UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

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 Rd., Suite 100, Scottsdale, AZ 85258

(Address of principal executive offices) (Zip code)

 

Huey P. Falgout, Jr., 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ 85258

(Name and address of agent for service)

 

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

 

Date of fiscal year end: February 28

 

Date of reporting period: May 31, 2018

 

 

 

 

 

 

Item 1. Schedule of Investments

 

The schedules of investments as of the close of the reporting period are set forth below for:

 

Voya Global Equity Dividend and Premium Opportunity Fund

 

The schedules are not audited.

 

 

 

 

Voya Global Equity Dividend and Premium Opportunity Fund PORTFOLIO OF INVESTMENTS
as of May 31, 2018 (Unaudited)

 

Shares        Value   Percentage
of Net
Assets		 
COMMON STOCK: 93.4%         
       Canada: 2.4%          
73,547      Canadian Imperial Bank of Commerce - XTSE  $6,421,040    0.9 
425,114      Shaw Communications, Inc. - Class B   8,557,362    1.1 
64,581      TransCanada Corp.   2,703,576    0.4 
           17,681,978    2.4 
                  
       France: 11.9%          
156,793      BNP Paribas   9,742,417    1.3 
197,694      Casino Guichard Perrachon S.A.   8,556,242    1.2 
281,231      Cie de Saint-Gobain   14,082,957    1.9 
114,700      Danone   8,783,316    1.2 
748,790      Engie SA   11,811,964    1.6 
341,200      Orange SA   5,872,287    0.8 
110,797      Sanofi   8,492,974    1.1 
201,400      Total SA   12,243,821    1.6 
89,425      Vinci SA   8,795,164    1.2 
           88,381,142    11.9 
                  
       Germany: 0.7%          
473,467      Deutsche Bank AG   5,063,118    0.7 
                  
       Ireland: 1.3%          
106,900      Medtronic PLC   9,227,608    1.3 
                  
       Italy: 2.3%          
313,461      Assicurazioni Generali S.p.A.   5,350,351    0.7 
310,987      ENI S.p.A.   5,643,495    0.8 
361,887      UniCredit SpA   6,003,268    0.8 
           16,997,114    2.3 
                  
       Japan: 6.1%          
145,900      Japan Airlines Co. Ltd.   5,642,009    0.8 
1,773,000      Mitsubishi UFJ Financial Group, Inc.   10,688,039    1.4 
46,400      Murata Manufacturing Co., Ltd.   6,867,772    0.9 
968,800      Nissan Motor Co., Ltd.   9,608,659    1.3 
300,300      Sumitomo Mitsui Financial Group, Inc.   12,380,566    1.7 
           45,187,045    6.1 
                  
       Netherlands: 2.4%          
179,444      ArcelorMittal   5,799,321    0.8 
343,667      Royal Dutch Shell PLC   11,951,907    1.6 
           17,751,228    2.4 
                  
       Singapore: 1.2%          
2,418,800      Singapore Telecommunications Ltd.   5,919,149    0.8 
149,500      United Overseas Bank Ltd.   3,128,653    0.4 
           9,047,802    1.2 
                  
       Spain: 2.0%          
149,400      ACS Actividades de Construccion y Servicios SA   6,223,393    0.8 

 

Shares        Value   Percentage
of Net
Assets		 
COMMON STOCK: (continued)          
       Spain: (continued)          
977,843      Telefonica S.A.  $8,625,249    1.2 
           14,848,642    2.0 
                  
       Sweden: 1.2%          
1,215,000      Telefonaktiebolaget LM Ericsson   8,819,822    1.2 
                  
       Switzerland: 4.3%          
347,768      Credit Suisse Group AG   5,332,152    0.7 
1,875,100      Glencore PLC   9,260,342    1.3 
53,481      Roche Holding AG   11,466,959    1.5 
19,911      Zurich Insurance Group AG   5,900,879    0.8 
           31,960,332    4.3 
                  
