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: 811-22438
Voya Emerging Markets High Dividend Equity Fund
(Exact name of registrant as specified in charter)
7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ | 85258 |
(Address of principal executive offices) | (Zip code) |
Huey P. Falgout Jr., 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ 85258
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-800-992-0180
Date of fiscal year end: February 28
Date of reporting period: March 1, 2020 to August 31, 2020
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):
| | Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of a Fund’s annual and semi-annual shareholder reports, like this semi-annual report, will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Voya funds’ website (www.voyainvestments.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report. | | |
| | If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail request to Voyaim_literature@voya.com. | | |
| | You may elect to receive all future reports in paper free of charge. If you received this document in the mail, please follow the instructions to elect to continue receiving paper copies of your shareholder reports. If you received this document through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with us, you can call 1-800-992-0180 or send an email request to Voyaim_literature@voya.com to let a Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the Voya funds complex if you invest directly with the funds. | | |
| | This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the fund’s investment objectives, risks, charges, expenses and other information. This information should be read carefully. | | |
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President
Voya Family of Funds
September 17, 2020
| | Index | | | | Description | | |
| | MSCI Emerging Markets IndexSM | | | | An index that measures the performance of securities listed on exchanges in developing nations throughout the world. | | |
Portfolio Managers’ Report | Voya Emerging Markets High Dividend Equity Fund |
| Geographic Diversification as of August 31, 2020 (as a percentage of net assets) | | |||
| | | | ||
| China | | | 40.6% | |
| Taiwan | | | 12.7% | |
| South Korea | | | 11.3% | |
| India | | | 8.4% | |
| Brazil | | | 4.8% | |
| Russia | | | 3.1% | |
| South Africa | | | 3.0% | |
| Indonesia | | | 2.2% | |
| Saudi Arabia | | | 1.9% | |
| Mexico | | | 1.5% | |
| Countries between 0.0% – 1.4%^ | | | 7.0% | |
| Assets in Excess of Other Liabilities* | | | 3.5% | |
| Net Assets | | | 100.0% | |
| * Includes short-term investments and exchange-traded funds. | | |||
| ^ Includes 14 countries, which each represents 0.0% – 1.4% of net assets. | | |||
| Portfolio holdings are subject to change daily. | |
| Top Ten Holdings as of August 31, 2020 (as a percentage of net assets) | | |||
| | | | ||
| Alibaba Group Holding Ltd. ADR | | | 7.8% | |
| Tencent Holdings Ltd. | | | 6.0% | |
| Taiwan Semiconductor Manufacturing Co., Ltd. | | | 5.4% | |
| Samsung Electronics Co., Ltd. | | | 3.0% | |
| iShares MSCI Emerging Markets ETF | | | 2.2% | |
| Ping An Insurance Group Co. of China Ltd. - H Shares | | | 1.3% | |
| Kakao Corp. | | | 1.2% | |
| Meituan Dianping - Class B | | | 1.1% | |
| Industrial & Commercial Bank of China - H Shares | | | 1.1% | |
| China Construction Bank - H Shares | | | 1.0% | |
| Portfolio holdings are subject to change daily. | |
Voya Emerging Markets High Dividend Equity Fund | Portfolio Managers’ Report |
| ASSETS: | | ||||||
| Investments in securities at fair value* | | | | $ | 140,754,507 | | |
| Short-term investments at fair value† | | | | | 839,000 | | |
| Cash | | | | | 580,486 | | |
| Cash pledged as collateral for OTC derivatives (Note 2) | | | | | 1,040,000 | | |
| Foreign currencies at value‡ | | | | | 137,493 | | |
| Receivables: | | | | | | | |
| Investment securities and currencies sold | | | | | 1,697 | | |
| Dividends | | | | | 197,265 | | |
| Interest | | | | | 464 | | |
| Foreign tax reclaims | | | | | 8,084 | | |
| Prepaid expenses | | | | | 1,135 | | |
| Other assets | | | | | 6,231 | | |
| Total assets | | | | | 143,566,362 | | |
| LIABILITIES: | | | | | | | |
| Payable for investment securities and currencies purchased | | | | | 1,663 | | |
| Payable for investment management fees | | | | | 140,058 | | |
| Payable to trustees under the deferred compensation plan (Note 6) | | | | | 6,231 | | |
| Payable for trustee fees | | | | | 664 | | |
| Other accrued expenses and liabilities | | | | | 145,766 | | |
| Written options, at fair value^ | | | | | 622,659 | | |
| Total liabilities | | | | | 917,041 | | |
| NET ASSETS | | | | $ | 142,649,321 | | |
| NET ASSETS WERE COMPRISED OF: | | | | | | | |
| Paid-in capital | | | | $ | 223,868,053 | | |
| Total distributable loss | | | | | (81,218,732) | | |
| NET ASSETS | | | | $ | 142,649,321 | | |
| * Cost of investments in securities | | | | $ | 130,057,126 | | |
| † Cost of short-term investments | | | | $ | 839,000 | | |
| ‡ Cost of foreign currencies | | | | $ | 135,608 | | |
| ^ Premiums received on written options | | | | $ | 629,572 | | |
| Net assets | | | | $ | 142,649,321 | | |
| Shares authorized | | | | | unlimited | | |
| Par value | | | | $ | 0.010 | | |
| Shares outstanding | | | | | 19,039,289 | | |
| Net asset value | | | | $ | 7.49 | | |
| INVESTMENT INCOME: | | | | | | | |
| Dividends, net of foreign taxes withheld* | | | | $ | 2,770,375 | | |
| Interest | | | | | 659 | | |
| Total investment income | | | | | 2,771,034 | | |
| EXPENSES: | | | | | | | |
| Investment management fees | | | | | 769,308 | | |
| Transfer agent fees | | | | | 10,384 | | |
| Shareholder reporting expense | | | | | 24,040 | | |
| Professional fees | | | | | 32,460 | | |
| Custody and accounting expense | | | | | 51,275 | | |
| Trustee fees | | | | | 2,654 | | |
| Miscellaneous expense | | | | | 19,754 | | |
| Total expenses | | | | | 909,875 | | |
| Net investment income | | | | | 1,861,159 | | |
| REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | |
| Net realized gain (loss) on: | | | | | | | |
| Investments | | | | | (8,472,252) | | |
| Foreign currency related transactions | | | | | (83,471) | | |
| Written options | | | | | (1,988,544) | | |
| Net realized loss | | | | | (10,544,267) | | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | |
| Investments | | | | | 13,574,160 | | |
| Foreign currency related transactions | | | | | 57,001 | | |
| Written options | | | | | (367,699) | | |
| Net change in unrealized appreciation (depreciation) | | | | | 13,263,462 | | |
| Net realized and unrealized gain | | | | | 2,719,195 | | |
| Increase in net assets resulting from operations | | | | $ | 4,580,354 | | |
| * Foreign taxes withheld | | | | $ | 346,878 | | |
| | | Six Months Ended August 31, 2020 (Unaudited) | | | Year Ended February 29, 2020 | | ||||||
FROM OPERATIONS: | | | | | | | | | | | | | |
Net investment income | | | | $ | 1,861,159 | | | | | $ | 3,623,649 | | |
Net realized loss | | | | | (10,544,267) | | | | | | (7,733,668) | | |
Net change in unrealized appreciation (depreciation) | | | | | 13,263,462 | | | | | | (6,257,503) | | |
Increase (decrease) in net assets resulting from operations | | | | | 4,580,354 | | | | | | (10,367,522) | | |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | |
Total distributions (excluding return of capital): | | | | | (1,794,741) | | | | | | (5,241,350) | | |
Return of capital | | | | | (5,059,403) | | | | | | (8,657,330) | | |
Total distributions | | | | | (6,854,144) | | | | | | (13,898,680) | | |
FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | |
Net increase in net assets resulting from capital share transactions | | | | | — | | | | | | — | | |
Net decrease in net assets | | | | | (2,273,790) | | | | | | (24,266,202) | | |
NET ASSETS: | | | | | | | | | | | | | |
Beginning of year or period | | | | | 144,923,111 | | | | | | 169,189,313 | | |
End of year or period | | | | $ | 142,649,321 | | | | | $ | 144,923,111 | | |
| | | 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 | | | Payment by affiliate | | | 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) | | | (%) | | | (%) | | | (%) | | | (%) | | ||||||||||||||||||||||||||||||||||||||||||||||||
08-31-20+ | | | | | 7.61 | | | | | | 0.10• | | | | | | 0.14 | | | | | | 0.24 | | | | | | 0.09 | | | | | | — | | | | | | 0.27 | | | | | | 0.36 | | | | | | — | | | | | | 7.49 | | | | | | 6.62 | | | | | | 4.34 | | | | | | 4.90 | | | | 142,649 | | | 1 .36 | | | | | 1.36 | | | | | | 2.78 | | | | | | 28 | | |
02-29-20 | | | | | 8.89 | | | | | | 0.20 | | | | | | (0.75) | | | | | | (0.55) | | | | | | 0.28 | | | | | | — | | | | | | 0.45 | | | | | | 0.73 | | | | | | — | | | | | | 7.61 | | | | | | 6.69 | | | | | | (6.03) | | | | | | (12.67) | | | | 144,923 | | | 1 .39 | | | | | 1.39 | | | | | | 2.29 | | | | | | 103 | | |
02-28-19 | | | | | 9.87 | | | | | | 0.20 | | | | | | (0.44) | | | | | | (0.24) | | | | | | 0.17 | | | | | | — | | | | | | 0.57 | | | | | | 0.74 | | | | | | — | | | | | | 8.89 | | | | | | 8.41 | | | | | | (1.39) | | | | | | (2.23) | | | | 169,189 | | | 1 .47 | | | | | 1.47 | | | | | | 2.21 | | | | | | 53 | | |
02-28-18 | | | | | 9.24 | | | | | | 0.18 | | | | | | 1.19 | | | | | | 1.37 | | | | | | 0.18 | | | | | | — | | | | | | 0.56 | | | | | | 0.74 | | | | | | — | | | | | | 9.87 | | | | | | 9.42 | | | | | | 15.77 | | | | | | 22.67 | | | | 187,770 | | | 1 .44 | | | | | 1.44 | | | | | | 1.82 | | | | | | 41 | | |
02-28-17 | | | | | 7.81 | | | | | | 0.18 | | | | | | 2.13 | | | | | | 2.31 | | | | | | 0.19 | | | | | | — | | | | | | 0.69 | | | | | | 0.88 | | | | | | — | | | | | | 9.24 | | | | | | 8.32 | | | | | | 32.30 | | | | | | 38.66 | | | | 175,716 | | | 1 .43 | | | | | 1.43 | | | | | | 2.06 | | | | | | 39 | | |
02-29-16 | | | | | 11.57 | | | | | | 0.20 | | | | | | (2.92) | | | | | | (2.72) | | | | | | 0.21 | | | | | | — | | | | | | 0.83 | | | | | | 1.04 | | | | | | — | | | | | | 7.81 | | | | | | 6.71 | | | | | | (23.98) | | | | | | (28.30) | | | | 152,682 | | | 1 .47 | | | | | 1.47 | | | | | | 1.99 | | | | | | 30 | | |
02-28-15 | | | | | 12.50 | | | | | | 0.30• | | | | | | (0.08) | | | | | | 0.22 | | | | | | 0.34 | | | | | | — | | | | | | 0.81 | | | | | | 1.15 | | | | | | — | | | | | | 11.57 | | | | | | 10.54 | | | | | | 2.21 | | | | | | 2.01 | | | | 226,152 | | | 1 .42 | | | | | 1.42 | | | | | | 2.35 | | | | | | 40 | | |
02-28-14 | | | | | 14.53 | | | | | | 0.34• | | | | | | (1.17) | | | | | | (0.83) | | | | | | 0.29 | | | | | | — | | | | | | 1.00 | | | | | | 1.29 | | | | | | 0.09 | | | | | | 12.50 | | | | | | 11.41 | | | | | | (4.89) | | | | | | (16.62) | | | | 244,220 | | | 1 .41 | | | | | 1.41 | | | | | | 2.58 | | | | | | 50 | | |
02-28-13 | | | | | 16.60 | | | | | | 0.30• | | | | | | (0.85) | | | | | | (0.55) | | | | | | 0.31 | | | | | | — | | | | | | 1.21 | | | | | | 1.52 | | | | | | — | | | | | | 14.53 | | | | | | 15.13 | | | | | | (2.95) | | | | | | 5.58 | | | | 282,611 | | | 1 .44 | | | | | 1.44 | | | | | | 2.03 | | | | | | 66 | | |
04-26-11(5) - 02-29-12 | | | | | 19.06 | | | | | | 0.24• | | | | | | (1.50) | | | | | | (1.26) | | | | | | 0.17 | | | | | | — | | | | | | 1.03 | | | | | | 1.20 | | | | | | — | | | | | | 16.60 | | | | | | 15.89 | | | | | | (5.96) | | | | | | (14.21) | | | | 319,565 | | | 1 .43 | | | | | 1.43 | | | | | | 1.77 | | | | | | 61 | | |
| Tax Year Ended December 31, 2019 | | | Tax Year Ended December 31, 2018 | | |||||||||||||||
| Ordinary Income | | | Return of Capital | | | Ordinary Income | | | Return of Capital | | |||||||||
| $5,241,350 | | | | $ | 8,657,330 | | | | | $ | 3,253,913 | | | | | $ | 10,832,878 | | |
| Post-October Capital Losses Deferred | | | Unrealized Appreciation/ (Depreciation) | | | Capital Loss Carryforwards | | |||||||||||||||
| Amount | | | Character | | | Expiration | | |||||||||||||||
| $(2,146,250) | | | $11,651,302 | | | | $ | (4,468,443) | | | | | | Short-term | | | | | | None | | |
| | | | | | | | | (72,834,449) | | | | | | Long-term | | | | | | None | | |
| | | | | | | | $ | (77,302,892) | | | | | | | | | | | | | | |
