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: 811-21553

 

Voya Global Equity Dividend and Premium Opportunity Fund

(Exact name of registrant as specified in charter)

 

7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ 85258
(Address of principal executive offices) (Zip code)

 

The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: 1-800-992-0180

 

Date of fiscal year end: February 28

 

Date of reporting period: March 1, 2021 to August 31, 2021

 

 

 

 

 

 

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):

 




Semi-Annual Report

 

August 31, 2021

 

Voya Global Equity Dividend and Premium Opportunity Fund

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.

 E-Delivery Sign-up — details inside

 

INVESTMENT MANAGEMENT

voyainvestments.com

 
     


TABLE OF CONTENTS

 

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PROXY VOTING INFORMATION
A description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Fund’s website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Fund voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Fund’s Forms NPORT-P are available on the SEC’s website at www.sec.gov. The Fund’s complete schedule of portfolio holdings is available at: www.voyainvestments.com and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.



(THIS PAGE INTENTIONALLY LEFT BLANK)



PRESIDENT’S LETTER

Economy and Markets Continue to Overcome Doubts

Dear Shareholder,

Crosscurrents of hope and fear drove bouts of market volatility during the six-months covered in this report. As COVID-19 delta variant infections surged among the unvaccinated, investors began to worry that another wave of the pandemic was underway. Notwithstanding U.S. Federal Reserve Board (“Fed”) assertions that near-term inflation would prove transitory, in our view market participants worried that higher prices linked to supply-chain disruptions would persist, causing interest rates to rise and thereby dragging down the pace of economic recovery. In contrast, market sentiment was lifted by dynamic job growth; strong corporate earnings; continuing, supportive government policy; and signs of easing inflation.

Despite the uncertainty around the pandemic and economic recovery, it is our opinion that positive influences kept the financial markets on an upward trajectory over the six-months ended August 31. The ten-year U.S. Treasury yield — a widely watched bellwether for interest rates — declined, indicating that inflation concerns were abating. In our view, the Fed can control average price level swelling and successfully reduce monetary accommodation when needed, without triggering a deflationary tailspin or market panic. We continue to believe the U.S. economy is in the early middle innings of a prolonged phase of growth. Recognizing that current, high stock valuations leave a thin margin for error, we still think the supportive macro backdrop and substantial pent-up demand will propel better than expected company bottom lines and keep the bull market running.

While we believe the economy and financial markets can extend their recent strength, it’s always possible that something unforeseen will shake up expectations. Therefore, it’s important to remember that one should invest to achieve one’s long-term goals, and not seek to beat the market today, this week, this month or this year. Keep focused on your long-term goals and don’t get distracted by short-term news, however compelling the headlines. Should your long-term goals change, discuss the situation thoroughly with your financial advisor before making any changes to your investment portfolio.

Regardless of events, at Voya we believe that we remain well prepared for and fully committed to serving our clients without disruption. We appreciate your continued confidence in us, and we look forward to working with you in the future.

Sincerely,

 


 

Dina Santoro
President
Voya Family of Funds
September 21, 2021

 

 

The views expressed in the President’s Letter reflect those of the President as of the date of the letter. Any such views are subject to change at any time based upon market or other conditions and the Voya mutual funds disclaim any responsibility to update such views. These views may not be relied on as investment advice and because investment decisions for a Voya mutual fund are based on numerous factors, may not be relied on as an indication of investment intent on behalf of any Voya mutual fund. Reference to specific company securities should not be construed as recommendations or investment advice. International investing does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic.

More complete information about the Fund, including the Fund’s daily New York Stock Exchange closing prices and NAV per share, is available at www.voyainvestments.com or by calling the Fund’s Shareholder Service Department at (800) 992-0180. To obtain a prospectus for any Voya mutual fund, please call your financial advisor or a fund’s Shareholder Service Department at (800) 992-0180 or log on to www.voyainvestments.com. A prospectus should be read carefully before investing. Consider a fund’s investment objectives, risks, charges and expenses carefully before investing. A prospectus contains this information and other information about a fund. Check with your financial advisor to determine which Voya mutual funds are available for sale within their firm. Not all funds are available for sale at all firms.

1



STATEMENT OF ASSETS AND LIABILITIES AS OF AUGUST 31, 2021 (UNAUDITED)

ASSETS:
       
Investments in securities at fair value*
  $ 524,793,890  
Short-term investments at fair value†
    5,753,000  
Cash
    1,472,377  
Cash pledged as collateral for OTC derivatives (Note 2)
    1,850,000  
Foreign currencies at value‡
    118,600  
Receivables:
       
Investment securities and currencies sold
    2,640,405  
Dividends
    1,051,444  
Interest
    1,009  
Foreign tax reclaims
    427,855  
Unrealized appreciation on forward foreign currency contracts
    1,721,349  
Prepaid expenses
    123  
Other assets
    41,313  
Total assets
    539,871,365  
LIABILITIES:
       
Payable for investment securities and currencies purchased
    1,471,207  
Unrealized depreciation on forward foreign currency contracts
    33,063  
Payable for investment management fees
    374,341  
Payable to trustees under the deferred compensation plan (Note 6)
    41,313  
Payable for trustee fees
    2,792  
Other accrued expenses and liabilities
    322,889  
Written options, at fair valueˆ
    3,025,250  
Total liabilities
    5,270,855  
NET ASSETS
  $ 534,600,510  
NET ASSETS WERE COMPRISED OF:
       
Paid-in capital
  $ 547,130,084  
Total distributable loss
    (12,529,574 )  
NET ASSETS
  $ 534,600,510  
 
       
*   Cost of investments in securities
  $ 440,700,272  
†  Cost of short-term investments
  $ 5,753,000  
‡  Cost of foreign currencies
  $ 120,987  
ˆ   Premiums received on written options
  $ 3,708,147  
 
       
Net assets
  $ 534,600,510  
Shares authorized
    unlimited  
Par value
  $ 0.010  
Shares outstanding
    80,730,334  
Net asset value
  $ 6.62  

See Accompanying Notes to Financial Statements

2



STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED AUGUST 31, 2021 (UNAUDITED)

INVESTMENT INCOME:
       
Dividends, net of foreign taxes withheld*
  $ 9,153,685  
Interest
    72  
Total investment income
    9,153,757  
EXPENSES:
       
Investment management fees
    2,392,942  
Transfer agent fees
    14,409  
Shareholder reporting expense
    152,405  
Professional fees
    36,408  
Custody and accounting expense
    57,475  
Trustee fees
    11,169  
Tender offer costs (Note 7)
    334,000  
Miscellaneous expense
    64,497  
Total expenses
    3,063,305  
Waived and reimbursed fees
    (28,911 )
Net expenses
    3,034,394  
Net investment income
    6,119,363  
REALIZED AND UNREALIZED GAIN (LOSS):
       
Net realized gain (loss) on:
       
Investments
    47,965,259  
Forward foreign currency contracts
    1,221,767  
Foreign currency related transactions
    90,070  
Written options
    (16,875,815 )
Net realized gain
    32,401,281  
Net change in unrealized appreciation (depreciation) on:
       
Investments
    34,014,360  
Forward foreign currency contracts
    245,862  
Foreign currency related transactions
    (10,052 )
Written options
    1,466,649  
Net change in unrealized appreciation (depreciation)
    35,716,819  
Net realized and unrealized gain
    68,118,100  
Increase in net assets resulting from operations
  $ 74,237,463  
         
*   Foreign taxes withheld
  $ 60,303  

See Accompanying Notes to Financial Statements

3



STATEMENTS OF CHANGES IN NET ASSETS

  Six Months Ended
August 31,
2021
(Unaudited)
  Year Ended
February 28,
2021
FROM OPERATIONS:
                   
Net investment income
    $ 6,119,363       $ 11,272,799  
Net realized gain (loss)
      32,401,281         (58,222,201 )
Net change in unrealized appreciation (depreciation)
      35,716,819         66,972,676  
Increase in net assets resulting from operations
      74,237,463         20,023,274  
FROM DISTRIBUTIONS TO SHAREHOLDERS:
                   
Total distributions (excluding return of capital):
      (6,119,364 )       (6,146,984 )
Return of capital
      (14,965,500 )       (40,125,246 )
Total distributions
      (21,084,864 )       (46,272,230 )
FROM CAPITAL SHARE TRANSACTIONS:
                   
Cost of shares repurchased
              (10,550,672 )
Cost of shares repurchased in tender offer (Note 7)
      (89,610,674 )        
Net decrease in net assets resulting from capital share transactions
      (89,610,674 )       (10,550,672 )
Net decrease in net assets
      (36,458,075 )       (36,799,628 )
NET ASSETS:
                   
Beginning of year or period
      571,058,585         607,858,213  
End of year or period
    $ 534,600,510       $ 571,058,585  

See Accompanying Notes to Financial Statements

4



FINANCIAL HIGHLIGHTS

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

 