       United Kingdom: 7.7%          
2,330,813      Barclays PLC   6,104,933    0.9 
2,196,600      Kingfisher PLC   8,913,433    1.2 
117,700      Reckitt Benckiser Group PLC   9,009,102    1.2 
330,950      SSE PLC   6,011,883    0.8 
1,178,100      Standard Chartered PLC   11,796,754    1.6 
5,838,654      Vodafone Group PLC   14,920,301    2.0 
           56,756,406    7.7 
                  
       United States: 49.9%          
59,400      Allergan plc   8,957,520    1.2 
84,100      American Electric Power Co., Inc.   5,714,595    0.8 
50,306      Amgen, Inc.   9,035,964    1.2 
129,951      Apple, Inc.   24,283,943    3.3 
240,838      Bristol-Myers Squibb Co.   12,672,895    1.7 
92,600      Bunge Ltd.   6,440,330    0.9 
139,100      Carnival Corp.   8,663,148    1.2 
426,139      Cisco Systems, Inc.   18,200,397    2.4 
219,300      Citigroup, Inc.   14,625,117    2.0 
172,500      ConocoPhillips   11,624,775    1.6 
73,725      Eli Lilly & Co.   6,269,574    0.8 
99,895      Eversource Energy   5,702,006    0.8 
114,348      Exxon Mobil Corp.   9,289,631    1.2 
184,650      Gap, Inc.   5,166,507    0.7 
995,931      General Electric Co.   14,022,708    1.9 
127,600      Gilead Sciences, Inc.   8,600,240    1.2 
117,664      Intel Corp.   6,495,053    0.9 
83,931      International Business Machines Corp.   11,860,290    1.6 
116,400      Las Vegas Sands Corp.   9,383,004    1.3 
410,244      Mattel, Inc.   6,366,987    0.8 
76,775      McDonald's Corp.   12,284,768    1.6 
211,700      Merck & Co., Inc.   12,602,501    1.7 
252,147      Metlife, Inc.   11,596,240    1.6 
212,776      Microsoft Corp.   21,030,780    2.8 
432,900      Mosaic Co.   11,900,421    1.6 
265,500      Oracle Corp.   12,404,160    1.7 
353,987      Pfizer, Inc.   12,718,753    1.7 
147,800      Philip Morris International, Inc.   11,756,012    1.6 
65,504      PNC Financial Services Group, Inc.   9,393,929    1.3 
109,182      Procter & Gamble Co.   7,988,847    1.1 
216,500      Qualcomm, Inc.   12,582,980    1.7 

 

 

 

Voya Global Equity Dividend and Premium Opportunity Fund PORTFOLIO OF INVESTMENTS
as of May 31, 2018 (Unaudited) (Continued)

 

Shares        Value   Percentage
of Net
Assets		 
COMMON STOCK: (continued)       
       United States: (continued)          
128,700          Schlumberger Ltd.  $8,837,829    1.2 
139,783      Verizon Communications, Inc.   6,663,456    0.9 
174,600      Walmart, Inc.   14,411,484    1.9 
           369,546,844    49.9 
                  
    Total Common Stock          
    (Cost $728,693,619)   691,269,081    93.4 

 

         Value   Percentage
of Net
Assets		 
PURCHASED OPTIONS (1): 0.2%          
                     Total Purchased Options        
   (Cost $567,300)   1,940,623    0.2 
                    
    Total Long-Term Investments          
         (Cost $729,260,919)   693,209,704    93.6 

 

Shares        Value   Percentage
of Net
Assets		 
SHORT-TERM INVESTMENTS: 5.5%          
       Mutual Funds: 5.5%          
40,675,000   (2)  BlackRock Liquidity Funds, FedFund, Institutional Class, 1.640%          
      (Cost $40,675,000)   40,675,000    5.5 
                  
   Total Short-Term Investments          
    (Cost $40,675,000)   40,675,000    5.5 
                  
    Total Investments in Securities
(Cost $769,935,919)		  $733,884,704    99.1 
    Assets in Excess of Other Liabilities   6,375,562    0.9 
    Net Assets  $740,260,266    100.0 

 

(1) The tables below the Portfolio of Investments detail open purchased options which are non-income producing securities.
(2) Rate shown is the 7-day yield as of May 31, 2018.

