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, 2022 to August 31, 2022
Item 1. Reports to Stockholders.
The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):
| | As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the fund’s annual and semi-annual shareholder reports, like this semi-annual report, are not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Voya funds’ website (www.voyainvestments.com/literature), and you will be notified by mail each time a report is posted and provided with a website link to access the report. | | |
| | If you already elected to receive shareholder reports electronically, you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail request to 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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| ASSETS: | | | | | | | |
| Investments in securities at fair value* | | | | $ | 116,720,222 | | |
| Short-term investments at fair value† | | | | | 837,000 | | |
| Cash | | | | | 309,655 | | |
| Cash pledged as collateral for OTC derivatives (Note 2) | | | | | 350,000 | | |
| Foreign currencies at value‡ | | | | | 203,195 | | |
| Receivables: | | | | | | | |
| Dividends | | | | | 401,485 | | |
| Foreign tax reclaims | | | | | 4,330 | | |
| Prepaid expenses | | | | | 1,317 | | |
| Reimbursement due from Investment Adviser | | | | | 4,597 | | |
| Other assets | | | | | 5,681 | | |
| Total assets | | | | | 118,837,482 | | |
| LIABILITIES: | | | | | | | |
| Payable for investment securities purchased | | | | | 294,042 | | |
| Payable for investment management fees | | | | | 116,134 | | |
| Payable to trustees under the deferred compensation plan (Note 6) | | | | | 5,681 | | |
| Payable for trustee fees | | | | | 638 | | |
| Payable for foreign capital gains tax | | | | | 301,896 | | |
| Other accrued expenses and liabilities | | | | | 172,076 | | |
| Written options, at fair value^ | | | | | 150,869 | | |
| Total liabilities | | | | | 1,041,336 | | |
| NET ASSETS | | | | $ | 117,796,146 | | |
| NET ASSETS WERE COMPRISED OF: | | | | | | | |
| Paid-in capital | | | | $ | 203,758,527 | | |
| Total distributable loss | | | | | (85,962,381) | | |
| NET ASSETS | | | | $ | 117,796,146 | | |
| * Cost of investments in securities | | | | $ | 123,975,724 | | |
| † Cost of short-term investments | | | | $ | 837,000 | | |
| ‡ Cost of foreign currencies | | | | $ | 203,583 | | |
| ^ Premiums received on written options | | | | $ | 545,285 | | |
| Net assets | | | | $ | 117,796,146 | | |
| Shares authorized | | | | | unlimited | | |
| Par value | | | | $ | 0.010 | | |
| Shares outstanding | | | | | 18,649,430 | | |
| Net asset value | | | | $ | 6.32 | | |
| INVESTMENT INCOME: | | | | | | | |
| Dividends, net of foreign taxes withheld* | | | | $ | 3,562,098 | | |
| Total investment income | | | | | 3,562,098 | | |
| EXPENSES: | | | | | | | |
| Investment management fees | | | | | 739,702 | | |
| Transfer agent fees | | | | | 6,356 | | |
| Shareholder reporting expense | | | | | 22,095 | | |
| Professional fees | | | | | 33,630 | | |
| Custody and accounting expense | | | | | 84,694 | | |
| Trustee fees | | | | | 3,190 | | |
| Miscellaneous expense | | | | | 16,739 | | |
| Total expenses | | | | | 906,406 | | |
| Waived and reimbursed fees | | | | | (4,598) | | |
| Net expenses | | | | | 901,808 | | |
| Net investment income | | | | | 2,660,290 | | |
| REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | |
| Net realized gain (loss) on: | | | | | | | |
| Investments (net of foreign capital gains taxes withheld^) | | | | | (1,060,548) | | |
| Foreign currency related transactions | | | | | (93,713) | | |
| Written options | | | | | 3,445,307 | | |
| Net realized gain | | | | | 2,291,046 | | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | |
| Investments (net of foreign capital gains taxes accrued#) | | | | | (21,999,425) | | |
| Foreign currency related transactions | | | | | (7,765) | | |
| Written options | | | | | (179,134) | | |
| Net change in unrealized appreciation (depreciation) | | | | | (22,186,324) | | |
| Net realized and unrealized loss | | | | | (19,895,278) | | |
| Decrease in net assets resulting from operations | | | | $ | (17,234,988) | | |
| * Foreign taxes withheld | | | | $ | 369,080 | | |
| ^ Foreign capital gains taxes withheld | | | | $ | 129,386 | | |
| # Change in foreign capital gains taxes accrued | | | | $ | 322,863 | | |
| | | Six Months Ended August 31, 2022 (Unaudited) | | | Year Ended February 28, 2022 | | ||||||
FROM OPERATIONS: | | | | | | | | | | | | | |
Net investment income | | | | $ | 2,660,290 | | | | | $ | 2,618,045 | | |
Net realized gain | | | | | 2,291,046 | | | | | | 19,023,988 | | |
Net change in unrealized appreciation (depreciation) | | | | | (22,186,324) | | | | | | (25,310,711) | | |
Decrease in net assets resulting from operations | | | | | (17,234,988) | | | | | | (3,668,678) | | |
FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | |
Total distributions (excluding return of capital): | | | | | (2,328,847) | | | | | | (2,150,600) | | |
Return of capital | | | | | (4,453,396) | | | | | | (11,557,688) | | |
Total distributions | | | | | (6,782,243) | | | | | | (13,708,288) | | |
FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | |
Cost of shares repurchased | | | | | (2,373,461) | | | | | | — | | |
Net decrease in net assets resulting from capital share transactions | | | | | (2,373,461) | | | | | | — | | |
Net decrease in net assets | | | | | (26,390,692) | | | | | | (17,376,966) | | |
NET ASSETS: | | | | | | | | | | | | | |
Beginning of year or period | | | | | 144,186,838 | | | | | | 161,563,804 | | |
End of year or period | | | | $ | 117,796,146 | | | | | $ | 144,186,838 | | |
| | | 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) | | | (%) | | | (%) | | | (%) | | | (%) | | ||||||||||||||||||||||||||||||||||||||||||||||||