| Per Share Amount | | | Declaration Date | | | Payable Date | | | Record Date | | |||||||||
| $0.180 | | | | | 9/15/2020 | | | | | | 10/15/2020 | | | | | | 10/2/2020 | | |
Voya Emerging Markets High Dividend | Summary Portfolio of Investments |
Equity Fund | as of August 31, 2020 (Unaudited) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||
COMMON STOCK: 92.2% | | |||||||||||||||
| | | Argentina: 0.0% | | ||||||||||||
7,343 | | | Other Securities | | | | $ | 49,639 | | | | | | 0.0 | | |
| | | | | ||||||||||||
| | | Brazil: 3.5% | | ||||||||||||
130,209 | | | Vale SA | | | | | 1,428,175 | | | | | | 1.0 | | |
865,668 | | | Other Securities | | | | | 3,565,098 | | | | | | 2.5 | | |
| | | | | | | | 4,993,273 | | | | | | 3.5 | | |
| | | Chile: 0.2% | | ||||||||||||
898,011 | | | Other Securities | | | | | 278,979 | | | | | | 0.2 | | |
| | | | | ||||||||||||
| | | China: 40.6% | | ||||||||||||
39,011 (1) | | | Alibaba Group Holding Ltd. ADR | | | | | 11,197,327 | | | | | | 7.8 | | |
51,500 (2) | | | A-Living Services Co. Ltd. | | | | | 265,378 | | | | | | 0.2 | | |
136,500 | | | Anhui Conch Cement Co., Ltd. - H Shares | | | | | 988,184 | | | | | | 0.7 | | |
810,000 (2) | | | BAIC Motor Corp. Ltd. - H Shares | | | | | 388,250 | | | | | | 0.3 | | |
2,080,000 | | | China Construction Bank - H Shares | | | | | 1,465,805 | | | | | | 1.0 | | |
192,500 | | | China Merchants Bank Co., Ltd. - H Shares | | | | | 918,409 | | | | | | 0.6 | | |
156,000 | | | China Mobile Ltd. | | | | | 1,091,675 | | | | | | 0.8 | | |
574,000 | | | China National Building Material Co., Ltd. - H Shares | | | | | 805,657 | | | | | | 0.6 | | |
1,498,000 | | | China Petroleum & Chemical Corp. - H Shares | | | | | 687,795 | | | | | | 0.5 | | |
616,000 | | | China Resources Cement Holdings Ltd. - H Shares | | | | | 897,082 | | | | | | 0.6 | | |
138,000 | | | China Resources Land Ltd. | | | | | 637,506 | | | | | | 0.4 | | |
416,000 | | | China Shenhua Energy Co., Ltd. - H Shares | | | | | 690,810 | | | | | | 0.5 | | |
1,204,000 (2) | | | China Tower Corp. Ltd. - H Shares | | | | | 229,361 | | | | | | 0.2 | | |
438,000 (2) | | | China Yuhua Education Corp. Ltd. | | | | | 419,881 | | | | | | 0.3 | | |
609,000 | | | CNOOC Ltd. | | | | | 690,122 | | | | | | 0.5 | | |
349,600 | | | CSPC Pharmaceutical Group Ltd. | | | | | 772,413 | | | | | | 0.5 | | |
218,000 (2) | | | Dali Foods Group Co. Ltd. | | | | | 133,422 | | | | | | 0.1 | | |
2,789,592 | | | Industrial & Commercial Bank of China - H Shares | | | | | 1,554,805 | | | | | | 1.1 | | |
170,000 | | | Kingboard Holdings Ltd. | | | | | 546,484 | | | | | | 0.4 | | |
445,500 | | | Kingboard Laminates Holdings Ltd. | | | | | 561,061 | | | | | | 0.4 | | |
151,500 | | | Li Ning Co. Ltd. | | | | | 639,922 | | | | | | 0.4 | | |
48,800 (1) | | | Meituan Dianping - Class B | | | | | 1,608,653 | | | | | | 1.1 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||
COMMON STOCK: (continued) | | |||||||||||||||
| | | China (continued) | | ||||||||||||
171,000 | | | Ping An Insurance Group Co. of China Ltd. - H Shares | | | | $ | 1,825,665 | | | | | | 1.3 | | |
1,428,000 (2) | | | Postal Savings Bank of China Co. Ltd. - H Shares | | | | | 676,019 | | | | | | 0.5 | | |
125,600 | | | Tencent Holdings Ltd. | | | | | 8,580,786 | | | | | | 6.0 | | |
20,463,764 | | | Other Securities | | | | | 19,632,956 | | | | | | 13.8 | | |
| | | | | | | | 57,905,428 | | | | | | 40.6 | | |
| | | Colombia: 0.2% | | ||||||||||||
39,161 | | | Other Securities | | | | | 219,829 | | | | | | 0.2 | | |
| | | | | ||||||||||||
| | | Egypt: 0.7% | | ||||||||||||
975,674 | | | Other Securities | | | | | 993,600 | | | | | | 0.7 | | |
| | | | | ||||||||||||
| | | Hungary: 0.3% | | ||||||||||||
12,155 (3) | | | Other Securities | | | | | 409,361 | | | | | | 0.3 | | |
| | | | | ||||||||||||
| | | India: 8.4% | | ||||||||||||
123,566 | | | HCL Technologies Ltd. | | | | | 1,166,044 | | | | | | 0.8 | | |
31,054 | | | Hindustan Unilever Ltd. | | | | | 893,280 | | | | | | 0.6 | | |
112,394 | | | Infosys Ltd. | | | | | 1,415,851 | | | | | | 1.0 | | |
4,267 | | | Nestle India Ltd. | | | | | 925,116 | | | | | | 0.6 | | |
42,348 | | | Tata Consultancy Services Ltd. | | | | | 1,299,513 | | | | | | 0.9 | | |
83,898 | | | Tech Mahindra Ltd. | | | | | 844,991 | | | | | | 0.6 | | |
451,260 | | | Vedanta Ltd. | | | | | 787,975 | | | | | | 0.6 | | |
240,905 | | | Wipro Ltd. | | | | | 888,861 | | | | | | 0.6 | | |
1,558,017 | | | Other Securities | | | | | 3,780,839 | | | | | | 2.7 | | |
| | | | | | | | 12,002,470 | | | | | | 8.4 | | |
| | | Indonesia: 2.2% | | ||||||||||||
467,900 | | | Bank Central Asia Tbk PT | | | | | 1,007,842 | | | | | | 0.7 | | |
9,915,600 | | | Other Securities | | | | | 2,102,156 | | | | | | 1.5 | | |
| | | | | | | | 3,109,998 | | | | | | 2.2 | | |
| | | Malaysia: 1.4% | | ||||||||||||
1,015,200 | | | Other Securities | | | | | 1,961,172 | | | | | | 1.4 | | |
| | | | | ||||||||||||
| | | Mexico: 1.5% | | ||||||||||||
1,551,686 (3) | | | Other Securities | | | | | 2,143,577 | | | | | | 1.5 | | |
| | | | | ||||||||||||
| | | Peru: 0.3% | | ||||||||||||
3,721 | | | Other Securities | | | | | 485,516 | | | | | | 0.3 | | |
| | | | | ||||||||||||
| | | Philippines: 0.4% | | ||||||||||||
230,395 | | | Other Securities | | | | | 633,124 | | | | | | 0.4 | | |
| | | | |
Voya Emerging Markets High Dividend | Summary Portfolio of Investments |
Equity Fund | as of August 31, 2020 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||
COMMON STOCK: (continued) | | |||||||||||||||
| | | Poland: 0.3% | | ||||||||||||
56,830 (3) | | | Other Securities | | | | $ | 419,024 | | | | | | 0.3 | | |
| | | | | ||||||||||||
| | | Qatar: 0.5% | | ||||||||||||
645,102 | | | Other Securities | | | | | 718,343 | | | | | | 0.5 | | |
| | | | | ||||||||||||
| | | Romania: 0.0% | | ||||||||||||
14,732 | | | Other Securities | | | | | 68,818 | | | | | | 0.0 | | |
| | | | | ||||||||||||
| | | Russia: 3.1% | | ||||||||||||
13,955,734 | | | Inter RAO UES PJSC | | | | | 983,069 | | | | | | 0.7 | | |