 

Sector Diversification  Percentage
of Net Assets		 
Financials   16.8%
Information Technology   16.5 
Health Care   13.4 
Consumer Discretionary   9.2 
Consumer Staples   9.1 
Energy   8.4 
Industrials   6.6 
Telecommunication Services   5.7 
Utilities   4.0 
Materials   3.7 
Purchased Options   0.2 
Short-Term Investments   5.5 
Assets in Excess of Other Liabilities   0.9 
Net Assets   100.0%

 

 

 

Voya Global Equity Dividend and Premium Opportunity Fund PORTFOLIO OF INVESTMENTS
as of May 31, 2018 (Unaudited) (Continued)

 

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of May 31, 2018 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
May 31, 2018		 
Asset Table                    
Investments, at fair value                    
Common Stock                        
Canada  $17,681,978   $–   $–   $17,681,978 
France   –    88,381,142    –    88,381,142 
Germany   –    5,063,118    –    5,063,118 
Ireland   9,227,608    –    –    9,227,608 
Italy   –    16,997,114    –    16,997,114 
Japan   –    45,187,045    –    45,187,045 
Netherlands   –    17,751,228    –    17,751,228 
Singapore   –    9,047,802    –    9,047,802 
Spain   –    14,848,642    –    14,848,642 
Sweden   –    8,819,822    –    8,819,822 
Switzerland   –    31,960,332    –    31,960,332 
United Kingdom   –    56,756,406    –    56,756,406 
United States   369,546,844    –    –    369,546,844 
Total Common Stock   396,456,430    294,812,651    –    691,269,081 
Purchased Options   –    1,940,623    –    1,940,623 
Short-Term Investments   40,675,000    –    –    40,675,000 
Total Investments, at fair value  $437,131,430   $296,753,274   $–   $733,884,704 
Other Financial Instruments+                    
Futures   123,065    –    –    123,065 
Total Assets  $437,254,495   $296,753,274   $–   $734,007,769 
Liabilities Table                    
Other Financial Instruments+                    
Futures  $(1,198,658)  $–   $–   $(1,198,658)
Written Options   –    (2,111,419)   –    (2,111,419)
Total Liabilities  $(1,198,658)  $(2,111,419)  $–   $(3,310,077)

 

+ 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 valued at the unrealized gain (loss) on the instrument.  OTC swaps and written options are valued at the fair value of the instrument.
# The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Fund's investments are categorized as Level 2 investments.

 

At May 31, 2018, the following futures contracts were outstanding for Voya Global Equity Dividend and Premium Opportunity Fund:

 

Description  Number
of Contracts		   Expiration
Date		  Notional
Value		   Unrealized
Appreciation/
(Depreciation)		 
Long Contracts:                  
EURO STOXX 50® Index   681   06/15/18  $27,123,767   $(803,833)
Nikkei 225 Index   142   06/07/18   14,495,656    (394,825)
           $41,619,423   $(1,198,658)
Short Contracts:                  
FTSE 100 Index   (75)   06/15/18   (7,647,059)   39,673 
S&P 500 E-Mini   (68)   06/15/18   (9,198,700)   83,392 
           $(16,845,759)  $123,065 

 

 

 

 

Voya Global Equity Dividend and Premium Opportunity Fund PORTFOLIO OF INVESTMENTS
as of May 31, 2018 (Unaudited) (Continued)

 

At May 31, 2018, the following over-the-counter purchased foreign currency options were outstanding for Voya Global Equity Dividend and Premium Opportunity Fund:

 