08-31-22+ | | | | | 7.57 | | | | | | 0.14• | | | | | | (1.03) | | | | | | (0.89) | | | | | | 0.12 | | | | | | — | | | | | | 0.24 | | | | | | 0.36 | | | | | | — | | | | | | 6.32 | | | | | | 5.57 | | | | | | (11.38) | | | | | | (15.02) | | | | 117,796 | | | 1.41 | | | | | 1.40 | | | | | | 4.14 | | | | | | 32 | | |
02-28-22 | | | | | 8.49 | | | | | | 0.14• | | | | | | (0.34) | | | | | | (0.20) | | | | | | 0.11 | | | | | | — | | | | | | 0.61 | | | | | | 0.72 | | | | | | — | | | | | | 7.57 | | | | | | 6.96 | | | | | | (2.15) | | | | | | (3.93) | | | | 144,187 | | | 1.35 | | | | | 1.35 | | | | | | 1.68 | | | | | | 66 | | |
02-28-21 | | | | | 7.61 | | | | | | 0.11• | | | | | | 1.49 | | | | | | 1.60 | | | | | | 0.09 | | | | | | — | | | | | | 0.63 | | | | | | 0.72 | | | | | | — | | | | | | 8.49 | | | | | | 7.95 | | | | | | 24.24 | | | | | | 32.34 | | | | 161,564 | | | 1.36 | | | | | 1.36 | | | | | | 1.46 | | | | | | 55 | | |
02-29-20 | | | | | 8.89 | | | | | | 0.19 | | | | | | (0.74) | | | | | | (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)(5) | | | | | | (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)(a) | | | | | | (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 | | |
| February 28 or 29, | | | | | | | | ||||||||||||
| 2023 | | | 2024 | | | 2025 | | | Total | | |||||||||
| $ — | | | | $ | — | | | | | $ | 4,597 | | | | | $ | 4,597 | | |
| | | Shares repurchased | | | Net increase (decrease) in shares outstanding | | | Shares repurchased | | | Net increase (decrease) | | ||||||||||||
Year or period ended | | | # | | | # | | | ($) | | | ($) | | ||||||||||||
8/31/2022 | | | | | (389,859) | | | | | | (389,859) | | | | | | (2,373,461) | | | | | | (2,373,461) | | |
2/28/2022 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Tax Year Ended December 31, 2021 | | | Tax Year Ended December 31, 2020 | | |||||||||||||||
| Ordinary Income | | | Return of Capital | | | Ordinary Income | | | Return of Capital | | |||||||||
| $2,867,466 | | | | $ | 10,840,822 | | | | | $ | 1,753,641 | | | | | $ | 8,527,575 | | |
| Unrealized Appreciation/ (Depreciation) | | | Capital Loss Carryforwards | | | Other | | | Total Distributable Earnings/ (Loss) | | |||||||||||||||
| Amount | | | Character | | | Expiration | | ||||||||||||||||||
| $17,493,310 | | | | $ | (8,222,912) | | | | Short-term | | | None | | | | $ | (3,430,896) | | | | | $ | (62,867,106) | | |
| | | | | | (68,706,608) | | | | Long-term | | | None | | | | | | | | | | | | | |
| | | | | $ | (76,929,520) | | | | | | | | | | | | | | | | | | | | |
| Per Share Amount | | | Declaration Date | | | Payable Date | | | Record Date | | |||||||||
| $0.180 | | | | | 9/15/2022 | | | | | | 10/17/2022 | | | | | | 10/4/2022 | | |
Voya Emerging Markets High Dividend | Portfolio of Investments |
Equity Fund | as of August 31, 2022 (Unaudited) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||
COMMON STOCK: 92.1% | | |||||||||||||||
| | | Brazil: 2.8% | | ||||||||||||
84,306 | | | BB Seguridade Participacoes SA | | | | $ | 460,876 | | | | | | 0.4 | | |
76,158 | | | Cia Siderurgica Nacional S.A. | | | | | 202,604 | | | | | | 0.2 | | |
23,805 | | | JBS SA | | | | | 135,397 | | | | | | 0.1 | | |
47,713 | | | Natura & Co. Holding SA | | | | | 133,076 | | | | | | 0.1 | | |
96,364 | | | Raia Drogasil SA | | | | | 405,654 | | | | | | 0.3 | | |
29,579 | | | Rumo SA | | | | | 114,850 | | | | | | 0.1 | | |
217,244 | | | TIM SA/Brazil | | | | | 497,343 | | | | | | 0.4 | | |
11,100 | | | Totvs S.A. | | | | | 60,638 | | | | | | 0.1 | | |
106,076 | | | Vale SA | | | | | 1,325,542 | | | | | | 1.1 | | |
| | | | | | | | 3,335,980 | | | | | | 2.8 | | |
| | | Chile: 0.5% | | ||||||||||||
172,588 | | | Cencosud SA | | | | | 241,286 | | | | | | 0.2 | | |
71,896 | | | Empresas CMPC SA | | | | | 136,372 | | | | | | 0.1 | | |
70,402 | | | Falabella SA | | | | | 165,901 | | | | | | 0.2 | | |
| | | | | | | | 543,559 | | | | | | 0.5 | | |
| | | China: 31.9% | | ||||||||||||
7,241 | | | 360 DigiTech, Inc. ADR | | | | | 115,711 | | | | | | 0.1 | | |
89,092 | | | 37 Interactive Entertainment Network Technology Group Co. Ltd. | | | | | 261,494 | | | | | | 0.2 | | |
1,316,000 | | | Agricultural Bank of China Ltd. - H Shares | | | | | 430,018 | | | | | | 0.4 | | |
243,700 (1) | | | Alibaba Group Holding Ltd. | | | | | 2,907,474 | | | | | | 2.5 | | |
742,000 | | | Aluminum Corp. of China Ltd. - H Shares | | | | | 274,177 | | | | | | 0.2 | | |
6,700 | | | Anhui Gujing Distillery Co. Ltd. - B Shares | | | | | 102,302 | | | | | | 0.1 | | |
12,600 | | | Anhui Yingjia Distillery Co. Ltd. - A Shares | | | | | 97,571 | | | | | | 0.1 | | |
33,800 | | | Anta Sports Products Ltd. | | | | | 407,034 | | | | | | 0.3 | | |
42,700 | | | AVIC Electromechanical Systems Co. Ltd. - A Shares | | | | | 68,504 | | | | | | 0.1 | | |
332,000 | | | AviChina Industry & Technology Co. Ltd. - H Shares | | | | | 161,596 | | | | | | 0.1 | | |
8,850 (1) | | | Baidu, Inc. | | | | | 157,978 | | | | | | 0.1 | | |
2,812,000 | | | Bank of China Ltd. - H Shares | | | | | 981,299 | | | | | | 0.8 | | |
118,000 | | | Bank of Communications Co., Ltd. - H Shares | | | | | 67,233 | | | | | | 0.1 | | |
145,100 | | | Bank of Jiangsu Co. Ltd. - A Shares | | | | | 152,125 | | | | | | 0.1 | | |
8,900 | | | Beijing Easpring Material Technology Co. Ltd. - A Shares | | | | | 100,736 | | | | | | 0.1 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||
COMMON STOCK: (continued) | | |||||||||||||||
| | | China (continued) | | ||||||||||||
46,000 | | | Beijing Enterprises Holdings Ltd. | | | | $ | 136,824 | | | | | | 0.1 | | |
840,000 | | | Bosideng International Holdings Ltd. | | | | | 471,653 | | | | | | 0.4 | | |
148,000 (1)(2) | | | Brilliance China Automotive Holdings Ltd. | | | | | 67,695 | | | | | | 0.1 | | |
9,000 | | | Byd Co., Ltd. - H Shares | | | | | 277,338 | | | | | | 0.2 | | |
2,247,000 | | | China Cinda Asset Management Co. Ltd. - H Shares | | | | | 308,564 | | | | | | 0.3 | | |
385,000 | | | China Coal Energy Co. - H Shares | | | | | 342,368 | | | | | | 0.3 | | |