12,970 | | | Lukoil PJSC | | | | | 871,119 | | | | | | 0.6 | | |
2,763 | | | MMC Norilsk Nickel OJSC | | | | | 720,117 | | | | | | 0.5 | | |
1,550,368 | | | Surgutneftegas PJSC | | | | | 766,785 | | | | | | 0.6 | | |
1,097,931 | | | Other Securities | | | | | 1,048,445 | | | | | | 0.7 | | |
| | | | | | | | 4,389,535 | | | | | | 3.1 | | |
| | | Saudi Arabia: 1.9% | | ||||||||||||
71,250 | | | Al Rajhi Bank | | | | | 1,232,220 | | | | | | 0.9 | | |
102,102 | | | Other Securities | | | | | 1,432,353 | | | | | | 1.0 | | |
| | | | | | | | 2,664,573 | | | | | | 1.9 | | |
| | | South Africa: 3.0% | | ||||||||||||
5,385 | | | Naspers Ltd. | | | | | 981,873 | | | | | | 0.7 | | |
533,426 (3) | | | Other Securities | | | | | 3,339,970 | | | | | | 2.3 | | |
| | | | | | | | 4,321,843 | | | | | | 3.0 | | |
| | | South Korea: 8.3% | | ||||||||||||
18,787 | | | GS Engineering & Construction Corp. | | | | | 389,825 | | | | | | 0.3 | | |
13,179 | | | GS Holdings Corp. | | | | | 359,872 | | | | | | 0.3 | | |
13,348 | | | GS Retail Co. Ltd. | | | | | 369,693 | | | | | | 0.3 | | |
31,121 | | | Hana Financial Group, Inc. | | | | | 736,548 | | | | | | 0.5 | | |
2,205 | | | Hyundai Engineering & Construction Co. Ltd. | | | | | 59,740 | | | | | | 0.0 | | |
2,674 | | | Hyundai Glovis Co., Ltd. | | | | | 326,924 | | | | | | 0.2 | | |
6,598 | | | Hyundai Marine & Fire Insurance Co., Ltd. | | | | | 122,561 | | | | | | 0.1 | | |
3,202 | | | Hyundai Mobis Co. Ltd. | | | | | 599,239 | | | | | | 0.4 | | |
5,158 | | | Kakao Corp. | | | | | 1,762,395 | | | | | | 1.2 | | |
20,984 | | | Kia Motors Corp. | | | | | 746,323 | | | | | | 0.5 | | |
11,234 | | | LG Electronics, Inc. | | | | | 794,663 | | | | | | 0.6 | | |
33,438 | | | Shinhan Financial Group Co., Ltd. | | | | | 832,237 | | | | | | 0.6 | | |
13,556 | | | SK Hynix, Inc. | | | | | 856,685 | | | | | | 0.6 | | |
121,361 | | | Other Securities | | | | | 3,812,425 | | | | | | 2.7 | | |
| | | | | | | | 11,769,130 | | | | | | 8.3 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||
COMMON STOCK: (continued) | | |||||||||||||||
| | | Taiwan: 12.7% | | ||||||||||||
158,240 | | | Chailease Holding Co. Ltd. | | | | $ | 698,927 | | | | | | 0.5 | | |
78,000 | | | Novatek Microelectronics Corp., Ltd. | | | | | 638,167 | | | | | | 0.4 | | |
266,000 | | | Powertech Technology, Inc. | | | | | 783,849 | | | | | | 0.6 | | |
92,000 | | | Realtek Semiconductor Corp. | | | | | 1,192,041 | | | | | | 0.8 | | |
531,962 | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | | | 7,753,389 | | | | | | 5.4 | | |
340,000 | | | Uni-President Enterprises Corp. | | | | | 772,173 | | | | | | 0.5 | | |
904,000 | | | United Microelectronics Corp. | | | | | 651,011 | | | | | | 0.5 | | |
2,289,000 | | | Other Securities | | | | | 5,692,294 | | | | | | 4.0 | | |
| | | | | | | | 18,181,851 | | | | | | 12.7 | | |
| | | Thailand: 1.3% | | ||||||||||||
2,131,800 | | | Other Securities | | | | | 1,861,796 | | | | | | 1.3 | | |
| | | | | ||||||||||||
| | | Turkey: 0.5% | | ||||||||||||
644,257 | | | Other Securities | | | | | 698,331 | | | | | | 0.5 | | |
| | | | | ||||||||||||
| | | United Arab Emirates: 0.9% | | ||||||||||||
1,101,563 (3) | | | Other Securities | | | | | 1,294,855 | | | | | | 0.9 | | |
| | | Total Common Stock (Cost $120,918,257) | | | | | 131,574,065 | | | | | | 92.2 | | |
EXCHANGE-TRADED FUNDS: 2.2% | | |||||||||||||||
68,428 | | | iShares MSCI Emerging Markets ETF | | | | | 3,047,783 | | | | | | 2.2 | | |
| | | Total Exchange-Traded Funds (Cost $2,985,699) | | | | | 3,047,783 | | | | | | 2.2 | | |
PREFERRED STOCK: 4.3% | | |||||||||||||||
| | | Brazil: 1.3% | | ||||||||||||
256,402 | | | Petroleo Brasileiro SA | | | | | 1,032,909 | | | | | | 0.7 | | |
289,422 | | | Other Securities | | | | | 856,389 | | | | | | 0.6 | | |
| | | | | | | | 1,889,298 | | | | | | 1.3 | | |
| | | South Korea: 3.0% | | ||||||||||||
106,226 | | | Samsung Electronics Co., Ltd. | | | | | 4,243,361 | | | | | | 3.0 | | |
| | | Total Preferred Stock (Cost $6,153,170) | | | | | 6,132,659 | | | | | | 4.3 | | |
| | | Total Long-Term Investments (Cost $130,057,126) | | | | | 140,754,507 | | | | | | 98.7 | | |
|
Voya Emerging Markets High Dividend | Summary Portfolio of Investments |
Equity Fund | as of August 31, 2020 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||
SHORT-TERM INVESTMENTS: 0.6% | | |||||||||||||||
| | | Mutual Funds: 0.6% | | ||||||||||||
839,000 (4) | | | Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.020% (Cost $839,000) | | | | $ | 839,000 | | | | | | 0.6 | | |
| | | Total Short-Term Investments (Cost $839,000) | | | | | 839,000 | | | | | | 0.6 | | |
| | | Total Investments in Securities (Cost $130,896,126) | | | | $ | 141,593,507 | | | | | | 99.3 | | |
| | | Assets in Excess of Other Liabilities | | | | | 1,055,814 | | | | | | 0.7 | | |
| | | Net Assets | | | | $ | 142,649,321 | | | | | | 100.0 | | |
|
Sector Diversification | | | Percentage of Net Assets | | |||
Information Technology | | | | | 19.9% | | |
Financials | | | | | 17.2 | | |
Consumer Discretionary | | | | | 15.5 | | |
Communication Services | | | | | 12.3 | | |
Materials | | | | | 7.9 | | |
Energy | | | | | 5.8 | | |
Consumer Staples | | | | | 5.2 | | |
Industrials | | | | | 4.7 | | |
Health Care | | | | | 3.6 | | |
Real Estate | | | | | 2.9 | | |
Exchange-Traded Funds | | | | | 2.2 | | |
Utilities | | | | | 1.5 | | |
Short-Term Investments | | | | | 0.6 | | |
Assets in Excess of Other Liabilities | | | | | 0.7 | | |
Net Assets | | | | | 100.0% | | |
| | | 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, 2020 | | ||||||||||||
Asset Table | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at fair value | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock | | | | | | | | | | | | | | | | | | | | | | | | | |
Argentina | | | | $ | 49,639 | | | | | $ | — | | | | | $ | — | | | | | $ | 49,639 | | |
Brazil | | | | | 4,993,273 | | | | | | — | | | | | | — | | | | | | 4,993,273 | | |
Chile | | | | | 278,979 | | | | | | — | | | | | | — | | | | | | 278,979 | | |