  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   Net realized and unrealized
gain (loss)
  Total from investment
operations
  From net investment income   From net realized gains   From return of capital   Total distributions   Accretion to net asset
value due to tender offer(5)
  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  
Year or period ended   ($)   ($)   ($)   ($)   ($)   ($)   ($)   ($)   ($)   ($)   ($)   ($)   (%)   (%)   ($000’s)   (%)   (%)   (%)  
08-31-21+
    6.01       0.07       0.76       0.83       0.07             0.17       0.24       0.02       6.62       6.22       14.68          18.39          534,601       1.09       1.08       2.17       32    
02-28-21
    6.26       0.12       0.11       0.23       0.06             0.42       0.48             6.01       5.47       5.65       9.44       571,059       0.97       0.97       2.01       74    
02-29-20
    7.02       0.18       (0.31 )       (0.13 )       0.18             0.45       0.63             6.26       5.50       (1.69 )      (7.57 )      607,858       1.01       1.00       2.52       122    
02-28-19
    8.03       0.14       (0.42 )       (0.28 )       0.17       0.11       0.45       0.73             7.02       6.56       (2.91 )      (3.63 )      681,558       1.25       1.20       1.88       39    
02-28-18
    8.01       0.15       0.60       0.75       0.30             0.43       0.73             8.03       7.56       10.28       14.08       779,108       1.23       1.20       1.87       33    
02-28-17
    7.52       0.19       1.18       1.37       0.62             0.26       0.88             8.01       7.29       20.78       26.97       777,289       1.23       1.20       2.39       31    
02-29-16
    9.31       0.18       (1.06 )       (0.88 )       0.77             0.14       0.91             7.52       6.51       (8.90 )      (13.92 )      733,729       1.23       1.20       2.10       29    
02-28-15
    10.05       0.22       (0.05 )       0.17       0.91                   0.91             9.31       8.53       2.47       3.92       908,601       1.22       1.20       2.23       31    
02-28-14
    9.82       0.27       0.92       1.19       0.69             0.27       0.96             10.05       9.08       13.65       9.95       979,929       1.22       1.20       2.70       48    
02-28-13
    10.01       0.27       0.61       0.88       0.25             0.82       1.07             9.82       9.17       10.34       7.88       958,153       1.23       1.18       2.78       75    
02-29-12
    11.39       0.36       (0.55 )       (0.19 )       0.26             0.93       1.19             10.01       9.56       (1.13 )      (3.28 )      976,685       1.24       1.14       3.45       90    

 

 
(1)
  Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of each period and a sale at net asset value at the end of each period and assumes reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment plan. Total investment return at net asset value is not annualized for periods less than one year.
     
(2)
  Total investment return at market value measures the change in the market value of your investment assuming reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the Fund’s dividend reinvestment plan. Total investment return at market value is not annualized for periods less than one year.
(3)
  Annualized for periods less than one year.
(4)
  The Investment Adviser has entered into a written expense limitation agreement with the Fund under which it will limit the expenses of the Fund (excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.
     
(5)
  Please see Note 7 in the accompanying Notes to Financial Statements for additional information.
     
+
  Unaudited.
  Calculated using average number of shares outstanding throughout the year or period.


See Accompanying Notes to Financial Statements

5



NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2021 (UNAUDITED)

NOTE 1 — ORGANIZATION

Voya Global Equity Dividend and Premium Opportunity Fund (the “Fund”) is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund is organized as a Delaware statutory trust.

Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Fund. The Investment Adviser has engaged Voya Investment Management Co. LLC (“Voya IM” or the “Sub-Adviser”), a Delaware limited liability company, to serve as the Sub-Adviser to the Fund.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements. The Fund is considered an investment company under U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.

A.  Security Valuation. The Fund is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share of the Fund is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. The NAV per share of the Fund is calculated by taking the value of the Fund’s assets, subtracting the Fund’s liabilities, and dividing by the number of shares that are outstanding. On days when the Fund is closed for business, Fund shares will not be priced and the Fund does not transact purchase and redemption orders. To the extent the Fund’s assets are traded in other markets on days when the Fund does not price its shares, the value of the Fund’s assets will likely change and you will not be able to purchase or redeem shares of the Fund.

Assets for which market quotations are readily available are valued at market value. A security listed or traded on an exchange is valued at its last sales price or official closing price as of the close of the regular trading session on the exchange where the security is principally traded or, if such price is not available, at the last sale price as of the Market

Close for such security provided by the CTA. Bank loans are valued at the average of the averages of the bid and ask prices provided to an independent loan pricing service by brokers. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the regular trading session on the exchange where the security is principally traded.

When a market quotation is not readily available or is deemed unreliable, the Fund will determine a fair value for the relevant asset in accordance with procedures adopted by the Fund’s Board of Trustees (“Board”). Such procedures provide, for example, that: (a) Exchange-traded securities are valued at the mean of the closing bid and ask; (b) Debt obligations are valued using an evaluated price provided by an independent pricing service. Evaluated prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect factors such as institution-size trading in similar groups of securities, developments related to specific securities, benchmark yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data; (c) Securities traded in the over-the-counter (“OTC”) market are valued based on prices provided by independent pricing services or market makers; (d) Options not listed on an exchange are valued by an independent source using an industry accepted model, such as Black-Scholes; (e) Centrally cleared swap agreements are valued using a price provided by the central counterparty clearinghouse; (f) OTC swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency exchange contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and the Fund’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service; and (h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.

Foreign securities’ (including forward foreign currency exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close. If market quotations are available and believed to be reliable for foreign exchange-traded equity securities, the


6



NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2021 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

securities will be valued at the market quotations. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. An independent pricing service determines the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of Market Close. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be valued by the independent pricing service using pricing models designed to estimate likely changes in the values of those securities between the times in which the trading in those securities is substantially completed and Market Close. Multiple factors may be considered by the independent pricing service in determining the value of such securities and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures.

All other assets for which market quotations are not readily available or became unreliable (or if the above fair valuation methods are unavailable or determined to be unreliable) are valued at fair value as determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has delegated to the Investment Adviser responsibility for overseeing the implementation of the Fund’s valuation procedures; a “Pricing Committee” comprised of employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation methods set forth in the procedures and, if a fair valuation cannot be determined pursuant to the fair valuation methods, determining the fair value of assets held by the Fund. Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of fair valuation, the values used to determine the Fund’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in the Fund.

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,”

inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the Sub-Adviser’s or Pricing Committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Fund’s investments under these levels of classification is included within the Portfolio of Investments.

GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments is presented only when the Fund has a significant amount of Level 3 investments.

B.  Securities Transactions and Revenue Recognition. Securities transactions are recorded on the trade date. Realized gains or losses on sales of investments are calculated on the identified cost basis. Interest income is recorded on the accrual basis. Premium amortization and discount accretion are determined using the effective yield method. Dividend income is recorded on the ex-dividend date or in the case of certain foreign dividends, when the information becomes available to the Fund.

C.  Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

    (1)
  Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close.
     
    (2)
  Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statement of Assets and Liabilities for the estimated tax withholding


7



NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2021 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D.  Distributions to Shareholders. The Fund intends to make monthly distributions from its cash available for distribution, which consists of the Fund’s dividends and interest income after payment of Fund expenses, net option premiums and net realized and unrealized gains on investments. Such monthly distributions may also consist of return of capital. At least annually, the Fund intends to distribute all or substantially all of its net realized capital gains. Distributions are recorded on the ex-dividend date. Distributions are determined annually in accordance with federal tax regulations, which may differ from GAAP for investment companies.

The tax treatment and characterization of the Fund’s distributions may vary significantly from time to time depending on whether the Fund has gains or losses on the call options written in its portfolio versus gains or losses on the equity securities in the portfolio. Each month, the Fund will provide disclosures with distribution payments made that estimate the percentages of that distribution that represent net investment income, other income or capital gains, and return of capital, if any. The final composition of the tax characteristics of the distributions cannot be determined with certainty until after the end of the Fund’s tax year, and will be reported to shareholders at that time. A significant portion of the Fund’s distributions may constitute a return of capital. The amount of monthly distributions will vary, depending on a number of factors. As

portfolio and market conditions change, the rate of dividends on the common shares will change. There can be no assurance that the Fund will be able to declare a dividend in each period.

E.  Federal Income Taxes. It is the policy of the Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Fund’s tax positions taken on federal income tax returns for all open tax years in making this determination. The Fund may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

F.  Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

G.  Risk Exposures and the Use of Derivative Instruments. The Fund’s investment objectives permit the Fund to enter into various types of derivatives contracts, including, but not limited to, forward foreign currency exchange contracts and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow the Fund to pursue its objectives more quickly and efficiently, than if it were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.

In pursuit of its investment objectives, the Fund may seek to increase or decrease its exposure to the following market or credit risk factors:

Credit Risk. The price of a bond or other debt instrument is likely to fall if the issuer’s actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.

Equity Risk. Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets


8



NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2021 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of the Fund to achieve its investment objectives.

Foreign Exchange Rate Risk. To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by the Fund through foreign currency exchange transactions.

Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.

Interest Rate Risk. Changes in short-term market interest rates will directly affect the yield on Common Shares. If short-term market interest rates fall, the yield on Common Shares will also fall. To the extent that the interest rate spreads on loans in the Fund’s portfolio experience a general decline, the yield on the Common Shares will fall and the value of the Fund’s assets may decrease, which will cause the Fund’s NAV to decrease. Conversely, when short-term market interest rates rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on assets in the Fund’s portfolio, the impact of rising rates will be delayed to the extent of such lag. In the case of inverse securities, the interest rate paid by such securities generally will decrease when the market rate of interest to which the inverse security is indexed increases. With respect to investments in fixed rate instruments, a rise in market interest rates generally causes values of such instruments to fall. The values of fixed rate instruments with longer maturities or duration are more sensitive to changes in market interest rates.

As of the date of this report, the United States experiences a low interest rate environment, which may increase the

Fund’s exposure to risks associated with rising market interest rates. Rising market interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility which could reduce liquidity for certain investments, adversely affect values, and increase costs. If dealer capacity in fixed-income and related markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income and related markets. Further, recent and potential changes in government policy may affect interest rates.