874,000 | | | China Communications Services Corp., Ltd. - H Shares | | | | | 375,293 | | | | | | 0.3 | | |
2,104,000 | | | China Construction Bank - H Shares | | | | | 1,300,658 | | | | | | 1.1 | | |
1,414,000 | | | China Everbright Bank Co. Ltd. - H Shares | | | | | 433,480 | | | | | | 0.4 | | |
274,500 | | | China Hongqiao Group Ltd. | | | | | 266,172 | | | | | | 0.2 | | |
32,000 | | | China Longyuan Power Group Corp. Ltd. - H Shares | | | | | 51,685 | | | | | | 0.0 | | |
170,000 | | | China Medical System Holdings Ltd. | | | | | 251,597 | | | | | | 0.2 | | |
44,000 | | | China Meidong Auto Holdings Ltd. | | | | | 89,476 | | | | | | 0.1 | | |
30,000 | | | China Mengniu Dairy Co., Ltd. | | | | | 135,848 | | | | | | 0.1 | | |
121,000 | | | China Merchants Bank Co., Ltd. - H Shares | | | | | 618,808 | | | | | | 0.5 | | |
181,322 | | | China Merchants Port Holdings Co. Ltd. | | | | | 272,213 | | | | | | 0.2 | | |
426,000 | | | China National Building Material Co., Ltd. - H Shares | | | | | 402,259 | | | | | | 0.3 | | |
296,000 | | | China Oilfield Services Ltd. - H Shares | | | | | 307,436 | | | | | | 0.3 | | |
55,500 | | | China Overseas Land & Investment Ltd. | | | | | 149,155 | | | | | | 0.1 | | |
698,000 | | | China Petroleum & Chemical Corp. - H Shares | | | | | 328,231 | | | | | | 0.3 | | |
499,000 | | | China Railway Group Ltd. - H Shares | | | | | 285,674 | | | | | | 0.2 | | |
74,000 | | | China Resources Land Ltd. | | | | | 302,974 | | | | | | 0.3 | | |
16,324 | | | China Resources Microelectronics Ltd. - A Shares | | | | | 123,416 | | | | | | 0.1 | | |
Voya Emerging Markets High Dividend | Portfolio of Investments |
Equity Fund | as of August 31, 2022 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||
COMMON STOCK: (continued) | | |||||||||||||||
| | | China (continued) | | ||||||||||||
222,500 | | | China Shenhua Energy Co., Ltd. - H Shares | | | | $ | 697,820 | | | | | | 0.6 | | |
340,600 | | | China State Construction Engineering Corp. Ltd. - A Shares | | | | | 253,445 | | | | | | 0.2 | | |
3,152,000 (3) | | | China Tower Corp. Ltd. - H Shares | | | | | 393,048 | | | | | | 0.3 | | |
442,000 | | | China Traditional Chinese Medicine Holdings Co. Ltd. | | | | | 190,605 | | | | | | 0.2 | | |
98,520 | | | Chongqing Changan Automobile Co. Ltd. - A Shares | | | | | 206,473 | | | | | | 0.2 | | |
212,500 | | | CITIC Securities Co. Ltd. - H Shares | | | | | 430,703 | | | | | | 0.4 | | |
129,500 | | | COSCO Shipping Holdings Co., Ltd. - H Shares | | | | | 193,326 | | | | | | 0.2 | | |
274,000 | | | COSCO Shipping Ports, Ltd. | | | | | 177,299 | | | | | | 0.1 | | |
44,000 | | | Country Garden Services Holdings Co. Ltd. - H Shares | | | | | 86,467 | | | | | | 0.1 | | |
599,360 | | | CSPC Pharmaceutical Group Ltd. | | | | | 608,005 | | | | | | 0.5 | | |
73,300 | | | Dong-E-E-Jiao Co. Ltd. - A Shares | | | | | 362,771 | | | | | | 0.3 | | |
370,000 | | | Dongfeng Motor Group Co., Ltd. - H Shares | | | | | 234,598 | | | | | | 0.2 | | |
3,700 | | | Ecovacs Robotics Co. Ltd. - A Shares | | | | | 43,611 | | | | | | 0.0 | | |
102,000 | | | Far East Horizon Ltd. | | | | | 77,271 | | | | | | 0.1 | | |
6,600 | | | G-bits Network Technology Xiamen Co. Ltd. - A Shares | | | | | 272,018 | | | | | | 0.2 | | |
137,500 | | | Great Wall Motor Co. Ltd. - H Shares | | | | | 206,296 | | | | | | 0.2 | | |
2,945 | | | H World Group Ltd ADR | | | | | 110,820 | | | | | | 0.1 | | |
144,800 | | | Haier Smart Home Co. Ltd. - H Shares | | | | | 473,062 | | | | | | 0.4 | | |
20,100 (3) | | | Hangzhou Tigermed Consulting Co. Ltd. - H Shares | | | | | 199,007 | | | | | | 0.2 | | |
95,400 | | | Henan Shenhuo Coal & Power Co. Ltd. - A Shares | | | | | 221,161 | | | | | | 0.2 | | |
36,900 | | | Huaibei Mining Holdings Co. Ltd. - A Shares | | | | | 79,069 | | | | | | 0.1 | | |
192,000 (1) | | | Huaneng Power International, Inc. - H Shares | | | | | 98,125 | | | | | | 0.1 | | |
107,800 (3) | | | Huatai Securities Co. Ltd. - H Shares | | | | | 144,088 | | | | | | 0.1 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||
COMMON STOCK: (continued) | | |||||||||||||||
| | | China (continued) | | ||||||||||||
11,267 | | | Hubei Xingfa Chemicals Group Co. Ltd. - A Shares | | | | $ | 62,879 | | | | | | 0.1 | | |
1,386,592 | | | Industrial & Commercial Bank of China - H Shares | | | | | 704,449 | | | | | | 0.6 | | |
126,700 | | | Industrial Bank Co. Ltd. - A Shares | | | | | 313,147 | | | | | | 0.3 | | |
4,600 | | | Ingenic Semiconductor Co. Ltd. - A Shares | | | | | 54,068 | | | | | | 0.0 | | |
76,700 (1) | | | Inner Mongolia Yitai Coal Co. - A Shares | | | | | 129,082 | | | | | | 0.1 | | |
24,400 | | | Jafron Biomedical Co. Ltd. - A Shares | | | | | 165,705 | | | | | | 0.1 | | |
36,452 | | | JD.com, Inc. - Class A | | | | | 1,153,894 | | | | | | 1.0 | | |
8,900 | | | Jiangsu King’s Luck Brewery JSC Ltd. - A Shares | | | | | 59,511 | | | | | | 0.1 | | |
46,000 (3) | | | Jiumaojiu International Holdings Ltd. | | | | | 90,500 | | | | | | 0.1 | | |
202,600 | | | Joincare Pharmaceutical Group Industry Co. Ltd. - A Shares | | | | | 320,021 | | | | | | 0.3 | | |
10,086 | | | JOYY, Inc. ADR | | | | | 305,808 | | | | | | 0.3 | | |
114,500 | | | Kingboard Holdings Ltd. | | | | | 361,557 | | | | | | 0.3 | | |
131,000 | | | Kingsoft Corp. Ltd. | | | | | 398,146 | | | | | | 0.3 | | |
336,000 | | | Kunlun Energy Co. Ltd. | | | | | 292,564 | | | | | | 0.2 | | |
27,828 | | | Kunlun Tech Co. Ltd. - A Shares | | | | | 58,895 | | | | | | 0.0 | | |
1,000 | | | Kweichow Moutai Co. Ltd. - A Shares (Nth SSE-SEHK) | | | | | 278,530 | | | | | | 0.2 | | |
550,000 | | | Lenovo Group Ltd. | | | | | 452,987 | | | | | | 0.4 | | |
66,000 | | | Li Ning Co. Ltd. | | | | | 601,149 | | | | | | 0.5 | | |
57,900 (1)(3) | | | Meituan Class B | | | | | 1,390,597 | | | | | | 1.2 | | |
51,700 | | | NetEase, Inc. | | | | | 923,228 | | | | | | 0.8 | | |
30,400 (3) | | | Nongfu Spring Co. Ltd. - H Shares | | | | | 180,754 | | | | | | 0.2 | | |
3,000 | | | Orient Overseas International Ltd. | | | | | 83,625 | | | | | | 0.1 | | |
