | 636,642.000 | | | | | | 0.000 | | | | | | 0.000 | | | | | | 6,496,660.880 | | |
| | | | Roger B. Vincent | | | | | 1* | | | | | | 6,071,701.880 | | | | | | 424,959.000 | | | | | | 0.000 | | | | | | 0.000 | | | | | | 6,496,660.880 | | |
| Declaration Date | | | Ex Date | | | Record Date | | | Payable Date | |
| January 17, 2017 | | | February 1, 2017 | | | February 3, 2017 | | | February 15, 2017 | |
| February 15, 2017 | | | March 1, 2017 | | | March 3, 2017 | | | March 15, 2017 | |
| Declaration Date | | | Ex Date | | | Record Date | | | Payable Date | |
| March 15, 2017 | | | April 3, 2017 | | | April 5, 2017 | | | April 17, 2017 | |
| April 17, 2017 | | | May 1, 2017 | | | May 3, 2017 | | | May 15, 2017 | |
| May 15, 2017 | | | June 1, 2017 | | | June 5, 2017 | | | June 15, 2017 | |
| June 15, 2017 | | | July 3, 2017 | | | July 6, 2017 | | | July 17, 2017 | |
| July 17, 2017 | | | August 1, 2017 | | | August 3, 2017 | | | August 15, 2017 | |
| August 15, 2017 | | | September 1, 2017 | | | September 6, 2017 | | | September 15, 2017 | |
| September 15, 2017 | | | October 3, 2017 | | | October 4, 2017 | | | October 16, 2017 | |
| October 16, 2017 | | | November 1, 2017 | | | November 2, 2017 | | | November 15, 2017 | |
| November 15, 2017 | | | December 1, 2017 | | | December 4, 2017 | | | December 15, 2017 | |
| December 15, 2017 | | | December 28, 2017 | | | December 29, 2017 | | | January 16, 2018 | |
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
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480 Washington Boulevard
Jersey City, New Jersey 07310-1900
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199
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.
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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 International High Dividend Equity Income Fund | PORTFOLIO OF INVESTMENTS as of August 31, 2017 (Unaudited) |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: 97.3% | ||||||||||||||
Australia: 8.3% | ||||||||||||||
31,909 | Australia & New Zealand Banking Group Ltd. | 746,954 | 1.2 | |||||||||||
72,350 | Charter Hall Group | 326,881 | 0.6 | |||||||||||
38,078 | Coca-Cola Amatil Ltd. | 244,037 | 0.4 | |||||||||||
64,892 | Insurance Australia Group Ltd. | 331,155 | 0.6 | |||||||||||
113,503 | Metcash Ltd. | 245,445 | 0.4 | |||||||||||
245,211 | Nine Entertainment Co. Holdings Ltd. | 266,449 | 0.4 | |||||||||||
23,573 | QBE Insurance Group Ltd. | 195,762 | 0.3 | |||||||||||
10,923 | Rio Tinto Ltd. | 592,191 | 1.0 | |||||||||||
82,187 | @ | Santos Ltd. | 247,441 | 0.4 | ||||||||||
92,320 | Scentre Group | 283,951 | 0.5 | |||||||||||
229,789 | Sigma Healthcare Ltd. | 156,653 | 0.3 | |||||||||||
149,115 | Spark Infrastructure Group | 320,379 | 0.5 | |||||||||||
28,628 | Suncorp Group Ltd. | 297,284 | 0.5 | |||||||||||
29,181 | Westpac Banking Corp. | 726,244 | 1.2 | |||||||||||
4,980,826 | 8.3 | |||||||||||||
Austria: 0.7% | ||||||||||||||
9,459 | @ | Erste Group Bank AG | 400,049 | 0.7 | ||||||||||