China | | | | | 11,456,422 | | | | | | 46,449,006 | | | | | | — | | | | | | 57,905,428 | | |
Colombia | | | | | 219,829 | | | | | | — | | | | | | — | | | | | | 219,829 | | |
Egypt | | | | | — | | | | | | 993,600 | | | | | | — | | | | | | 993,600 | | |
Hungary | | | | | — | | | | | | 409,361 | | | | | | — | | | | | | 409,361 | | |
India | | | | | — | | | | | | 12,002,470 | | | | | | — | | | | | | 12,002,470 | | |
Indonesia | | | | | — | | | | | | 3,109,998 | | | | | | — | | | | | | 3,109,998 | | |
Malaysia | | | | | — | | | | | | 1,961,172 | | | | | | — | | | | | | 1,961,172 | | |
Mexico | | | | | 2,143,577 | | | | | | — | | | | | | — | | | | | | 2,143,577 | | |
Peru | | | | | 485,516 | | | | | | — | | | | | | — | | | | | | 485,516 | | |
Philippines | | | | | — | | | | | | 633,124 | | | | | | — | | | | | | 633,124 | | |
Poland | | | | | — | | | | | | 419,024 | | | | | | — | | | | | | 419,024 | | |
Qatar | | | | | — | | | | | | 718,343 | | | | | | — | | | | | | 718,343 | | |
Romania | | | | | — | | | | | | 68,818 | | | | | | — | | | | | | 68,818 | | |
Russia | | | | | — | | | | | | 4,389,535 | | | | | | — | | | | | | 4,389,535 | | |
Saudi Arabia | | | | | — | | | | | | 2,664,573 | | | | | | — | | | | | | 2,664,573 | | |
South Africa | | | | | 896,363 | | | | | | 3,425,480 | | | | | | — | | | | | | 4,321,843 | | |
South Korea | | | | | — | | | | | | 11,769,130 | | | | | | — | | | | | | 11,769,130 | | |
Taiwan | | | | | — | | | | | | 18,181,851 | | | | | | — | | | | | | 18,181,851 | | |
Voya Emerging Markets High Dividend | Summary Portfolio of Investments |
Equity Fund | as of August 31, 2020 (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, 2020 | | ||||||||||||
Thailand | | | | | — | | | | | | 1,861,796 | | | | | | — | | | | | | 1,861,796 | | |
Turkey | | | | | 173,273 | | | | | | 525,058 | | | | | | — | | | | | | 698,331 | | |
United Arab Emirates | | | | | — | | | | | | 1,294,855 | | | | | | — | | | | | | 1,294,855 | | |
Total Common Stock | | | | | 20,696,871 | | | | | | 110,877,194 | | | | | | — | | | | | | 131,574,065 | | |
Exchange-Traded Funds | | | | | 3,047,783 | | | | | | — | | | | | | — | | | | | | 3,047,783 | | |
Preferred Stock | | | | | 1,889,298 | | | | | | 4,243,361 | | | | | | — | | | | | | 6,132,659 | | |
Short-Term Investments | | | | | 839,000 | | | | | | — | | | | | | — | | | | | | 839,000 | | |
Total Investments, at fair value | | | | $ | 26,472,952 | | | | | $ | 115,120,555 | | | | | $ | — | | | | | $ | 141,593,507 | | |
Liabilities Table | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Financial Instruments+ | | | | | | | | | | | | | | | | | | | | | | | | | |
Written Options | | | | $ | — | | | | | $ | (622,659) | | | | | $ | — | | | | | $ | (622,659) | | |
Total Liabilities | | | | $ | — | | | | | $ | (622,659) | | | | | $ | — | | | | | $ | (622,659) | | |
|
Description | | | Counterparty | | | Put/Call | | | Expiration Date | | | Exercise Price | | | Number of Contracts | | | Notional Amount | | | Premiums Received | | | Fair Value | | |||||||||||||||
iShares MSCI Emerging Markets ETF | | | UBS AG | | | | | Call | | | | | | 09/04/20 | | | | USD 43.870 | | | | | 328,242 | | | | USD 14,619,899 | | | | $ | 344,162 | | | | | $ | (282,907) | | |
iShares MSCI Emerging Markets ETF | | | UBS AG | | | | | Call | | | | | | 09/18/20 | | | | USD 44.280 | | | | | 320,686 | | | | USD14,283,354 | | | | | 285,410 | | | | | | (339,752) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 629,572 | | | | | $ | (622,659) | | |
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 | | | | $ | 622,659 | | |
Total Liability Derivatives | | | | | | | $ | 622,659 | | |
| | | Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | | |||
Derivatives not accounted for as hedging instruments | | | Written options | | |||
Equity contracts | | | | $ | (1,988,544) | | |
Total | | | | $ | (1,988,544) | | |
|
Voya Emerging Markets High Dividend | Summary Portfolio of Investments |
Equity Fund | as of August 31, 2020 (Unaudited) (continued) |
| | | Change in Unrealized Appreciation or Depreciation on Derivatives Recognized in Income | | |||
Derivatives not accounted for as hedging instruments | | | Written options | | |||
Equity contracts | | | | $ | (367,699) | | |
Total | | | | $ | (367,699) | | |
| | | UBS AG | | |||
Liabilities: | | | | | | | |
Written options | | | | $ | 622,659 | | |
Total Liabilities | | | | $ | 622,659 | | |
Net OTC derivative instruments by counterparty, at fair value | | | | $ | (622,659) | | |
Total collateral pledged by the Fund/(Received from counterparty) | | | | $ | 622,659 | | |
Net Exposure(1)(2) | | | | $ | — | | |
| Cost for federal income tax purposes was $132,011,697. | | | | | | | |
| Net unrealized appreciation consisted of: | | | | | | | |
| Gross Unrealized Appreciation | | | | $ | 23,268,523 | | |
| Gross Unrealized Depreciation | | | | | (14,172,259) | | |
| Net Unrealized Appreciation | | | | $ | 9,096,264 | | |
| | | | | | Proposal | | | Shares voted for | | | Shares voted against or withheld | | | Shares abstained | | | Broker non-vote | | | Total Shares Voted | | ||||||||||||||||||
Class III Trustees | | | Voya Emerging Markets High Dividend Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Martin J. Gavin | | | | | 1* | | | | | | 16,403,302.754 | | | | | | 992,834.000 | | | | | | 0.000 | | | | | | 0.000 | | | | | | 17,396,136.754 | | |
| | | Dina Santoro | | | | | 1* | | | | | | 16,496,174.754 | | | | | | 899,962.000 | | | | | | 0.000 | | | | | | 0.000 | | | | | | 17,396,136.754 | | |
| Declaration Date | | | EX Date | | | Record Date | | | Payable Date | |
| 16-Mar-20 | | | 1-Apr-20 | | | 2-Apr-20 | | | 15-Apr-20 | |
| 15-Jun-20 | | | 1-Jul-20 | | | 2-Jul-20 | | | 15-Jul-20 | |
| 15-Sep-20 | | | 1-Oct-20 | | | 2-Oct-20 | | | 15-Oct-20 | |
| 15-Dec-20 | | | 30-Dec-20 | | | 31-Dec-20 | | | 15-Jan-21 | |
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Computershare, Inc.
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
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 Emerging Markets High Dividend Equity Fund | PORTFOLIO OF INVESTMENTS AS OF August 31, 2020 (Unaudited) |