1,008,000 | | | PetroChina Co., Ltd. - H Shares | | | | | 468,738 | | | | | | 0.4 | | |
51,250 (3) | | | Pharmaron Beijing Co. Ltd. - H Shares | | | | | 339,003 | | | | | | 0.3 | | |
428,000 | | | PICC Property & Casualty Co., Ltd. - H Shares | | | | | 462,938 | | | | | | 0.4 | | |
27,200 | | | Pingdingshan Tianan Coal Mining Co. Ltd. - A Shares | | | | | 51,686 | | | | | | 0.0 | | |
209,000 (3) | | | Postal Savings Bank of China Co. Ltd. - H Shares | | | | | 124,767 | | | | | | 0.1 | | |
2,150 | | | SG Micro Corp. - A Shares | | | | | 49,632 | | | | | | 0.0 | | |
Voya Emerging Markets High Dividend | Portfolio of Investments |
Equity Fund | as of August 31, 2022 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||
COMMON STOCK: (continued) | | |||||||||||||||
| | | China (continued) | | ||||||||||||
27,600 | | | Shandong Buchang Pharmaceuticals Co. Ltd. - A Shares | | | | $ | 71,790 | | | | | | 0.1 | | |
62,000 | | | Shandong Weigao Group Medical Polymer Co., Ltd. - H Shares | | | | | 84,107 | | | | | | 0.1 | | |
43,050 (1) | | | Shanghai Baosight Software Co., Ltd. - Class B | | | | | 130,382 | | | | | | 0.1 | | |
15,500 | | | Shanghai Fosun Pharmaceutical Group Co. Ltd. - H Shares | | | | | 49,864 | | | | | | 0.0 | | |
5,700 | | | Shanxi Xinghuacun Fen Wine Factory Co. Ltd. - A Shares | | | | | 241,811 | | | | | | 0.2 | | |
2,000 | | | Shenzhen Mindray Bio-Medical Electronics Co. Ltd. - A Shares | | | | | 86,251 | | | | | | 0.1 | | |
4,500 | | | Shenzhou International Group Holdings Ltd. | | | | | 47,031 | | | | | | 0.0 | | |
38,200 | | | Sichuan Kelun Pharmaceutical Co. Ltd. - A Shares | | | | | 118,662 | | | | | | 0.1 | | |
20,000 | | | Silergy Corp. | | | | | 342,870 | | | | | | 0.3 | | |
97,700 | | | Tencent Holdings Ltd. | | | | | 4,038,017 | | | | | | 3.4 | | |
36,000 | | | Tingyi Cayman Islands Holding Corp. | | | | | 63,926 | | | | | | 0.1 | | |
294,000 (3) | | | Topsports International Holdings Ltd. - H Shares | | | | | 232,053 | | | | | | 0.2 | | |
32,000 | | | Tsingtao Brewery Co., Ltd. - H Shares | | | | | 310,751 | | | | | | 0.3 | | |
215,000 | | | Uni-President China Holdings Ltd. | | | | | 185,104 | | | | | | 0.2 | | |
23,800 (3) | | | WuXi AppTec Co. Ltd. - H Shares | | | | | 268,678 | | | | | | 0.2 | | |
101,000 | | | Xtep International Holdings Ltd. | | | | | 140,156 | | | | | | 0.1 | | |
200,000 (3) | | | Yadea Group Holdings Ltd. | | | | | 381,480 | | | | | | 0.3 | | |
161,800 | | | Yuexiu Property Co. Ltd. | | | | | 202,375 | | | | | | 0.2 | | |
43,300 | | | Yunnan Aluminium Co. Ltd. - A Shares | | | | | 62,981 | | | | | | 0.1 | | |
24,400 | | | Yunnan Tin Co. Ltd. - A Shares | | | | | 48,887 | | | | | | 0.0 | | |
194,000 | | | Zhejiang Expressway Co., Ltd. - H Shares | | | | | 147,810 | | | | | | 0.1 | | |
9,871 | | | Zhejiang Orient Gene Biotech Co. Ltd. - A Shares | | | | | 126,835 | | | | | | 0.1 | | |
323,000 | | | Zhejiang Semir Garment Co. Ltd. - A Shares | | | | | 242,702 | | | | | | 0.2 | | |
156,000 | | | Zijin Mining Group Co., Ltd. - H Shares | | | | | 176,276 | | | | | | 0.1 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||
COMMON STOCK: (continued) | | |||||||||||||||
| | | China (continued) | | ||||||||||||
171,200 | | | ZTE Corp. - H Shares | | | | $ | 361,456 | | | | | | 0.3 | | |
7,094 | | | ZTO Express Cayman, Inc. ADR | | | | | 184,799 | | | | | | 0.2 | | |
| | | | | | | | 37,568,071 | | | | | | 31.9 | | |
| | | Czech Republic: 0.4% | | ||||||||||||
19,269 | | | Komercni Banka AS | | | | | 451,300 | | | | | | 0.4 | | |
| | | | | | | | | | | | | | | | |
| | | Egypt: 0.4% | | ||||||||||||
179,332 | | | Commercial International Bank Egypt SAE | | | | | 355,172 | | | | | | 0.3 | | |
219,067 | | | Eastern Co. SAE | | | | | 110,985 | | | | | | 0.1 | | |
| | | | | | | | 466,157 | | | | | | 0.4 | | |
| | | Greece: 0.7% | | ||||||||||||
7,619 | | | Hellenic Telecommunications Organization SA | | | | | 121,210 | | | | | | 0.1 | | |
21,243 | | | Jumbo SA | | | | | 303,686 | | | | | | 0.3 | | |
26,574 | | | OPAP S.A. | | | | | 350,032 | | | | | | 0.3 | | |
| | | | | | | | 774,928 | | | | | | 0.7 | | |
| | | Hungary: 0.1% | | ||||||||||||
5,838 | | | OTP Bank Nyrt | | | | | 124,157 | | | | | | 0.1 | | |
| | | | | | | | | | | | | | | | |
| | | India: 13.9% | | ||||||||||||
104,366 | | | Axis Bank Ltd. | | | | | 972,638 | | | | | | 0.8 | | |
201,277 | | | Bharat Electronics Ltd. | | | | | 769,076 | | | | | | 0.6 | | |
23,682 | | | Bharat Forge Ltd. | | | | | 218,009 | | | | | | 0.2 | | |
7,138 | | | Bharti Airtel Ltd. | | | | | 64,659 | | | | | | 0.1 | | |
20,760 | | | Cholamandalam Investment and Finance Co. Ltd. | | | | | 203,388 | | | | | | 0.2 | | |
28,296 | | | Cipla Ltd. | | | | | 366,669 | | | | | | 0.3 | | |
163,018 | | | GAIL India Ltd. | | | | | 276,907 | | | | | | 0.2 | | |
37,069 | | | Grasim Industries Ltd. | | | | | 772,571 | | | | | | 0.7 | | |
22,334 | | | HCL Technologies Ltd. | | | | | 259,786 | | | | | | 0.2 | | |
54,158 | | | Hindalco Industries Ltd. | | | | | 293,731 | | | | | | 0.2 | | |
151,032 | | | ICICI Bank Ltd. | | | | | 1,656,119 | | | | | | 1.4 | | |
96,140 | | | Infosys Ltd. | | | | | 1,771,966 | | | | | | 1.5 | | |
146,318 | | | ITC Ltd. | | | | | 584,728 | | | | | | 0.5 | | |
9,195 | | | Jubilant Foodworks Ltd. | | | | | 70,040 | | | | | | 0.1 | | |
36,393 | | | Larsen & Toubro Ltd. | | | | | 868,601 | | | | | | 0.7 | | |
77,028 | | | Mahindra & Mahindra Ltd. | | | | | 1,250,213 | | | | | | 1.1 | | |
13,946 | | | Mphasis Ltd. | | | | | 366,884 | | | | | | 0.3 | | |
380,916 | | | NTPC Ltd. | | | | | 780,824 | | | | | | 0.7 | | |
321,184 | | | Oil & Natural Gas Corp., Ltd. | | | | | 556,006 | | | | | | 0.5 | | |
305 | | | Page Industries Ltd. | | | | | 194,321 | | | | | | 0.2 | | |
84,581 | | | Power Grid Corp. of India Ltd. | | | | | 242,162 | | | | | | 0.2 | | |
Voya Emerging Markets High Dividend | Portfolio of Investments |
Equity Fund | as of August 31, 2022 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||