Belgium: 0.5% | ||||||||||||||
3,623 | Ageas | 168,197 | 0.3 | |||||||||||
4,417 | Ontex Group NV | 150,690 | 0.2 | |||||||||||
318,887 | 0.5 | |||||||||||||
China: 13.0% | ||||||||||||||
677,000 | Agricultural Bank of China Ltd. | 319,388 | 0.5 | |||||||||||
4,466 | @ | Alibaba Group Holding Ltd. ADR | 766,991 | 1.3 | ||||||||||
59,000 | Beijing Enterprises Holdings Ltd. | 330,199 | 0.6 | |||||||||||
678,000 | China BlueChemical Ltd. | 209,270 | 0.4 | |||||||||||
897,380 | China Construction Bank | 789,520 | 1.3 | |||||||||||
68,500 | China Mobile Ltd. | 726,976 | 1.2 | |||||||||||
104,000 | China Overseas Land & Investment Ltd. | 364,759 | 0.6 | |||||||||||
1 | China Overseas Property Holdings Ltd. | – | – | |||||||||||
124,000 | China Resources Land Ltd. | 388,744 | 0.6 | |||||||||||
175,030 | China State Construction International Holdings Ltd. | 254,052 | 0.4 | |||||||||||
220,000 | @ | China Unicom Hong Kong Ltd. | 319,610 | 0.5 | ||||||||||
286,000 | COSCO Shipping Ports, Ltd. | 338,574 | 0.6 | |||||||||||
39,000 | Hengan International Group Co., Ltd. | 326,430 | 0.5 | |||||||||||
811,123 | Industrial & Commercial Bank of China | 609,537 | 1.0 | |||||||||||
418,000 | Lenovo Group Ltd. | 229,175 | 0.4 | |||||||||||
604,500 | Parkson Retail Group Ltd. | 91,948 | 0.2 | |||||||||||
754,000 | PetroChina Co., Ltd. | 483,127 | 0.8 | |||||||||||
102,000 | Shanghai Industrial Holdings Ltd. | 310,952 | 0.5 | |||||||||||
104,900 | Shanghai Pharmaceuticals Holding Co. Ltd. | 258,194 | 0.4 | |||||||||||
170,000 | Shimao Property Holdings Ltd. | 351,600 | 0.6 | |||||||||||
264,000 | Zhejiang Expressway Co., Ltd. | 330,448 | 0.6 | |||||||||||
7,799,494 | 13.0 | |||||||||||||
Denmark: 0.4% | ||||||||||||||
5,649 | Novo Nordisk A/S | 269,174 | 0.4 | |||||||||||
Finland: 0.3% | ||||||||||||||
31,188 | Nokia OYJ - Finland | 193,452 | 0.3 | |||||||||||
France: 8.5% | ||||||||||||||
26,686 | AXA S.A. | 773,747 | 1.3 | |||||||||||
7,186 | BNP Paribas | 546,336 | 0.9 | |||||||||||
1,516 | Cap Gemini SA | 168,068 | 0.3 | |||||||||||
5,572 | Carrefour S.A. | 112,398 | 0.2 | |||||||||||
6,799 | Cie de Saint-Gobain | 372,730 | 0.6 | |||||||||||
44,104 | Engie SA | 736,450 | 1.2 | |||||||||||
5,773 | @ | Eutelsat Communications | 167,857 | 0.3 | ||||||||||
2,572 | Danone | 202,634 | 0.3 | |||||||||||
29,082 | Orange SA | 493,772 | 0.8 | |||||||||||
2,769 | Sanofi | 269,978 | 0.4 | |||||||||||
8,000 | Suez | 151,768 | 0.3 | |||||||||||
11,602 | Total S.A. | 601,996 | 1.0 | |||||||||||
5,622 | Vinci S.A. | 517,276 | 0.9 | |||||||||||
5,115,010 | 8.5 | |||||||||||||
Germany: 5.7% | ||||||||||||||
2,483 | Bayer AG | 318,255 | 0.5 | |||||||||||
4,678 | Daimler AG | 341,362 | 0.6 | |||||||||||
4,621 | Deutsche Boerse AG | 494,385 | 0.8 | |||||||||||
11,238 | Deutsche Post AG | 466,662 | 0.8 | |||||||||||
24,557 | Deutsche Telekom AG | 444,111 | 0.7 | |||||||||||
5,922 | Evonik Industries AG | 192,178 | 0.3 | |||||||||||
2,377 | LEG Immobilien AG | 240,449 | 0.4 | |||||||||||
583 | Linde AG | 111,939 | 0.2 | |||||||||||