Shares | Value | Percentage of Net Assets | ||
COMMON STOCK: 92.2% | ||||
Argentina: 0.0% | ||||
7,343 | Telecom Argentina SA ADR | $ 49,639 | 0.0 | |
Brazil: 3.5% | ||||
151,985 | Atacadao Distribuicao Comercio e Industria Ltd. | 540,138 | 0.4 | |
29,089 | Banco Santander Brasil SA | 151,644 | 0.1 | |
59,800 | BB Seguridade Participacoes SA | 291,223 | 0.2 | |
97,804 | CCR SA | 237,793 | 0.2 | |
124,209 | Cia Siderurgica Nacional S.A. | 348,923 | 0.2 | |
71,951 | IRB Brasil Resseguros S/A | 94,035 | 0.1 | |
51,229 | JBS SA | 209,274 | 0.1 | |
47,110 | Lojas Renner SA | 378,015 | 0.3 | |
95,588 | Petrobras Distribuidora SA | 372,162 | 0.3 | |
44,671 | Porto Seguro SA | 437,863 | 0.3 | |
39,932 | Sul America SA | 318,159 | 0.2 | |
52,300 | Ultrapar Participacoes SA | 185,869 | 0.1 | |
130,209 | Vale SA | 1,428,175 | 1.0 | |
4,993,273 | 3.5 | |||
Chile: 0.2% | ||||
851,169 | Colbun SA | 131,372 | 0.1 | |
46,842 | Falabella SA | 147,607 | 0.1 | |
278,979 | 0.2 | |||
China: 40.6% | ||||
39,011 | (1) | Alibaba Group Holding Ltd. ADR | 11,197,327 | 7.8 |
51,500 | (2) | A-Living Services Co. Ltd. | 265,378 | 0.2 |
136,500 | Anhui Conch Cement Co., Ltd. - H Shares | 988,184 | 0.7 | |
51,000 | Anta Sports Products Ltd. | 502,729 | 0.4 | |
46,400 | Apeloa Pharmaceutical Co. Ltd. - A Shares | 192,189 | 0.1 | |
3,229 | Autohome, Inc. ADR | 259,095 | 0.2 | |
810,000 | (2) | BAIC Motor Corp. Ltd. - H Shares | 388,250 | 0.3 |
1,174,000 | Bank of China Ltd. - H Shares | 381,773 | 0.3 | |
695,000 | Bank of Communications Co., Ltd. - H Shares | 362,934 | 0.3 | |
314,300 | Bank of Jiangsu Co. Ltd. - A Shares | 294,353 | 0.2 | |
62,500 | Bank of Nanjing Co. Ltd. - A Shares | 78,318 | 0.1 | |
62,800 | Beijing Kunlun Tech Co. Ltd. - A Shares | 254,986 | 0.2 | |
784,000 | Bosideng International Holdings Ltd. | 224,320 | 0.2 | |
47,200 | By-health Co. Ltd. | 168,784 | 0.1 | |
146,000 | China Aoyuan Group Ltd. | 168,049 | 0.1 | |
555,000 | China CITIC Bank Corp. Ltd. - H Shares | 231,841 | 0.2 | |
396,000 | China Communications Services Corp., Ltd. - H Shares | 259,407 | 0.2 | |
2,080,000 | China Construction Bank - H Shares | 1,465,804 | 1.0 | |
918,000 | China Everbright Bank Co. Ltd. - H Shares | 328,903 | 0.2 | |
120,000 | China Lesso Group Holdings Ltd. | 223,453 | 0.2 | |
147,000 | China Life Insurance Co., Ltd. - H Shares | 358,097 | 0.3 | |
475,000 | China Medical System Holdings Ltd. | 534,973 | 0.4 | |
192,500 | China Merchants Bank Co., Ltd. - H Shares | 918,409 | 0.6 | |
156,000 | China Mobile Ltd. | 1,091,675 | 0.8 | |
574,000 | China National Building Material Co., Ltd. - H Shares | 805,657 | 0.6 | |
20,500 | China Overseas Land & Investment Ltd. | 59,296 | 0.0 | |
1,498,000 | China Petroleum & Chemical Corp. - H Shares | 687,795 | 0.5 | |
272,000 | China Railway Construction Corp. Ltd. - H Shares | 208,777 | 0.1 | |
616,000 | China Resources Cement Holdings Ltd. - H Shares | 897,082 | 0.6 | |
138,000 | China Resources Land Ltd. | 637,506 | 0.4 | |
416,000 | China Shenhua Energy Co., Ltd. - H Shares | 690,810 | 0.5 | |
1,298,000 | China Telecom Corp., Ltd. - H Shares | 423,431 | 0.3 | |
1,204,000 | (2) | China Tower Corp. Ltd. - H Shares | 229,361 | 0.2 |
754,000 | China Traditional Chinese Medicine Holdings Co. Ltd. | 321,465 | 0.2 | |
586,000 | China Unicom Hong Kong Ltd. | 415,451 | 0.3 | |
438,000 | (2) | China Yuhua Education Corp. Ltd. | 419,881 | 0.3 |
1,065,000 | Chongqing Rural Commercial Bank Co. Ltd. - H Shares | 433,944 | 0.3 | |
374,000 | CIFI Holdings Group Co. Ltd. | 317,899 | 0.2 | |
389,000 | CITIC Ltd. | 354,666 | 0.3 | |
609,000 | CNOOC Ltd. | 690,122 | 0.5 | |
438,000 | COSCO Shipping Energy Transportation Co. Ltd. - H Shares | 201,538 | 0.1 | |
320,000 | Country Garden Holdings Co. Ltd. | 396,212 | 0.3 | |
61,000 | Country Garden Services Holdings Co. Ltd. - H Shares | 424,995 | 0.3 | |
349,600 | CSPC Pharmaceutical Group Ltd. | 772,413 | 0.5 | |
218,000 | (2) | Dali Foods Group Co. Ltd. | 133,422 | 0.1 |
2,700 | G-bits Network Technology Xiamen Co. Ltd. | 243,730 | 0.2 | |
873,200 | GD Power Development Co. Ltd. - A Shares | 260,998 | 0.2 |
See Accompanying Notes to Financial Statements
3
Voya Emerging Markets High Dividend Equity Fund | PORTFOLIO OF INVESTMENTS AS OF August 31, 2020 (Unaudited) (Continued) |
152,560 | Giant Network Group Co. Ltd. | 460,260 | 0.3 | |
510,189 | Greenland Holdings Corp. Ltd. - A Shares | 569,224 | 0.4 | |
63,000 | Haier Electronics Group Co. Ltd. | 215,549 | 0.2 | |
87,900 | Huaxin Cement Co. Ltd. | 357,878 | 0.3 | |
69,600 | Hubei Jumpcan Pharmaceutical Co. Ltd. - A Shares | 245,521 | 0.2 | |
2,789,592 | Industrial & Commercial Bank of China - H Shares | 1,554,805 | 1.1 | |
73,700 | Industrial Bank Co. Ltd. - A Shares | 173,710 | 0.1 | |
18,300 | Jafron Biomedical Co. Ltd. | 203,249 | 0.1 | |
114,900 | Jiangsu Changshu Rural Commercial Bank Co. Ltd. - A Shares | 142,742 | 0.1 | |
100,200 | Joincare Pharmaceutical Group Industry Co. Ltd. | 284,333 | 0.2 | |
38,471 | Joyoung Co. Ltd. - A Shares | 247,242 | 0.2 | |
829,000 | Kaisa Group Holdings Ltd. - H Shares | 416,254 | 0.3 | |
170,000 | Kingboard Holdings Ltd. | 546,484 | 0.4 | |
445,500 | Kingboard Laminates Holdings Ltd. | 561,060 | 0.4 | |
316,000 | Kunlun Energy Co. Ltd. | 235,122 | 0.2 | |
151,500 | Li Ning Co. Ltd. | 639,922 | 0.4 | |
48,800 | (1) | Meituan Dianping- Class B | 1,608,653 | 1.1 |
538,500 | Metallurgical Corp. of China Ltd. - A Shares | 221,333 | 0.2 | |
120,700 | New China Life Insurance Co. Ltd. - H Shares | 480,905 | 0.3 | |
548,000 | PICC Property & Casualty Co., Ltd. - H Shares | 422,592 | 0.3 | |
74,500 | Ping An Bank Co. Ltd. - A Shares | 163,891 | 0.1 | |
171,000 | Ping An Insurance Group Co. of China Ltd. - H Shares | 1,825,665 | 1.3 | |
1,428,000 | (2) | Postal Savings Bank of China Co. Ltd. - H Shares | 676,019 | 0.5 |
241,585 | RiseSun Real Estate Development Co. Ltd. - A Shares | 290,176 | 0.2 | |
189,600 | Sany Heavy Industry Co. Ltd. - A Shares | 611,648 | 0.4 | |