COMMON STOCK: (continued) | | |||||||||||||||
| | | India (continued) | | ||||||||||||
11,746 | | | Reliance Industries Ltd. | | | | $ | 384,800 | | | | | | 0.3 | | |
21,546 | | | Shriram Transport Finance Co. Ltd. | | | | | 361,635 | | | | | | 0.3 | | |
79,851 | | | State Bank of India | | | | | 525,737 | | | | | | 0.4 | | |
62,518 | | | Sun Pharmaceutical Industries Ltd. | | | | | 697,714 | | | | | | 0.6 | | |
12,677 | | | Tata Consultancy Services Ltd. | | | | | 505,579 | | | | | | 0.4 | | |
857 | | | Tata Elxsi Ltd. | | | | | 95,593 | | | | | | 0.1 | | |
58,878 | | | Tech Mahindra Ltd. | | | | | 784,463 | | | | | | 0.7 | | |
900 | | | Ultratech Cement Ltd. | | | | | 74,821 | | | | | | 0.1 | | |
16,617 | | | UPL Ltd. | | | | | 159,159 | | | | | | 0.1 | | |
74,814 | | | Vedanta Ltd. | | | | | 250,733 | | | | | | 0.2 | | |
| | | | | | | | 16,379,532 | | | | | | 13.9 | | |
| | | Indonesia: 1.8% | | ||||||||||||
1,242,700 | | | Adaro Energy Indonesia Tbk PT | | | | | 296,256 | | | | | | 0.3 | | |
423,100 | | | Aneka Tambang Tbk | | | | | 56,575 | | | | | | 0.0 | | |
1,135,100 | | | Astra International Tbk PT | | | | | 532,611 | | | | | | 0.5 | | |
128,000 | | | Indah Kiat Pulp & Paper Tbk PT | | | | | 71,699 | | | | | | 0.1 | | |
2,426,600 | | | Kalbe Farma Tbk PT | | | | | 274,397 | | | | | | 0.2 | | |
1,997,300 | | | Sumber Alfaria Trijaya Tbk PT | | | | | 293,128 | | | | | | 0.2 | | |
243,200 | | | United Tractors Tbk PT | | | | | 553,783 | | | | | | 0.5 | | |
| | | | | | | | 2,078,449 | | | | | | 1.8 | | |
| | | Malaysia: 1.2% | | ||||||||||||
40,000 | | | HAP Seng Consolidated Bhd | | | | | 62,116 | | | | | | 0.1 | | |
76,700 | | | Hong Leong Bank BHD | | | | | 357,003 | | | | | | 0.3 | | |
25,200 | | | Hong Leong Financial Group Bhd | | | | | 108,932 | | | | | | 0.1 | | |
217,100 | | | Malayan Banking BHD | | | | | 434,308 | | | | | | 0.4 | | |
139,200 | | | Petronas Chemicals Group Bhd | | | | | 273,037 | | | | | | 0.2 | | |
99,400 | | | RHB Bank Bhd | | | | | 127,012 | | | | | | 0.1 | | |
| | | | | | | | 1,362,408 | | | | | | 1.2 | | |
| | | Mexico: 2.4% | | ||||||||||||
398,204 | | | Alfa SA de CV | | | | | 251,614 | | | | | | 0.2 | | |
99,478 | | | Arca Continental SAB de CV | | | | | 673,309 | | | | | | 0.6 | | |
14,308 | | | Coca-Cola Femsa SAB de CV - Unit | | | | | 87,347 | | | | | | 0.1 | | |
492,973 | | | Fibra Uno Administracion SA de CV | | | | | 513,858 | | | | | | 0.4 | | |
93,577 | | | Fomento Economico Mexicano SAB de CV - Unit | | | | | 585,712 | | | | | | 0.5 | | |
124,430 | | | Grupo Bimbo SAB de CV | | | | | 419,183 | | | | | | 0.3 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||
COMMON STOCK: (continued) | | |||||||||||||||
| | | Mexico (continued) | | ||||||||||||
57,333 | | | Grupo Financiero Banorte | | | | $ | 338,651 | | | | | | 0.3 | | |
| | | | | | | | 2,869,674 | | | | | | 2.4 | | |
| | | Peru: 0.1% | | ||||||||||||
1,076 | | | Credicorp Ltd. | | | | | 138,686 | | | | | | 0.1 | | |
| | | | | ||||||||||||
| | | Philippines: 0.9% | | ||||||||||||
29,520 | | | GT Capital Holdings, Inc. | | | | | 252,836 | | | | | | 0.2 | | |
151,640 | | | International Container Terminal Services, Inc. | | | | | 488,381 | | | | | | 0.4 | | |
361,190 | | | Metropolitan Bank & Trust Co. | | | | | 337,579 | | | | | | 0.3 | | |
| | | | | | | | 1,078,796 | | | | | | 0.9 | | |
| | | Poland: 0.5% | | ||||||||||||
26,140 | | | Bank Polska Kasa Opieki SA | | | | | 361,623 | | | | | | 0.3 | | |
50,743 | | | Powszechna Kasa Oszczednosci Bank Polski SA | | | | | 253,134 | | | | | | 0.2 | | |
| | | | | | | | 614,757 | | | | | | 0.5 | | |
| | | Qatar: 1.7% | | ||||||||||||
319,909 | | | Commercial Bank PQSC | | | | | 642,457 | | | | | | 0.6 | | |
107,002 | | | Mesaieed Petrochemical Holding Co. | | | | | 76,289 | | | | | | 0.1 | | |
362,232 | | | Qatar Gas Transport Co. Ltd. | | | | | 397,200 | | | | | | 0.3 | | |
122,397 | | | Qatar Islamic Bank SAQ | | | | | 859,395 | | | | | | 0.7 | | |
| | | | | | | | 1,975,341 | | | | | | 1.7 | | |
| | | Romania: 0.3% | | ||||||||||||
59,547 | | | NEPI Rockcastle S.A. | | | | | 317,299 | | | | | | 0.3 | | |
| | | | | | | | | | | | | | | | ��� |
| | | Russia: —% | | ||||||||||||
354,185 (2) | | | Alrosa PJSC | | | | | — | | | | | | — | | |
10,144,776 (2) | | | Inter RAO UES PJSC | | | | | — | | | | | | — | | |
15,442 (2) | | | Lukoil PJSC | | | | | — | | | | | | — | | |
9,459 (2) | | | Magnit OJSC | | | | | — | | | | | | — | | |
116,758 (2) | | | Mobile Telesystems OJSC | | | | | — | | | | | | — | | |
4,585 (2) | | | Severstal PAO | | | | | — | | | | | | — | | |
130,134 (2) | | | Surgutneftegas PJSC | | | | | — | | | | | | — | | |
125,422 (2) | | | Tatneft PJSC | | | | | — | | | | | | — | | |
13,603 (2) | | | X5 Retail Group N.V. - FIVEL GDR | | | | | — | | | | | | — | | |
| | | | | | | | — | | | | | | — | | |
| | | Saudi Arabia: 3.1% | | ||||||||||||
20,837 | | | Al Rajhi Bank | | | | | 498,833 | | | | | | 0.4 | | |
1,644 | | | Elm Co. | | | | | 150,054 | | | | | | 0.1 | | |
68,000 | | | Etihad Etisalat Co. | | | | | 661,404 | | | | | | 0.6 | | |
4,171 | | | SABIC Agri-Nutrients Co. | | | | | 192,550 | | | | | | 0.2 | | |
Voya Emerging Markets High Dividend | Portfolio of Investments |
Equity Fund | as of August 31, 2022 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||
COMMON STOCK: (continued) | | |||||||||||||||
| | | Saudi Arabia (continued) | | ||||||||||||
14,581 | | | Sahara International Petrochemical Co. | | | | $ | 184,168 | | | | | | 0.1 | | |
91,519 | | | Saudi Electricity Co. | | | | | 612,616 | | | | | | 0.5 | | |
23,619 | | | Saudi National Bank | | | | | 437,988 | | | | | | 0.4 | | |
82,383 | | | Saudi Telecom Co. | | | | | 914,653 | | | | | | 0.8 | | |
| | | | | | | | 3,652,266 | | | | | | 3.1 | | |
| | | Singapore: 0.1% | | ||||||||||||
18,700 (3) | | | BOC Aviation Ltd. | | | | | 149,684 | | | | | | 0.1 | | |
| | | | | | | | | | | | | | | | |
| | | South Africa: 2.7% | | ||||||||||||