Description  Counterparty  Expiration
Date		  Exercise
Price		  Notional
Amount		   Cost   Fair Value 
     
Call USD vs. Put EUR  Societe Generale  06/20/18   1.200   USD   14,000,000   $57,400   $353,092 
Call USD vs. Put EUR  BNP Paribas S.A.  07/20/18   1.208   USD   12,000,000    48,000    361,197 
Call USD vs. Put EUR  Societe Generale  08/20/18   1.148   USD   13,000,000    58,500    82,534 
Call USD vs. Put GBP  Societe Generale  06/20/18   1.355   USD   20,000,000    110,000    397,276 
Call USD vs. Put GBP  BNP Paribas S.A.  07/20/18   1.363   USD   22,000,000    114,400    572,208 
Call USD vs. Put GBP  BNP Paribas S.A.  08/20/18   1.305   USD   10,000,000    50,000    66,025 
Call USD vs. Put JPY  BNP Paribas S.A.  06/20/18   109.430   USD   10,000,000    46,500    42,229 
Call USD vs. Put JPY  Societe Generale  07/20/18   110.210   USD   12,000,000    45,600    55,187 
Call USD vs. Put JPY  BNP Paribas S.A.  08/20/18   113.750   USD   9,000,000    36,900    10,875 
                      $567,300   $1,940,623 

 

At May 31, 2018, the following OTC written foreign currency options were outstanding for Voya Global Equity Dividend and Premium Opportunity Fund:

 

Description  Counterparty  Expiration
Date		  Exercise
Price		  Notional
Amount		   Premiums
Received		   Fair Value 
     
Put USD vs. Call EUR  Societe Generale  06/20/18   1.275   USD   14,000,000   $57,400   $(17)
Put USD vs. Call EUR  BNP Paribas S.A.  07/20/18   1.274   USD   12,000,000    48,000    (637)
Put USD vs. Call EUR  Societe Generale  08/20/18   1.217   USD   13,000,000    58,500    (39,985)
Put USD vs. Call GBP  Societe Generale  06/20/18   1.455   USD   20,000,000    110,000    (20)
Put USD vs. Call GBP  BNP Paribas S.A.  07/20/18   1.454   USD   22,000,000    114,400    (1,282)
Put USD vs. Call GBP  BNP Paribas S.A.  08/20/18   1.384   USD   10,000,000    50,000    (29,729)
Put USD vs. Call JPY  BNP Paribas S.A.  06/20/18   101.120   USD   10,000,000    46,500    (1,104)
Put USD vs. Call JPY  Societe Generale  07/20/18   102.960   USD   12,000,000    45,600    (16,587)
Put USD vs. Call JPY  BNP Paribas S.A.  08/20/18   106.660   USD   9,000,000    36,900    (85,053)
                      $567,300   $(174,414)

 

At May 31, 2018, the following OTC written equity options were outstanding for Voya Global Equity Dividend and Premium Opportunity Fund:

 

Description  Counterparty  Put/Call  Expiration
Date		  Exercise
Price		  Number of
Contracts		   Notional
Amount		   Premiums
Received		   Fair Value 
         
EURO STOXX 50® Index  Morgan Stanley & Co. International PLC  Call  06/01/18   3,468.000   EUR   3,000    10,219,950   $128,229   $(630)
FTSE 100 Index  Societe Generale  Call  06/01/18   7,375.000   GBP   1,900    14,588,580    181,775    (751,872)
Nikkei 225 Index  BNP Paribas S.A.  Call  06/01/18   22,395.610   JPY   54,000    1,198,898,280    146,395    (7,759)
                                      