3,159 | Muenchener Rueckversicherungs-Gesellschaft AG | 652,453 | 1.1 | |||||||||||
4,574 | ProSiebenSat.1 Media SE | 153,430 | 0.3 | |||||||||||
3,415,224 | 5.7 | |||||||||||||
Hong Kong: 2.8% | ||||||||||||||
97,040 | AIA Group Ltd. | 747,383 | 1.3 | |||||||||||
28,993 | CLP Holdings Ltd. | 306,313 | 0.5 | |||||||||||
1,770,000 | @ | Emperor Watch & Jewellery Ltd. | 82,767 | 0.1 | ||||||||||
934,000 | Hutchison Telecommunications Hong Kong Holdings Ltd. | 341,814 | 0.6 | |||||||||||
433 | Link REIT | 3,577 | 0.0 | |||||||||||
60,000 | Television Broadcasts Ltd. | 200,492 | 0.3 | |||||||||||
1,682,346 | 2.8 | |||||||||||||
India: 3.1% | ||||||||||||||
84,147 | Coal India Ltd. | 312,820 | 0.5 | |||||||||||
47,109 | GAIL India Ltd. | 279,137 | 0.5 | |||||||||||
72,008 | ICICI Bank Ltd. | 337,682 | 0.6 |
Voya International High Dividend Equity Income Fund | PORTFOLIO OF INVESTMENTS as of August 31, 2017 (Unaudited) (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
India: (continued) | ||||||||||||||
70,812 | ITC Ltd. | 312,913 | 0.5 | |||||||||||
120,114 | NTPC Ltd. | 317,415 | 0.5 | |||||||||||
45,597 | Tech Mahindra Ltd. | 305,636 | 0.5 | |||||||||||
1,865,603 | 3.1 | |||||||||||||
Indonesia: 1.4% | ||||||||||||||
606,700 | Bank Negara Indonesia Persero Tbk PT | 335,215 | 0.5 | |||||||||||
151,100 | Indo Tambangraya Megah PT | 220,530 | 0.4 | |||||||||||
355,100 | Semen Indonesia Persero Tbk PT | 279,298 | 0.5 | |||||||||||
835,043 | 1.4 | |||||||||||||
Italy: 2.3% | ||||||||||||||
128,914 | Enel S.p.A. | 781,008 | 1.3 | |||||||||||
9,922 | ENI S.p.A. | 155,835 | 0.3 | |||||||||||
77,410 | Intesa Sanpaolo SpA - ISP | 262,072 | 0.4 | |||||||||||
6,073 | Prysmian S.p.A. | 191,426 | 0.3 | |||||||||||
1,390,341 | 2.3 | |||||||||||||
Malaysia: 1.4% | ||||||||||||||
439,128 | Berjaya Sports Toto BHD | 231,364 | 0.4 | |||||||||||
196,000 | CIMB Group Holdings Bhd | 325,672 | 0.5 | |||||||||||
399,100 | IJM Corp. Bhd | 312,322 | 0.5 | |||||||||||
869,358 | 1.4 | |||||||||||||
Netherlands: 3.0% | ||||||||||||||
13,934 | # | ABN AMRO Group NV | 390,389 | 0.6 | ||||||||||
1,900 | Koninklijke DSM NV | 144,216 | 0.2 | |||||||||||
29,437 | Koninklijke Ahold Delhaize NV | 529,177 | 0.9 | |||||||||||
27,257 | Royal Dutch Shell PLC - Class B | 760,755 | 1.3 | |||||||||||
1,824,537 | 3.0 | |||||||||||||
New Zealand: 0.5% | ||||||||||||||
52,194 | Fletcher Building Ltd. | 306,596 | 0.5 | |||||||||||
Norway: 1.0% | ||||||||||||||
15,385 | Statoil ASA | 291,144 | 0.5 | |||||||||||
7,257 | Yara International ASA | 296,937 | 0.5 | |||||||||||
588,081 | 1.0 | |||||||||||||
Singapore: 0.5% | ||||||||||||||
210,000 | First Resources Ltd. | 288,898 | 0.5 | |||||||||||
South Korea: 5.6% | ||||||||||||||
28,507 | DGB Financial Group, Inc. | 278,337 | 0.5 | |||||||||||
14,425 | Hite Jinro Co. Ltd. | 334,235 | 0.6 | |||||||||||
9,910 | Kangwon Land, Inc. | 303,464 | 0.5 | |||||||||||
7,795 | Korea Electric Power Corp. | 297,872 | 0.5 | |||||||||||
11,039 | KT Corp. | 305,523 | 0.5 | |||||||||||