5,767 | | | Absa Group Ltd. | | | | | 59,730 | | | | | | 0.0 | | |
10,343 | | | African Rainbow Minerals Ltd. | | | | | 142,675 | | | | | | 0.1 | | |
10,818 | | | Bid Corp. Ltd. | | | | | 205,292 | | | | | | 0.2 | | |
32,446 | | | Exxaro Resources Ltd. | | | | | 413,370 | | | | | | 0.4 | | |
6,590 | | | Gold Fields Ltd. | | | | | 53,223 | | | | | | 0.0 | | |
501,954 | | | Growthpoint Properties Ltd. | | | | | 373,343 | | | | | | 0.3 | | |
37,724 | | | Harmony Gold Mining Co., Ltd. | | | | | 96,068 | | | | | | 0.1 | | |
40,614 | | | Impala Platinum Holdings Ltd. | | | | | 425,568 | | | | | | 0.4 | | |
24,370 | | | MultiChoice Group | | | | | 164,485 | | | | | | 0.1 | | |
1,058 | | | Naspers Ltd. | | | | | 149,185 | | | | | | 0.1 | | |
29,279 | | | Reinet Investments SCA | | | | | 480,549 | | | | | | 0.4 | | |
13,651 (1) | | | Sasol Ltd. | | | | | 262,545 | | | | | | 0.2 | | |
140,660 | | | Sibanye Stillwater Ltd. | | | | | 314,237 | | | | | | 0.3 | | |
28,748 | | | Woolworths Holdings Ltd./South Africa | | | | | 93,987 | | | | | | 0.1 | | |
| | | | | | | | 3,234,257 | | | | | | 2.7 | | |
| | | South Korea: 9.3% | | ||||||||||||
2,899 | | | BGF retail Co. Ltd. | | | | | 347,238 | | | | | | 0.3 | | |
20,721 | | | Cheil Worldwide, Inc. | | | | | 337,825 | | | | | | 0.3 | | |
449 | | | CJ CheilJedang Corp. | | | | | 136,199 | | | | | | 0.1 | | |
6,214 | | | CJ Corp. | | | | | 361,546 | | | | | | 0.3 | | |
7,844 | | | DB Insurance Co. Ltd. | | | | | 349,323 | | | | | | 0.3 | | |
2,609 | | | E-Mart, Inc. | | | | | 189,409 | | | | | | 0.2 | | |
581 | | | F&F Co. Ltd. / New | | | | | 61,304 | | | | | | 0.1 | | |
11,338 | | | GS Engineering & Construction Corp. | | | | | 253,613 | | | | | | 0.2 | | |
8,368 | | | GS Holdings Corp. | | | | | 287,290 | | | | | | 0.2 | | |
23,851 | | | Hana Financial Group, Inc. | | | | | 695,177 | | | | | | 0.6 | | |
10,640 | | | HMM Co. Ltd. | | | | | 175,348 | | | | | | 0.2 | | |
2,851 | | | Hyundai Glovis Co., Ltd. | | | | | 373,558 | | | | | | 0.3 | | |
368 | | | Hyundai Mobis Co. Ltd. | | | | | 58,686 | | | | | | 0.1 | | |
3,014 | | | Hyundai Motor Co. | | | | | 437,881 | | | | | | 0.4 | | |
6,656 | | | Hyundai Steel Co. | | | | | 162,305 | | | | | | 0.1 | | |
29,529 | | | Industrial Bank Of Korea | | | | | 210,256 | | | | | | 0.2 | | |
19,272 | | | KB Financial Group, Inc. | | | | | 707,455 | | | | | | 0.6 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||
COMMON STOCK: (continued) | | |||||||||||||||
| | | South Korea (continued) | | ||||||||||||
13,212 | | | Kia Corp. | | | | $ | 791,899 | | | | | | 0.7 | | |
268 | | | LG Chem Ltd. | | | | | 125,450 | | | | | | 0.1 | | |
3,906 | | | LG Electronics, Inc. | | | | | 292,286 | | | | | | 0.2 | | |
52,595 | | | LG Uplus Corp. | | | | | 450,423 | | | | | | 0.4 | | |
4,103 | | | Lotte Shopping Co. Ltd. | | | | | 301,168 | | | | | | 0.3 | | |
10,803 | | | Pan Ocean Co. Ltd. | | | | | 41,336 | | | | | | 0.0 | | |
278 | | | POSCO Holdings, Inc. | | | | | 52,588 | | | | | | 0.0 | | |
1,809 | | | S-1 Corp. | | | | | 78,547 | | | | | | 0.1 | | |
5,314 | | | Samsung Electro-Mechanics Co. Ltd. | | | | | 550,193 | | | | | | 0.5 | | |
1,158 | | | Samsung Fire & Marine Insurance Co. Ltd. | | | | | 168,297 | | | | | | 0.1 | | |
1,738 | | | Samsung SDI Co., Ltd. | | | | | 768,373 | | | | | | 0.7 | | |
6,808 | | | Samsung Securities Co. Ltd. | | | | | 171,392 | | | | | | 0.1 | | |
19,381 | | | Shinhan Financial Group Co., Ltd. | | | | | 525,099 | | | | | | 0.4 | | |
14,213 | | | SK Hynix, Inc. | | | | | 999,287 | | | | | | 0.8 | | |
51,927 | | | Woori Financial Group, Inc. | | | | | 469,728 | | | | | | 0.4 | | |
| | | | | | | | 10,930,479 | | | | | | 9.3 | | |
| | | Taiwan: 12.7% | | ||||||||||||
92,000 | | | ASE Technology Holding Co. Ltd. | | | | | 255,945 | | | | | | 0.2 | | |
6,000 | | | eMemory Technology, Inc. | | | | | 268,346 | | | | | | 0.2 | | |
174,000 | | | Eva Airways Corp. | | | | | 190,420 | | | | | | 0.2 | | |
98,000 | | | Evergreen Marine Corp. Taiwan Ltd. | | | | | 280,840 | | | | | | 0.2 | | |
23,000 | | | Globalwafers Co. Ltd. | | | | | 363,880 | | | | | | 0.3 | | |
43,000 | | | MediaTek, Inc. | | | | | 930,380 | | | | | | 0.8 | | |
40,000 | | | Nan Ya Printed Circuit Board Corp. | | | | | 348,969 | | | | | | 0.3 | | |
283,000 | | | Nanya Technology Corp. | | | | | 491,512 | | | | | | 0.4 | | |
14,000 | | | Nien Made Enterprise Co. Ltd. | | | | | 129,286 | | | | | | 0.1 | | |
51,000 | | | Novatek Microelectronics Corp., Ltd. | | | | | 436,321 | | | | | | 0.4 | | |
9,000 | | | Parade Technologies Ltd. | | | | | 251,943 | | | | | | 0.2 | | |
23,000 | | | President Chain Store Corp. | | | | | 202,114 | | | | | | 0.2 | | |
54,000 | | | Realtek Semiconductor Corp. | | | | | 606,782 | | | | | | 0.5 | | |
240,000 | | | Shanghai Commercial & Savings Bank Ltd./The | | | | | 390,650 | | | | | | 0.3 | | |
486,962 | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | | | 7,971,469 | | | | | | 6.8 | | |
96,000 | | | Unimicron Technology Corp. | | | | | 470,374 | | | | | | 0.4 | | |
553,000 | | | United Microelectronics Corp. | | | | | 735,748 | | | | | | 0.6 | | |
Voya Emerging Markets High Dividend | Portfolio of Investments |
Equity Fund | as of August 31, 2022 (Unaudited) (continued) |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||
COMMON STOCK: (continued) | | |||||||||||||||
| | | Taiwan (continued) | | ||||||||||||
147,000 | | | Vanguard International Semiconductor Corp. | | | | $ | 355,376 | | | | | | 0.3 | | |
415,000 | | | Winbond Electronics Corp. | | | | | 299,009 | | | | | | 0.3 | | |
| | | | | | | | 14,979,364 | | | | | | 12.7 | | |
| | | Thailand: 1.9% | | ||||||||||||
462,200 | | | Bangkok Commercial Asset Management PCL - Foreign | | | | | 232,952 | | | | | | 0.2 | | |
573,100 | | | Bangkok Dusit Medical Services PCL - Foreign | | | | | 459,312 | | | | | | 0.4 | | |
71,500 | | | Electricity Generating PCL - Foreign | | | | | 358,506 | | | | | | 0.3 | | |