EURO STOXX 50® Index  BNP Paribas S.A.  Call  06/15/18   3,558.510   EUR   3,100    3,065,985    108,496    (3,181)
EURO STOXX 50® Index  BNP Paribas S.A.  Call  07/06/18   3,602.000   EUR   3,100    3,065,985    134,207    (13,703)
FTSE 100 Index  Societe Generale  Call  06/15/18   7,760.900   GBP   1,700    3,839,100    147,194    (69,183)
FTSE 100 Index  Societe Generale  Call  07/06/18   7,825.000   GBP   1,600    3,839,100    164,902    (84,338)
Nikkei 225 Index  Societe Generale  Call  06/15/18   22,927.000   JPY   49,500    321,926,390    109,990    (18,347)
Nikkei 225 Index  BNP Paribas S.A.  Call  07/06/18   23,144.150   JPY   50,000    328,586,936    129,864    (27,357)
S&P 500® Index  Societe Generale  Call  06/01/18   2,722.000   USD   31,400    24,347,430    825,820    (33,055)
S&P 500® Index  Societe Generale  Call  06/15/18   2,749.930   USD   31,300    24,888,484    742,530    (241,922)
S&P 500® Index  Societe Generale  Call  07/06/18   2,741.140   USD   31,600    25,159,011    952,108    (685,658)
                              $3,771,510   $(1,937,005)

 

 

 

 

Voya Global Equity Dividend and Premium Opportunity Fund PORTFOLIO OF INVESTMENTS
as of May 31, 2018 (Unaudited) (Continued)

 

Currency Abbreviations
EUR - EU Euro
GBP - British Pound
JPY - Japanese Yen
USD - United States Dollar
 

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

 

The fair value of derivative instruments as of May 31, 2018 was as follows:

 

   Fair Value 
Derivatives not accounted for as hedging instruments    
         
Asset Derivatives  Instrument Type     
Foreign exchange contracts  Purchased options  $1,940,623 
Equity contracts  Futures contracts   123,065 
Total Asset Derivatives     $2,063,688 
         
Liability Derivatives  Instrument Type     
Equity Contracts  Futures contracts  $1,198,658 
Equity Contracts  Written options   1,937,005 
Foreign exchange contracts  Written options   174,414 
Total Liability Derivatives     $3,310,077 

 

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 May 31, 2018:

 

   BNP Paribas S.A.   Morgan Stanley & Co. International PLC   Societe Generale   Totals 
Assets:                    
Purchased Options  $1,052,534   $-   $888,089   $1,940,623 
Total Assets  $1,052,534   $-   $888,089   $1,940,623 
                     
Liabilities:                    
Written options  $169,805   $630   $1,940,984   $2,111,419 
Total Liabilities  $169,805   $630   $1,940,984   $2,111,419 
                     
Net OTC derivative instruments by counterparty, at fair value  $882,729   $(630)  $(1,052,895)   (170,796)
                     
Total collateral pledged by the Fund/(Received from counterparty)  $(882,729)  $630   $1,052,895   $170,796 
                     
Net Exposure(1)(2)(3)  $-   $-   $-   $- 

 

(1)Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Fund.
(2)At May 31, 2018, the Fund had received $950,000 in cash collateral from BNP Paribas S.A. Excess cash collateral is not shown for financial reporting purposes.
(3)At May 31, 2018, the Fund had pledged $260,000 and $1,410,000 in cash collateral to Morgan Stanley & Co. International PLC and Societe Generale, respectively. Excess cash collateral is not shown for financial reporting purposes.

 

At May 31, 2018, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at period end were:

 

Cost for federal income tax purposes was $770,509,329.

 

Net unrealized depreciation consisted of:

 

Gross Unrealized Appreciation  $72,079,996 
Gross Unrealized Depreciation   (107,106,336)
      
Net Unrealized Depreciation  $(35,026,340)

 

 

 

  

Item 2. 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-Q 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-Q and the officer certifications of such Form N-Q.

 

(b)There were no significant changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s last 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 3. Exhibits.

 

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX- 99.CERT.

 

 

 

 

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: July 26, 2018  

 

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: July 26, 2018  
     
By /s/ Todd Modic  
  Todd Modic  
  Senior Vice President and Chief Financial Officer  
     
Date: July 26, 2018