31,000 | Shandong Buchang Pharmaceuticals Co. Ltd. - A Shares | 125,368 | 0.1 | |
469,600 | Shanghai 2345 Network Holding Group Co. Ltd. - A Shares | 206,705 | 0.1 | |
185,100 | Shanghai Pharmaceuticals Holding Co. Ltd. - H Shares | 329,393 | 0.2 | |
423,400 | Shanghai Yuyuan Tourist Mart Group Co. Ltd. | 612,879 | 0.4 | |
185,600 | Shanxi Xishan Coal & Electricity Power Co. Ltd. - A Shares | 114,152 | 0.1 | |
9,000 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd. - A Shares | 449,068 | 0.3 | |
43,200 | Sichuan Kelun Pharmaceutical Co. Ltd. - A Shares | 155,723 | 0.1 | |
236,200 | Sichuan Languang Development Co. Ltd. - A Shares | 189,408 | 0.1 | |
483,000 | Sino Biopharmaceutical Ltd. | 555,827 | 0.4 | |
116,000 | Sinopharm Group Co. - H Shares | 284,831 | 0.2 | |
187,000 | Sinotruk Hong Kong Ltd. | 485,329 | 0.3 | |
68,200 | Tangshan Jidong Cement Co. Ltd. - A Shares | 178,078 | 0.1 | |
125,600 | Tencent Holdings Ltd. | 8,580,786 | 6.0 | |
168,000 | Weichai Power Co. Ltd. - H Shares | 337,227 | 0.2 | |
278,230 | Wuchan Zhongda Group Co. Ltd. - A Shares | 198,281 | 0.1 | |
44,100 | Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd. - A Shares | 292,788 | 0.2 | |
8,600 | Wuliangye Yibin Co. Ltd. - A Shares | 300,867 | 0.2 | |
990,000 | Yuexiu Property Co. Ltd. - H Shares | 188,799 | 0.1 | |
57,905,428 | 40.6 | |||
Colombia: 0.2% | ||||
39,161 | Grupo de Inversiones Suramericana SA | 219,829 | 0.2 | |
Egypt: 0.7% | ||||
115,128 | Commercial International Bank Egypt SAE | 489,660 | 0.3 | |
292,872 | Eastern Co. SAE | 235,008 | 0.2 | |
567,674 | ElSewedy Electric Co. | 268,932 | 0.2 | |
993,600 | 0.7 | |||
Hungary: 0.3% | ||||
12,155 | (1) | OTP Bank Nyrt | 409,361 | 0.3 |
India: 8.4% | ||||
232,295 | Coal India Ltd. | 423,812 | 0.3 | |
8,857 | Colgate-Palmolive India Ltd. | 164,049 | 0.1 | |
10,396 | Dr Reddys Laboratories Ltd. | 601,650 | 0.4 | |
315,417 | GAIL India Ltd. | 409,606 | 0.3 | |
123,566 | HCL Technologies Ltd. | 1,166,043 | 0.8 | |
157,363 | Hindalco Industries Ltd. | 395,766 | 0.3 | |
31,054 | Hindustan Unilever Ltd. | 893,280 | 0.6 | |
112,394 | Infosys Ltd. | 1,415,851 | 1.0 | |
140,240 | ITC Ltd. | 364,082 | 0.3 | |
4,267 | Nestle India Ltd. | 925,116 | 0.6 | |
344,310 | Oil & Natural Gas Corp., Ltd. | 383,214 | 0.3 | |
66,924 | Petronet LNG Ltd. | 218,495 | 0.2 | |
183,009 | REC Ltd. | 263,972 | 0.2 | |
42,348 | Tata Consultancy Services Ltd. | 1,299,513 | 0.9 | |
99,206 | Tata Steel Ltd. | 556,194 | 0.4 | |
83,898 | Tech Mahindra Ltd. | 844,991 | 0.6 | |
451,260 | Vedanta Ltd. | 787,975 | 0.5 |
See Accompanying Notes to Financial Statements
4
Voya Emerging Markets High Dividend Equity Fund | PORTFOLIO OF INVESTMENTS AS OF August 31, 2020 (Unaudited) (Continued) |
240,905 | Wipro Ltd. | 888,861 | 0.6 | |
12,002,470 | 8.4 | |||
Indonesia: 2.2% | ||||
3,372,400 | Adaro Energy Tbk PT | 250,813 | 0.2 | |
602,800 | Astra International Tbk PT | 211,517 | 0.2 | |
467,900 | Bank Central Asia Tbk PT | 1,007,842 | 0.7 | |
861,500 | Bank Mandiri Persero TBK PT | 352,270 | 0.2 | |
788,100 | Bank Rakyat Indonesia | 189,863 | 0.1 | |
51,900 | Gudang Garam Tbk PT | 169,224 | 0.1 | |
1,997,400 | Hanjaya Mandala Sampoerna Tbk PT | 226,098 | 0.2 | |
373,800 | Indah Kiat Pulp and Paper Corp. Tbk PT | 238,504 | 0.2 | |
569,000 | Indofood Sukses Makmur Tbk PT | 297,685 | 0.2 | |
1,010,900 | Kalbe Farma Tbk PT | 109,552 | 0.1 | |
287,800 | Telekomunikasi Indonesia Persero Tbk PT | 56,630 | 0.0 | |
3,109,998 | 2.2 | |||
Malaysia: 1.4% | ||||
64,400 | Genting Bhd | 54,264 | 0.0 | |
102,700 | Hong Leong Bank BHD | 345,275 | 0.3 | |
46,200 | Hong Leong Financial Group Bhd | 137,033 | 0.1 | |
214,100 | Malayan Banking BHD | 376,465 | 0.3 | |
188,800 | MISC Bhd | 344,348 | 0.2 | |
93,500 | Public Bank BHD | 368,379 | 0.3 | |
305,500 | RHB Bank Bhd | 335,408 | 0.2 | |
1,961,172 | 1.4 | |||
Mexico: 1.5% | ||||
268,500 | Alfa SA de CV | 172,767 | 0.1 | |
941,059 | America Movil SAB de CV | 571,981 | 0.4 | |
55,161 | Coca-Cola Femsa SAB de CV | 229,522 | 0.2 | |
64,071 | Fomento Economico Mexicano SAB de CV | 372,620 | 0.3 | |
16,531 | Gruma SAB de CV | 195,287 | 0.1 | |
65,963 | (1) | Grupo Financiero Banorte | 226,689 | 0.1 |
140,401 | Grupo Mexico SA de CV Series B | 374,711 | 0.3 | |
2,143,577 | 1.5 | |||
Peru: 0.3% | ||||
3,721 | Credicorp Ltd. | 485,516 | 0.3 | |
Philippines: 0.4% | ||||
120,000 | BDO Unibank, Inc. | 212,823 | 0.1 | |
4,445 | Globe Telecom, Inc. | 191,247 | 0.1 | |
105,950 | International Container Terminal Services, Inc. | 229,054 | 0.2 | |
633,124 | 0.4 | |||
Poland: 0.3% | ||||
56,830 | (1) | Powszechny Zaklad Ubezpieczen SA | 419,024 | 0.3 |
Qatar: 0.5% | ||||
327,576 | Barwa Real Estate Co. | 306,666 | 0.2 | |
302,136 | Commercial Bank PQSC | 344,103 | 0.2 | |
15,390 | Qatar Islamic Bank SAQ | 67,574 | 0.1 | |
718,343 | 0.5 | |||
Romania: 0.0% | ||||
14,732 | NEPI Rockcastle PLC | 68,818 | 0.0 | |
Russia: 3.1% | ||||
13,955,734 | Inter RAO UES PJSC | 983,069 | 0.7 | |
12,970 | Lukoil PJSC | 871,118 | 0.6 | |
1,030,985 | Magnitogorsk Iron & Steel Works PJSC | 523,558 | 0.4 | |
2,763 | MMC Norilsk Nickel OJSC | 720,117 | 0.5 | |
7,152 | PhosAgro OJSC GDR | 84,637 | 0.1 | |
1,550,368 | Surgutneftegas PJSC | 766,785 | 0.5 | |
59,794 | Tatneft PJSC | 440,251 | 0.3 | |
4,389,535 | 3.1 | |||
Saudi Arabia: 1.9% | ||||
13,839 | Abdullah Al Othaim Markets Co. | 461,312 | 0.3 | |
71,250 | Al Rajhi Bank | 1,232,219 | 0.9 | |
13,814 | Jarir Marketing Co. | 602,533 | 0.4 | |
41,455 | Sahara International Petrochemical Co. | 175,852 | 0.1 | |
32,994 | Saudi Industrial Investment Group | 192,657 | 0.2 | |
2,664,573 | 1.9 | |||
South Africa: 3.0% | ||||
3,242 | Anglo American Platinum Ltd. | 241,474 | 0.2 | |
32,425 | Bidvest Group Ltd. | 259,143 | 0.2 | |
26,337 | Clicks Group Ltd. | 357,349 | 0.3 | |
10,344 | Discovery Ltd. | 73,617 | 0.0 | |
29,152 | Gold Fields Ltd. | 381,512 | 0.3 | |
29,642 | Impala Platinum Holdings Ltd. | 273,219 | 0.2 | |
14,955 | Kumba Iron Ore Ltd. | 468,467 | 0.3 | |
28,666 | Mr Price Group Ltd. | 195,351 | 0.1 | |
80,363 | MTN Group Ltd. | 289,931 | 0.2 | |