Risks of Investing in Derivatives. The Fund’s use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by the Fund. Therefore, the purchase of certain derivatives may have an economic leveraging effect on the Fund and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose the Fund to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated OTC with a single counterparty and as a result are subject to credit risks related to the counterparty’s ability or willingness to perform its obligations; any deterioration in the counterparty’s creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause the Fund to hold a security it might otherwise sell, or to sell a security it otherwise might hold at


9



NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2021 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market’s movements and may have unexpected or undesired results such as a loss or a reduction in gains.

Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that it believes to be creditworthy at the time of the transaction. To reduce this risk, the Fund generally enters into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“Master Agreements”). These agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by the Fund and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

The Fund may also enter into collateral agreements with certain counterparties to further mitigate counterparty credit risk associated with OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to the Fund is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

As of August 31, 2021, the maximum amount of loss the Fund would incur if the counterparties to its derivative transactions failed to perform would be $1,721,349 which represents the gross payments to be received by the Fund on open forward foreign currency contracts were they to be unwound as of August 31, 2021. As of August 31, 2021, the Fund did not receive any cash collateral for its open OTC derivative transactions.

The Fund’s master agreements with derivative counterparties have credit related contingent features that

if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund’s net assets and/or a percentage decrease in the Fund’s NAV, which could cause the Fund to accelerate payment of any net liability owed to the counterparty. The contingent features are established within the Fund’s Master Agreements.

Written options by the Fund do not give rise to counterparty credit risk, as written options obligate the Fund to perform and not the counterparty. As of August 31, 2021, the Fund had a liability position of $3,058,313 on open forward foreign currency contracts and written options with credit related contingent features. If a contingent feature would have been triggered as of August 31, 2021, the Fund could have been required to pay this amount in cash to its counterparties. As of August 31, 2021, the Fund had pledged $1,850,000 in cash collateral for its open OTC derivatives transactions. There were no credit events during the period ended August 31, 2021 that triggered any credit related contingent features.

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

During the period ended August 31, 2021, the Fund used forward foreign currency contracts to hedge its investments in non-U.S. dollar denominated equity securities in an attempt to decrease the volatility of the Fund’s NAV.


10



NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2021 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

During the period ended August 31, 2021, the Fund had average contract amounts on forward foreign currency contracts to buy and sell of $8,227,972 and $84,006,945, respectively. Please refer to the table within the Portfolio of Investments for open forward foreign currency contracts at August 31, 2021.

The Fund may enter into futures contracts involving foreign currency, interest rates, securities and securities indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. The Fund may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Fund’s assets are valued. Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on futures contracts on the Statement of Assets and Liabilities. Open futures contracts are reported on a table following the Fund’s Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Fund’s Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Fund’s Statement of Operations. Realized gains (losses) are reported in the Fund’s Statement of Operations at the closing or expiration of futures contracts.

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

and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The Fund did not enter into any futures contracts during the period ended August 31, 2021.

I.  Options Contracts. The Fund may purchase put and call options and may write (sell) put options and covered call options. The premium received by the Fund upon the writing of a put or call option is included in the Statement of Assets and Liabilities as a liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Fund will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option or purchased put option or the purchase cost of the security for a written put option or a purchased call option is adjusted by the amount of premium received or paid. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.

The Fund’s option strategy seeks to reduce volatility of total returns and to supplement distributions by selling call options and the Fund may also purchase put options on equity indices.

During the period ended August 31, 2021, the Fund had an average notional amount on written equity options of $286,704,922. Please refer to the table within the Portfolio of Investments for open written equity options at August 31, 2021.

J.  Indemnifications. In the normal course of business, the Fund may enter into contracts that provide certain indemnifications. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, management considers risk of loss from such claims remote.

NOTE 3 — INVESTMENT TRANSACTIONS

The cost of purchases and the proceeds from sales of investments for the period ended August 31, 2021, excluding short-term securities, were $177,442,570 and $304,751,048, respectively.


11



NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2021 (UNAUDITED) (CONTINUED)

NOTE 4 — INVESTMENT MANAGEMENT FEES

The Fund has entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Fund. The Investment Adviser oversees all investment management and portfolio management services for the Fund and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, payable monthly, based on an annual rate of 0.85% of the Fund’s average daily managed assets. For purposes of the Management Agreement, managed assets are defined as the Fund’s average daily gross asset value, minus the sum of the Fund’s accrued and unpaid dividends on any outstanding preferred shares and accrued liabilities (other than liabilities for the principal amount of any borrowings incurred, commercial paper or notes issued by the Fund and the liquidation preference of any outstanding preferred shares). As of August 31, 2021, there were no preferred shares outstanding.

Effective May 24, 2021, in connection with the tender offer discussed in Note 7, the Investment Adviser has agreed to waive 0.02% of the management fee through March 1, 2023. Any fees waived or reimbursed in relation to this waiver are not eligible for recoupment.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM. Voya IM provides investment advice for the Fund and is paid by the Investment Adviser based on the average daily managed assets of the Fund. Subject to policies as the Board or the Investment Adviser may determine, Voya IM manages the Fund’s assets in accordance with the Fund’s investment objectives, policies and limitations.

NOTE 5 — EXPENSE LIMITATION AGREEMENT

The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with the Fund under which it will limit the expenses of the Fund, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and acquired fund fees and expenses to 1.00% of average daily managed assets.

With the exception of the non-recoupable management fee waiver, the Investment Adviser may at a later date recoup from the Fund for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Fund’s

expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statement of Assets and Liabilities.

As of August 31, 2021, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates, are as follows*:

August 31,    
2022   2023     2024     Total
$225,343
   
$—
   
$—
   
$225,343

 

 
*  
  The Investment Adviser is voluntarily not recouping the amounts available that were waived/ reimbursed prior to May 6, 2019.

The Expense Limitation Agreement is contractual through March 1, 2022 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

The Fund has adopted a deferred compensation plan (the “DC Plan”), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees’ fees that they are entitled to receive from the Fund. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the “Notional Funds”). When the Fund purchases shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees’ deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statement of Assets and Liabilities. Deferral of trustees’ fees under the DC Plan will not affect net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

NOTE 7 — TENDER OFFER

On February 22, 2021, the Fund announced it would purchase for cash up to 15% of its outstanding common shares (the “Tender Offer”). The Tender Offer was at a price equal to 98% of the Fund’s NAV per share as determined as of the close of the regular trading session of the NYSE on May 25, 2021. On May 25, 2021, 14, 246,530


12



NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2021 (UNAUDITED) (CONTINUED)

NOTE 7 — TENDER OFFER (continued)

shares were accepted for repurchase by the Fund in accordance with the terms of the Tender Offer. The shares were repurchased at a price of $6.29, 98% of the Fund’s NAV. The Tender Offer was oversubscribed and all tenders

of shares were subject to pro ration (at a ratio of approximately 0.4756) in accordance with the terms of the Tender Offer. During the period ended August 31, 2021, the Fund incurred $334,000 of costs related to the Tender Offer.


NOTE 8 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

    Shares
repurchased
  Shares
repurchased
in tender offer
  Net
increase
(decrease)
in shares
outstanding
  Shares
repurchased
  Shares
repurchased
in tender offer
  Net
increase
(decrease)
Year or
period
ended
  #   #   #   ($)   ($)   ($)
8/31/2021           (14,246,530 )     (14,246,530 )           (89,610,674 )     (89,610,674 )
2/28/2021     (2,100,557 )           (2,100,557 )     (10,550,672 )           (10,550,672 )

Share Repurchase Program

Effective April 1, 2021, pursuant to an open-market share repurchase program, the Fund may purchase, over the period ending March 31, 2022, up to 10% of its stock in open-market transactions. Previously, pursuant to an open-market share repurchase program effective April 1, 2020, the Fund could have purchased, over the period ended March 31, 2021, up to 10% of its stock in open-market transactions. The amount and timing of the repurchases will be at the discretion of the Fund’s management, subject to market conditions and investment considerations. There is no assurance that the Fund will purchase shares at any particular discount level or in any particular amounts. Any repurchases made under this program would be made on a national securities exchange at the prevailing market price, subject to exchange requirements and volume, timing and other limitations under federal securities laws. The share repurchase program seeks to enhance shareholder value by purchasing shares trading at a discount from their NAV per share. The open-market share repurchase program does not obligate the Fund to repurchase any dollar amount or number of shares of its stock.

For the period ended August 31, 2021, the Fund had no repurchases.

For the year ended February 28, 2021, the Fund repurchased 2,100,557 shares, representing approximately 2.21% of the Fund’s outstanding shares for a net purchase price of $10,550,672 (including commissions of $52,514). Shares were repurchased at a weighted-average discount from NAV per share of 15.06% and a weighted-average price per share of $5.00.

NOTE 9 — FEDERAL INCOME TAXES

The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, capital loss carryforwards, income from passive foreign investment companies (PFICs), and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

Dividends paid by the Fund from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions in the current period will not be determined until after the Fund’s tax year-end of December 31, 2021. The tax composition of dividends and distributions as of the Fund’s most recent tax year-ends was as follows:

Tax Year Ended
December 31, 2020
  Tax Year Ended
December 31, 2019
Ordinary
Income
  Return
of Capital
  Ordinary
Income
  Return
of Capital
  $7,453,397       $35,093,376       $16,232,123       $46,674,046  


13



NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2021 (UNAUDITED) (CONTINUED)

NOTE 9 — FEDERAL INCOME TAXES (continued)

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2020 were:

    Capital Loss Carryforwards
Unrealized
Appreciation/
(Depreciation)
  Amount   Character   Expiration
  $50,866,332       $ (69,958,287 )   Short-term   None
            (59,171,717 )   Long-term   None
          $ (129,130,004 )        

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

As of August 31, 2021, no provision for income tax is required in the Fund’s financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

NOTE 10 — LONDON INTERBANK OFFERED RATE (“LIBOR”)

The U.K. Financial Conduct Authority has announced that it intends to stop persuading or compelling banks to submit LIBOR rates after 2021, and it remains unclear whether LIBOR will continue to exist after that date and, if so, in what form. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in many major currencies. The U.S. Federal Reserve Board, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (“SOFR”) that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication.

Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties’ existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on the Fund’s existing investments (including, for example, fixed-income

investments; senior loans; CLOs and CDOs; and derivatives transactions), including the possibility that some of those investments may terminate or their terms may be adjusted to the disadvantage of the Fund; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on the Fund. On November 30, 2020, the administrator of LIBOR announced a delay in the phase out of a majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021.

NOTE 11 — MARKET DISRUPTION

The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. War, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Those events as well as other changes in non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the investments of the portfolio and of the Fund. Any of these occurrences could disrupt the operations of the Fund and of the Fund’s service providers.

NOTE 12 — OTHER ACCOUNTING PRONOUNCEMENTS

In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021.


14



NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2021 (UNAUDITED) (CONTINUED)

NOTE 12 — OTHER ACCOUNTING PRONOUNCEMENTS (continued)

ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

NOTE 13 — SUBSEQUENT EVENTS

Dividends: Subsequent to August 31, 2021, the Fund made distributions of:

 

Per Share
Amount
  Declaration
Date
  Payable
Date
  Record
Date
$ 0.040     8/16/2021       9/15/2021       9/2/2021  
$ 0.040     9/15/2021       10/15/2021       10/4/2021  
$ 0.040     10/15/2021       11/15/2021       11/2/2021  

Each month, the Fund will provide disclosures with distribution payments made that estimate the percentages of that distribution that represent net investment income, capital gains, and return of capital, if any. A significant portion of the monthly distribution payments made by the Fund may constitute a return of capital.

The Fund has evaluated events occurring after the Statement of Assets and Liabilities date through the date that the financial statements were issued (“subsequent events”) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.


15



Voya Global Equity Dividend and
Premium Opportunity Fund
PORTFOLIO OF INVESTMENTS
as of August 31, 2021 (Unaudited)

Shares          Value    Percentage
of Net
Assets
 
COMMON STOCK: 97.3%
 
Australia: 2.9%
35,332
           
 
   
ASX Ltd.
    $   2,261,323             0.4   
377,662
           
 
   
Aurizon Holdings Ltd.
         1,039,037             0.2   
39,425
           
 
   
Australia & New Zealand Banking Group Ltd.
         797,970             0.2   
89,216
           
 
   
BHP Group Ltd.
         2,951,858             0.6   
112,421
           
 
   
Brambles Ltd.
         993,723             0.2   
75,677
           
 
   
Goodman Group
         1,278,195             0.2   
496,728
           
 
   
Medibank Pvt Ltd.
         1,286,928             0.2   
37,386
           
 
   
Rio Tinto Ltd.
         3,041,919             0.6   
40,470
           
 
   
Wesfarmers Ltd.
         1,767,589             0.3   
 
           
 
   
 
         15,418,542             2.9   
 
 
Canada: 4.3%
51,550
           
 
   
BCE, Inc.
         2,688,535             0.5   
29,942
           
 
   
Canadian Imperial Bank of Commerce — XTSE
         3,444,523             0.6   
18,677
           
 
   
Canadian Natural Resources Ltd.
         618,052             0.1   
356
           
 
   
Constellation Software, Inc./Canada
         603,333             0.1   
25,556
           
 
   
National Bank Of Canada
         2,028,437             0.4   
43,577
           
 
   
Pembina Pipeline Corp.
         1,328,051             0.3   
49,087
           
 
   
Quebecor, Inc.
         1,224,792             0.2   
39,611
           
 
   
Royal Bank of Canada
         4,068,946             0.8   
136,197
           
 
   
TELUS Corp.
         3,138,150             0.6   
28,281
           
 
   
Waste Connections, Inc.
         3,654,188             0.7   
 
           
 
   
 
         22,797,007             4.3   
 
 
China: 0.5%
827,500
           
 
   
BOC Hong Kong Holdings Ltd.
         2,504,160             0.5   
 
 
Denmark: 0.9%
270
           
 
   
AP Moller — Maersk A/S — Class B
         769,165             0.1   
28,240
           
 
   
Novozymes A/S
         2,282,840             0.4   
83,536
           
 
   
Tryg A/S
         2,068,380             0.4   
 
           
 
   
 
         5,120,385             0.9   
 
 
Finland: 1.1%
34,300
           
 
   
Kone Oyj
         2,846,222             0.6   
191,728
           
 
   
Nordea Bank Abp
         2,251,854             0.4   
16,590
           
 
   
Orion Oyj
         676,707             0.1   
 
           
 
   
 
         5,774,783             1.1   
 
 
France: 2.0%
11,319
           
 
   
Air Liquide SA
         2,028,842             0.4   
21,778
           
 
   
Cie de Saint-Gobain
         1,578,750             0.3   
10,985
           
 
   
Dassault Systemes SE
         627,419             0.1   
11,648
           
 
   
Legrand S.A.
         1,336,423             0.2   
149,678
           
 
   
Orange SA
         1,701,718             0.3   
10,818
           
 
   
Schneider Electric SE
         1,932,813             0.4   
4,337
           
 
   
SEB SA
         682,695             0.1   
23,727
           
 
   
Vivendi SE
         903,797             0.2   
 
           
 
   
 
         10,792,457             2.0   
 
 
Germany: 2.6%
6,227
           
 
   
Deutsche Boerse AG
         1,073,888             0.2   
58,046
           
 
   
Deutsche Post AG
         4,081,160             0.8   
171,617
           
 
   
Deutsche Telekom AG
         3,649,133             0.7   
46,303
           
 
   
RWE AG
         1,808,027             0.3   
Shares          Value    Percentage
of Net
Assets
 
COMMON STOCK: (continued)
 
Germany: (continued)
4,483
           
 
   
Siemens AG
    $     743,706             0.1   
16,816
           
 
   
Symrise AG
         2,393,083             0.5   
 
           
 
   
 
         13,748,997             2.6   
 
 
Hong Kong: 1.3%
152,500
           
 
   
CK Hutchison Holdings Ltd.
         1,111,742             0.2   
225,500
           
 
   
CLP Holdings Ltd.
         2,254,081             0.4   
34,800
           
 
   
Hong Kong Exchanges and Clearing Ltd.
         2,198,457             0.4   
242,000
           
 
   
Power Assets Holdings Ltd.
         1,518,798             0.3   
 
           
 
   
 
         7,083,078             1.3   
 
 
Ireland: 1.2%
16,174
           
 
   
CRH PLC
         856,832             0.1   
32,952
           
 
   
Medtronic PLC
         4,398,433             0.8   
25,485
           
(1)
   
Smurfit Kappa PLC
         1,460,643             0.3   
 
           
 
   
 
         6,715,908             1.2   
 
 
Israel: 0.3%
187,911
           
 
   
Bank Leumi Le-Israel BM
         1,552,374             0.3   
 
 
Italy: 1.7%
4,764
           
 
   
DiaSorin SpA
         1,086,899             0.2   
64,735
           
 
   
ENI S.p.A.
         798,674             0.2   
89,585
           
(1)
   
FinecoBank Banca Fineco SpA
         1,650,339             0.3   
898,222
           
 
   
Intesa Sanpaolo SpA
         2,541,837             0.5   
81,013
           
(2)
   
Poste Italiane SpA
         1,098,368             0.2   
222,752
           
 
   
Terna — Rete Elettrica Nazionale
         1,761,980             0.3   
 
           
 
   
 
         8,938,097             1.7   
 
 
Japan: 7.4%
39,100
           
 
   
Dai Nippon Printing Co., Ltd.
         929,007             0.2   
716,400
           
 
   
ENEOS Holdings, Inc.
         2,768,828             0.5   
9,700
           
 
   
Hoya Corp.
         1,566,395             0.3   
25,100
           
 
   
Idemitsu Kosan Co., Ltd.
         601,159             0.1   
58,900
           
 
   
Japan Tobacco, Inc.
         1,142,813             0.2   
20,500
           
 
   
Lawson, Inc.
         985,973             0.2   
24,900
           
 
   
Lixil Corp.
         724,633             0.1   
13,300
           
 
   
McDonald’s Holdings Co. Japan Ltd.
         634,397             0.1   
230,700
           
 
   
Mitsubishi UFJ Financial Group, Inc.
         1,251,650             0.2   
4,500
           
 
   
Nintendo Co., Ltd.
         2,161,978             0.4   
73,700
           
 
   
Nippon Telegraph & Telephone Corp.
         1,963,574             0.4   
13,200
           
 
   
Nissan Chemical Corp.
         740,084             0.1   
6,500
           
 
   
Nitto Denko Corp.
         493,096             0.1   
72,000
           
 
   
Osaka Gas Co., Ltd.
         1,349,639             0.3   
7,200
           
 
   
Rohm Co., Ltd.
         692,186             0.1   
30,500
           
 
   
Secom Co., Ltd.
         2,312,899             0.4   
97,200
           
 
   
Sekisui House Ltd.
         1,936,536             0.4   
2,600
           
 
   
SMC Corp.
         1,663,606             0.3   
266,300
           
 
   
SoftBank Corp.
         3,563,850             0.7   
14,700
           
 
   
Sohgo Security Services Co., Ltd.
         665,933             0.1   
96,300
           
 
   
Sumitomo Chemical Co., Ltd.
         488,204             0.1   
64,000
           
 
   