118,300 | | | Indorama Ventures PCL - Foreign | | | | | 140,104 | | | | | | 0.1 | | |
552,400 | | | Land & Houses PCL - Foreign | | | | | 134,761 | | | | | | 0.1 | | |
135,400 | | | PTT Exploration & Production PCL - Foreign | | | | | 626,229 | | | | | | 0.5 | | |
103,500 | | | SCB X PCL | | | | | 312,866 | | | | | | 0.3 | | |
| | | | | | | | 2,264,730 | | | | | | 1.9 | | |
| | | United Arab Emirates: 2.7% | | ||||||||||||
192,252 | | | Abu Dhabi Commercial Bank PJSC | | | | | 474,267 | | | | | | 0.4 | | |
202,584 | | | Abu Dhabi Islamic Bank PJSC | | | | | 487,322 | | | | | | 0.4 | | |
205,456 | | | Aldar Properties PJSC | | | | | 269,070 | | | | | | 0.2 | | |
310,139 | | | Dubai Islamic Bank PJSC | | | | | 493,264 | | | | | | 0.4 | | |
543,249 | | | Emaar Properties PJSC | | | | | 923,232 | | | | | | 0.8 | | |
157,488 | | | Emirates NBD Bank PJSC | | | | | 571,318 | | | | | | 0.5 | | |
| | | | | | | | 3,218,473 | | | | | | 2.7 | | |
| | | Total Common Stock (Cost $116,239,141) | | | | | 108,508,347 | | | | | | 92.1 | | |
EXCHANGE-TRADED FUNDS: 2.4% | | |||||||||||||||
70,250 | | | iShares MSCI Emerging Markets ETF | | | | | 2,769,958 | | | | | | 2.4 | | |
| | | Total Exchange-Traded Funds (Cost $2,789,618) | | | | | 2,769,958 | | | | | | 2.4 | | |
PREFERRED STOCK: 4.6% | | |||||||||||||||
| | | Brazil: 2.4% | | ||||||||||||
44,440 | | | Centrais Eletricas Brasileiras SA | | | | | 410,880 | | | | | | 0.3 | | |
37,677 | | | Cia Energetica de Minas Gerais | | | | | 88,066 | | | | | | 0.1 | | |
42,851 | | | Gerdau SA | | | | | 193,729 | | | | | | 0.2 | | |
350,413 | | | Itausa SA | | | | | 617,655 | | | | | | 0.5 | | |
237,515 | | | Petroleo Brasileiro SA | | | | | 1,517,568 | | | | | | 1.3 | | |
| | | | | | | | 2,827,898 | | | | | | 2.4 | | |
Shares | | | Value | | | Percentage of Net Assets | | |||||||||
PREFERRED STOCK: (continued) | | |||||||||||||||
| | | South Korea: 2.2% | | ||||||||||||
64,620 | | | Samsung Electronics Co., Ltd. | | | | $ | 2,614,019 | | | | | | 2.2 | | |
| | | Total Preferred Stock (Cost $4,946,965) | | | | | 5,441,917 | | | | | | 4.6 | | |
| | | Total Long-Term Investments (Cost $123,975,724) | | | | | 116,720,222 | | | | | | 99.1 | | |
SHORT-TERM INVESTMENTS: 0.7% | | |||||||||||||||
| | | Mutual Funds: 0.7% | | ||||||||||||
837,000 (4) | | | Goldman Sachs Financial Square Government Fund - Institutional Shares, 2.170% (Cost $837,000) | | | | | 837,000 | | | | | | 0.7 | | |
| | | Total Short-Term Investments | | | ��� | | | | | | | | | | |
| | | (Cost $837,000) | | | | | 837,000 | | | | | | 0.7 | | |
| | | Total Investments in Securities (Cost $124,812,724) | | | | $ | 117,557,222 | | | | | | 99.8 | | |
| | | Assets in Excess of Other Liabilities | | | | | 238,924 | | | | | | 0.2 | | |
| | | Net Assets | | | | $ | 117,796,146 | | | | | | 100.0 | | |
|
Sector Diversification | | | Percentage of Net Assets | | |||
Information Technology | | | | | 20.9% | | |
Financials | | | | | 20.4 | | |
Consumer Discretionary | | | | | 12.9 | | |
Communication Services | | | | | 8.5 | | |
Materials | | | | | 6.5 | | |
Industrials | | | | | 6.2 | | |
Energy | | | | | 6.0 | | |
Consumer Staples | | | | | 5.4 | | |
Health Care | | | | | 4.3 | | |
Utilities | | | | | 2.8 | | |
Real Estate | | | | | 2.8 | | |
Exchange-Traded Funds | | | | | 2.4 | | |
Short-Term Investments | | | | | 0.7 | | |
Assets in Excess of Other Liabilities | | | | | 0.2 | | |
Net Assets | | | | | 100.0% | | |
Voya Emerging Markets High Dividend | Portfolio of Investments |
Equity Fund | as of August 31, 2022 (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, 2022 | | ||||||||||||
Asset Table | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments, at fair value | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock | | | | | | | | | | | | | | | | | | | | | | | | | |
Brazil | | | | $ | 3,335,980 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,335,980 | | |
Chile | | | | | 543,559 | | | | | | — | | | | | | — | | | | | | 543,559 | | |
China | | | | | 916,634 | | | | | | 36,583,742 | | | | | | 67,695 | | | | | | 37,568,071 | | |
Czech Republic | | | | | — | | | | | | 451,300 | | | | | | — | | | | | | 451,300 | | |
Egypt | | | | | — | | | | | | 466,157 | | | | | | — | | | | | | 466,157 | | |
Greece | | | | | — | | | | | | 774,928 | | | | | | — | | | | | | 774,928 | | |
Hungary | | | | | — | | | | | | 124,157 | | | | | | — | | | | | | 124,157 | | |
India | | | | | — | | | | | | 16,379,532 | | | | | | — | | | | | | 16,379,532 | | |
Indonesia | | | | | — | | | | | | 2,078,449 | | | | | | — | | | | | | 2,078,449 | | |
Malaysia | | | | | 62,116 | | | | | | 1,300,292 | | | | | | — | | | | | | 1,362,408 | | |
Mexico | | | | | 2,869,674 | | | | | | — | | | | | | — | | | | | | 2,869,674 | | |
Peru | | | | | 138,686 | | | | | | — | | | | | | — | | | | | | 138,686 | | |
Philippines | | | | | — | | | | | | 1,078,796 | | | | | | — | | | | | | 1,078,796 | | |
Poland | | | | | — | | | | | | 614,757 | | | | | | — | | | | | | 614,757 | | |
Qatar | | | | | — | | | | | | 1,975,341 | | | | | | — | | | | | | 1,975,341 | | |
Romania | | | | | — | | | | | | 317,299 | | | | | | — | | | | | | 317,299 | | |
Russia | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Saudi Arabia | | | | | — | | | | | | 3,652,266 | | | | | | — | | | | | | 3,652,266 | | |
Singapore | | | | | — | | | | | | 149,684 | | | | | | — | | | | | | 149,684 | | |
South Africa | | | | | 1,460,331 | | | | | | 1,773,926 | | | | | | — | | | | | | 3,234,257 | | |
South Korea | | | | | — | | | | | | 10,930,479 | | | | | | — | | | | | | 10,930,479 | | |
Taiwan | | | | | — | | | | | | 14,979,364 | | | | | | — | | | | | | 14,979,364 | | |
Thailand | | | | | — | | | | | | 2,264,730 | | | | | | — | | | | | | 2,264,730 | | |
United Arab Emirates | | | | | — | | | | | | 3,218,473 | | | | | | — | | | | | | 3,218,473 | | |
Total Common Stock | | | | | 9,326,980 | | | | | | 99,113,672 | | | | | | 67,695 | | | | | | 108,508,347 | | |