34,156 | (1) | MultiChoice Group | 194,317 | 0.1 |
5,385 | Naspers Ltd. | 981,873 | 0.7 | |
160,600 | Old Mutual Ltd. | 105,753 | 0.1 | |
28,657 | Pick n Pay Stores Ltd. | 70,547 | 0.0 | |
25,761 | (1) | Sasol Ltd. | 210,052 | 0.1 |
29,126 | Vodacom Group Pty Ltd. | 219,238 | 0.2 | |
4,321,843 | 3.0 | |||
South Korea: 8.3% | ||||
8,448 | Daelim Industrial Co., Ltd. | 616,805 | 0.4 | |
8,935 | DB Insurance Co. Ltd. | 327,916 | 0.2 | |
5,605 | Fila Holdings Corp. | 163,158 | 0.1 | |
18,787 | GS Engineering & Construction Corp. | 389,824 | 0.3 | |
13,179 | GS Holdings Corp. | 359,872 | 0.3 | |
13,348 | GS Retail Co. Ltd. | 369,693 | 0.3 | |
31,121 | Hana Financial Group, Inc. | 736,548 | 0.5 | |
8,257 | Hanwha Corp. | 190,632 | 0.1 | |
2,205 | Hyundai Engineering & Construction Co. Ltd. | 59,740 | 0.0 | |
2,674 | Hyundai Glovis Co., Ltd. | 326,924 | 0.2 | |
6,598 | Hyundai Marine & Fire Insurance Co., Ltd. | 122,561 | 0.1 | |
3,202 | Hyundai Mobis Co. Ltd. | 599,239 | 0.4 | |
5,158 | Kakao Corp. | 1,762,395 | 1.2 | |
7,246 | KB Financial Group, Inc. | 224,812 | 0.2 | |
20,984 | Kia Motors Corp. | 746,323 | 0.5 |
See Accompanying Notes to Financial Statements
5
Voya Emerging Markets High Dividend Equity Fund | PORTFOLIO OF INVESTMENTS AS OF August 31, 2020 (Unaudited) (Continued) |
11,234 | LG Electronics, Inc. | 794,663 | 0.6 | ||
1,903 | Lotte Shopping Co. Ltd. | 121,430 | 0.1 | ||
719 | NCSoft Corp. | 498,821 | 0.4 | ||
2,228 | POSCO | 344,886 | 0.2 | ||
18,284 | Posco International Corp. | 208,885 | 0.1 | ||
1,506 | Samsung Fire & Marine Insurance Co. Ltd. | 236,895 | 0.2 | ||
33,438 | Shinhan Financial Group Co., Ltd. | 832,237 | 0.6 | ||
562 | Shinsegae, Inc. | 95,833 | 0.1 | ||
13,556 | SK Hynix, Inc. | 856,685 | 0.6 | ||
1,850 | SK Telecom Co., Ltd. | 385,728 | 0.3 | ||
55,818 | Woori Financial Group, Inc. | 396,625 | 0.3 | ||
11,769,130 | 8.3 | ||||
Taiwan: 12.7% | |||||
48,000 | Catcher Technology Co., Ltd. | 327,686 | 0.2 | ||
158,240 | Chailease Holding Co. Ltd. | 698,927 | 0.5 | ||
209,000 | Chicony Electronics Co. Ltd. | 630,488 | 0.4 | ||
334,000 | Foxconn Technology Co., Ltd. | 594,065 | 0.4 | ||
169,000 | HON HAI Precision Industry Co., Ltd. | 443,235 | 0.3 | ||
4,000 | Largan Precision Co. Ltd. | 462,154 | 0.3 | ||
168,000 | Lite-On Technology Corp. | 266,047 | 0.2 | ||
28,000 | MediaTek, Inc. | 529,476 | 0.4 | ||
78,000 | Novatek Microelectronics Corp., Ltd. | 638,167 | 0.4 | ||
451,000 | Pou Chen Corp. | 426,110 | 0.3 | ||
266,000 | Powertech Technology, Inc. | 783,849 | 0.6 | ||
99,000 | Quanta Computer, Inc. | 259,476 | 0.2 | ||
92,000 | Realtek Semiconductor Corp. | 1,192,040 | 0.8 | ||
200,000 | Synnex Technology International Corp. | 297,707 | 0.2 | ||
531,962 | Taiwan Semiconductor Manufacturing Co., Ltd. | 7,753,389 | 5.4 | ||
340,000 | Uni-President Enterprises Corp. | 772,173 | 0.5 | ||
904,000 | United Microelectronics Corp. | 651,011 | 0.5 | ||
65,000 | Walsin Technology Corp. | 354,639 | 0.3 | ||
376,000 | Wistron Corp. | 407,815 | 0.3 | ||
16,000 | Yageo Corp. | 181,795 | 0.1 | ||
122,000 | Zhen Ding Technology Holding Ltd. | 511,602 | 0.4 | ||
18,181,851 | 12.7 | ||||
Thailand: 1.3% | |||||
46,300 | Advanced Info Service PCL | 271,954 | 0.2 | ||
14,400 | Electricity Generating PCL | 102,890 | 0.1 | ||
213,200 | Indorama Ventures PCL | 162,682 | 0.1 | ||
1,258,100 | Krung Thai Bank PCL | 387,663 | 0.3 | ||
457,600 | PTT PCL (Foreign) | 529,482 | 0.3 | ||
142,200 | PTT Exploration & Production PCL | 407,125 | 0.3 | ||
1,861,796 | 1.3 | ||||
Turkey: 0.5% | |||||
145,871 | Eregli Demir ve Celik Fabrikalari TAS | 173,273 | 0.1 | ||
498,386 | Haci Omer Sabanci Holding AS | 525,058 | 0.4 | ||
698,331 | 0.5 | ||||
United Arab Emirates: 0.9% | |||||
255,264 | Dubai Islamic Bank PJSC | 284,180 | 0.2 | ||
176,604 | (1) | Emaar Malls PJSC | 66,670 | 0.0 | |
556,742 | (1) | Emaar Properties PJSC | 435,303 | 0.3 | |
112,953 | Emirates Telecommunications Group Co. PJSC | 508,702 | 0.4 | ||
1,294,855 | 0.9 | ||||
Total Common Stock | |||||
(Cost $120,918,257) | 131,574,065 | 92.2 | |||
EXCHANGE-TRADED FUNDS: 2.2% | |||||
68,428 | iShares MSCI Emerging Markets ETF | 3,047,783 | 2.2 | ||
Total Exchange-Traded Funds | |||||
(Cost $2,985,699) | 3,047,783 | 2.2 | |||
PREFERRED STOCK: 4.3% | |||||
Brazil: 1.3% | |||||
62,717 | Banco Bradesco SA | 240,061 | 0.2 | ||
195,305 | Itausa SA | 339,382 | 0.2 | ||
256,402 | Petroleo Brasileiro SA | 1,032,909 | 0.7 | ||
31,400 | Telefonica Brasil SA | 276,946 | 0.2 | ||
1,889,298 | 1.3 | ||||
South Korea: 3.0% | |||||
106,226 | Samsung Electronics Co., Ltd. | 4,243,361 | 3.0 | ||
Total Preferred Stock | |||||
(Cost $6,153,170) | 6,132,659 | 4.3 | |||
Total Long-Term Investments | |||||
(Cost $130,057,126) | 140,754,507 | 98.7 | |||
SHORT-TERM INVESTMENTS: 0.6% | |||||
Mutual Funds: 0.6% | |||||
839,000 | (3) | Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.020% | |||
(Cost $839,000) | 839,000 | 0.6 | |||
Total Short-Term Investments | |||||
(Cost $839,000) | 839,000 | 0.6 | |||
Total Investments in Securities (Cost $130,896,126) | $ 141,593,507 | 99.3 | |||
Assets in Excess of Other Liabilities | 1,055,814 | 0.7 | |||
Net Assets | $ 142,649,321 | 100.0 |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
(1) | Non-income producing security. |
(2) | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
(3) | Rate shown is the 7-day yield as of August 31, 2020. |
6
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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | The Code of Ethics is not required for the semi-annual filing. |
(a)(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 Emerging Markets High Dividend Equity Fund
By | /s/ Michael Bell | |
Michael Bell | ||
Chief Executive Officer | ||
Date: | November 6, 2020 |
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/ Michael Bell | |
Michael Bell | ||
Chief Executive Officer | ||
Date: | November 6, 2020 |
By | /s/ Todd Modic | |
Todd Modic | ||
Senior Vice President and Chief Financial Officer | ||
Date: | November 6, 2020 |