Sumitomo Mitsui Financial Group, Inc.
         2,209,006             0.4   
78,000
           
 
   
Sumitomo Mitsui Trust Holdings, Inc.
         2,547,731             0.5   


 

See Accompanying Notes to Financial Statements

16



Voya Global Equity Dividend and
Premium Opportunity Fund
PORTFOLIO OF INVESTMENTS
as of August 31, 2021 (Unaudited) (continued)

Shares          Value    Percentage
of Net
Assets
 
COMMON STOCK: (continued)
 
Japan: (continued)
91,900
           
 
   
T&D Holdings, Inc.
    $  1,118,478             0.2   
48,600
           
 
   
Tokyo Gas Co., Ltd.
         934,227             0.2   
40,400
           
 
   
Trend Micro, Inc.
         2,213,081             0.4   
8,200
           
 
   
Tsuruha Holdings, Inc.
         1,029,563             0.2   
31,400
           
 
   
Welcia Holdings Co. Ltd.
         1,107,304             0.2   
 
           
 
   
 
         39,795,830             7.4   
 
 
Netherlands: 0.7%
3,118
           
 
   
ASM International NV
         1,209,760             0.2   
63,558
           
 
   
Koninklijke Ahold Delhaize NV
         2,144,282             0.4   
11,312
           
 
   
Koninklijke Philips NV
         521,292             0.1   
 
           
 
   
 
         3,875,334             0.7   
 
 
New Zealand: 0.1%
184,792
           
 
   
Spark New Zealand Ltd.
         634,526             0.1   
 
 
Norway: 0.1%
14,022
           
 
   
Yara International ASA
         704,226             0.1   
 
 
Singapore: 0.2%
163,100
           
 
   
Singapore Exchange Ltd.
         1,197,116             0.2   
 
 
Spain: 0.4%
86,526
           
 
   
Endesa S.A.
         2,080,272             0.4   
 
 
Sweden: 0.3%
162,820
           
 
   
Swedish Match AB
         1,504,244             0.3   
 
 
Switzerland: 1.4%
699
           
 
   
Geberit AG — Reg
         583,739             0.1   
30,022
           
 
   
Holcim Ltd.
         1,710,700             0.3   
1,643
           
 
   
Roche Holding AG
         659,755             0.2   
2,953
           
 
   
Sonova Holding AG — Reg
         1,137,994             0.2   
7,450
           
 
   
Zurich Insurance Group AG
         3,268,997             0.6   
 
           
 
   
 
         7,361,185             1.4   
 
 
United Kingdom: 4.2%
100,023
           
 
   
3i Group PLC
         1,839,537             0.3   
65,662
           
 
   
British American Tobacco PLC
         2,463,210             0.5   
257,133
           
 
   
Direct Line Insurance Group PLC
         1,092,378             0.2   
165,961
           
 
   
GlaxoSmithKline PLC
         3,338,416             0.6   
29,770
           
 
   
Hikma Pharmaceuticals PLC
         1,039,117             0.2   
84,072
           
 
   
Imperial Brands PLC
         1,782,904             0.3   
16,314
           
 
   
Janus Henderson Group PLC
         707,375             0.2   
6,718
           
 
   
London Stock Exchange Group PLC
         735,918             0.1   
23,775
           
 
   
Reckitt Benckiser Group PLC
         1,815,018             0.3   
194,572
           
 
   
Sage Group PLC/The
         1,987,078             0.4   
58,236
           
 
   
Segro PLC
         1,029,271             0.2   
70,046
           
 
   
Standard Chartered PLC
         436,818             0.1   
66,198
           
 
   
United Utilities Group PLC
         962,686             0.2   
1,495,326
           
 
   
Vodafone Group PLC
         2,511,514             0.5   
2,306
           
 
   
Willis Towers Watson PLC
         508,980             0.1   
 
           
 
   
 
         22,250,220             4.2   
 
 
United States: 63.7%
55,358
           
 
   
AbbVie, Inc.
         6,686,139             1.2   
28,049
           
 
   
Aflac, Inc.
         1,589,817             0.3   
Shares          Value    Percentage
of Net
Assets
 
COMMON STOCK: (continued)
 
United States: (continued)
20,367
           
 
   
Agilent Technologies, Inc.
    $   3,573,797             0.7   
3,501
           
 
   
Alexandria Real Estate Equities, Inc.
         722,501             0.1   
17,878
           
 
   
Allison Transmission Holdings, Inc.
         661,128             0.1   
6,288
           
 
   
Allstate Corp.
         850,641             0.2   
19,442
           
 
   
Ally Financial, Inc.
         1,028,482             0.2   
86,826
           
 
   
Altria Group, Inc.
         4,361,270             0.8   
35,831
           
 
   
Amdocs Ltd.
         2,760,062             0.5   
26,512
           
 
   
American Homes 4 Rent
         1,111,913             0.2   
4,743
           
 
   
American Tower Corp.
         1,385,762             0.3   
20,679
           
 
   
American Water Works Co., Inc.
         3,768,748             0.7   
4,592
           
 
   
Ameriprise Financial, Inc.
         1,253,203             0.2   
3,743
           
 
   
Ametek, Inc.
         508,936             0.1   
16,578
           
 
   
Amgen, Inc.
         3,738,836             0.7   
273,481
           
 
   
Antero Midstream Corp.
         2,628,152             0.5   
3,644
           
 
   
Anthem, Inc.
         1,366,974             0.3   
8,108
           
 
   
AO Smith Corp.
         589,614             0.1   
13,022
           
 
   
Aptargroup, Inc.
         1,755,366             0.3   
22,700
           
 
   
Avnet, Inc.
         918,442             0.2   
5,868
           
 
   
Bank of Hawaii Corp.
         491,797             0.1   
44,095
           
 
   
Bank OZK
         1,870,951             0.3   
12,091
           
 
   
Becton Dickinson & Co.
         3,043,305             0.6   
5,413
           
 
   
Blackrock, Inc.
         5,106,029             1.0   
41,933
           
 
   
Blackstone, Inc.
         5,272,236             1.0   
31,902
           
 
   
Booz Allen Hamilton Holding Corp.
         2,613,093             0.5   
77,593
           
 
   
Bristol-Myers Squibb Co.
         5,187,868             1.0   
11,942
           
 
   
Brookfield Renewable Corp.
         523,341             0.1   
4,764
           
 
   
Carlisle Cos., Inc.
         1,003,965             0.2   
2,872
           
 
   
Chemed Corp.
         1,369,082             0.3   
10,577
           
 
   
Chevron Corp.
         1,023,536             0.2   
10,275
           
 
   
Church & Dwight Co., Inc.
         859,606             0.2   
3,262
           
 
   
Cigna Corp.
         690,402             0.1   
126,869
           
 
   
Cisco Systems, Inc.
         7,487,808             1.4   
24,972
           
 
   
Citigroup, Inc.
         1,795,737             0.3   
47,346
           
 
   
Colgate-Palmolive Co.
         3,690,621             0.7   
26,982
           
 
   
Commerce Bancshares, Inc.
         1,908,167             0.4   
32,925
           
 
   
ConocoPhillips
         1,828,325             0.3   
22,068
           
 
   
Coresite Realty Corp.
         3,274,229             0.6   
49,405
           
 
   
Corporate Office Properties Trust SBI MD
         1,392,233             0.3   
2,526
           
 
   
Deere & Co.
         954,904             0.2   
11,788
           
 
   
Dollar General Corp.
         2,627,663             0.5   
7,406
           
(1)
   
DT Midstream, Inc.
         344,157             0.1   
14,813
           
 
   
DTE Energy Co.
         1,782,596             0.3   
14,723
           
 
   
Duke Energy Corp.
         1,540,909             0.3   
19,004
           
 
   
Duke Realty Corp.
         997,900             0.2   
21,212
           
 
   
Electronic Arts, Inc.
         3,080,195             0.6   
6,103
           
 
   
Emerson Electric Co.
         643,866             0.1   
25,501
           
 
   
Entergy Corp.
         2,820,666             0.5   
2,504
           
 
   
Equinix, Inc.
         2,111,999             0.4   
338,020
           
 
   
Equitrans Midstream Corp.
         2,950,915             0.6   
4,764
           
 
   
Everest Re Group Ltd.
         1,261,984             0.2   
48,815
           
 
   
Evergy, Inc.
         3,341,387             0.6   
13,999
           
 
   
Exelon Corp.
         686,231             0.1   
6,078
           
 
   
FedEx Corp.
         1,614,864             0.3   
26,083
           
 
   
First American Financial Corp.
         1,839,634             0.3   


 

See Accompanying Notes to Financial Statements

17



Voya Global Equity Dividend and
Premium Opportunity Fund
PORTFOLIO OF INVESTMENTS
as of August 31, 2021 (Unaudited) (continued)

Shares          Value    Percentage
of Net
Assets
 
COMMON STOCK: (continued)
 
United States: (continued)
16,434
           
 
   
First Industrial Realty Trust, Inc.
    $     920,140             0.2   
95,450
           
 
   
Flowers Foods, Inc.
         2,303,208             0.4   
11,596
           
 
   
FMC Corp.
         1,085,733             0.2   
33,946
           
 
   
Gaming and Leisure Properties, Inc.
         1,673,538             0.3   
11,851
           
 
   
Garmin Ltd.
         2,067,170             0.4   
48,789
           
 
   
General Mills, Inc.
         2,820,492             0.5   
11,054
           
 
   
Genpact Ltd.
         573,482             0.1   
74,184
           
 
   
Gentex Corp.
         2,284,867             0.4   
63,977
           
 
   
Gilead Sciences, Inc.
         4,656,246             0.9   
72,365
           
 
   