7,294 | LG Display Co., Ltd. | 202,385 | 0.3 | |||||||||||
1,047 | POSCO | 318,227 | 0.5 | |||||||||||
337 | Samsung Electronics Co., Ltd. | 693,718 | 1.2 | |||||||||||
1,165 | Samsung Fire & Marine Insurance Co. Ltd. | 286,177 | 0.5 | |||||||||||
7,186 | Shinhan Financial Group Co., Ltd. | 331,353 | 0.5 | |||||||||||
3,351,291 | 5.6 | |||||||||||||
Spain: 3.1% | ||||||||||||||
15,314 | Abertis Infraestructuras S.A. | 309,943 | 0.5 | |||||||||||
12,536 | ACS Actividades de Construccion y Servicios S.A. | 474,532 | 0.8 | |||||||||||
20,838 | Banco Bilbao Vizcaya Argentaria S.A. | 184,391 | 0.3 | |||||||||||
27,078 | Banco Santander SA | 176,480 | 0.3 | |||||||||||
9,956 | Ebro Foods SA | 237,398 | 0.4 | |||||||||||
19,675 | Prosegur Cia de Seguridad SA | 134,102 | 0.2 | |||||||||||
33,178 | Telefonica S.A. | 357,947 | 0.6 | |||||||||||
1,874,793 | 3.1 | |||||||||||||
Sweden: 2.1% | ||||||||||||||
3,188 | @ | Essity AB | 88,509 | 0.2 | ||||||||||
3,188 | Svenska Cellulosa AB SCA | 26,600 | 0.0 | |||||||||||
44,016 | Svenska Handelsbanken AB | 658,890 | 1.1 | |||||||||||
13,062 | Telefonaktiebolaget LM Ericsson | 76,603 | 0.1 | |||||||||||
58,809 | Telia Co. AB | 280,632 | 0.5 | |||||||||||
7,290 | Volvo AB - B Shares | 124,601 | 0.2 | |||||||||||
1,255,835 | 2.1 | |||||||||||||
Switzerland: 5.6% | ||||||||||||||
10,352 | Credit Suisse Group AG | 151,997 | 0.3 | |||||||||||
8,828 | Julius Baer Group Ltd. | 493,648 | 0.8 | |||||||||||
4,169 | Nestle S.A. | 353,431 | 0.6 | |||||||||||
9,351 | Novartis AG | 788,356 | 1.3 | |||||||||||
2,955 | Roche Holding AG | 750,779 | 1.2 | |||||||||||
57 | SGS S.A. | 127,231 | 0.2 | |||||||||||
28,198 | UBS Group AG | 464,616 | 0.8 | |||||||||||
728 | Zurich Insurance Group AG | 217,888 | 0.4 | |||||||||||
3,347,946 | 5.6 | |||||||||||||
Taiwan: 3.7% | ||||||||||||||
22,000 | Catcher Technology Co., Ltd. | 281,395 | 0.5 | |||||||||||
286,000 | Cathay Financial Holding Co., Ltd. | 468,221 | 0.8 | |||||||||||
508,782 | CTBC Financial Holding Co. Ltd. | 330,128 | 0.5 | |||||||||||
27,612 | MediaTek, Inc. | 248,305 | 0.4 | |||||||||||
107,000 | Quanta Computer, Inc. | 244,170 | 0.4 | |||||||||||
88,389 | Taiwan Semiconductor Manufacturing Co., Ltd. | 636,180 | 1.1 | |||||||||||
2,208,399 | 3.7 | |||||||||||||
United Kingdom: 11.8% | ||||||||||||||
2,628 | AstraZeneca PLC | 154,073 | 0.2 | |||||||||||
59,342 | Aviva PLC | 401,285 | 0.7 | |||||||||||
128,389 | Barclays PLC | 317,516 | 0.5 | |||||||||||
22,852 | BP PLC | 132,001 | 0.2 | |||||||||||
8,905 | Diageo PLC | 297,853 | 0.5 | |||||||||||
6,663 | easyJet PLC | 103,265 | 0.2 | |||||||||||
39,003 | GlaxoSmithKline PLC | 773,806 | 1.3 | |||||||||||
30,006 | HSBC Holdings PLC | 290,899 | 0.5 | |||||||||||
37,200 | HSBC Holdings PLC (HKD) | 361,025 | 0.6 | |||||||||||
131,035 | J Sainsbury PLC | 398,878 | 0.7 | |||||||||||
3,700 | Johnson Matthey PLC | 132,386 | 0.2 | |||||||||||
97,541 | Kingfisher PLC | 376,899 | 0.6 |
See Accompanying Notes to Financial Statements