Exchange-Traded Funds | | | | | 2,769,958 | | | | | | — | | | | | | — | | | | | | 2,769,958 | | |
Preferred Stock | | | | | 2,827,898 | | | | | | 2,614,019 | | | | | | — | | | | | | 5,441,917 | | |
Short-Term Investments | | | | | 837,000 | | | | | | — | | | | | | — | | | | | | 837,000 | | |
Total Investments, at fair value | | | | $ | 15,761,836 | | | | | $ | 101,727,691 | | | | | $ | 67,695 | | | | | $ | 117,557,222 | | |
Liabilities Table | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Financial Instruments+ | | | | | | | | | | | | | | | | | | | | | | | | | |
Written Options | | | | $ | — | | | | | $ | (150,869) | | | | | $ | — | | | | | $ | (150,869) | | |
Total Liabilities | | | | $ | — | | | | | $ | (150,869) | | | | | $ | — | | | | | $ | (150,869) | | |
Voya Emerging Markets High Dividend | Portfolio of Investments |
Equity Fund | as of August 31, 2022 (Unaudited) (continued) |
Description | | | Counterparty | | | Put/Call | | | Expiration Date | | | Exercise Price | | | Number of Contracts | | | Notional Amount | | | Premiums Received | | | Fair Value | | |||||||||||||||
iShares MSCI Emerging Markets ETF | | | JPMorgan Chase Bank N.A. | | | | | Call | | | | | | 09/02/22 | | | | USD 39.960 | | | | | 297,798 | | | | USD 11,742,175 | | | | $ | 307,030 | | | | | $ | (15,271) | | |
iShares MSCI Emerging Markets ETF | | | BNP Paribas | | | | | Call | | | | | | 09/16/22 | | | | USD 39.900 | | | | | 300,752 | | | | USD 11,858,651 | | | | | 238,255 | | | | | | (135,598) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 545,285 | | | | | $ | (150,869) | | |
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 | | | | $ | 150,869 | | |
Total Liability Derivatives | | | | | | | $ | 150,869 | | |
| | | Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | | |||
Derivatives not accounted for as hedging instruments | | | Written options | | |||
Equity contracts | | | | $ | 3,445,307 | | |
Total | | | | $ | 3,445,307 | | |
| | | Change in Unrealized Appreciation or Depreciation on Derivatives Recognized in Income | | |||
Derivatives not accounted for as hedging instruments | | | Written options | | |||
Equity contracts | | | | $ | (179,134) | | |
Total | | | | $ | (179,134) | | |
| | | BNP Paribas | | | JPMorgan Chase Bank N.A. | | | Totals | | |||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | |
Written options | | | | $ | 135,598 | | | | | $ | 15,271 | | | | | $ | 150,869 | | |
Total Liabilities | | | | $ | 135,598 | | | | | $ | 15,271 | | | | | $ | 150,869 | | |
Net OTC derivative instruments by counterparty, at fair value | | | | $ | (135,598) | | | | | $ | (15,271) | | | | | $ | (150,869) | | |
Total collateral pledged by the Fund/(Received from counterparty) | | | | $ | 135,598 | | | | | $ | — | | | | | $ | 135,598 | | |
Net Exposure(1)(2) | | | | $ | — | | | | | $ | (15,271) | | | | | $ | (15,271) | | |
Voya Emerging Markets High Dividend | Portfolio of Investments |
Equity Fund | as of August 31, 2022 (Unaudited) (continued) |
| Cost for federal income tax purposes was $125,304,933. | | | |||||
| Net unrealized depreciation consisted of: | | | |||||
| Gross Unrealized Appreciation | | | | $ | 12,771,227 | | |
| Gross Unrealized Depreciation | | | | | (20,472,646) | | |
| Net Unrealized Depreciation | | | | $ | (7,701,419) | | |
| | | | | | Proposal | | | Shares voted for | | | Shares voted against or withheld | | | Shares abstained | | | Broker non-vote | | | Total Shares Voted | | ||||||||||||||||||
Class II Trustees | | | Voya Emerging Markets High Dividend Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | John V. Boyer | | | | | 1* | | | | | | 13,225,083.26 | | | | | | 2,982,044.00 | | | | | | 0.000 | | | | | | 0.000 | | | | | | 16,207,127.26 | | |
| | | Patricia W. Chadwick | | | | | 1* | | | | | | 13,218,018.26 | | | | | | 2,989,109.00 | | | | | | 0.000 | | | | | | 0.000 | | | | | | 16,207,127.26 | | |
| | | Sheryl K. Pressler | | | | | 1* | | | | | | 13,216,951.26 | | | | | | 2,990,176.00 | | | | | | 0.000 | | | | | | 0.000 | | | | | | 16,207,127.26 | | |
| Declaration Date | | | Ex Date | | | Record Date | | | Payable Date | |
| 15-Mar-22 | | | 1-Apr-22 | | | 4-Apr-22 | | | 18-Apr-22 | |
| 15-Jun-22 | | | 1-Jul-22 | | | 5-Jul-22 | | | 15-Jul-22 | |
| 15-Sep-22 | | | 3-Oct-22 | | | 4-Oct-22 | | | 17-Oct-22 | |
| 15-Dec-22 | | | 29-Dec-22 | | | 30-Dec-22 | | | 17-Jan-23 | |
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.
Schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Period* | (a) Total Number of Shares (or Units) Purchased | (b) Average Price Paid per Share (or Unit) | (c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | ||||||||||||
Mar 1-31, 2022 | 49,517 | $ | 6.50 | 49,517 | 1,391,595 | |||||||||||
April 1-30, 2022 | 67,961 | $ | 6.32 | 67,951 | 1,323,634 | |||||||||||
May 1-31, 2022 | 142,013 | $ | 5.95 | 142,013 | 1,181,621 | |||||||||||
June 1-30, 2022 | 70,458 | $ | 6.02 | 70,458 | 1,111,163 | |||||||||||
July 1-31, 2022 | 19,060 | $ | 5.64 | 19,060 | 1,092,103 | |||||||||||
Aug 1-31, 2022 | 40,850 | $ | 5.67 | 40,850 | 1,051,253 | |||||||||||
Total | 389,859 | 389,859 |
* The Registrant’s repurchase program, which authorized the repurchase of 1,953,981 shares, was announced on April 1, 2022, with an expiration date of March 31, 2023. Any repurchases made by the registrant pursuant to the program were made through open market transactions.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) | Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR. |
(b) | There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | The Code of Ethics is not required for the semi-annual filing. |
(a)(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/ Dina Santoro | |
Dina Santoro | ||
Chief Executive Officer |
Date: November 3, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By | /s/ Dina Santoro | |
Dina Santoro | ||
Chief Executive Officer |
Date: November 3, 2022
By | /s/ Todd Modic | |
Todd Modic | ||
Senior Vice President and Chief Financial Officer |
Date: November 3, 2022