GrafTech International Ltd.
         801,081             0.1   
13,644
           
 
   
Hanover Insurance Group, Inc.
         1,928,034             0.4   
16,445
           
 
   
Hershey Co.
         2,922,276             0.5   
10,860
           
 
   
Honeywell International, Inc.
         2,518,543             0.5   
1,505
           
 
   
Humana, Inc.
         610,157             0.1   
49,181
           
 
   
International Paper Co.
         2,955,286             0.6   
6,527
           
 
   
Intuit, Inc.
         3,695,000             0.7   
49,616
           
 
   
Invitation Homes, Inc.
         2,043,187             0.4   
56,407
           
 
   
Johnson & Johnson
         9,765,744             1.8   
34,442
           
 
   
Johnson Controls International plc
         2,576,262             0.5   
32,034
           
 
   
JPMorgan Chase & Co.
         5,123,838             1.0   
17,357
           
 
   
Kimberly-Clark Corp.
         2,391,968             0.4   
113,718
           
 
   
Kinder Morgan, Inc.
         1,850,192             0.3   
53,169
           
 
   
Knight-Swift Transportation Holdings, Inc.
         2,761,066             0.5   
14,607
           
 
   
Kroger Co.
         672,360             0.1   
40,253
           
 
   
Lazard Ltd.
         1,907,992             0.4   
12,532
           
 
   
Leidos Holdings, Inc.
         1,229,515             0.2   
13,729
           
 
   
Life Storage, Inc.
         1,708,437             0.3   
5,118
           
 
   
LPL Financial Holdings, Inc.
         756,696             0.1   
4,413
           
 
   
MarketAxess Holdings, Inc.
         2,100,235             0.4   
34,493
           
 
   
Masco Corp.
         2,094,415             0.4   
4,839
           
 
   
McDonald’s Corp.
         1,149,069             0.2   
14,485
           
 
   
McKesson Corp.
         2,956,968             0.6   
80,527
           
 
   
Merck & Co., Inc.
         6,143,405             1.1   
11,350
           
 
   
Microsoft Corp.
         3,426,338             0.6   
25,524
           
 
   
Mondelez International, Inc.
         1,584,275             0.3   
9,035
           
 
   
MSC Industrial Direct Co.
         760,837             0.1   
5,600
           
 
   
MSCI, Inc. — Class A
         3,553,648             0.7   
21,159
           
 
   
Nasdaq, Inc.
         4,142,509             0.8   
20,588
           
 
   
National Fuel Gas Co.
         1,066,664             0.2   
22,383
           
 
   
National Storage Affiliates Trust
         1,281,427             0.2   
2,839
           
 
   
NewMarket Corp.
         992,883             0.2   
79,599
           
 
   
NiSource, Inc.
         1,962,115             0.4   
72,474
           
 
   
Old Republic International Corp.
         1,884,324             0.4   
45,122
           
 
   
Omega Healthcare Investors, Inc.
         1,512,941             0.3   
19,935
           
 
   
Packaging Corp. of America
         3,024,140             0.6   
29,962
           
 
   
PepsiCo, Inc.
         4,685,757             0.9   
169,062
           
 
   
Pfizer, Inc.
         7,788,686             1.5   
46,298
           
 
   
Philip Morris International, Inc.
         4,768,694             0.9   
26,504
           
 
   
Phillips 66
         1,884,169             0.4   
10,335
           
 
   
Pinnacle West Capital Corp.
         794,762             0.1   
40,209
           
 
   
Procter & Gamble Co.
         5,725,360             1.1   
33,756
           
 
   
Progressive Corp.
         3,252,053             0.6   
Shares          Value    Percentage
of Net
Assets
 
COMMON STOCK: (continued)
 
United States: (continued)
13,572
           
 
   
Prosperity Bancshares,
Inc.
    $    948,411             0.2   
30,804
           
 
   
Public Service Enterprise Group, Inc.
         1,969,608             0.4   
16,828
           
 
   
Qualcomm, Inc.
         2,468,499             0.5   
3,871
           
 
   
Regal Beloit Corp.
         578,405             0.1   
36,466
           
 
   
Regions Financial Corp.
         745,000             0.1   
30,206
           
 
   
Republic Services, Inc.
         3,749,471             0.7   
4,415
           
 
   
Rockwell Automation, Inc.
         1,436,862             0.3   
6,829
           
 
   
Roper Technologies, Inc.
         3,300,319             0.6   
24,448
           
 
   
Royal Gold, Inc.
         2,721,796             0.5   
11,823
           
 
   
Ryder System, Inc.
         939,810             0.2   
7,694
           
 
   
S&P Global, Inc.
         3,414,751             0.6   
47,496
           
 
   
Service Corp. International
         2,980,849             0.6   
30,390
           
 
   
Silgan Holdings, Inc.
         1,289,448             0.2   
10,853
           
 
   
Stifel Financial Corp.
         749,942             0.1   
10,136
           
 
   
Sun Communities, Inc.
         2,042,303             0.4   
91,714
           
 
   
Switch, Inc.
         2,275,424             0.4   
27,214
           
 
   
Synchrony Financial
         1,353,897             0.3   
9,118
           
 
   
SYNNEX Corp.
         1,158,624             0.2   
20,176
           
 
   
T. Rowe Price Group, Inc.
         4,516,801             0.8   
21,994
           
 
   
Target Corp.
         5,432,078             1.0   
27,787
           
 
   
Texas Instruments, Inc.
         5,304,816             1.0   
5,517
           
 
   
Thermo Fisher Scientific, Inc.
         3,061,659             0.6   
33,193
           
 
   
Tradeweb Markets, Inc.
         2,888,123             0.5   
12,159
           
 
   
UMB Financial Corp.
         1,113,521             0.2   
96,298
           
 
   
Umpqua Holdings Corp.
         1,874,922             0.3   
6,003
           
 
   
United Parcel Service, Inc. — Class B
         1,174,367             0.2   
2,819
           
 
   
UnitedHealth Group, Inc.
         1,173,465             0.2   
33,049
           
 
   
US Bancorp
         1,896,682             0.4   
121,387
           
 
   
Verizon Communications, Inc.
         6,676,285             1.2   
29,006
           
 
   
Washington Federal, Inc.
         965,900             0.2   
26,124
           
 
   
Waste Management, Inc.
         4,052,094             0.8   
38,256
           
 
   
Wells Fargo & Co.
         1,748,299             0.3   
33,866
           
 
   
Werner Enterprises, Inc.
         1,597,121             0.3   
13,369
           
 
   
Weyerhaeuser Co.
         481,284             0.1   
136,821
           
 
   
Williams Cos., Inc.
         3,378,110             0.6   
22,197
           
 
   
World Fuel Services Corp.
         718,295             0.1   
15,162
           
 
   
Zoetis, Inc.
         3,101,539             0.6   
 
           
 
   
 
         340,708,948             63.7   
 
           
 
   
Total Common Stock
(Cost $436,464,997)
         520,557,689             97.3   
 
EXCHANGE-TRADED FUNDS: 0.8%
26,672
           
 
   
iShares MSCI EAFE Value Index ETF
         1,385,877             0.3   
17,477
           
 
   
iShares Russell 1000 Value ETF
         2,850,324             0.5   
 
           
 
   
Total Exchange-Traded Funds
(Cost $4,235,275)
         4,236,201             0.8   
 
           
 
   
Total Long-Term Investments
(Cost $440,700,272)
         524,793,890             98.1   


 

See Accompanying Notes to Financial Statements

18



Voya Global Equity Dividend and
Premium Opportunity Fund
PORTFOLIO OF INVESTMENTS
as of August 31, 2021 (Unaudited) (continued)

Shares          Value    Percentage
of Net
Assets
 
SHORT-TERM INVESTMENTS: 1.1%
 
Mutual Funds: 1.1%
5,753,000
           
(3)
   
BlackRock Liquidity Funds, FedFund, Institutional Class, 0.030%
(Cost $5,753,000)
      $  5,753,000             1.1   
 
           
 
   
Total Short-Term Investments
(Cost $5,753,000)
         5,753,000             1.1   
 
           
 
   
Total Investments
in Securities
(Cost $446,453,272)
      $ 530,546,890             99.2   
 
           
 
   
Assets in Excess of
Other Liabilities
         4,053,620             0.8   
 
           
 
   
Net Assets
      $ 534,600,510             100.0   
 
(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, 2021.
Sector Diversification     Percentage
of Net Assets
Financials
         22.2 %  
Health Care
         14.8   
Industrials
         12.2   
Consumer Staples
         9.5   
Information Technology
         7.0   
Communication Services
         6.3   
Utilities
         6.2   
Materials
         6.2   
Real Estate
         4.7   
Energy
         4.2   
Consumer Discretionary
         4.0   
Exchange-Traded Funds
         0.8   
Short-Term Investments
         1.1   
Assets in Excess of Other Liabilities
         0.8   
Net Assets
         100.0 %  
           
Portfolio holdings are subject to change daily.


Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of August 31, 2021 in valuing the assets and liabilities:

    Quoted Prices
in Active Markets
for Identical
Investments
(Level 1)
    Significant
Other
Observable
Inputs#
(Level 2)
      Significant
Unobservable
Inputs
(Level 3)
    Fair Value
at
August 31, 2021
Asset Table
                                                                               
Investments, at fair value
                                                                              
Common Stock
                                                                               
Australia
        $             $ 15,418,542            $             $ 15,418,542   
Canada
              22,797,007                                                      22,797,007   
China
                                2,504,160                                    2,504,160   
Denmark
                                5,120,385                                    5,120,385   
Finland
                                5,774,783                                    5,774,783   
France
                                10,792,457                                    10,792,457   
Germany
                                13,748,997                                    13,748,997   
Hong Kong
                                7,083,078                                    7,083,078   
Ireland
              4,398,433                  2,317,475                                    6,715,908   
Israel
                                1,552,374                                    1,552,374   
Italy
                                8,938,097                                    8,938,097   
Japan
                                39,795,830                                    39,795,830   
Netherlands
                                3,875,334                                    3,875,334   
New Zealand
                                634,526                                    634,526   
Norway
                                704,226                                    704,226   
Singapore
                                1,197,116                                    1,197,116   
Spain
                                2,080,272                                    2,080,272   
Sweden
                                1,504,244                                    1,504,244   
Switzerland
                                7,361,185                                    7,361,185   
United Kingdom
              2,308,733                  19,941,487                                    22,250,220   
United States
              340,708,948                                                      340,708,948   
Total Common Stock
              370,213,121                  150,344,568                                    520,557,689   
Exchange-Traded Funds
              4,236,201                                                      4,236,201   
Short-Term Investments
              5,753,000                                                      5,753,000   
Total Investments, at fair value
      $ 380,202,322          $ 150,344,568          $           $ 530,546,890   

See Accompanying Notes to Financial Statements

19



Voya Global Equity Dividend and
Premium Opportunity Fund
PORTFOLIO OF INVESTMENTS
as of August 31, 2021 (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, 2021
Other Financial Instruments+
                                                                         
Forward Foreign Currency Contracts
      $           $ 1,721,349          $           $ 1,721,349   
Total Assets
      $ 380,202,322          $ 152,065,917          $           $ 532,268,239   
Liabilities Table
                                                                         
Other Financial Instruments+
                                                                         
Forward Foreign Currency Contracts
      $           $ (33,063 )         $           $ (33,063 )  
Written Options
                          (3,025,250 )                             (3,025,250 )  
Total Liabilities
      $           $ (3,058,313 )         $           $ (3,058,313 )  
 
ˆ
  See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+
  Other Financial Instruments may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are fair valued at the unrealized appreciation (depreciation) on the instrument. OTC swaps and written options are valued at the fair value of the instrument.
#
  The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Fund’s investments are categorized as Level 2 investments.

At August 31, 2021, the following forward foreign currency contracts were outstanding for Voya Global Equity Dividend and Premium Opportunity Fund:

Currency Purchased   Currency Sold     Counterparty     Settlement
Date
    Unrealized
Appreciation
(Depreciation)
USD
19,960,603
   
JPY
2,199,300,000
   
Barclays Bank PLC
    09/17/21        $ (33,061 )  
USD
3,551,095
   
CHF
3,200,000
   
Morgan Stanley & Co. International PLC
    09/17/21             55,297   
USD
8,044,412
   
AUD
10,500,000
   
Morgan Stanley & Co. International PLC
    09/17/21             362,403   
USD
22,368,402
   
EUR
18,400,000
   
State Street Bank and Trust Co.
    09/17/21             635,688   
USD
10,579,538
   
GBP
7,500,000
   
State Street Bank and Trust Co.
    09/17/21             267,709   
USD
9,832,120
   
CAD
11,900,000
   
State Street Bank and Trust Co.
    09/17/21             400,252   
GBP
2,453
   
USD
3,374
   
The Bank of New York Mellon
    09/02/21             (2 )  
 
 
   
 
 
   
 
              $ 1,688,286   

At August 31, 2021, the following OTC written equity options were outstanding for Voya Global Equity Dividend and Premium Opportunity Fund:

Description   Counterparty     Put/Call     Expiration
Date
    Exercise
Price
  Number of
Contracts
    Notional
Amount
    Premiums
Received
  Fair Value
Consumer Staples Select Sector SPDR® Fund
   
BNP Paribas
   
Call
   
09/10/21
    USD     72.230             486,645        USD     35,164,968        $ 365,422        $ (329,330 )  
EURO STOXX 50® Index
   
Morgan Stanley & Co.
International PLC
   
Call
   
10/08/21
    EUR  4,232.890             3,030        EUR     12,715,122             161,784             (176,439 )  
Financial Select Sector
SPDR® Fund
   
BNP Paribas
   
Call
   
09/24/21
    USD     38.970             1,687,403        USD     64,796,275             1,122,967             (643,969 )  
FTSE 100 Index
   
Morgan Stanley & Co.
International PLC
   
Call
   
10/08/21
    GBP  7,219.490             4,449        GBP     31,675,545             424,586             (375,509 )  
Health Care Select Sector
SPDR® Fund
   
BNP Paribas
   
Call
   
09/24/21
    USD    135.030             179,520        USD     24,272,899             271,434             (318,518 )  
Industrial Select Sector
SPDR® Fund
   
Morgan Stanley & Co.
International PLC
   
Call
   
09/10/21
    USD    104.390             540,828        USD     56,521,934             986,632             (680,057 )  
Nikkei 225 Index
   
UBS AG
   
Call
   
10/08/21
    JPY  27,917.550             104,283        JPY  2,929,261,500             375,322             (501,428 )  
 
   
 
   
 
   
 
                                                 $ 3,708,147        $ (3,025,250 )  
Currency Abbreviations
AUD
  — Australian Dollar
CAD
  — Canadian Dollar
CHF
  — Swiss Franc
EUR
  — EU Euro
GBP
  — British Pound
JPY
  — Japanese Yen
USD
  — United States Dollar

See Accompanying Notes to Financial Statements

20



Voya Global Equity Dividend and
Premium Opportunity Fund
PORTFOLIO OF INVESTMENTS
as of August 31, 2021 (Unaudited) (continued)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of August 31, 2021 was as follows:

Derivatives not accounted for as
hedging instruments
    Location on Statement
of Assets and Liabilities
      Fair Value
Asset Derivatives
   
 
                
Foreign exchange contracts
   
Unrealized appreciation on forward foreign currency contracts
      $ 1,721,349   
Total Asset Derivatives
   
 
      $ 1,721,349   
Liability Derivatives
                           
Foreign exchange contracts
   
Unrealized depreciation on forward foreign currency contracts
      $ 33,063   
Equity Contracts
   
Written options, at fair value
           3,025,250   
Total Liability Derivatives
   
 
      $ 3,058,313   

The effect of derivative instruments on the Fund’s Statement of Operations for the period ended August 31, 2021 was as follows:

    Amount of Realized Gain or (Loss) on
Derivatives Recognized in Income
Derivatives not accounted for as
hedging instruments
    Forward foreign
currency
contracts
    Written options     Total
Equity contracts
      $           $ (16,875,815 )              (16,875,815 )  
Foreign exchange contracts
           1,221,767                              1,221,767   
Total
      $ 1,221,767          $ (16,875,815 )         $ (15,654,048 )  
     
    Change in Unrealized Appreciation or (Depreciation) on
Derivatives Recognized in Income
Derivatives not accounted for as
hedging instruments
    Forward foreign
currency
contracts
  Written options     Total
Equity contracts
      $           $ 1,466,649          $ 1,466,649   
Foreign exchange contracts
           245,862                              245,862   
Total
      $ 245,862          $ 1,466,649          $ 1,712,511   

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at August 31, 2021:

  Barclays
Bank PLC
    BNP
Paribas
    Morgan
Stanley & Co.
International
PLC
    State Street
Bank and
Trust Co.
    The Bank of
New York
Mellon
    UBS AG     Totals
Assets:
                                                                                                                                  
Forward foreign currency contracts       $           $           $ 417,700          $ 1,303,649          $           $           $ 1,721,349   
Total Assets
      $           $           $ 417,700          $ 1,303,649          $           $           $ 1,721,349   
Liabilities:
                                                                                                                                  
Forward foreign currency contracts       $ 33,061          $           $           $           $ 2           $           $ 33,063   
Written options
                          1,291,817               1,232,005                                             501,428               3,025,250   
Total Liabilities
      $ 33,061          $ 1,291,817          $ 1,232,005          $           $ 2           $ 501,428          $ 3,058,313   
Net OTC derivative instruments by counterparty, at fair value       $ (33,061 )         $ (1,291,817 )         $ (814,305 )         $ 1,303,649          $ (2 )         $ (501,428 )         $ (1,336,964 )  
Total collateral pledged by the Fund/(Received from counterparty)       $           $ 1,200,000          $ 650,000          $           $           $           $ 1,850,000   
Net Exposure(1)
      $ (33,061 )         $ (91,817 )         $ (164,305 )         $ 1,303,649          $ (2 )         $ (501,428 )         $ 513,036   
 
(1)
  Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Fund. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

See Accompanying Notes to Financial Statements

21



Voya Global Equity Dividend and
Premium Opportunity Fund
PORTFOLIO OF INVESTMENTS
as of August 31, 2021 (Unaudited) (continued)

At August 31, 2021, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for federal income tax purposes was $439,362,534.  
Net unrealized appreciation consisted of:
               
Gross Unrealized Appreciation
    $ 97,654,028   
Gross Unrealized Depreciation
         (7,670,001 )  
Net Unrealized Appreciation
    $ 89,984,027   

See Accompanying Notes to Financial Statements

22



SHAREHOLDER MEETING INFORMATION (Unaudited)

Proposal:

1     
At this meeting, a proposal was submitted to elect three members of the Board of Trustees to represent the interests of the holders of the Fund, with these individuals to serve as Class I Trustees, for a term of three-years, and until the election and qualification of their successors.

An annual shareholder meeting of Voya Global Equity Dividend and Premium Opportunity Fund was held virtually on June 18, 2021.