Voya International High Dividend Equity Income Fund | PORTFOLIO OF INVESTMENTS as of August 31, 2017 (Unaudited) (continued) |
Shares | Value | Percentage of Net Assets | ||||||||||||
COMMON STOCK: (continued) | ||||||||||||||
United Kingdom: (continued) | ||||||||||||||
33,231 | Marks & Spencer Group PLC | 137,583 | 0.2 | |||||||||||
36,353 | @ | Mitie Group PLC | 126,211 | 0.2 | ||||||||||
25,018 | Prudential PLC | 587,276 | 1.0 | |||||||||||
6,560 | Rio Tinto PLC | 318,628 | 0.5 | |||||||||||
15,592 | Sage Group PLC | 139,653 | 0.2 | |||||||||||
21,615 | SSE PLC | 398,375 | 0.7 | |||||||||||
5,045 | Smiths Group PLC | 100,814 | 0.2 | |||||||||||
12,035 | Tate & Lyle PLC | 106,266 | 0.2 | |||||||||||
21,839 | UBM PLC | 187,416 | 0.3 | |||||||||||
2,575 | Unilever PLC | 150,236 | 0.2 | |||||||||||
168,342 | Vodafone Group PLC | 481,743 | 0.8 | |||||||||||
2,332 | Whitbread PLC | 113,360 | 0.2 | |||||||||||
28,928 | WPP PLC | 527,560 | 0.9 | |||||||||||
7,115,007 | 11.8 | |||||||||||||
United States: 12.0% | ||||||||||||||
24,015 | Cisco Systems, Inc. | 773,523 | 1.3 | |||||||||||
14,228 | Coach, Inc. | 593,308 | 1.0 | |||||||||||
15,257 | Coca-Cola Co. | 694,956 | 1.2 | |||||||||||
4,661 | Deere & Co. | 540,350 | 0.9 | |||||||||||
11,556 | Dow Chemical Co. | 770,207 | 1.3 | |||||||||||
19,726 | Exelon Corp. | 747,024 | 1.2 | |||||||||||
11,726 | Hartford Financial Services Group, Inc. | 634,025 | 1.1 | |||||||||||
20,048 | Pfizer, Inc. | 680,028 | 1.1 | |||||||||||
3,672 | Rockwell Automation, Inc. | 602,428 | 1.0 | |||||||||||
6,936 | Schlumberger Ltd. | 440,505 | 0.7 | |||||||||||
14,392 | Wells Fargo & Co. | 735,000 | 1.2 | |||||||||||
7,211,354 | 12.0 | |||||||||||||
Total Common Stock | ||||||||||||||
(Cost $58,000,437) | 58,507,544 | 97.3 | ||||||||||||
PREFERRED STOCK: 1.1% | ||||||||||||||
South Korea: 1.1% | ||||||||||||||
1,516 | Hyundai Motor Co. | 129,849 | 0.2 | |||||||||||
2,895 | Hyundai Motor Co.- Series 2 | 262,389 | 0.5 | |||||||||||
144 | Samsung Electronics Co., Ltd. - Pref | 241,081 | 0.4 | |||||||||||
Total Preferred Stock | ||||||||||||||
(Cost $461,041) | 633,319 | 1.1 | ||||||||||||
Total Long-Term Investments | ||||||||||||||
(Cost $58,461,478) | 59,140,863 | 98.4 | ||||||||||||
SHORT-TERM INVESTMENTS: 1.2% | ||||||||||||||
Mutual Funds: 1.2% | ||||||||||||||
721,275 | BlackRock Liquidity Funds, FedFund, Institutional Class, 0.910%†† | |||||||||||||
(Cost $721,275) | 721,275 | 1.2 | ||||||||||||
Total Short-Term Investments | ||||||||||||||
(Cost $721,275) | 721,275 | 1.2 | ||||||||||||
Total Investments in Securities (Cost $59,182,753) | $ | 59,862,138 | 99.6 | |||||||||||
Assets in Excess of Other Liabilities | 245,653 | 0.4 | ||||||||||||
Net Assets | $ | 60,107,791 | 100.0 |
†† | Rate shown is the 7-day yield as of August 31, 2017. |
# | 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. |
@ | Non-income producing security. |
ADR | American Depositary Receipt |
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 International High Dividend Equity Income 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