    Proposal   Shares voted for     Shares voted
against or
withheld
    Shares
abstained
    Broker
non-vote
    Total Shares
Voted
Class I Trustees
  
   
Voya Global Equity Dividend and Premium Opportunity Fund
                                             
 
   
Colleen D. Baldwin
     1*   67,013,883.541    13,964,791.051    0.000    0.000    80,978,674.592
 
   
Joseph E. Obermeyer
     1*   66,989,104.541    13,989,570.051    0.000    0.000    80,978,674.592
 
   
Christopher P. Sullivan
     1*   74,203,264.541    6,775,410.051    0.000    0.000    80,978,674.592
 
 
*
Proposal Passed

After the June 18, 2021 annual shareholder meeting, the following Trustees continued on as Trustees of the Trust: John D. Boyer, Patricia W. Chadwick, Sheryl K. Pressler and Dina Santoro.

23



ADDITIONAL INFORMATION (Unaudited)

The following information is a summary of certain changes, if any, since February 28, 2021. The information may not reflect all of the changes that have occurred since you purchased the Fund. During the period, there were no material changes in the Fund’s investment objective or fundamental policies or in the principal risk factors associated with investment in the Fund. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Fund’s portfolio.

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

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

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

The Fund was granted exemptive relief by the SEC (the “Order”) which, under the 1940 Act, would permit the Fund, subject to Board approval, to include realized long-term capital gains as a part of its regular distributions to Common Shareholders more frequently than would otherwise be permitted by the 1940 Act (generally once per taxable year) (“Managed Distribution Policy”). The Fund may in the future adopt a Managed Distribution Policy.

Dividend Reinvestment Plan

Unless the registered owner of Common Shares elects to receive cash by contacting Computershare Shareowner Services LLC (the “Plan Agent”), all dividends declared on Common Shares of the Fund will be automatically reinvested by the Plan Agent for shareholders in additional Common Shares of the Fund through the Fund’s Dividend Reinvestment Plan (the “Plan”). Shareholders who elect not to participate in the Plan will receive all dividends and other distributions in cash paid by check mailed directly to the shareholder of record (or, if the Common Shares are held in street or other nominee name, then to such nominee) by the Plan Agent. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Agent prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Some brokers may automatically elect to receive cash on your behalf and may re-invest that cash in additional Common Shares of the Fund for you. If you wish for all dividends declared on your Common Shares of the Fund to be automatically reinvested pursuant to the Plan, please contact your broker.

The Plan Agent will open an account for each Common Shareholder under the Plan in the same name in which such Common Shareholder’s Common Shares are registered. Whenever the Fund declares a dividend or other distribution (together, a “Dividend”) payable in cash, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in Common Shares. The Common Shares will be acquired by the Plan Agent for the participants’ accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized Common Shares from the Fund (“Newly Issued Common Shares”) or (ii) by purchase of outstanding Common Shares on the open market (“Open-Market Purchases”) on the NYSE or elsewhere. Open-market purchases and sales are usually made through a broker affiliated with the Plan Agent.

If, on the payment date for any Dividend, the closing market price plus estimated brokerage commissions per Common Share is equal to or greater than the NAV per Common Share, the Plan Agent will invest the Dividend amount in Newly Issued Common Shares on behalf of the participants. The number of Newly Issued Common Shares to be credited to each participant’s account will be determined by dividing the dollar amount of the Dividend by the NAV per Common Share on the payment date; provided that, if the NAV is less than or equal to 95% of the closing market value on the payment date, the dollar amount of the Dividend will be divided by 95% of the closing


24



ADDITIONAL INFORMATION (Unaudited) (continued)

market price per Common Share on the payment date. If, on the payment date for any Dividend, the NAV per Common Share is greater than the closing market value plus estimated brokerage commissions, the Plan Agent will invest the Dividend amount in Common Shares acquired on behalf of the participants in Open-Market Purchases. In the event of a market discount on the payment date for any Dividend, the Plan Agent will have until the last business day before the next date on which the Common Shares trade on an “ex-dividend” basis or 30 days after the payment date for such Dividend, whichever is sooner (the “Last Purchase Date”), to invest the Dividend amount in Common Shares acquired in Open-Market Purchases.

The Fund pays monthly Dividends. Therefore, the period during which Open-Market Purchases can be made will exist only from the payment date of each Dividend through the date before the next “ex-dividend” date, which typically will be approximately ten days.

If, before the Plan Agent has completed its Open-Market Purchases, the market price per common share exceeds the NAV per Common Share, the average per Common Share purchase price paid by the Plan Administrator may exceed the NAV of the Common Shares, resulting in the acquisition of fewer Common Shares than if the Dividend had been paid in Newly Issued Common Shares on the Dividend payment date. Because of the foregoing difficulty with respect to Open-Market Purchases, the Plan provides that if the Plan Agent is unable to invest the full Dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent will cease making Open-Market Purchases and will invest the uninvested portion of the Dividend amount in Newly Issued Common Shares at the NAV per common share at the close of business on the Last Purchase Date provided that, if the NAV is less than or equal to 95% of the then current market price per Common Share, the dollar amount of the Dividend will be divided by 95% of the market price on the payment date.

The Plan Agent maintains all shareholders’ accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax records. Common Shares in the account of each Plan participant will be held by the Plan Agent on behalf of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Agent will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instructions of the participants.

In the case of shareholders such as banks, brokers or nominees which hold shares for others who are the beneficial owners, the Plan Agent will administer the Plan

on the basis of the number of Common Shares certified from time to time by the record shareholder’s name and held for the account of beneficial owners who participate in the Plan.

There will be no brokerage charges with respect to Common Shares issued directly by the Fund. However, each participant will pay a pro rata share of brokerage commissions incurred in connection with Open-Market Purchases. The automatic reinvestment of Dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Dividends. Participants that request a partial or full sale of shares through the Plan Agent are subject to a $15.00 sales fee and a $0.10 per share brokerage commission on purchases or sales, and may be subject to certain other service charges.

The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants.

All questions concerning the Plan or a request to terminate participation should be directed to the Fund’s Shareholder Service Department at (800) 992-0180.

Key Financial Dates — Calendar 2021 Distributions:

Declaration Date   Ex Date   Record Date   Payable Date
15-January-21     1-February-21     2-February-21     16-February-21
16-February-21     1-March-21     2-March-21     15-March-21
15-March-21     1-April-21     5-April-21     15-April-21
15-April-21     3-May-21     4-May-21     17-May-21
17-May-21     1-June-21     2-June-21     15-June-21
15-June-21     1-July-21     2-July-21     15-July-21
15-July-21     2-August-21     3-August-21     16-August-21
16-August-21     1-September-21     2-September-21     15-September-21
15-September-21     1-October-21     4-October-21     15-October-21
15-October-21     1-November-21     2-November-21     15-November-21
15-November-21     1-December-21     2-December-21     15-December-21
15-December-21     30-December-21     31-December-21     18-January-22

Record date will be two business days after each Ex-Dividend Date. These dates are subject to change.

Stock Data

The Fund’s common shares are traded on the NYSE (Symbol: IGD).

Repurchase of Securities by Closed-End Companies

In accordance with Section 23(c) of the 1940 Act, and Rule 23c-1 under the 1940 Act, the Fund may from time to time purchase shares of beneficial interest of the Fund in the open market, in privately negotiated transactions and/or purchase shares to correct erroneous transactions.


25



ADDITIONAL INFORMATION (Unaudited) (continued)

Number of Shareholders

The number of record holders of common stock as of August 31, 2021, was 74, which does not include approximately 27,405 beneficial owners of shares held in the name of brokers of other nominees.

Certifications

In accordance with Section 303A.12 (a) of the New York Stock Exchange Listed Company Manual, the Fund’s CEO submitted the Annual CEO Certification on July 16, 2021

certifying that he was not aware, as of that date, of any violation by the Fund of the NYSE’s Corporate governance listing standards. In addition, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and related SEC rules, the Fund’s principal executive and financial officers have made quarterly certifications, included in filings with the SEC on Form N-CSR, relating to, among other things, the Fund’s disclosure controls and procedures and internal controls over financial reporting.


26



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Investment Adviser

Voya Investments, LLC

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258

Transfer Agent

Computershare, Inc.

480 Washington Boulevard

Jersey City, New Jersey 07310-1900

Custodian

The Bank of New York Mellon

225 Liberty Street

New York, New York 10286

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, Massachusetts 02199


Toll-Free Shareholder Information

Call us from 9:00 a.m. to 7:00 p.m. Eastern time on any business day for account or other information at (800) 992-0180.

RETIREMENT  |  INVESTMENTS  |  INSURANCE
 
voyainvestments.com 163319          (0821-102121)

 

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, 2021                                
April 1-30, 2021                                
May 1-31, 2021*     14,246,530     $ 6.29       14,246,530       0  
June 1-30, 2021                                
July 1-31, 2021                                
Total     14,246,530               14,246,530          

 

* On February 22, 2021, the Registrant announced it would purchase for cash up to 15% of its outstanding common shares (the “Tender Offer”). The Tender Offer was at a price equal to 98% of the Fund’s NAV per share as determined as of the close of the regular trading session of the NYSE on May 25, 2021.

 

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)(2) A separate certification for each principal executive officer and principal financial officer of the registrant is required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.
   
(a)(3) Not required for semi-annual filing.
   
(b) The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

 

 

 

  

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant): Voya Global Equity Dividend and Premium Opportunity Fund

 

By /s/ Michael Bell  
  Michael Bell  
  Chief Executive Officer  
   
Date: November 4, 2021  

 

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 4, 2021  

 

By /s/ Todd Modic  
  Todd Modic  
  Senior Vice President and Chief Financial Officer  
   
Date: November 4, 2021  

 

 

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